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GBPUSD 1.2840 keyThe British pound is holding firm against the greenback in early week trading, with the pair appearing to have a medium-term floor in place around the 1.2770 level. Going forward, GBPUSD buyers could rally price towards the 1.3100 level if buyers can continue to defend the 1.2840 support level. A sustained breakout above the 1.2930 level should be the trigger for a technical test of the 1.3000 level. • The GBPUSD pair is bullish while trading above the 1.2840 level, key resistance is found at the 1.2930 and 1.3000 levels. • If the GBPUSD pair trades below the 1.2840 level, key support is found at the 1.2770 and 1.2710 levels.
by OctaFX_Official
GBPUSD wedge playThe British pound is still holding onto its weekly gains against the US dollar, with the pair currently creating bullish higher highs. The four-hour time frame shows that the pair is trapped inside a wedge pattern, with the bottom of the wedge located under the 1.2840 level. A breakout above the 1.2910 level is currently needed for bulls to break free from the neutral pattern. • If the GBPUSD pair trades above the 1.2880 level, key resistance is found at the 1.2910 and 1.2940 levels. • If the GBPUSD pair trades below the 1.2880 level, key support is found at the 1.2840 and 1.2770 levels.
by OctaFX_Official
USDJPY trendline breakThe US dollar is still trading on the defensive against the Japanese yen currency as the pair continues to fall back from the 109.00 resistance are. Major trendline support for the USDJPY pair has now been broken and is currently located at around the pivotal 108.60 level. Going forward, the USDJPY pair could fall towards the 107.50 level if the 108.20 support level is broken. • The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 109.60 and 110.00 levels. • The USDJPY pair is only bearish while trading below the 108.90 level, key technical support is found at the 108.20 and 107.50 levels.
by OctaFX_Official
EURUSD bulls failingThe euro currency is still trapped around the 1.1000 level against the US dollar, with bulls repeatedly failing to move the pair away from key technical support. A strong recovery above the 1.1045 level would increase the chances of a potential bounce towards the 1.1120 resistance level. Traders should cautious toward extreme EURUSD sellers if a breakdown below the 1.0980 support level happens. • The EURUSD pair is only bearish while trading below the 1.1045 level, key support is found at the 1.1000 and 1.0980 levels. • The EURUSD pair is only bullish while trading above the 1.1045 level, key resistance is found at the 1.1065 and 1.1120 levels.
by OctaFX_Official
USDJPY testing lowerThe US dollar is trading lower against the Japanese yen currency after a technical break below the 108.90 support level. Further intraday losses towards the 108.20 level remain possible while the USDJPY pair trades below the important 108.90 level. Overall, sustained gains above the 109.30 level are needed to encourage a technical test of the 110.00 resistance level. • The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 109.60 and 110.00 levels. • The USDJPY pair is only bearish while trading below the 108.90 level, key technical support is found at the 108.60 and 108.20 levels.
by OctaFX_Official
EURUSD 1.1045 neededThe euro has managed a marginal recovery from the 1.1000 level against the US dollar, following a technical battle in this area on Tuesday. EURUSD bulls need to advance the pair above the 1.1042 level to confirm that a short-term price floor is now in place. Overall, traders will start to turn bullish towards the EURUSD pair on an intraday basis if the 1.1065 resistance level is overcome. • The EURUSD pair is only bearish while trading below the 1.1065 level, key support is found at the 1.1000 and 1.0980 levels. • The EURUSD pair is only bullish while trading above the 1.1065 level, key resistance is found at the 1.1090 and 1.1120 levels.
by OctaFX_Official
GBPUSD inflation dayThe British pound is holding firm against the US dollar currency, with the pair trading around the important 1.2850 level ahead of key inflation data from the UK and US economies today. The GBPUSD pair ideally needs to firm above the 1.2880 level to secure further gains towards the 1.2940 resistance level. Overall, GBPUSD bulls who are not already long from the 1.2770 area may be awaiting for a meaningful technical pullback. • If the GBPUSD pair trades above the 1.2880 level, key resistance is found at the 1.2940 and 1.3000 levels. • If the GBPUSD pair trades below the 1.2880 level, key support is found at the 1.2770 and 1.2710 levels.
by OctaFX_Official
GBPUSD Intraday ForecastAs we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.2815. But the short term forecast is range bound, so we expect to reach the following targets: TP3: R1=1.2875. TP4: R2=1.29. Set the stoploss of these orders at breakout of S2=1.277. Stop and reverse: If trend gets reversed, sell (stop) orders will be opened at breakout of S2=1.277. In this situation, there is an expectation to reach the target S3=1.2655. Set the stoploss of reverse orders at breakout of S1=1.2815. If you would like to trade in the next 24 hours , the intraday forecasts of ForecastCity will show you the most accurate and the most likely actions and swings of the market. Our intraday forecasts are available before those of all the other sites. Our intraday forecasts are available very early in the day. It is one of ForecastCity’s glorious and positive qualities. This quality has made us the first forecaster that forecast tomorrow for you!
Long
by ForecastCity_EU
EURUSD bulls need to reclaim 1.1065The euro currency has managed to bounce from the 1.1010 technical area against the US dollar, although upside momentum is currently lacking. EURUSD bulls need to force an intraday recovery above the 1.1065 level to secure a test of the 1.1120 resistance level this week. Overall, sustained weakness below the 1.1020 level should be considered bearish for the EURUSD pair. • The EURUSD pair is only bearish while trading below the 1.1065 level, key support is found at the 1.1010 and 1.0980 levels. • The EURUSD pair is only bullish while trading above the 1.1065 level, key resistance is found at the 1.1090 and 1.1120 levels.
by OctaFX_Official
GBPUSD 1.2880 keyThe British pound has performed a sharp reversal from the 1.2770 level against the US dollar after the chances British PM Boris Johnson securing a majority Parliament victory increased. Continued strength above the 1.2880 level is now needed to secure an important technical test of the 1.2940 resistance level. Overall, the GBPUSD pair could have formed an important technical bottom during its recent decline to 1.2770. • If the GBPUSD pair trades above the 1.2880 level, key resistance is found at the 1.2940 and 1.3000 levels. • If the GBPUSD pair trades below the 1.2880 level, key support is found at the 1.2850 and 1.2810 levels.
by OctaFX_Official
Dollar Index: Multi month high continues to hold..On the charts, we find that the MACD is gradually heading higher as prices continue to consolidate with favorable tailwinds leading to strengthening of the greenback. Prices are now rising to challenge the strong resistance developed at 100 levels. This was the top recorded back in Mar 15 and again in Nov 15. Through the first half of the year the prices have remained largely contained but the upward thrust seen in July has now generated a new wave of bullishness. It is obvious that the Dollar bulls are quite dominant and now , are beginning to push ahead. With the currency basket sustaining higher levels it could set off moves across different asset classes in the near term. Immediate supports continue to be around 97 while the upside could test its previous highs in the next few months. A breakout or a failure to do that would both be equally important technical events at this juncture.
ICEUS:DX1!Long
by Raja_Chart_Advise
EURUSD 1.1000 very importantThe euro currency is drifting lower in early week trade against the US dollar, with the pair so far failing to attract a meaningful bid. The 1.1000 level is huge for the EURUSD this week, with bulls needing to step in from this key area to avoid a steep decline towards the 1.0930 area. Overall, watch out for a strong bullish counter-move to occur if the EURUSD pair starts to firm above the 1.1060 level. • The EURUSD pair is only bearish while trading below the 1.1090 level, key support is found at the 1.1000 and 1.0980 levels. • The EURUSD pair is only bullish while trading above the 1.1090 level, key resistance is found at the 1.1110 and 1.1150 levels.
by OctaFX_Official
GBPUSD awaiting dataThe British pound is under threat against the US dollar on Monday as traders await a slew of high-impacting data from the UK economy this morning. Worse than expected UK data could sink the GBPUSD pair lower towards the 1.2740 support area. Overall, traders have few reasons to be bullish towards the GBPUSD pair this week unless the 1.2940 level is successfully overcome. • If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2890 and 1.2940 levels. • If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2740 and 1.2710 levels.
by OctaFX_Official
GBPUSD bears in controlThe British pound is under heavy downside pressure against the US dollar after the recent dovish Bank of England meeting heightened technical selling. The GBPUSD pair risks falling towards the 1.2740 level, although the 1.2710 level is the main support area. Overall, selling any rallies towards the 1.2850 resistance level is the preferred intraday strategy when trading the GBPUSD pair. • If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2740 and 1.2710 levels. • If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2890 and 1.2925 levels.
by OctaFX_Official
USDJPY 110.00 still possibleThe US dollar is increasingly bullish against the Japanese yen currency, following a sharp bounce from the pivotal 108.60 support level. The USDJPY pair is likely to test towards the 110.00 level if the 109.60 resistance level is overcome later today. Overall, an even stronger rally towards the 110.80 level is still possible, as the USDJPY pair continues to exhibit bullish price action. • The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.60 and 110.00 levels. • The USDJPY pair is only bearish while trading below the 108.60 level, key technical support is found at the 108.20 and 107.90 levels
by OctaFX_Official
GBPUSD 1.2790 supportThe British pound remains vulnerable to further decline against the US dollar as the pair weakens under the 1.2850 level. Going forward, a loss of the 1.2790 level could expose the GBPUSD pair to a technical test of the important 1.2710 support level. A more dovish Bank of England policy meeting later today also has the potential to push the GBPUSD pair lower. • If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2790 and 1.2710 levels. • If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2890 and 1.2925 levels.
by OctaFX_Official
EURUSD 1.1030 insightThe euro bulls have been unable to defend the 1.1065 level against the US dollar, which has pushed the pair back towards the 1.1050 level. It is worth reiterating that the loss of the 1.1065 support level may trigger heavy selling in the EURUSD pair towards the 1.1030 or 1.1010 level. Overall, intraday strength in the US dollar index is a key factor behind weakness in the EURUSD. • The EURUSD pair is only bearish while trading below the 1.1120 level, key support is found at the 1.1030 and 1.1010 levels. • The EURUSD pair is only bullish while trading above the 1.1120 level, key resistance is found at the 1.1150 and 1.1170 levels.
by OctaFX_Official
USDCHF Intraday ForecastAs we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=0.9905. But the short term forecast is range bound, so we expect to reach the following targets: TP3: R1=0.994. TP4: R2=0.9965. Set the stoploss of these orders at breakout of S2=0.9895. Stop and reverse: If trend gets reversed, sell (stop) orders will be opened at breakout of S2=0.9895. In this situation, there is an expectation to reach the target S3=0.983. Set the stoploss of reverse orders at breakout of S1=0.9905. If you would like to trade in the next 24 hours , the intraday forecasts of ForecastCity will show you the most accurate and the most likely actions and swings of the market. Our intraday forecasts are available before those of all the other sites. Our intraday forecasts are available very early in the day. It is one of ForecastCity’s glorious and positive qualities. This quality has made us the first forecaster that forecast tomorrow for you!
Long
by ForecastCity_EU
EURUSD downside biasThe euro currency is under pressure against the US dollar on Wednesday, following a bearish move below the 1.1110 technical level. A breakout below the 1.1065 support level could spark a deeper drop in the EURUSD pair towards the 1.1030 level. Overall, traders may use a technical pullback towards the 1.1000 level as an opportunity to build medium-term EURUSD long positions. • The EURUSD pair is only bearish while trading below the 1.1110 level, key support is found at the 1.1065 and 1.1030 levels. • The EURUSD pair is only bullish while trading above the 1.1110 level, key resistance is found at the 1.1150 and 1.1170 levels.
by OctaFX_Official
USDJPY 109.30 test comingThe US dollar continues to press higher against the Japanese yen currency, following the recent reversal from the 107.90 support. An upcoming technical test of the 109.30 level is on the horizon, with a breakout above the October high likely to spark a rally towards the 110.00 level. Overall, the daily time frame shows the presence of an extremely large inverted head and shoulders pattern. • The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.30 and 110.00 levels. • The USDJPY pair is only bearish while trading below the 108.60 level, key technical support is found at the 107.90 and 107.30 levels
by OctaFX_Official
GBPUSD bearish under 1.2925The British pound is starting to appear weak against the US dollar after sellers forced the price below the important 1.2925 support level. The GBPUSD pair is at a serious risk of falling back towards the 1.2810 support level while trading below the 1.2925 level. Overall, GBPUSD buyers need to gain traction above the 1.2925 level to force a major technical test of the 1.2990 level. • If the GBPUSD pair trades below the 1.2925 level, key support is found at the 1.2810 and 1.2720 levels. • If the GBPUSD pair trades above the 1.2925 level, key resistance is found at the 1.2990 and 1.3020 levels.
by OctaFX_Official
EURUSD 1.1150 pivotThe euro currency has fallen below the 1.1150 level against the US dollar, placing further downside in the pair back into focus. Sustained weakness below the 1.1150 level for the EURUSD pair is likely to prompt a stronger decline back towards the 1.1070 support level. Caution is still warranted, as buyers could still force a technical test of the 1.1210 level if the 1.1110 level is defended. • The EURUSD pair is only bearish while trading below the 1.1150 level, key support is found at the 1.1110 and 1.1070 levels. • The EURUSD pair is only bullish while trading above the 1.1150 level, key resistance is found at the 1.1180 and 1.1210 levels.
by OctaFX_Official
EURUSD 1.1210 major resistanceThe euro currency continues to trade around the 1.1160 level against the US dollar after the US monthly jobs report failed to provoke a major breakout in the pair. Going forward, the EURUSD pair faces major upcoming technical resistance from the 1.1210 level. Failure to overcome the 1.1210 level could prompt a bearish retracement back towards the 1.1070 support level. • The EURUSD pair is only bearish while trading below the 1.1110 level, key support is found at the 1.1070 and 1.1040 levels. • The EURUSD pair is only bullish while trading above the 1.1110 level, key resistance is found at the 1.1180 and 1.1210 levels.
by OctaFX_Official