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FXOpen Trader

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  1. FXOpen’s TOP-10 July 2022 PAMM Accounts The better part of the summer has already passed, but the PAMM trading process goes non-stop, delighting investors with new positive results. We would like to focus on those accounts that are still stable and profitable for their subscribers. As of August 1, 2022, 141 active accounts have been opened at FXOpen, and 2’427’960.00 USD of subscribers’ funds have been invested, according to Investflow monitoring statistics. VIEW FULL NEWS VISIT - FXOpen Company Blog...
  2. Gold Price Rallies While Crude Oil Price Takes Hit Gold price started a fresh increase above the $1,750 resistance zone. Crude oil price is sliding and remains at a risk of more losses below $90. Important Takeaways for Gold and Oil Gold price gained pace after it cleared the $1,750 resistance against the US Dollar. Recently, there was a break above a key bearish trend line with resistance near $1,762 on the hourly chart of gold. Crude oil price started a fresh decline from the $96.00 and $96.50 resistance levels. There is a crucial bearish trend line forming with resistance near $91.20 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price formed a base above the $1,700 level and started a fresh increase against the US Dollar. The price broke the $1,720 resistance to move into a positive zone. There was a clear move above the $1,750 resistance and the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near $1,762 on the hourly chart of gold. The price traded as high as $1,794 on FXOpen and the price is now consolidating gains. An immediate support on the downside is near the $1,788 level. The price even traded below the $1,700 level and formed a low near $1,680 on FXOpen. It is now correcting losses above the $1,695 level. On the downside, an initial support is near the $1,785 level. It is near the 23.6% Fib retracement level of the upward move from the $1,754 swing low to $1,794 high. The next major support is near the $1,774 level or the 50% Fib retracement level of the upward move from the $1,754 swing low to $1,794 high, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,750 support zone. On the upside, the price is facing resistance near the $1,795 level. A clear upside break above the $1,795 resistance could send the price towards $1,812. The main resistance is now forming near the $1,820 level. A close above the $1,820 level could open the doors for a steady increase towards $1,840. VIEW FULL ANALYSIS VISIT - FXOpen Blog
  3. ETHUSD and LTCUSD Technical Analysis – 04th AUG, 2022 ETHUSD – Three Inside Down Pattern Below $1783 Ethereum was unable to sustain its bullish momentum and after touching a high of 1762 on 30th July started to decline against the US Dollar coming down below the $1600 handle on 02nd Aug. The selloff that we saw was due to the strength of the US Dollar and its subsequent effect on the prices of the ETHUSD. We can clearly see a Three Inside Down Pattern Below the $1783 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase in the markets. ETH is now trading just above its Pivot levels of 1619 and is moving into a Mild Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1591 and Fibonacci support levels of 1612 after which the path towards 1600 will get cleared. Relative Strength Index is at 40 indicating a WEAK market and the continuation of the Downtrend in the markets. We can see that Aroon Indicator is giving the Bearish signal in the 2 hourly timeframe. Both the STOCHRSI and Williams Percent Range are indicating an Oversold market, which means that the prices are due for an Upwards correction. All of the Technical indicators are giving a STRONG SELL market Signal. All of the Moving Averages are giving a STRONG SELL Signal and we are now looking at the levels of $1600 to $1550 in the short-term range. ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages. • Ether Bearish Reversal seen Below the $1783 mark. • Short-term range appears to be Mild BEARISH. • ETH continues to remain above the $1600 levels. • Average True Range is indicating LESS Market Volatility. Ether Bearish Reversal Seen Below $1783 ETHUSD is now moving into a Mild Bearish Channel with the prices trading above the $1600 handle in the European Trading session today. We have also detected the formation of the Adaptive Moving Average 20 and 50 Crossover pattern in the 2 hourly time-frame indicating that the price is likely to descend in the short-term range. We can see the formation of a Major contraction triangle below the $1700 levels in the 1-hour timeframe. The key support levels to watch are $1595 and $1506 and the prices of ETHUSD need to remain above these levels for any potential Bullish reversal in the markets. ETH has decreased by 1.93% with a price change of 31$ in the past 24hrs and has a trading volume of 15.964 Billion USD. We can see a Decrease of 14.86% in the total trading volume in last 24 hrs. which appears to be Normal. The Week Ahead We can see that ETH failed to clear its Major resistance zone located at $1800 levels and is now preparing to enter into a consolidation phase above the $1600 levels. The prices of Ethereum are slowly recovering against the US Dollar and we can see some range bound moves in the short-term range. The immediate short-term outlook for the Ether has turned as Mild BEARISH, the medium-term outlook remains NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions. The prices of ETHUSD will need to remain above the important support levels of $1500 this week. Weekly outlook is projected at $1650 with a consolidation zone of $1500. Technical Indicators: Relative Strength Index (14): It is at 40.99 indicating a SELL. Moving Averages Convergence Divergence (12,26): It is at -1.66 indicating a SELL. Rate of Price Change: It is at -2.17 indicating a SELL. Ultimate Oscillator: It is at 31.86 indicating a SELL. VIEW FULL ANALYSIS VISIT - FXOpen Blog
  4. Turkish Lira crisis hits corporate borrowers The ongoing crisis that has been affecting the Turkish Lira for several months is showing no sign of giving way, and the country's astonishing inflation rate of over 70% is testimony to the dire situation that the nation's economy is facing. Turkey is an industrial and commercial powerhouse in the Middle East, and is home to the most developed and diversified industry base in the region, however whilst the productivity and quality of product are both high, and the work ethic is still being clearly demonstrated in a nation which has been open for business during times when others were less so, the Lira and its inflationary backdrop are a massive bugbear. The US Dollar, along with all other major currencies, has continued to rise significantly against the Turkish Lira, and today's value for the USDTRY is 17.94. Turkish companies which conduct business on an international basis have been faced with the volatility of Forex transactions when settling accounts with their partners and clients, and the continued decline in value of the Turkish Lira has landed them with a conundrum. Yesterday the Turkish media reported that companies are borrowing in Lira partly to pay off their debts in foreign currency, and many companies in Turkey have used an average of around 30 Lira out of every 100 Lira borrowed from banks to settle their debts in US Dollars and Euros. The sustained losses that the Turkish Lira has made against all major currencies over the past year has caused a dramatic increase in servicing the repayments of foreign debt for Turkish businesses, and this is how it is being addressed. At the end of June, the Turkish government announced a ban on loans in Lira to companies holding what it deemed to be too much foreign currency. This caused the Lira to whipsaw, a term referring to price movements in a volatile market when a stock or currency price will suddenly switch direction. By June 27 the Lira made an unusual gain of approximately 8% gain in two days, trading at 16.01 to the US Dollar, up from the day before the announcement where it closed at 17.35. But by late afternoon on the following Monday, it had pared some of those gains, decreasing slightly to 16.5 against the dollar, after whipsawing within the 16 to 17 lira per dollar range. Clearly volatility is still rampant, however the switch toward using Lira to repay debt in overseas currencies could be a potential method of circulating the Lira more vigorously which may go some way toward helping it slow its downward spiral. Currently, however, it is an uncertain market with an almost year-long record of a downward spiral. VIEW FULL ANALYSIS VISIT - FXOpen Blog
  5. EUR/USD and USD/JPY At Risk of Additional Losses EUR/USD started another decline from the 1.0300 resistance. USD/JPY is declining and might continue to move down below 137.00. Important Takeaways for EUR/USD and USD/JPY The Euro started a fresh decline and even traded below the 1.0200 support. There was a break below a key bullish trend line with support near 1.0205 on the hourly chart of EUR/USD. USD/JPY declined heavily from the 139.00 resistance zone. There was a break below a major bullish trend line with support near 136.30 on the hourly chart. EUR/USD Technical Analysis This week, the Euro started a fresh decline from well above the 1.0280 level against the US Dollar. The EUR/USD pair declined below the 1.0250 and 1.0220 support levels. The bears even pushed the pair below the 1.0200 level. There was a close below 1.0200 and the 50 hourly simple moving average. The bears pushed the pair below the 50% Fib retracement level of the upward move from the 1.0097 swing low to 1.0293 high. EUR/USD Hourly Chart Besides, there was a break below a key bullish trend line with support near 1.0205 on the hourly chart of EUR/USD. An immediate resistance on the upside is near the 1.0200 level. The next major resistance is near the 1.0225 level and the 50 hourly simple moving average. An upside break above 1.0225 could set the pace for a steady increase. In the stated case, the pair might revisit 1.0280. If not, the pair might drop and test the 1.0165 support. The next major support is near 1.0145 or the 76.4% Fib retracement level of the upward move from the 1.0097 swing low to 1.0293 high, below which the pair could drop to 1.0100 in the near term. VIEW FULL ANALYSIS VISIT - FXOpen Blog
  6. BTCUSD and XRPUSD Technical Analysis – 02nd AUG 2022 BTCUSD: Evening Star Pattern Below $24607 Bitcoin was unable to sustain its bullish momentum and after touching a high of 24597 on 30th July started to decline against the US dollar dropping below the $2300 handle in the European trading session today. We can see that after this decline the prices have entered into a consolidation zone above the $22500 handle. The prices have started to move in a descending trend channel due to the decrease in the demand and the continued selling across the global crypto markets. We can clearly see a bearish evening star pattern below the $24607 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend. Bitcoin touched an intraday high of 23438 in the Asian trading session and an intraday low of 22670 in the European trading session today. Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected. The relative strength index is at 37 indicating a weaker demand for bitcoin at the current market levels and the continuation of the selling pressure in the markets. Bitcoin is now moving below its 100 hourly simple moving average and its 200 hourly simple moving averages. Most of the major technical indicators are giving a strong sell signal, which means that in the immediate short term, we are expecting targets of 22000 and 21500. The average true range is indicating lesser market volatility with a bearish momentum. Bitcoin: bearish reversal seen below $24607 STOCHRSI is indicating an oversold level The price is now trading just above its pivot level of $22747 All of the moving averages are giving a strong sell market signal Bitcoin: Bearish Reversal Seen Below $24607 The price of bitcoin continues to decline below the $23000 handle, and we are now testing the important support level of $22000 in the European trading session. The global sentiments continue to remain weak and we can see more downwards correction this week towards the $21500 level. Bitcoin was unable to clear its resistance zone located at $25000, and now we can see a progression of the bearish bias in the markets. We can see the formation of a bearish harami pattern in the weekly time frame indicating the underlying bearish nature of the markets. The immediate short-term outlook for bitcoin is bearish, the medium-term outlook has turned neutral, and the long-term outlook remains neutral under present market conditions. Bitcoin’s support zone is located at $21000, and the prices continue to remain above these levels for any potential bullish reversal in the markets. The price of BTCUSD is now facing its classic support level of 22500 and Fibonacci resistance levels of 22687 after which the path towards 2000 will get cleared. In the last 24hrs, BTCUSD has declined by 1.70% by 394$, and has a 24hr trading volume of USD 27.922 billion. We can see an increase of 20.09% in the trading volume as compared to yesterday, which is due to the selling seen by the short-term investors. The Week Ahead The price of bitcoin is moving in a mildly bearish momentum, and the immediate targets are $22000 and $21500 The daily RSI is printing at 52 which indicates a neutral market and the move towards the consolidation channel. The trendline formation is seen from the $24600 level towards $22600 indicating that if this bearish trend line gets exhausted, we may see an upwards correction in the prices. Bitcoin’s price may continue to remain in a range-bound movement between the $22000 and $23000 levels this week. The prices of BTCUSD will need to remain above the important support level of $21000 this week. The weekly outlook is projected at $22000 with a consolidation zone of $21000. Technical Indicators: The average directional change (14 days): at 27.18 indicating a SELL The rate of price change: at -1.38 indicating a SELL The relative strength index (14): at 38.82 indicating a SELL The commodity channel index (14 days): at -91.53 indicating a SELL VIEW FULL ANALYSIS VISIT - FXOpen Blog
  7. GBP/USD Eyes More Gains, EUR/GBP Could Correct Higher GBP/USD started a fresh increase above the 1.2000 zone. EUR/GBP might attempt a recovery wave if it clears the 0.8430 resistance. Important Takeaways for GBP/USD and EUR/GBP The British Pound started a fresh increase from the 1.1850 zone against the US Dollar. There is a key bullish trend line forming with support near 1.2120 on the hourly chart of GBP/USD. EUR/GBP declined below the 0.8450 and 0.8400 support levels . There was a break above a major bearish trend line with resistance near 0.8385 on the hourly chart. GBP/USD Technical Analysis The British Pound formed base above the 1.1850 and 1.1880 levels against the US Dollar. The GBP/USD pair started a fresh increase after it clearly broke the 1.2000 resistance. There was a steady move above the 1.2050 level and the 50 hourly simple moving average. The bulls even pumped the pair above the 1.2120 level. A high was formed near 1.2245 on FXOpen the pair is now consolidating gains. GBP/USD Hourly Chart There was a minor decline below 1.2120, but the bulls were active near 1.2065. There is also a key bullish trend line forming with support near 1.2120 on the hourly chart of GBP/USD. The pair is now rising and broke the 50% Fib retracement level of the downward move from the 1.2245 swing high to 1.2064 low. There was a steady increase above the 1.2150 level and the 50 hourly simple moving average. On the upside, an initial resistance is near the 1.2195 level. The next main resistance is near the 1.2200 zone. It is near the 76.4% Fib retracement level of the downward move from the 1.2245 swing high to 1.2064 low. A clear upside break above the 1.2200 and 1.2210 resistance levels could open the doors for a steady increase in the near term. The next major resistance sits near the 1.2250 level. If not, the pair might start a fresh decline below 1.2150. The next major support is near the 1.2120 level. Any more losses could lead the pair towards the 1.2065 support zone or even 1.2000. VIEW FULL ANALYSIS VISIT - FXOpen Blog
  8. AUD/USD and NZD/USD Eye Additional Gains AUD/USD is gaining pace above the 0.6950 resistance. NZD/USD is also eyeing a key upside break above the 0.6300 resistance. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a fresh increase above the 0.6880 resistance zone against the US Dollar. There is a key bullish trend line forming with support near 0.6955 on the hourly chart of AUD/USD. NZD/USD also started a major increase from the 0.6200 support zone. There was a break above a major bearish trend line with resistance near 0.6240 on the hourly chart of NZD/USD. AUD/USD Technical Analysis The Aussie Dollar formed a base above the 0.6820 and 0.6850 levels against the US Dollar. The AUD/USD pair started a steady increase after it cleared the 0.6900 resistance zone. There was a clear move above the 0.6950 resistance and the 50 hourly simple moving average. The pair even broke the 0.7000 barrier and traded as high as 0.7014 on FXOpen. Recently, there was a minor downside correction below the 0.7000 level. AUD/USD Hourly Chart The pair dipped below the 38.2% Fib retracement level of the upward move from the 0.6912 swing low to 0.7014 high. However, the pair stayed above the 0.6960 level and the 50 hourly simple moving average. The 50% Fib retracement level of the upward move from the 0.6912 swing low to 0.7014 high also acted as a support. The pair is now rising and trading near 0.7000. On the upside, the AUD/USD pair is facing resistance near the 0.7000 level. The next major resistance is near the 0.7020 level. A close above the 0.7020 level could start a steady increase in the near term. The next major resistance could be 0.7080. On the downside, an initial support is near the 0.6970 level. The next support could be the 0.6950 level. There is also a key bullish trend line forming with support near 0.6955 on the hourly chart of AUD/USD. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6880 level. VIEW FULL ANALYSIS VISIT - FXOpen Blog
  9. ETHUSD and LTCUSD Technical Analysis – 28th JULY, 2022 ETHUSD: Bullish Engulfing Pattern Above $1357 Ethereum was unable to sustain its bullish momentum and after touching a high of 1661 on 25th July started to decline against the US dollar coming down below the $1400 handle on 26th July. We saw that after this decline, the prices started to stabilize above the $1350 handle, and then a pullback action was seen in the markets. The prices started a bullish reversal which continues pushing the prices of Ethereum above the $1600 handle in the European trading session today. We can clearly see a bullish engulfing pattern above the $1357 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets. ETH is now trading just below its pivot level of 1622 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1629 and Fibonacci resistance level of 1634 after which the path towards 1700 will get cleared. The relative strength index is at 62 indicating a strong market and the continuation of the uptrend in the markets. We can see the progression of a bullish ascending trendline formation from $1357 to $1690, which indicates that we are heading towards $1700. Both the commodity channel index and highs/lows are indicating a neutral market. Some of the technical indicators are giving a buy market signal. Most of the moving averages are giving a buy signal, and we are now looking at the levels of $1700 to $1850 in the short-term range. ETH is now trading above both its 100 hourly simple and exponential moving averages. Ether: a bullish reversal seen above the $1357 mark Short-term range appears to be mildly bullish ETH continues to remain above $1600 The average true range is indicating less market volatility Ether: Bullish Reversal Seen Above $1357 ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1600 handle in the European trading session today. We have also detected the formation of MA5 and MA10 crossover patterns located at 1630 and 1632 in the hourly time frame indicating that the price is likely to descend below after touching these levels in the short-term range. We can see that the prices of Ethereum are slowly preparing for moving into a consolidation channel above the $1600 handle. We can also see the formation of a bullish harami pattern in the 2-hour time frame indicating the bullish nature of the markets. We can also witness the parabolic SAR bullish reversal in the daily timeframe, so the immediate targets visible now are $1650. The key support levels to watch are $1500 and $1584, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish trend. ETH has increased by 10.64% with a price change of 155$ in the past 24hrs and has a trading volume of 25.107 billion USD. We can see an increase of 43.29% in the total trading volume in the last 24 hrs which is due to the buying seen at lower levels. The Week Ahead We can see that ETH is now making attempts to clear the resistance zone located at $1650, and with the continued bullish tendency, we are now heading towards the $1700 level. The price of Ethereum is preparing to enter into a consolidation phase above the $1600 levels and we can see some range-bounded movements between the $1500 and $1700 levels this week. The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned neutral, and the long-term outlook for Ether is neutral in present market conditions. The prices of ETHUSD will need to remain above the important support levels of $1500 this week. The weekly outlook is projected at $1750 with a consolidation zone of $1600. Technical Indicators: The relative strength index (14): at 62.09 indicating a BUY The moving averages convergence divergence (12,26): at 41.18 indicating a BUY The rate of price change: at 1.92 indicating a BUY Bull/Bear power(13): at 23.28 indicating a BUY Read Full on FXOpen Company Blog...
  10. EUR/USD and EUR/JPY Attempt Recovery Wave EUR/USD started a fresh decline and traded below 1.0150. EUR/JPY is attempting a recovery wave and might rise if it clears 139.50. Important Takeaways for EUR/USD and EUR/JPY The Euro started a major decline from the 1.0250 and 1.0280 resistance levels. There is a short-term contracting triangle forming with resistance near 1.0145 on the hourly chart. EUR/JPY also started a major decline below the 140.00 and 139.50 support levels. There is a key bearish trend line forming with resistance near 139.20 on the hourly chart. EUR/USD Technical Analysis The Euro failed to clear the 1.0280 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0220 and 1.0200 support levels. There was a clear move below the 1.0150 level and the 50 hourly simple moving average. The pair even settled below the 1.0180 level. A low was formed near 1.0107 on FXOpen and the pair is now consolidating losses. EUR/USD Hourly Chart The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.0250 swing high to 1.0107 low. On the upside, the pair is facing resistance near the 1.0145 level. There is also a short-term contracting triangle forming with resistance near 1.0145 on the hourly chart. A clear move above the triangle resistance might send the price towards 1.0165. The next major resistance is near the 1.0180 level. It is near the 50% Fib retracement level of the downward move from the 1.0250 swing high to 1.0107 low. If the bulls remain in action, the pair could revisit the 1.0250 resistance zone in the near term. On the downside, the pair might find support near the 1.0120 level. The next major support sits near the 1.0100 level. If there is a downside break below the 1.0100 support, the pair might accelerate lower in the coming sessions. Read Full on FXOpen Company Blog...
  11. BTCUSD and XRPUSD Technical Analysis – 26th JULY 2022 BTCUSD: Bearish Engulfing Pattern Below $24262 Bitcoin was unable to sustain its bullish momentum and after touching a high of 24195 on 20th July started to decline against the US dollar dropping below the $21500 handle in the European trading session today. We can see that after this decline the prices have entered into a consolidation zone above the $21000 handle. The drop in the prices of bitcoin comes just before the upcoming US Federal Reserve FOMC meeting, which is expected to raise the interest rates by 75 basis points. We can clearly see a bearish engulfing pattern below the $24262 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend. Bitcoin touched an intraday high of 22248 in the Asian trading session and an intraday low of 20928 in the European trading session today. Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected. The relative strength index is at 29 indicating a weaker demand for bitcoin at the current market level and the continuation of the selling pressure in the markets. Bitcoin is now moving below its 100 hourly simple moving average and 200 hourly simple moving averages. Most of the major technical indicators are giving a strong sell signal, which means that in the immediate short term, we are expecting targets of 20500 and 20000. The average true range is indicating less market volatility with a bearish momentum. Bitcoin: bearish reversal seen below $24262 STOCHRSI is indicating an overbought level The price is now trading just above its pivot level of $21077 All of the moving averages are giving a strong sell market signal Bitcoin: Bearish Reversal Seen Below $24262 The price of bitcoin continues to decline below the $22000 handle, and we are now testing the important support level of $20000 in the European trading session. The global sentiments have changed in the wake of the US Fed interest rate decision and its impact on the cryptocurrency markets worldwide. We can see the formation of a falling trend channel, and now we are facing the immediate targets of $20500 and $20100. Bitcoin was unable to clear its resistance zone located at $25000, and we can see a progression of the bearish bias in the markets. The ultimate oscillator is indicating a neutral market, and the prices can also stage an upwards correction from these levels if the bearish trend gets exhausted. The immediate short-term outlook for bitcoin is bearish; the medium-term outlook has turned neutral; and the long-term outlook remains neutral under present market conditions. Bitcoin’s support zone is located at $20000, and the prices continue to remain above these levels for any potential bullish reversal in the markets. The price of BTCUSD is now facing its classic support level of 20902, and Fibonacci resistance levels of 21034, after which the path towards 20000 will get cleared. In the last 24hrs, BTCUSD has declined by 4.19% by 922 and has a 24hr trading volume of USD 37.899 billion. We can see an increase of 33.97% in the trading volume as compared to yesterday, which is due to the selling seen by the short-term investors. The Week Ahead The price of bitcoin is moving in a mildly bearish momentum, and the immediate targets are $20500 and $20000 The daily RSI is printing at 44 which means that the medium range demand continues to remain weak. The trendline formation is seen from the $24000 level towards the $21000, indicating that if this bearish trend line gets exhausted, we may see an upwards correction in the prices. Bitcoin prices may continue to remain in a range-bound movement between the $20000 and $22000 levels this week. The price of BTCUSD will need to remain above the important support levels of $20000 this week. The weekly outlook is projected at $21500 with a consolidation zone of $20500. Technical Indicators: The average directional change (14 days): at 43.57 indicating a NEUTRAL The rate of price change: at -3.78 indicating a SELL The relative strength index (14): at 29.67 indicating a SELL The commodity channel index (14 days): at -59.39 indicating a SELL Read Full on FXOpen Company Blog...
  12. Tesla stock has volatile week despite Bitcoin unicorn Tesla has been known for as long as it has been in existence as a disruptor of its sector. Its founder, Elon Musk, is a maverick and a free thinker and has risen to prominence as one of the world's richest men via his methodology of disregarding the well-trodden path and finding ways to reinvent it. Thus, Elon Musk's influential interest in cryptocurrency has been a well-covered subject over the past year and a half, and his own advocacy of cryptocurrencies ranging from Bitcoin to oddball meme currencies such as Dogecoin has been high profile. It is fair to say that Elon Musk's interest in cryptocurrency is not just an interest, it positions him as an influencer. In May 2021, he was responsible for crashing the value of five popular cryptocurrencies by over $700 million, and then partially responsible for causing them to rise to a higher value than before his infamous Twitter post-orientated tumble. It is therefore fitting that Elon Musk would bring cryptocurrency investment into his commercial portfolio, which he did with Tesla. By the end of last year, Tesla could lay claim to being the most influential disrupting force in the automotive industry, as well as the only large cap publicly listed corporation which is a Bitcoin whale. A Bitcoin whale is an entity or person which holds enough Bitcoin to be able to influence the market. Now, as Tesla remains a major market force and all of the traditional car manufacturers have been rallying to make electric vehicles after over 100 years of not even considering moving away from internal combustion, and as a recent SEC filing showed that the company has made $64 million in gains from bitcoin sales, its own stock is volatile to say the least. This week, prices are down to $804 per share after a rally last week. Whether investors in high market cap publicly listed companies are still relatively conservative and don't favor risky and avantgarde strategies such as the Bitcoin trading activities of Tesla is perhaps a matter for discussion, but despite these crypto-fueled gains being made public information, the value of Tesla stock has been declining during the course of this week. On Friday last week, Tesla stock was trading at $840 per share, so today's $804 is a definitive downturn. Elon Musk, who is openly pro-free market, and has objected to government lockdowns across Europe and America has this week stated that Tesla’s factories in Germany and Texas are losing billions of dollars as supply-chain snags and battery-cell manufacturing hurdles limit production caused by the draconian lockdowns in 2020 and 2021. Clearly, regardless of how well capitalized and how much of a market icon Tesla is, foresight, innovation and disruption still equals volatility. FXOpen Blog
  13. Oil price bonanza may trigger dividend hike for big firms The incessant increase in the price of oil over recent months has been a moot point for many people, especially those in western countries who are now having to battle with the cost of paying for their domestic heating or the painful cost of buying fuel for their car. What appeared inconceivable last year when oil prices were very low and had only just begun to recover from the negative equity position that crude oil was in in March 2020, is now a very harsh reality for many domestic and commercial consumers, just as it is for commodities traders who have to make their investment in crude oil work against the backdrop of a surprisingly strong US Dollar. Currently, the price of oil is still extremely high, with Brent Crude commanding a price of $103 per barrel at July 25, and oil companies are quite simply raking in the profits. The sanctions which were placed on companies in all sectors of industry based in Russia earlier this year have also had an impact on the price of crude oil, as Russia is an OPEC country and has a vast oil and raw materials industry which exports its products globally. Once the ability for Russian oil companies to access their settlement payments for oil and gas in Euros or US Dollars via European and North American banks became impossible due to the freezing of those accounts, and Russian oil companies ended up insisting that European and American customers settle their oil and gas purchases in Rubles via Russian banks, the US Dollar became less connected to the commodities settlement business and the ruble shot up, but of course overall demand for oil remained very high. As a result, the dollar value of oil is still high indeed. Some of the top international oil majors have already announced expectations of extremely high revenues, especially in their refining divisions, for the second quarter of this year. A number of analysts expect at least some of them to step up share buybacks and some even to announce an increase in dividends due to record cash flows and record or near-record earnings. Some Western oil companies are doing very well indeed, as this is a global phenomenon and a global supply and demand issue. French supermajor TotalEnergies said last week that “Refining & Chemicals results are expected to be exceptional given the very high levels of distillate and gasoline cracks.” American oil giant ExxonMobil revealed in an SEC filing earlier this month that the rise in industry margins is set to add between $4.4 billion and $4.6 billion to its Q2 results. At Shell, which recently moved its headquarters from its native Holland to London purely so that it can be in the global trading center for electronic financial services, the refining margin nearly tripled in Q2 compared to Q1 and is expected to add between $800 million and $1.2 billion to the second quarter results of Shell’s Products division compared to the first quarter of 2022. Therefore, not only are oil stocks in view, but oil prices themselves. FXOpen Blog
  14. GBP/USD Faces Resistance And GBP/JPY Is Sliding GBP/USD started a recovery wave above the 1.1950 resistance zone. GBP/JPY declined and remains at a risk of more losses below 163.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a recovery wave above the 1.1950 resistance against the US Dollar. There is a major bullish trend line forming with support near 1.1960 on the hourly chart of GBP/USD. GBP/JPY declined steadily after it failed to clear the 166.20 resistance zone. There was a break below a key bullish trend line with support near 165.60 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound found support near the 1.1750 zone against the US Dollar. The GBP/USD pair started a recovery wave and was able to settle above the 1.1850 zone. There was a steady increase above the 1.1900 zone and the 50 hourly simple moving average. The pair even traded above the 1.2000 resistance zone. However, the bears were active near the 1.2050 and 1.2060 levels. GBP/USD Hourly Chart A high was formed near 1.2063 on FXOpen and the pair is now correcting lower. There was a move below the 1.2000 support zone. It even broke the 50% Fib retracement level of the upward move from the 1.1916 swing low to 1.2063 high. An immediate support is near the 1.1975 and the 50 hourly simple moving average. The next major support is near the 1.1960 level. There is also a major bullish trend line forming with support near 1.1960 on the hourly chart of GBP/USD. If there is a break below the 1.1960 support, the pair could test the 1.1920 support. Any more losses might send GBP/USD towards 1.1850. On the upside, the pair is facing resistance near the 1.2000 level and the 1.2020. An upside break above 1.2020 could set the pace for a move towards the 1.2060 resistance zone. The next major resistance sits near the 1.2120 level. Read Full on FXOpen Company Blog...
  15. Watch FXOpen's July 18 - 22 Weekly Digest Video In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports. British pound begins to rise, but still faces challenges EUR/USD starts recovery while USD/CHF dips below support What will make oil prices skyrocket? Big Tech stock languishes, whilst UK inflation rampages Watch our short and informative video, and stay updated with FXOpen. FXOpen YouTube
  16. Gold Price and Crude Oil Price Aim Fresh Increase Gold price started a major decline below the $1,725 support zone. Crude oil price is attempting a fresh increase from the $88.80 support zone. Important Takeaways for Gold and Oil Gold price struggled above $1,740 and declined against the US Dollar. Recently, there was a break above a key bearish trend line with resistance near $1,705 on the hourly chart of gold. Crude oil price started a downside correction from the $100 and $101 resistance levels. There was a break below a major bullish trend line with support near $98.95 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price struggled to gain pace above the $1,750 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,725 pivot level. There was a clear move below the $1,712 support zone and the 50 hourly simple moving average. The price even traded below the $1,700 level and formed a low near $1,680 on FXOpen. It is now correcting losses above the $1,695 level. Gold Price Hourly Chart There was a break above a key bearish trend line with resistance near $1,705 on the hourly chart of gold. The price even climbed above the $1,712 level but struggled to clear $1,720. A high is formed near $1,720 and the price is now consolidating gains. On the downside, an initial support is near the $1,710 level. It is near the 23.6% Fib retracement level of the upward move from the $1,680 swing low to $1,720 high. The next major support is near the $1,700 level or the 50% Fib retracement level of the upward move from the $1,680 swing low to $1,720 high, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,680 support zone. On the upside, the price is facing resistance near the $1,720 level. A clear upside break above the $1,720 resistance could send the price towards $1,735. The main resistance is now forming near the $1,750 level. A close above the $1,750 level could open the doors for a steady increase towards $1,780. Read Full on FXOpen Company Blog...
  17. ETHUSD and LTCUSD Technical Analysis – 21st JULY, 2022 ETHUSD: Hanging Man Pattern Below $1627 Ethereum was unable to sustain its bullish momentum and after touching a high of 1627 on 19th July started to decline against the US dollar coming down below the $1500 handle in the European trading session today. We can see that ETH is losing ground against the US dollar and no major uptrend formation was seen. The prices touched an intraday low of $1466 and an intraday high of $1565 in the Asian trading session today. We can clearly see a hanging man pattern below the $1627 handle which is a bearish pattern and signifies the end of a bullish phase and the start of a bearish phase in the markets. ETH is now trading just above its pivot levels of 1485 and moving into a mildly bearish channel. The price of ETHUSD is now testing its classic support level of 1450 and Fibonacci support level of 1476 after which the path towards 1300 will get cleared. The relative strength index is at 39 indicating a weak market and the continuation of the downtrend in the markets. We can see the progression of a bearish trendline formation from $1627 to $1488 which indicates that we are heading towards $1436. Both the commodity channel index and Williams percent range are indicating a neutral market. All of the technical indicators are giving a strong sell market signal. Most of the moving averages are giving a sell signal, and we are now looking at the levels of $1400 to $1350 in the short-term range. ETH is now trading above both its 100 hourly simple and exponential moving averages. Ether: bearish reversal seen below the $1627 mark Short-term range appears to be mildly bearish ETH continues to remain above $1400 The average true range is indicating less market volatility Ether: Bearish Reversal Seen Below $1627 ETHUSD is now moving into a mildly bearish channel with the prices trading below the $1500 handle in the European trading session today. We have also detected the formation of MA20 and MA50 crossover patterns located at 1529 and 1545 in the hourly time frame indicating that the price is likely to descend below. We can see that the prices of Ethereum are slowly preparing for moving into a consolidation channel above the $1400 handle. We can also see the formation of three black crows patterns in the 15-minute time frame indicating the bearish nature of the markets. In the 2-hour time frame, the super trend indicator is giving bearish reversal signals. The key support levels to watch are $1385 and $1335, and the prices of ETHUSD need to remain above these levels for any potential bullish reversal in the markets. ETH has decreased by 2.79% with a price change of 42$ in the past 24hrs and has a trading volume of 23.086 billion USD. We can see an increase of 2.31% in the total trading volume in the last 24 hrs. which appears to be normal. The Week Ahead We can see that ETH failed to clear the resistance zone located at $1650, and with the continued bearish reversal, we are now heading towards the $1400 level. The prices of Ethereum are preparing to enter into a consolidation phase below the $1500 level and we can see some range-bounded movements between the $1400 and $1500 levels this week. The immediate short-term outlook for Ether has turned mildly bearish; the medium-term outlook has turned neutral; and the long-term outlook for Ether is neutral in present market conditions. The price of ETHUSD will need to remain above the important support level of $1400 this week. The weekly outlook is projected at $1550 with a consolidation zone of $1400. Technical Indicators: STOCH (9,6): at 22.50 indicating a sell The moving averages convergence divergence (12,26): at -17.75 indicating a sell The rate of price change: at -3.93 indicating a sell The ultimate oscillator: at 46.50 indicating a sell Read Full on FXOpen Company Blog...
  18. Big Tech stock languishes, whilst UK inflation rampages This week started off with very big moves among the Big Tech stocks on North America's markets, a dynamic which has continued throughout the week so far. On Monday, Apple stock fell more than 2% in its worst trading session in almost three weeks after Bloomberg revealed the company’s plans to slow hiring and spending to cope with a potential economic downturn. Yesterday, Meta (previously Facebook) was in the news, with its CEO Mark Zuckerberg stating quite ruthlessly that the company will simply tell all of its employees that it 'does not need' to simply go home. There are now some commentators who consider that the big tech stocks listed on New York's prominent exchanges have even further to fall. Apple stock has decreased in value by a remarkable 17% during the course of 2022, and other large software giants and internet stalwarts such as Microsoft and Google (Alphabet) having fallen in value over a sustained period of time. A point of interest with this otherwise gloomy outlook is that the declining nature of Apple stock is having a bearing on the total value of all big tech stocks. The spread between the prospective earnings multiples of the S&P 500 Information Technology Sector and the benchmark S&P 500 started this year at the highest it had been since 2004, which is encouraging, and shows that perhaps a few of the giants which have been struggling to keep the value of their shares up have affected the entire outlook for big tech when in reality there are firms doing well. Overall, however, the differential between the downturn in big tech stock values in New York and other stocks on prominent exchanges elsewhere is interesting. London's FTSE 100, largely consisting of less tech-focused stocks and more on long-established, age-old blue chip companies in mining, manufacturing, pharmaceuticals, finance, consumer retail and engineering industries, has been stable despite the United Kingdom's economic situation having reached a milestone inflation level which is now at its highest in 40 years. It is apparent that many investors in the United Kingdom are looking for inflation-busting opportunities, and are taking a cautious approach, especially given that many London listed stocks are valued in Pounds and Pence, and at a time during which the governmental changes are creating uncertainty. FXOpen Blog
  19. EUR/USD Starts Recovery While USD/CHF Dips Below Support EUR/USD started a recovery wave above the 1.0200 level. USD/CHF is declining and broke a key support near the 0.9750 zone. Important Takeaways for EUR/USD and USD/CHF The Euro started a decent recovery wave above the 1.0150 zone against the US Dollar. There is a key bullish trend line forming with support near 1.0225 on the hourly chart of EUR/USD. USD/CHF started a fresh decline after it failed to clear the 0.9880 resistance zone. There is a major bearish trend line forming with resistance near 0.9720 on the hourly chart. EUR/USD Technical Analysis This past week, the Euro gained pace below the 1.0100 support against the US Dollar. The EUR/USD pair even spiked below the parity level and traded as low as 0.9952 on FXOpen. Recently, there was a recovery wave above the 1.0000 and 1.0100 resistance levels. The pair climbed above the 1.0150 level and the 50 hourly simple moving average. The pair traded as high as 1.0268 and is currently showing positive signs. EUR/USD Hourly Chart There was a minor drop and a test of the 23.6% Fib retracement level of the upward move from the 1.0119 swing low to 1.0268 high. An immediate resistance is near the 1.0255 level. The next major resistance is near the 1.0270 level. A clear move above the 1.0270 resistance zone could set the pace for a larger increase towards 1.0350. The next major resistance is near the 1.0450 zone. On the downside, an immediate support is near the 1.0230 level. There is also a key bullish trend line forming with support near 1.0225 on the hourly chart of EUR/USD. The next major support is near the 1.0200 level. It is near the 50% Fib retracement level of the upward move from the 1.0119 swing low to 1.0268 high. A downside break below the 1.0200 support could start another decline. Read Full on FXOpen Company Blog...
  20. BTCUSD and XRPUSD Technical Analysis – 19th JULY 2022 BTCUSD: Triple Bottom Pattern Above $19640 Bitcoin was unable to sustain its bearish momentum and after touching a low of 18991 on 13th July started to correct upwards breaching the $22000 handle on 18th July. We can see a continued appreciation in the price of bitcoin as global investor sentiments have improved leading to buying action seen in the markets at levels above $19000. The price of bitcoin is poised to clear the resistance zone located at $23000 after which we will see a continuous upsurge in the levels of BTCUSD. We can clearly see a triple-bottom pattern above the $19640 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend. Bitcoin touched an intraday high of 22937 in the Asian trading session and an intraday low of 21588 in the European trading session today. Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected. The relative strength index is at 50 indicating a neutral demand for bitcoin at the current market levels. Bitcoin is now moving above its 100 hourly simple moving average and 200 hourly simple moving averages. Some of the major technical indicators are giving a buy signal, which means that in the immediate short term, we are expecting targets of 22000 and 23000. The average true range is indicating less market volatility with a bullish momentum. Bitcoin: bullish reversal seen above $19640 The Williams percent range is indicating an overbought level The price is now trading just above its pivot level of $21805 Most of the moving averages are giving a buy market signal Bitcoin: Bullish Reversal Seen Above $19640 The price of Bitcoin continues to appreciate above the $21000 handle, and we are now testing the important resistance level of $23000 in the European trading session. The global sentiments continue to improve leading to broad-based buying by the medium-term investors. We can see the formation of a rising trend channel and are facing the immediate targets of $22000 and $22700. Bitcoin’s bearish bias was invalidated above $19000, and we can see a correction wave that is stronger than the previous one. We can see the formation of a bullish ABCD pattern in the hourly time frame which indicates that we are heading towards the $25000 level. The immediate short-term outlook for bitcoin is bullish; the medium-term outlook has turned neutral; and the long-term outlook remains neutral under present market conditions. Bitcoin’s support zone is located at $20500, and the prices continue to remain above this level for the continuation of the bullish phase of the markets. The price of BTCUSD is now facing its classic resistance level of 21868 and Fibonacci resistance level of 21963 after which the path towards 22000 will get cleared. In the last 24hrs, BTCUSD has declined by 1.73% by 385$ and has a 24hr trading volume of USD 45.154 billion. We can see an increase of 39.50% in the trading volume as compared to yesterday, which is due to the buying seen by the medium-term investors. The Week Ahead The price of bitcoin is moving in a bullish momentum, and the immediate targets are $22500 and $23500. The daily RSI is printing at 53 which means that the medium range demand continues to remain neutral. We can see the continuation of the recovery mode in bitcoin with the prices touching the $23000 and $24000 levels next week. The price of BTCUSD will need to remain above the important support level of $20000 this week. The weekly outlook is projected at $23500 with a consolidation zone of $22500. Technical Indicators: The average directional change (14 days): at 25.10 indicating a buy The ultimate oscillator: at 59.03 indicating a buy The rate of price change: at 8.61 indicating a buy The commodity channel index(14days): at 136 indicating a buy Read Full on FXOpen Company Blog...
  21. British Pound begins to rise, but still faces challenges The British Pound has been subjected to an onslaught of challenges recently. These challenges have not been short term ones, either. Over the past two years, there have been factors which have had an overreaching effect on the economic circumstances of most Western nations, including government-enforced lockdowns, which were the first in a series of policies which have had a domino effect. In the United Kingdom, adherence to lockdowns was enforced in a different way to those in many other nations. Instead of policing the movements of people, the British government introduced a furlough scheme which effectively paid people to stay at home. This has cost the country's coffers a fortune, and along with a £400 billion borrowing program led by Chancellor of the Exchequer (finance minister) Rishi Sunak, it all has to be paid back by a nation whose productivity was adversely affected for over two years. The inflation and cost of living crisis that ensued has added further woes to the economic situation and the Pound has languished. Now, however, it has begun to rise again as the forecast for the Consumer Price Index (CPI) will be released today and it is anticipated to be an almost unbelievable 9.1% year-on-year according to a Bloomberg survey. The Bank of England will meet 4th August to decide on how much to hike rates. This is certainly not good reading for conservative investors, and really shows the extent of the inflation problem. The anomaly is the US Dollar's strength. The US Dollar remains very strong against all majors, the British Pound being no exception, especially given that the United States is in equally dire straits in terms of inflation which is at a 40 year high. Productivity in the United States is quite good, however, whereas in the United Kingdom there are still many large organizations which are still not operating at anything like full capacity. Perhaps another important factor to consider is that the British Prime Minister resigned amid a myriad of chaotic circumstances at the time when the economy is teetering, with many fingers aiming the blame directly at the incumbent government for the state of the nation's finances. Therefore, the GBP/USD remains in a downtrend like many other markets as overall US Dollar strength continues. FXOpen Blog
  22. Gold begins to move upwards, but 1-year low still lingering Gold has been struggling to maintain the values that it reached during the spring of 2022 over recent months, and by the middle of July it had reached a 1-year low. Whereas the prices in May had reached $1,980 per ounce, Gold had dropped to $1,700 by July 14. Today, however, a slight upturn in the value of Gold has begun to make itself evident, and this morning during the Asian trading session, Gold had risen to $1,720 per ounce. Admittedly, this is still a low value compared to any time during the past twelve months, but the factors which are now beginning to influence the value of gold away from its two-month long decline to the low value reached at the end of last week. This morning, Gold rose to $1,717 per ounce, which some are attributing to a weakness in the US Dollar. Ordinarily commodities and stores of value such as Gold would not be so influenced by the currency market, but the US Dollar's value is intrinsic to the value of Gold because Gold is valued in US Dollars and bought and settled in US Dollars. Another US Dollar-related factor which could be contributing to the slight rise in the value of Gold is that the US Federal Reserve Bank intervened to cool down market expectations of a 1.0% rate hike on Friday, which in turn helped the Gold Price to defend the yearly low that it reached on Thursday. Talk of interest rate increases in the United States are enough to blunt enthusiasm, especially when considering that there have already been a few this year, and that The Index of Consumer Expectations declined to its lowest level since May 1980 at 47.3. These very low figures were released alongside a 0.20% contraction by the US Industrial Production for June to favor Gold buyers or traders of the US Dollar against Gold. There are talks of a 1% interest rate rise at the next Federal Reserve meeting, and that is a clear indicator that inflation is still a major concern for policymakers in the United States, just as it is in Europe. The difference is that commodity prices are affected by these economic decisions which involve the US Dollar. FXOpen Blog
  23. GBP/USD Eyes Recovery While USD/CAD Is Sliding GBP/USD could gain pace if it clears the 1.1900 resistance zone. USD/CAD is sliding and could extend losses below the 1.3000 level. Important Takeaways for GBP/USD and USD/CAD The British Pound is attempting an upside correction from the 1.1800 support zone. There is a key bearish trend line forming with resistance near 1.1900 on the hourly chart of GBP/USD. USD/CAD started a fresh decline from the 1.3220 resistance zone. There was a break below a connecting bullish trend line with support near 1.3070 on the hourly chart. GBP/USD Technical Analysis After facing sellers near 1.2055, the British Pound started a fresh decline against the US Dollar. GBP/USD declined heavily below the 1.2000 support zone. There was a move below the 1.1900 support zone and the 50 hourly simple moving average. The pair traded as low as 1.1761 and is currently correcting higher. There was a clear move above the 1.1850 resistance zone. GBP/USD Hourly Chart The pair climbed above the 50% Fib retracement level of the downward move from the 1.1967 swing high to 1.1761 low. An immediate resistance is near the 1.1900 level. There is also a key bearish trend line forming with resistance near 1.1900 on the hourly chart of GBP/USD. The next key resistance is near the 1.1920 level. It is near the 76.4% Fib retracement level of the downward move from the 1.1967 swing high to 1.1761 low. If there is an upside break above the 1.1920 zone, the pair could rise towards 1.2000. The next key resistance could be 1.2050, above which the pair could gain strength. On the downside, an initial support is near the 1.1860 area. The first major support is near the 1.1840 level. If there is a break below 1.1840, the pair could extend its decline. The next key support is near the 1.1760 level. Any more losses might call for a test of the 1.1700 support. Read Full on FXOpen Company Blog...
  24. Watch FXOpen's July 11 - 15 Weekly Digest Video In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports. Euro and dollar reach parity. Inflation in the US rises again. Analysts' forecasts on Coca-Cola shares. Watch our short and informative video, and stay updated with FXOpen. FXOpen YouTube
  25. AUD/USD and NZD/USD Eye Key Upside Break AUD/USD is attempting a recovery wave above the 0.6750 resistance. NZD/USD is also eyeing a key upside break above the 0.6140 resistance. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a fresh decline below the 0.6800 support zone against the US Dollar. There is a key bearish trend line forming with resistance near 0.6750 on the hourly chart of AUD/USD. NZD/USD also started a major decline from the 0.6200 resistance zone. There is a major bearish trend line forming with resistance near 0.6135 on the hourly chart of NZD/USD. AUD/USD Technical Analysis The Aussie Dollar attempted a fresh increase above the 0.6800 and 0.6810 levels against the US Dollar. However, the AUD/USD pair failed to continue higher above 0.6800 and started another decline. There was a move below the 0.6750 and 0.6720 support levels. There was a close below the 0.6750 level and the 50 hourly simple moving average. The pair traded as low as 0.6681 and is currently correcting losses. AUD/USD Hourly Chart There was a move above the 0.6725 resistance level. The pair climbed above the 50% Fib retracement level of the downward move from the 0.6803 swing high to 0.6681 low. On the upside, the AUD/USD pair is facing resistance near the 0.6750 level. It is near the 61.8% Fib retracement level of the downward move from the 0.6803 swing high to 0.6681 low. There is also a key bearish trend line forming with resistance near 0.6750 on the hourly chart of AUD/USD. The next major resistance is near the 0.6800 level. A close above the 0.6800 level could start a steady increase in the near term. The next major resistance could be 0.6880. On the downside, an initial support is near the 0.6725 level. The next support could be the 0.6700 level. The main support is near the 0.6680 level. If there is a downside break below the 0.6680 support, the pair could extend its decline towards the 0.6650 level. Read Full on FXOpen Company Blog...
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