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Re: Technical Analysis by FXOpen

AUD/USD could correct lower while NZD/USD is holding gains

AUD/USD gained traction above 0.7100, but it seems to be struggling near the 0.7200 resistance. NZD/USD is showing positive signs and it could rise further above 0.6660.

AUD/USD Technical Analysis

The Aussie Dollar started a steady rise from the 0.7000 support zone against the US Dollar. The AUD/USD pair broke a few major hurdles near 0.7100 and 0.7120 to move into a positive zone.

https://www.fxopen.blog/wp-content/uploads/2020/10/audusd-chart.png

The pair gained pace above the 0.7150 level and the 50 hourly simple moving average. However, it failed to gain bullish momentum above the 0.7200 resistance level. A high is formed near 0.7209 on FXOpen recently and it is currently correcting lower.

Read more about AUD/USD and NZD/USD Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

GBP/USD near crucial juncture, USD/CAD is diving

GBP/USD started a fresh increase above 1.2820, but it is facing a strong resistance near 1.2980 and 1.3000. USD/CAD is currently declining and trading well below 1.3320.

GBP/USD Technical Analysis

In the past few days, the British Pound started a steady increase from the 1.2700 support zone against the US Dollar. The GBP/USD pair broke many hurdles near 1.2820 to move into a positive zone.

https://www.fxopen.blog/wp-content/uploads/2020/10/gbpusd-chart.png

There was also a close above the 1.2900 level and the 50 hourly simple moving average. However, the pair is now facing a strong resistance near the 1.2980 and 1.3000 levels. The recent low was formed near 1.2837 on FXOpen, and the pair is currently moving higher.

Read more about GBP/USD and USD/CAD Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

GBP/USD and GBP/JPY: British Pound signaling more upsides

GBP/USD started a strong increase after it broke the 1.2950 and 1.3000 resistance levels. GBP/JPY is trading nicely above 137.00 and it might continue to climb higher.

GBP/USD Technical Analysis

This past week, the British Pound struggled on many occasions near the 1.2980 and 1.3000 resistance levels against the US Dollar. Finally, the GBP/USD pair gained momentum and was able to clear the main 1.3000 resistance level.

https://www.fxopen.blog/wp-content/uploads/2020/10/gbpusd-chart-1.png

The pair formed a strong support base above the 1.2920 level and it climbed higher nicely above the 50 hourly simple moving average. There was a successful close above the 1.3000 level and the pair traded to a new weekly high at 1.3049 on FXOpen.

Read more about GBP/USD and GBP/JPY Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

EUR/USD could correct higher, USD/JPY is facing hurdles

EUR/USD declined recently below the 1.1780 support, but it found support near 1.1730. USD/JPY is showing bearish signs below the key 105.50 resistance level.

EUR/USD Technical Analysis

This past week, the Euro climbed above the 1.1800 and 1.1820 levels against the US Dollar. However, the EUR/USD pair struggled to gain momentum and formed a short-term top near the 1.1830 level.

https://www.fxopen.blog/wp-content/uploads/2020/10/eurusd-chart-1.png

As a result, there was a downward move below the 1.1800 support level. The pair broke the 1.1780 support level and the 50 hourly simple moving average. Moreover, there was a break below a key bullish trend line with support near 1.1765 on the hourly chart of EUR/USD.

Read more about EUR/USD and USD/JPY Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

AUD/USD and NZD/USD signaling more downsides

AUD/USD started a fresh decline from the 0.7250 resistance and broke the 0.7120 support. NZD/USD is also declining and it is showing bearish signs below 0.6600.

AUD/USD Technical Analysis

This past week, the Aussie Dollar remained in a positive zone above 0.7200 against the US Dollar. However, the AUD/USD pair failed to clear the 0.7250 resistance zone.

https://www.fxopen.blog/wp-content/uploads/2020/10/audusd-chart-1.png

As a result, there was a bearish reaction and the pair started a fresh decline below the 0.7200 support level. There was a steady decline below the 0.7150 support level. The pair even broke the 0.7120 support and settled below the 50 hourly simple moving average.

Read more about AUD/USD and NZD/USD Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

GBP/USD and EUR/GBP: risk of more downsides

GBP/USD started a fresh decline below the 1.3020 and 1.2980 support levels. EUR/GBP is also declining and it is trading well below the 0.9120 resistance zone.

GBP/USD Technical Analysis

The British Pound failed to test the 1.3100 level and started a fresh decline against the US Dollar. The GBP/USD pair broke a major support zone near the 1.2980 level to move into a bearish zone.

https://www.fxopen.blog/wp-content/uploads/2020/10/gbpusd-chart-2.png

The pair even broke the 1.2950 support level and settled below the 50 hourly simple moving average. The decline extended below the 1.2900 zone and it traded as low as 1.2870 on FXOpen.

Read more about GBP/USD and EUR/GBP Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

EUR/USD and EUR/JPY: Euro gaining momentum

EUR/USD started a fresh increase above the 1.1800 and 1.1820 resistance levels. EUR/JPY is also showing positive signs and trading nicely above the 124.50 support zone.

EUR/USD Technical Analysis

After a steady decline, the Euro found support near the 1.1685 and 1.1700 levels against the US Dollar. A low was formed near 1.1688 on FXOpen and recently, the EUR/USD pair started a fresh increase.

https://www.fxopen.blog/wp-content/uploads/2020/10/eurusd-chart-2.png

It broke many important hurdles near the 1.1720 and 1.1750 levels to move into a positive zone. Moreover, there was a break above a major bearish trend line with resistance near 1.1750 on the hourly chart of EUR/USD.

Read more about EUR/USD and EUR/JPY Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

Gold price and Oil price approaching next key break

Gold price started a fresh decline after it failed to clear the $1,930 resistance. Crude oil price is currently holding the $40.50 support and eyeing the next key break.

Gold Price Technical Analysis

Gold price followed a bullish path above the $1,900 support level and started a fresh increase against the US Dollar. The price broke the $1,915 and $1,920 resistance levels.

https://www.fxopen.blog/wp-content/uploads/2020/10/gold-price-chart-1.png

However, the price struggled to clear the $1,930 resistance zone. A high was formed near $1,931 on FXOpen before the price started a fresh decline. There was a break below the $1,910 support level and the 50 hourly simple moving average.

Read more about Gold Price And Crude Oil Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

GBP/USD and GBP/JPY: British Pound facing key hurdles

GBP/USD started a fresh decline after it failed to clear the 1.3175 resistance zone. GBP/JPY is also declining and it is showing bearish signs below the 137.00 level.

GBP/USD Technical Analysis

This past week, the British Pound gained momentum above the 1.3000 resistance against the US Dollar. The GBP/USD pair broke the 1.3100 and 1.3120 resistance levels.

https://www.fxopen.blog/wp-content/uploads/2020/10/gbpusd-chart-3.png

However, it struggled to gain momentum above the 1.3175 resistance level. A high was formed near 1.3177 on FXOpen and it started a fresh decline. There was a break below the 1.3100 support level and the 50 hourly simple moving average.

Read more about GBP/USD and GBP/JPY Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

185 (edited by FXOpen Official 2020-10-30 07:33:51)

Re: Technical Analysis by FXOpen

EUR/USD declining while USD/CHF could gain momentum

EUR/USD struggled to clear the 1.1880 resistance and decline below 1.1820. USD/CHF is showing positive signs and it could gain momentum above 0.9100.

EUR/USD Technical Analysis

After a rejection near the 1.1880 zone, the Euro reacted to the downside against the US Dollar. The EUR/USD pair broke the 1.1850 and 1.1840 support levels to move into a bearish zone.

https://www.fxopen.blog/wp-content/uploads/2020/10/eurusd-chart-3.png

The pair even broke the 1.1820 support and settled below the 50 hourly simple moving average. More importantly, there was a break below a major contracting triangle with support near 1.1810 on the hourly chart of EUR/USD.

Read more about EUR/USD and USD/CHF Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

AUD/USD and NZD/USD facing key hurdles

AUD/USD started a decent recovery from the 0.7000 support, but it is facing hurdles. NZD/USD is also correcting higher, but it must clear 0.6650 for more gains.

AUD/USD Technical Analysis

In the past few sessions, the Aussie Dollar declined and traded below the 0.7120 support against the US Dollar. The AUD/USD pair broke many supports near 0.7050 to move further into a bearish zone.

https://www.fxopen.blog/wp-content/uploads/2020/10/audusd-chart-2.png

It traded as low as 0.7002 FXOpen recently and it is currently correcting higher. There was a break above the 0.7020 resistance level, plus it traded above the 50% Fib retracement level of the recent decline from the 0.7076 high to 0.7002 low.

Read more about AUD/USD and NZD/USD Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

AUD/USD and NZD/USD correcting gains

AUD/USD traded towards the 0.7340 zone before starting a downside correction. NZD/USD rallied significantly and it is currently correcting below 0.6880.

AUD/USD Technical Analysis

This past week, the Aussie Dollar saw a decent increase above the 0.7150 resistance against the US Dollar. The AUD/USD pair even broke the 0.7200 resistance level to move into a positive zone.

https://www.fxopen.blog/wp-content/uploads/2020/11/audusd-chart.png

Finally, there was a break above the 0.7300 level, but the pair struggled to clear the 0.7350 resistance zone. The last swing high was formed near 0.7318 on FXOpen before the pair started a downside correction.

Read more about AUD/USD and NZD/USD Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

GBP/USD and GBP/JPY: British Pound eyeing further upsides

GBP/USD started a fresh increase above the 1.3150 resistance zone. GBP/JPY is also showing positive signs and it could rise sharply if there is a clear break above 138.50.

GBP/USD Technical Analysis

This past week, the British Pound gained momentum above the 1.3200 resistance against the US Dollar. The GBP/USD pair even broke the 1.3280 resistance, but it struggled to retain momentum above the 1.3300 level.

https://www.fxopen.blog/wp-content/uploads/2020/11/gbpusd-chart-2.png

A high was formed near 1.3310 on FXOpen before the price started a downside correction. There was a break below the 1.3200 support zone and the 50 hourly simple moving average.

Read more about GBP/USD and GBP/JPY Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

EUR/USD is gaining pace, USD/JPY could extend losses

EUR/USD started a fresh increase above the 1.1800 resistance zone. USD/JPY is currently declining and it is likely to continue lower towards 103.75 or 103.20.

EUR/USD Technical Analysis

Recently, there was a steady upward move in the Euro from the 1.1750 support zone against the US Dollar. The EUR/USD pair climbed above the 1.1800 and 1.1820 resistance levels to move into a positive zone.

https://www.fxopen.blog/wp-content/uploads/2020/11/eurusd-chart-2.png

The pair even broke the 1.1850 resistance and settled above the 50 hourly simple moving average. It traded as high as 1.1893 on FXOpen before starting a downside correction.

Read more about EUR/USD and USD/JPY Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

Gold Price at risk while Oil Price could rise further

Gold price failed to clear the $1,900 resistance and declined towards $1,855. Conversely, crude oil price is rising and it is showing positive signs above $41.50.

Gold Price Technical Analysis

Gold price topped near the $1,900 level and started a steady decline against the US Dollar. The price broke the $1,895 and $1,880 support levels to move into a bearish zone.

https://www.fxopen.blog/wp-content/uploads/2020/11/gold-price-chart-1.png

The price even broke the $1,865 support level and settled well below the 50 hourly simple moving average. It traded close to the $1,850 level and a low is formed near the $1,852 on FXOpen. The price is currently correcting higher and trading above $1,860.

Read more about Gold Price And Crude Oil Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

GBP/USD and USD/CAD eyeing key upside break

GBP/USD started a fresh increase and it broke the 1.3250 resistance. USD/CAD is recovering and it is eyeing an upside break above 1.3100.

GBP/USD Technical Analysis

This past week, the British Pound started a fresh increase from the 1.3120 support level against the US Dollar. The GBP/USD pair broke the 1.3150 and 1.3200 resistance levels to move into a positive zone.

https://www.fxopen.blog/wp-content/uploads/2020/11/gbpusd-chart-3.png

The pair even broke the 1.3250 resistance and settled above the 50 hourly simple moving average. Finally, there was a spike above the 1.3300 resistance, but the pair struggled to gain strength.

Read more about GBP/USD and USD/CAD Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

EUR/USD approaching bullish breakout, USD/CHF could dive

EUR/USD is rising and it is likely to accelerate higher above 1.1910. USD/CHF is struggling to recover and it could dive below the 0.9100 support zone.

EUR/USD Technical Analysis

After forming a strong support base near 1.1810 and 1.1820, the Euro started a fresh increase against the US Dollar. The EUR/USD pair surpassed the 1.1850 resistance level to move into a positive zone.

https://www.fxopen.blog/wp-content/uploads/2020/11/eurusd-chart-3.png

The upward move gained pace above the 1.1880 resistance level and the 50 hourly simple moving average. More importantly, there was a break above a key bearish trend line with resistance near 1.1888 on the hourly chart of EUR/USD.

Read more about EUR/USD and USD/CHF Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

Gold Price consolidates losses while Oil Price gains traction

Gold price declined heavily below $1,850 and tested the $1,800 support zone. Conversely, crude oil price gained bullish momentum above $42.00 and it even traded to a new multi-month high.

Gold Price Technical Analysis

Gold price started a fresh decline after trading as high as $1,879 against the US Dollar. The price broke the $1,850 and $1,835 support levels to move into a bearish zone.

https://www.fxopen.blog/wp-content/uploads/2020/11/gold-price-chart-2.png

The price even broke the $1,825 support level and settled well below the 50 hourly simple moving average. It traded as low as $1,850 on FXOpen and recently started consolidating losses.

Read more about Gold Price And Oil Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

GBP/USD is facing tough challenge, EUR/GBP signaling more gains

GBP/USD failed on more than one occasion near 1.3400 and declined below 1.3350. EUR/GBP gained bullish momentum towards 0.9000 and settled nicely above 0.8950.

GBP/USD Technical Analysis

The British Pound started a fresh increase after forming a support base near 1.3200 against the US Dollar. The GBP/USD pair cleared a few key hurdles near 1.3320 and 1.3350 to move into a positive zone.

https://www.fxopen.blog/wp-content/uploads/2020/11/gbpusd-chart-4.png

However, the pair struggled to clear the 1.3400 resistance. There were two attempts to clear 1.3400, but the bulls failed to gain strength. The last swing high was formed near 1.3381 on FXOpen before the pair reacted to the downside.

Read more about GBP/USD and EUR/GBP Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

Re: Technical Analysis by FXOpen

EUR/USD and EUR/JPY: Euro gaining bullish momentum

EUR/USD started a strong increase and it surged above the 1.2000 resistance. EUR/JPY is also gaining momentum and it is trading well above the 125.00 resistance.

EUR/USD Technical Analysis

This week, the Euro formed a strong support zone above the 1.1920 and 1.1950 levels against the US Dollar. The EUR/USD pair started a strong increase and it broke the main 1.2000 resistance level.

https://www.fxopen.blog/wp-content/uploads/2020/12/eurusd-chart.png

The pair even gained strength above 1.2020 and settled above the 50 hourly simple moving average. Moreover, there was a break above a key connecting resistance trend line at 1.2030 on the hourly chart of EUR/USD.

Read more about EUR/USD and EUR/JPY Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

196 (edited by Resolve 2020-12-03 13:22:57)

Re: Technical Analysis by FXOpen

LTC and EOS – Final Push To The Upside Coming?
https://www.fxopen.blog/wp-content/uploads/2020/09/ltc-1.jpg

LTC/USD

From last Thursday, November 26th when the price of Litecoin was sitting at the $65 level, we have seen an increase of 42.64% measured to its highest point at $92.664 made on Tuesday. Since then the price has been moving sideways, spiking to the downside at first but then making a series of lower highs. Currently, it is being traded $90 and is starting to move to the upside again.
https://www.fxopen.blog/wp-content/uploads/2020/12/ltcusd-1h.png

On the hourly chart, you can see that the price formed a symmetrical triangle from Tuesday’s high around the significant horizontal level at $86.486. Now we are seeing an attempt for a breakout to the upside after the price reached its apex.

It is currently making a higher high compared to the last one and has started going above the territory of the triangle, moving above its resistance level. A breakout looks like developing but can still end as a fakeout on the hourly time-frame.

If we see further upside movement with the hourly candle closing above the prior local high the breakout would be validated and would indicate further price growth. This rise would be the uptrend continuation from last Thursday and would be the ending wave from the five-wave impulse that is set to push the price above its higher degree high made on the 24th of November after which a significant corrective descending move was made.

EOS/USD

The price of EOS has also been increasing from last Thursday, coming from $2.77 area to $3.315 which was an increase of 19.26%, but has since then fallen to $3 and is currently being traded at $3.1.
https://www.fxopen.blog/wp-content/uploads/2020/12/eosusd-1h.png

On the hourly chart, we can see that the price has started moving the to upside again after falling back to the levels of the 1st wave’s ending point after a previous higher degree descending move. This is why there is still a possibility that the price is developing its 5th wave from the impulsive five-wave move to the upside.

If that is the case then we could see it increasing past its highest point in December made last Thursday when it found resistance at the 0.786 Fib level. The price is likely to continue increasing from here but it could very well be another corrective move before the further decline is made so we are yet to see if it manages to break the Fib level resistance and continues for a higher high. Significant horizontal resistance is sitting around $3.3 area so it might end as a truncation before its completion.

FXOpen Blog

Re: Technical Analysis by FXOpen

AUD/USD and NZD/USD Signaling Downside Correction
https://i.postimg.cc/HLndZRRw/audusd.jpg

AUD/USD gained momentum above the 0.7400 level before it faced sellers near 0.7445. NZD/USD is also correcting gains and it could test the 0.7020 support.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar followed a bullish path above the 0.7350 and 0.7400 resistance levels against the US Dollar.

  • There was a break above a key contracting triangle with resistance near 0.7385 on the hourly chart of AUD/USD.

  • NZD/USD surged above 0.6950 and 0.7000, and even traded close to 0.7120.

  • A major ascending channel is forming with support near 0.7055 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

In the past few days, the Aussie Dollar saw a steady increase above the 0.7320 pivot against the US Dollar. The AUD/USD pair even broke the 0.7400 resistance level to move into a positive zone.

During the increase, there was a break above a key contracting triangle with resistance near 0.7385 on the hourly chart of AUD/USD. The upward move gained pace above 0.7400 and the pair settled above the 50 hourly simple moving average.
https://i.postimg.cc/q7F09QH9/audusd-chart.png

It traded to a new monthly high at 0.7449 and recently started a downside correction. There was a break below the 0.7430 level. It is testing a key support zone near 0.7425, and the 23.6% Fib retracement level of the recent increase from the 0.7351 swing low to 0.7449 high.

If there are more losses and a downside break below 0.7425, the pair could extend losses towards the 0.7400 support. The 50 hourly simple moving average is also near the 0.7405 level to act as a support.

Moreover, the 50% Fib retracement level of the recent increase from the 0.7351 swing low to 0.7449 high is at 0.7400. Any more losses could lead the pair towards the 0.7350 support. Conversely, the pair could start a fresh increase above the 0.7440 level.

The first major resistance is near the 0.7450 level, above which AUD/USD could accelerate higher towards the 0.7500 level.

NZD/USD Technical Analysis

In the past few days, there was a major increase in the New Zealand Dollar above the 0.6950 resistance level against the US Dollar. The NZD/USD pair even surged above the 0.7000 resistance zone.

The pair climbed above the 0.7050 level and spiked above the 0.7100 level. A high is formed near 0.7104 and it is currently correcting lower. There was a break below the 0.7080 support level, and the pair broke the 50% Fib retracement level of the upward move from the 0.7031 swing low to 0.7104 high.

The pair is now trading below the 0.7070 level and the 50 hourly simple moving average. It is testing the 61.8% Fib retracement level of the upward move from the 0.7031 swing low to 0.7104 high.
https://i.postimg.cc/hj7ggxSh/nzdusd-chart.png

There is also a major ascending channel is forming with support near 0.7055 on the hourly chart of NZD/USD. If there is a downside break below the channel support, there is a risk of more losses towards the 0.7040 and 0.7020 support levels.

Conversely, the pair could stay above the channel support and start a fresh increase above 0.7065. The first major resistance is near the 0.7080 level, above which the pair could make another attempt to settle above the 0.7100 level.

FXOpen Blog

Re: Technical Analysis by FXOpen

GBP/USD and GBP/JPY: British Pound remains supported

GBP/USD started a fresh increase above the 1.3400 resistance zone. GBP/JPY traded as high as 140.70 before starting a major downside correction.

GBP/USD Technical Analysis

This past week, the British Pound saw a decent increase above the 1.3400 resistance area against the US Dollar. The GBP/USD pair even broke the 1.3480 resistance to move further into a positive zone.

https://www.fxopen.blog/wp-content/uploads/2020/12/gbpusd-chart.png

Finally, there was a break above the 1.3500 level and the pair traded as high as 1.3539 on FXOpen. Recently, the pair started a downside correction and traded below the 1.3500 level. There was a break below the 1.3480 and 1.3450 support levels.

Read more about GBP/USD and GBP/JPY Price on FXOpen blog...

FXOpen. ECN broker with spreads from 0 pips. ASIC and FCA regulated. Variety of trading accounts

199 (edited by Resolve 2020-12-08 06:21:56)

Re: Technical Analysis by FXOpen

All Eyes on Euro and the ECB This Week
https://i.postimg.cc/SsmrJRLD/eur-ebc.jpg

Following the weak NFP report in the United States last Friday, the market moves to the key event of the week ahead – the European Central Bank (ECB) decision. The central bank already pre-committed to act in December, and most of the impact may already be priced in the market. However, it can still surprise the market, especially if we consider the strong Euro across the board.
https://i.postimg.cc/pdfCWzjm/ecb.jpg

Strong Euro Remains a Headache for the ECB

The EURUSD exchange rate reached 1.2175 ahead of the NFP report last Friday. By the time that it first reached 1.20 in the summer, the ECB verbally intervened, suggesting that the exchange rate level is too high. From that moment on, the EURUSD consolidated below 1.20, but the level eventually gave way.

At this point, the Euro rallies across the FX dashboard. Not only the EURUSD rate is higher, but the EURJPY or EURGBP too. This makes this week’s ECB decision even more interesting, as if it is to surprise markets, it may do so by delivering an ultra-dovish statement.

What Will the ECB Do?

The ECB already hinted that it would not lower the interest rate on the deposit facility more into the negative territory. It also vowed to ease more the financial conditions since most European economies are in some kind of lockdown mode.

While the decisions may already be priced in, the ECB may still surprise markets. One way of doing so is to extend the duration of policy support much more into the future than the market expects.

The ECB might also extend the Pandemic Emergency Purchase Programme (PEPP) by June 2022. While the extension is expected by the market participants, the focus will be on the actual size of the package – the higher the number, the stronger the impact on the Euro.

Finally, the ECB will likely use this press conference to deliver its concerns about the high exchange rate. If the central bank manages to surprise the markets, then the EURUSD should ease to 1.20 and below. On the other hand, any statement interpreted as less dovish should trigger a further rally in the EURUSD, especially considering that next week the Fed in the United States is expected to ease the policy too.

All in all, expect a lot of volatility on the Euro pairs this week, considering the ECB and the ongoing Brexit negotiations. Finally, the end of the year flows should have an impact on the exchange rate too.

FXOpen Blog

Re: Technical Analysis by FXOpen

BTC and XRP – Consolidation Seen But A Breakout Likely Started
https://i.postimg.cc/cJJ8WB11/btc.jpg

BTC/USD

The price of Bitcoin has been moving sideways since the 1st of December when it reached a new all-time high, spiking above the $19,677 level. Since then we have seen the formation of a descending triangle with the price now going back to its support level and has been testing it for support once again. Currently, it is being traded at around $18,819.
https://i.postimg.cc/Ss222Qzw/btcusd-1h-1.png

On the hourly chart, you can see that the price is finding support on the current interaction and has closed the hourly candle above it with now forming a green one. This could be an early indication that the price found support there and is now going to make a bounce. The triangle we have seen form could be the consolidative 4th wave out of the five-wave impulse to the upside that started on the 26th of November. In that case, after this sideways movement ends and it could have ended now on another support validation we are to see a breakout to the upside and an uptrend continuation. The price has already attempted a breakout but has been rejected slightly above the $19,380 level which is why we have seen a decrease. But if this a consolidation below the all-time high a breakout above the upper horizontal level would be seen for another higher high at around $21,230 area.

XRP/USD

From the 1st of December, the price of Ripple has decreased by around 20%, measured to its lowest point on the 5th, when it came down to $0.543 but started increasing from there again and came up to $0.625 on yesterday’s open. Now it is being traded slightly lower as another decrease was made but the price has made a higher low and a breakout from the higher degree symmetrical triangle on its upper side.
https://i.postimg.cc/XvDBYBXf/xrpusd-1h-1.png

As you can see by looking at the hourly chart, the price made a breakout and a pullback to the support level of the symmetrical triangle where is now testing it for support. Like in the case of Bitcoin we could be seeing an early indication that the support is present at those levels as the hourly candle managed to close above it and now a green candle has started forming. If this was the 2nd wave out of the next five-wave impulse after the WXY correction, then the price is now headed towards a higher high compared to the one made on the 24th of November.

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