Daily Technical Analysis FXOpen

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DOVISH MESSAGE FROM THE FED SENT MARKETS LOWER

Last Wednesday, the Federal Reserve of the United States (FED) delivered its FOMC Statement and economic projections for the period ahead. Despite no initial reaction, the equity markets in the United States sold aggressively towards the end of the week, with the Dow Jones Industrial Average (DJIA) ending the week over two-thousand points lower since the Fed’s announcement.

Read more on FXOpen blog: https://bit.ly/30MOzmk


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[radex78]

EUR/USD AND USD/JPY REMAIN AT RISK OF MORE LOSSES

EUR/USD failed to stay above 1.1320 and started a downward move towards 1.1200. USD/JPY is currently trading in a bearish zone below the 107.80 and 108.00 resistance levels.

Important Takeaways for GBP/USD and EUR/GBP

• The Euro started a major decline from the 1.1400 resistance zone.
  
• There is a key bearish trend line forming with resistance near 1.1320 on the hourly chart of EUR/USD.
  
• USD/JPY declined heavily and broke the 108.50 and 108.00 support levels.
  
• There is a short term ascending channel forming with support near 107.20 on the hourly chart.

Read more on FXOpen blog: https://bit.ly/2N9g6pS

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LTC AND EOS – DOWNSIDE EXPECTED

LTC/USD

From Monday when the price of Litecoin was sitting at $41.87 at its lowest point we have seen an increase of 7.77% measured to the weekly high made yesterday when the price came up to $45 level. Since then a slight retracement has been seen with the price going down to $43.1 at its lowest today but has managed to come up above $44 mark where its currently being traded.

EOS/USD

The price of EOS has made a similar pattern as from Monday when a lower low was made to $2.424 we have seen an increase of 7.49% to $2.605 but another descending move followed as a three-wave upward correctional move developed.

Read more on FXOpen blog : https://bit.ly/3hyvM46

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[radex78]

EUR/JPY AND GBP/JPY REMAINS AT RISK OF MORE DOWNSIDES

The Euro and British Pound started a steady decline in the past few days against the

Japanese Yen. Both EUR/JPY and GBP/JPY are likely to face hurdles and remain at a risk of more losses.

Important Takeaways for EUR/JPY and GBP/JPY

• The Euro failed to stay above the 120.80 support and extended its decline against the Japanese Yen.
  
• There is a major bearish trend line forming with resistance near 119.95 on the hourly chart of EUR/JPY.
  
• GBP/JPY broke a key support zone near the 134.00 region to move into a bearish zone.
  
• There is a crucial bearish trend line forming with resistance near 133.25 on the hourly chart.

Read more on FXOpen blog: https://bit.ly/3hALVpI

#ForexAnalysis #EURJPY #GBPJPY #Stayhomeandtrade #JPY #GBP #EUR

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Spreads for major currency pairs decreased

Dear Clients,

As high market volatility continues, opportunities for profit are opening up. In addition, FXOpen continues to improve trading conditions for its clients.

After adding new liquidity providers, the average spreads for all major currency pairs on ECN accounts decreased 3-4 times. For example, spreads on the EUR/USD pair were reduced from 0.5-0.6 to 0.1-0.2 pips and on the GBP/USD pair from 1.2 to 0.1-0.3 pips.

We would also like to remind you that the commission on MT4 and MT5 ECN accounts has been reduced. Now the half-turn commission is $3.5 per lot for deposits of up to 1,000 USD and a trading volume of up to 5,000,000.

New to FXOpen? It's time to open an account!

Already trading with us? Fund your account and make money with FXOpen!

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[radex78]

News THE CASE FOR A BULLISH EURUSD SCENARIO

The EURUSD consolidates for about two weeks now, after bouncing from the 1.08 area all the way to 1.14. Voices now call for a move back below 1.10, as the European Central Bank (ECB) signaled a massive demand for its TLTRO (Targeted Long-Term Refinancing Operations) – the banks in the Euro area took almost EUR1.4 trillion.
Naturally, all that money goes somewhere, and by flooding the market with newly printed Euros, the ECB creates the conditions for a weaker currency.

However, a close look at the EUR speculative positioning (percentage of open interest), reveals that the market is about ten percent long the Euro against the USD – a lower exposure compared with previous data. In other words, there is more room to go.

Read more on FXOpen blog: https://bit.ly/3erZpSW

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[radex78]

BTC AND XRP – BULLISH PRICE ACTION SEEN BUT IT LOOKS CORRECTIVE

BTC/USD

From yesterday’s low at $9292.9 the price of Bitcoin has increased by 5.48% coming to $9802 at its highest spike today but since then made a minor retracement and is currently being traded at $9614.

From the first half of Jun, we have most likely seen a B wave developing out of the higher degree ABC to the downside which is why it could, in theory, come all the way and even above the vicinity of the A wave’s starting point at around $10400 before continuing to move below $8910.

XRP/USD

The price of Ripple has been moving sideways unlike the price of Bitcoin as it came down from $0.1989 by 7% to $0.185 and is now around the half range of that currently at $0.189.

This is soon to be validated as interaction is being made, but if from the start of Jun, we have seen an ABC to the downside then from the 12th we have seen the second sub-wave of the higher degree which is currently labeled as the wave X. But if this X wave is the 4th wave out of the impulse one, we are to see a lower low most likely around the vicinity of the 1.618 Fibonacci level before the corrective increase starts.

Read more on FXOpen blog : https://bit.ly/2NpDOym

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[radex78]

EUR/USD AND EUR/JPY TRADING NEAR MAKE-OR-BREAK LEVELS

EUR/USD started a decent upward move above 1.1250, but it is facing hurdles near 1.1350.

EUR/JPY is also trading in a positive zone, but it must surpass 121.00 for more gains.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro is trading with a bullish bias above the 1.1250 and 1.1280 resistance levels.
  
• There is a connecting bullish trend line forming with support near 1.1305 on the hourly chart of EUR/USD.
  
• EUR/JPY settled nicely above the 120.00 and 120.20 support levels.
  
• There is a key bearish trend line forming with resistance near 120.90 on the hourly chart.

Read more on FXOpen blog: https://bit.ly/317DBYV

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Expand your trading horizons with a new state-of-the-art platform — TickTrader!

FXOpen has launched a brand-new, cutting edge trading platform named TickTrader. It combines five of the most popular financial asset classes of forex — forex, stocks, commodities, indices, and cryptocurrencies — into one individual trading account. Pursue infinite trading opportunities across multiple markets with just a single log-in!

What TickTrader has to offer?

Now you can manage both margin and deliverable trading directly through the platform or via a FIX, REST, or WebSocket API. You can also fully adjust your workspace to suit your needs — a new intuitive user interface and more than 1200 advanced trading tools deliver a fully customizable trading experience. Level 2 data, heat maps, and backtesting are just some of the extensive trading tools offering sophisticated data analysis on the TickTrader platform, designed to help FXOpen clients create successful trading strategies.

You can also make use of all the opportunities offered by advanced order types — Market orders, Limit Orders, and Stop Orders. There are also several advanced settings for these order types the platform has to offer: volume units (lot or quantity), stop levels, and slippage settings.

Other features to explore

Advanced technical analysis tools

Take full advantage of ready-made various traditional indicators or make your own and add them to your account.

Trading alert system

Matching market conditions has never been so easy — customize your alerts and then choose how you receive the notifications.

One/double click trading mode

If you are looking to make profits of rapidly moving markets, or want to try high-frequency trading or scalping do not intend to lose a second on waiting, then this tool is designed especially for you. You won't be asked twice to confirm your orders, they will be placed immediately.

Level 2 pricing

Venture the market depth with up to 200 levels and the ability to see your limit orders inside the order book.

Detailed charting system

It allows you not only to study user-friendly descriptive charts, but also to draw and see volumes, trades, and set up alerts.

Strategy back tester

Test and evaluate your trading strategies using past pricing and liquidity. You can then use the analytics to run your algo-trading strategies and EA’S.

Other features to explore

As a trading platform, TickTrader pursues one goal: helping users to become profitable. It is created to become an integral part of successful and safe trading. It is easy to adopt and use, but besides being user-friendly, TickTrader boasts comprehensive functionality that ensures it meets the multitude of requirements from every type of trader, from beginner to institutional.

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[radex78]

GOLD PRICE AND CRUDE OIL PRICE TRADING NEAR CRUCIAL JUNCTURE

Gold price rallied to a new multi-year high above $1,775 before correcting lower. Crude oil price is currently recovering from $37.15, but it is facing many hurdles.

Important Takeaways for Gold and Oil

• Gold price traded to a new multi-year high at $1,779 before correcting lower against the US Dollar.
  
• There is a major bullish trend line forming with support near $1,758 on the hourly chart of gold.
  
• Crude oil price started a fresh increase after trading as low as $37.15.
  
• There was a break above a key bearish trend line with resistance near $38.50 on the hourly chart of XTI/USD.

Read more on FXOpen blog: https://bit.ly/2YyNQ6B

#XTIUSD #GOLD #Stayhomeandtrade #OIL #forex#ForexAnalysis

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