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Octafx

GBPUSD FURTHER WEAKNESS EXPECTED BELOW 1.3100The British pound has weakened below the 1.3100 level against the greenback after the US dollar index strengthened to a one-week trading high following the FOMC Meeting Minutes. The GBPUSD pair is likely to weaken further while trading below the 1.3100 level. Buyers need to move price above the 1.3155 resistance level to change the intraday bias, while sellers will attempt to break the current weekly trading low. The GBPUSD pair is strongly bearish while trading below the 1.3100 level, key support is found at the 1.3070 and 1.3033 levels. If the GBPUSD pair moves above the 1.3100 level, buyers may test towards the 1.3155 and 1.3200 levels.
by OctaFX_Official
BTCUSD STRUGGLING WITH RECORD LOW VOLATILITYBitcoin has once again moved into consolidation mode, as the world’s number one cryptocurrency experiences record low volatility. The BTCUSD pair is trapped between the $6,450 and $6,330 levels, with the MACD indicator currently flat across the lower time frames. Intraday buyers and sellers will likely attempt to trade within the current narrow trading band until a breakout emerges. The BTCUSD pair is bullish while trading above the $6,450 level, key resistance is found at the $6,560 and $6,700 levels. If the BTCUSD pair trades below the $6,330 level, sellers may test towards the $6,220 and $6,050 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
USDJPY TESTING NECKLINE RESISTANCEThe US dollar is once again correcting higher against the Japanese yen currency, as market sentiment continues to improve on Wednesday. The USDJPY is testing towards the neckline of a bullish inverted head and shoulders pattern, which could potentially take the pair above the 113.00 level. The release of the FOMC Meeting Minutes later today is likely to be the key intraday driver for the US dollar. The USDJPY pair is intraday bullish while trading above the 112.55 level, key resistance is now found at the 112.90 and 113.20 levels. If the USDJPY pair trades below the 112.00 level, sellers may test towards 111.60 and 111.10 support levels.
by OctaFX_Official
LTCUSD INTRADAY BEARISH BELOW TRENDLINE RESISTANCEThe LTCUSD pair is back under short-term selling pressure after the seventh largest cryptocurrency briefly recovered above the $55.00 resistance level. The LTCUSD pair is intraday bearish while trading below the $52.00 level, which coincides with strong trendline resistance. In the medium-term, a large bearish head and shoulders pattern remains below the $48.00 level. The LTCUSD pair is intraday bearish while trading below the $52.00 level, key support is found at the $48.00 and $40.00 levels. If the LTCUSD pair moves below the $52.00 level, buyers may test towards the $55.00 and $58.80 resistance levels.
BITFINEX:LTCUSD
by OctaFX_Official
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GBPUSD BULLISH PATTERN STILL VALIDThe British pound is trading back under the 1.3200 level against the US dollar after buyers lost upside momentum around the 1.3236 level on Tuesday. Overall, a bullish cup and handle pattern could be forming on the GBPUSD pair, with a sizeable upside projection. Traders now await the release of the key CPI and PPI inflation data from the United Kingdom economy this morning. The GBPUSD pair is only intraday bearish while trading below the 1.3200 level, key resistance is found at the 1.3260 and 1.3297 levels. If the GBPUSD pair moves below the 1.3155 level, key technical support is found at the 1.3100 and 1.3070 levels.
by OctaFX_Official
ETHUSD STRUGGLING WITH $200.00 BENCHMARKEthereum is back under selling pressure below the $200.00 level, after briefly spike higher alongside the broader cryptocurrency market on Monday. The ETHUSD pair is at risk of slipping lower towards the $179.00 support level while trading below the $200.00 level. Buyers will need to move price back above the $240.00 level to regain short-term control of pair. The ETHUSD pair is bullish while trading above the $240.00 level, key resistance is found at the $250.00 and $272.00 levels. If the ETHUSD pair holds below the $200.00 level, sellers may test towards the $179.00 and $158.00 support levels.
BITFINEX:ETHUSD
by OctaFX_Official
EURUSD ONLY INTRADAY BULLISH ABOVE 1.1570The euro is trading back towards Monday’s breakout region against the US dollar, after being technically rejected from the 1.1600 level. The EURUSD pair is only intraday bullish while trading above the 1.1570 level, buyers are also at risk of losing bullish momentum if they cannot break the 1.1600 level today. Sellers will likely target the 1.1553 level if the 1.1570 support level is breached. The EURUSD pair is only bullish while trading above the 1.1570 level, key resistance is found at the 1.1600 and 1.1650 levels. If the EURUSD pair trades below the 1.1570 level, key intraday support is found at the 1.1553 and 1.1500 levels.
by OctaFX_Official
GBPUSD STERLING AWAITS KEY UK ECONOMIC DATAThe British pound trades close to key intraday resistance against the US dollar, ahead of a raft of important economic data from the United Kingdom economy this morning. Buyers need to hold price above the 1.3155 resistance level to regain short-term control of the GBPUSD pair, while sellers will look to breach the 1.3100 support level to accelerate earlier losses. The GBPUSD pair is only intraday bearish while trading below the 1.3155 level, key support is found at the 1.3100 and 1.3050 levels. If the GBPUSD pair moves above the 1.3155 level, key resistance is found at the 1.3179 and 1.3200 levels.
by OctaFX_Official
BTCUSD WATCHING TRIANGLE BREAKBitcoin selling pressure is starting to decrease in early week trade, with the BTCUSD pair consolidating inside an ascending triangle pattern. Bitcoin is fairing-well compared to other cryptocurrencies, as the broader market remains under downside pressure. Buyers will look to break the $6,200 resistance level, while sellers will attempt to breach the $6,120 support level. The BTCUSD pair is only intraday bullish while trading above the $6,200 level, key technical resistance is found at the $6,370 and $6,550 levels. If the BTCUSD pair trades below the $6,120 level, further losses towards the $6,030 and $5,800 levels remains possible.
BITFINEX:BTCUSD
by OctaFX_Official
GBPUSD BREXIT RISKS WEIGHING ON STERLINGThe British pound has opened the new trading week gap-down against the US dollar, as Brexit uncertainty once again drives sterling lower. The GBPUSD pair is bearish while trading below the 1.3155 level, with the 1.3100 level the key support area to watch for further intraday losses. Overall, the bullish inverted head and shoulders pattern is still valid while price trades above the 1.2930 level. The GBPUSD pair is intraday bearish while trading below the 1.3155 level, key support is found at the 1.3100 and 1.3050 levels. If the GBPUSD pair moves above the 1.3155 level, key resistance is found at the 1.3200 and 1.3258 levels.
by OctaFX_Official
USDJPY STRONGLY BEARISH BELOW 111.80The US dollar continues to trade towards the 112.00 level against the Japanese yen currency, as financial markets start the new trading week in risk-off mode. The USDJPY pair is currently consolidating inside a symmetrical triangle pattern, with a clear break below the 111.80 support level likely to signal further losses. Buyers need to move price above the 112.55 resistance level to regain intraday bullish momentum. The USDJPY pair is strongly bearish while trading below the 112.55 level, key support found at the 111.80 and 111.10 levels. If the USDJPY pair trades above the 112.55 level, buyers are likely to test towards 112.80 and 113.40 resistance levels.
by OctaFX_Official
LTCUSD TECHNICAL BREAK BELOW THE $45.00 LEVELThe LTCUSD pair is under heavy downside pressure for a second consecutive day, with the seventh largest cryptocurrency by market capitalization now trading below the $50.00 level. A clear break the $45.00 support level will trigger a bearish head and shoulders pattern with a downside projection of over $20.00. Sellers will attempt to break the bearish pattern neckline, at $45.00, while buyers need to stabilize the LTCUSD pair above the $56.00 level. The LTCUSD pair is strongly bearish while trading below the $50.00 level, key support is found at the $45.00 and $40.00 levels. If the LTCUSD pair moves below the $50.00 level, buyers may test towards the $54.80 and $56.00 resistance levels.
BITFINEX:LTCUSD
by OctaFX_Official
GBPUSD FURTHER GAINS EXPECTED ABOVE 1.3180The British pound continues to benefit from weakness in the US dollar, with buyers now testing towards the current weekly trading high. The intraday bullish bias in the GBPUSD pair remains intact while price trades above the 1.3180 support level. Buyers will attempt to break the 1.3297 resistance level, while sellers will look to force the GBPUSD pair below the 1.3180 level to shift the intraday bias. The GBPUSD pair is strongly bullish while trading above the 1.3180 level, key resistance is found at the 1.3245 and 1.3297 levels. If the GBPUSD pair moves below the 1.3180 level, key support is found at the 1.3155 and 1.3110 levels.
by OctaFX_Official
EURUSD AIMING FOR 100 DAY MOVING AVERAGEThe euro currency continues to press higher against the US dollar in early Friday trading, with price now holding above the 1.1600 level. The MACD indicator is trending higher on the daily time frame while the EURUSD pair is still exhibiting bullish price-action. Buyers are currently aiming for the pairs 100-day moving average, while sellers need to close the week below the 1.1553 level. The EURUSD pair is strongly bullish while trading above the 1.1600 level, key resistance is found at the 1.1627 and 1.1650 levels. If the EURUSD pair declines below the 1.1600 level, key intraday technical support is found at the 1.1575 and 1.1553 levels.
by OctaFX_Official
USDJPY HEAD AND SHOULDERS TRIGGEREDThe US dollar continues to tumble lower against the Japanese yen currency, as risk-off trading sentiment and the sell-off in global equity markets worsens. The previously mentioned bearish head and shoulders pattern has been triggered, with the USDJPY pair now strongly bearish below the 112.55 level. Sellers will likely attempt to break the 112.00 support level, while intraday buyers need to stabilize price above the 112.55 level. The USDJPY pair is strongly bearish while trading below the 112.55 level, key support found at the 112.00 and 111.10 levels. If the USDJPY pair holds above the 112.00 level, buyers will likely test towards 112.55 and 112.90 resistance levels.
by OctaFX_Official
EURUSD STRONGLY BULLISH ABOVE 1.1553 LEVELThe euro currency has moved well above 1.1553 level against the greenback after the US dollar index was sold sharply lower on Wednesday. The EURUSD pair is likely to advance higher while trading above the 1.1553 level, a bullish inverted head and shoulders pattern is now clearly visible with a large upside projection. Buyers will look for further gains towards the 1.1650 resistance level, while sellers need to force price below the 1.1500 level. The EURUSD pair is intraday bullish while trading above the 1.1490 level, key technical resistance is now found at the 1.1600 and 1.1650 levels. If the EURUSD pair declines below the 1.1553 level, sellers may target the 1.1530 and 1.1500 levels.
by OctaFX_Official
GBPUSD STRONGLY BULLISH ABOVE 1.3122 LEVELThe British pound has soared back above the 1.3100 level against the US dollar, after reports that a Brexit divorce deal could be reached between EU and UK negotiators by next Monday. The GBPUSD pair is strongly bullish while trading above the 1.3122 level, which represents the former weekly high. Buyers will likely aim for further gains above the 1.3200 level, while sellers now need to force price back under the 1.3100 level. The GBPUSD pair is strongly bullish while trading above the 1.3122 level, key resistance is now found at the 1.3160 and 1.3200 levels. If the GBPUSD pair moves below the 1.3122 level, key support is found at the 1.3100 and 1.3056 levels.
by OctaFX_Official
EURUSD PRICE ACTION TURNING INCREASINGLY BULLISHThe euro currency has moved above the 1.1500 level against the US dollar after US President Donald Trump once again criticized the US Federal Reserve on Tuesday. Price-action on the EURUSD pair has become increasingly bullish, a potential inverted head and shoulders pattern may also be forming. Buyers now need to close the day above the 1.1553 resistance level, while sellers need to close the day below the 1.1463 level. The EURUSD pair is intraday bullish while trading above the 1.1490 level, key technical resistance is now found at the 1.1553 and 1.1600 levels. If the EURUSD pair declines below the 1.1490 level, sellers may target the 1.1463 and 1.1429 levels.
by OctaFX_Official
BTCUSD SLOWLY MOVING LOWERThe BTCUSD pair is starting to trade lower alongside the broader cryptocurrency market on Wednesday after a technical rejection from the $6,600 resistance level. The Money Flow Index highlights depressed trading volumes in the BTCUSD pair, while the MACD indicator on the four-hour time frame continues to suggest tight range-bound trading conditions are likely to remain until a clear technical break occurs. The BTCUSD pair is only intraday bullish while trading above the $6,600 level, key technical resistance is found at the $6,730 and $6,838 levels. If the BTCUSD pair trades below the $6,500 level, further losses towards the $6,380 and $6,250 levels remains possible.
BITFINEX:BTCUSD
by OctaFX_Official
USDJPY BEARISH BELOW RISING CHANNELThe US dollar has fallen sharply lower against the Japanese yen after Chinese equity markets plunged lower on Monday, causing a flight into safe-haven currencies. The USDJPY pair remains under pressure and is intraday bearish while price trades below the well-defined rising channel. Sellers will attempt to break the 112.75 support level, while buyers need to move price back inside the rising channel. The USDJPY pair is intraday bearish while trading below the 113.52 level, key support is found at the 112.75 and 112.35 levels. If the USDJPY pair moves above the 113.52 level, buyers will likely test towards 113.72 and 114.06 levels.
by OctaFX_Official
EURUSD POTENTIAL DOUBLE BOTTOMThe euro is trading back towards the psychological 1.1500 level against the US dollar after sellers failed to hold price below critical support on Monday. The EURUSD pair may have formed a bullish double-bottom pattern, hinting that price could now start to correct higher. Intraday buyers need to move price above the 1.1553 resistance level, while sellers will need to break the current weekly trading low. The EURUSD pair is intraday bearish while trading below the 1.1500 level, key technical support is now found at the 1.1456 and 1.1405 levels. If the EURUSD buyers move price above the 1.1500 level, key resistance is found at the 1.1553 and 1.1600 levels.
by OctaFX_Official
ETHUSD STRUGGLING FOR DIRECTIONThe ETHUSD pair continues to struggle for direction, despite short-term buyers holding price above the symmetrical triangle pattern. Upside momentum is still lacking for Ethereum, as the broader cryptocurrency market struggles in a low volume trading environment. Buyers will need to move price above $242.00 to accelerate buying, while short-term sellers will aim to take back control below the triangle pattern. The ETHUSD pair is only intraday bullish while trading above the triangle pattern, key resistance is found at the $230.00 and $242.00 levels. If the ETHUSD pair trades below the triangle pattern, sellers are likely to target the $198.00 and $182.00 support levels.
BITFINEX:ETHUSD
by OctaFX_Official
USDJPY HOLDS TREND LINE SUPPORTThe US dollar is trading back towards the key 114.00 level against the Japanese yen after price bounced from trendline support following Friday’s disappointing Nonfarm Payrolls job report from the US economy. The USDJPY pair retains a bullish intraday bias while trading inside the well-defined rising channel. Buyers will look to move price back above the 114.06 level, while sellers will attempt to break the 113.55 support level. The USDJPY pair is intraday bullish while trading above the 113.55 level, key resistance is now found at the 114.06 and 114.58 levels. If the USDJPY pair moves below the 113.55 level, sellers will likely test towards 112.90 and 112.10 levels.
by OctaFX_Official