Daily Technical Analysis

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radex78

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XRP/USD analysis

From Sunday’s high at $0.26198 we have seen the price of Ripple decreasing by 5.6% as it came down to $0.24731 on the next day. The price is currently being traded slightly higher but is still around the vicinity of the yesterday’s low.



Looking at the hourly chart, you can see that the price of Ripple made a higher high compared to the previous one around $0.25 which could be interpreted as the 5th wave out of the five-wave move to the upside. The increase was stopped out at 0.618 Fibonacci level which makes this level as a significant resistance point and is most likely going to serve as a pivot point between a bullish scenarios in which the price of Ripple is to continue increasing from here or a bearish scenarios in which the price of Ripple could start moving to the downside as the C wave of a higher degree ended.

This will be validated by the breakout direction from the current resistance zone between the mentioned Fib level and the $0.24730 interrupted supper level. If the price breaks out to the upside further increase could be expected above the 0.5 Fib level, but if it breaks the zone’s support we could see a retracement all the way down below $0.2/

Read more https://www.fxopen.blog/btc-and-xrp-has-the-increase-ended/

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USD/CHF Technical Analysis

The US Dollar found support near the 0.9630 level and started a fresh increase against the Swiss franc. The USD/CHF pair broke the 0.9650 and 0.9660 resistance levels to move back into a bullish zone.

Moreover, there was a break above a connecting bearish trend line at 0.9660 on the hourly chart. The pair even settled above the 0.9680 level and the 50 hourly simple moving average.



It opened the doors for more gains above the 38.2% Fib retracement level of the last decline from the 0.9766 high to 0.9628 low. At the outset, the pair is following a major ascending channel with support near the 0.9692 level on the same chart.

An immediate resistance is near the 0.9700 level, plus the 50% Fib retracement level of the last decline from the 0.9766 high to 0.9628 low.

The main hurdle is near the 0.9715 level, above which there are chances of a strong rise in the near term. In the mentioned case, the pair could even test the 0.9750 level.

On the downside, there are many supports near 0.9680 and 0.9660. If the USD/CHF pair fails to stay above the 0.9660 support, there is a risk of a drop towards the 0.9625 level. The next key support is near the 0.9600 area.

Read more https://www.fxopen.blog/eur-usd-diving-while-usd-chf-is-showing-positive-signs/

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EOS/USD analysis


In the case of EOS we can see a similar situation like on Litecoin’s chart, as the price continued increasing after a minor retracement since the start of the week. From Tuesday’s low at $4 the price gainer 13.72% coming to $4.6262 at it’s highest point today, around which it is still currently being traded.



Looking at the hourly chart, you can see that it reached a horizontal level which isn’t as significant one but could provide an early indication that the 5th wave could have ended or is near completion as the price is starting to enter the upper range.

From December last year when the price of EOS was sitting at it’s yearly low at $2.12 we have seen an increase of 117% which is why most likely this increase is coming shortly to an end with either the first major retracement in a starting uptrend or further downtrend continuation. This will depend on the price momentum to the downside from which we are to evaluate the possibilities, but in either way further increase would be expected before this starts.

Read more https://www.fxopen.blog/ltc-usd-and-eos-usd-further-increase-expected-but-not-for-long/

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Oil Price Technical Analysis

In the past few days, there was a steady decline in crude oil price below the $55.00 support level against the US Dollar. The price traded below many key supports near the $52.50 and $52.00 levels.

It even broke the $50.00 support level and traded towards the $49.40 level. A low is formed near $49.38 and the price is currently recovering higher.



It surpassed the $50.50 resistance area and the 50 hourly simple moving average. Recently, it climbed above $51.50, but it struggled to gain pace above $52.25. It trimmed gains and revisited the $50.50 zone.

A low is formed near $50.34 and the price is currently rising. It is trading above the 50% Fib retracement level of the recent decline from the $52.26 high to $50.34 low.

However, there are many hurdles on the upside near $51.50 and $52.00. Besides, there is a key bearish trend line forming with resistance near $51.80 on the hourly chart of XTI/USD.

The trend line is close to the 76.4% Fib retracement level of the recent decline from the $52.26 high to $50.34 low. Therefore, crude oil price must climb above the $51.80 and $52.25 resistance levels to continue higher. If not, it might retest the $50.00 support area.

Read more https://www.fxopen.blog/gold-price-and-crude-oil-price-facing-hurdles/

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HOW FOREX BROKERS MAKE MONEY

Contents

  • The Role of the Forex Broker
    A Forex Broker Business Model Explained
    Explaining How Forex Brokers Make Money
    Forex Brokers Fees – An Important Part of the Forex Broker’s Income
    Conclusion

The brokerage industry experienced tremendous growth as the Internet penetration in our everyday lives increased at the start of the 21st century. Online trading made it possible for retail traders with small accounts to participate in the largest financial market in the world – the foreign exchange market.

Before the Internet era, speculation on the currency market was so expensive that it prohibited most of the retail traders to participate. High commissions and latency in getting trades executed meant few retail traders afforded to invest in currencies.

Things changed, and costs decreased in time. It is now so easy to open a trading account, and open positions in the foreign exchange market that all one needs is a stable Internet connection and money to fund the account.

Using leverage, Forex brokers enabled even the trader with the smallest trading account size to participate in the currency market – a tremendous leap forward that changed the trading industry forever.

Read more https://www.fxopen.blog/how-forex-brokers-make-money/

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USD/CAD Technical Analysis

The US Dollar started a fresh increase from the 1.3150 support area against the Canadian Dollar. The USD/CAD pair broke a few important hurdles near 1.3200 and 1.3220 to enter a positive zone.

Besides, there was a break above the 1.3250 level and the 50 hourly simple moving average. It opened the doors for more upsides above the 1.3300 resistance area.



The pair traded as high as 1.3320 and it is currently correcting gains. It dipped towards the 1.3280 level. A swing low is formed near 1.3290 and the pair is now approaching the 23.6% Fib retracement level of the recent decline from the 1.3320 high to 1.3290 swing low.

On the upside, the first resistance is seen near the 1.3305 level. It coincides with the 50% Fib retracement level of the recent decline from the 1.3320 high to 1.3290 swing low.

If the pair settled above 1.3300 and 1.3305, it is likely to continue higher towards 1.3320 and 1.3325. Any further gains may lead USD/CAD towards the 1.3350 level.

On the downside, an immediate support is near the 1.3190 level. Moreover, there is a rising channel forming with support near 1.3285 on the hourly chart.

If USD/CAD breaks the channel support and 1.3280, there is a risk of a downside correction towards the 1.3250 support area in the near term.


Read more https://www.fxopen.blog/gbp-usd-in-downtrend-while-usd-cad-could-rise-again/

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XRP/USD technical analysis

Ripple has decreased by 6.64% yesterday as it came from $0.2873 at it’s highest point previous day to $0.26830 at it’s lowest today. The price is still being traded around the levels of today’s low and is retesting its vicinity for support.



Looking at the hourly chart, you can see that the price has come above the significant horizontal level at $0.26617 last Wednesday and managed to stay there over the last week but has now come back to retest it for support. This minor retracement has been made at the intersection with the mentioned horizontal level and the lower ascending trendline which is presumed to be the support level of the ascending channel which started forming from the 24th of January.

If the ascending channel is broken on the downside the price of Ripple will be set into a retracement of a higher degree most likely below the 0.26617 horizontal level and potentially to around the 0.786 Fibonacci one which will serve as the first support point to the downside. But if the price finds support at the 0.26617 horizontal level and interaction with the next significant one could be expected which would bring the price of Ripple close to $0.3.

Read more https://www.fxopen.blog/btc-and-xrp-retracement-soon-expected/

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USD/JPY Technical Analysis

The US Dollar rallied sharply above 109.00 this past week against the Japanese Yen. The USD/JPY pair broke many resistances near 109.25 and 109.40 to move into a positive zone.

Moreover, there was a close above the 109.50 level and the 50 hourly simple moving average. Finally, the pair tested the 110.00 resistance area, where the bears emerged.



The pair started consolidating gains below 110.00 and remained well bid above 109.50. The last swing low was near 109.53 and the high was at 109.95.

The corrected lower below the 38.2% Fib retracement level of the upward move from the 109.53 low to 109.95 high. However, the pair remained supported near the 109.75 level.

It seems like there is a major contracting triangle forming with resistance near 109.95 on the hourly chart. If there is an upside break above the 109.95 and 110.00 levels, the pair could rise sharply in the near term.

In the mentioned case, the pair might test the 110.50 level. Conversely, the pair could struggle to stay above the triangle support, and the 50% Fib retracement level of the upward move from the 109.53 low to 109.95 high.

If USD/JPY slides below the 109.75 and 109.50 supports, it could start a strong downside correction towards 109.00 or even 108.80.

Read more https://www.fxopen.blog/eur-usd-and-usd-jpy-trading-near-make-or-break-levels/

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EOS/USD technical analysis

From yesterday’s open at $5.24 the price of EOS has increased by 4.52% and came up to $5.4 before it made it back down to the levels of yesterday’s open around which it is still being traded.



Looking at the hourly chart, you can see that the price of EOS similarly like in the case of Litecoin reached it’s significant resistance point and confirmed it by an interaction that caused a minor but a sharp downturn. We have seen an ascending range with a minor spike to the downside which could have been the end of the 5th wave for both the Minuette and the Minute count but since there hasn’t been an interaction with the ascending interrupted level or the horizontal resistance at $5.58 we might see further increase to those levels before a significant retracement starts.

If the 5th wave has been completed the price is now set to begin the correction of a higher degree which can push the price of EOS significantly lower, but there isn’t been much indication that the move started which is why we could see further retest of the upper resistance levels before this expected downturn.

Read more https://www.fxopen.blog/ltc-and-eos-further-room-for-growth/

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