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ETHUSD further losses expectedEthereum is under heavy technical selling pressure on Friday after breaking under the important $270.00 support level. The ETHUSD pair is tracking Bitcoin lower and is now trading below the neckline of a head and shoulders pattern with a downside target of around $85.00. The $220.00 support level is the next bearish target if Ethereum sellers continue to hold price under the $270.00 level. If the ETHUSD pair trades below the $270.00 level, key support is found at the $250.00 and $220.00 levels. If the ETHUSD pair trades above the $270.00 level, key resistance is found at the $280.00 and $300.00 levels.
BITSTAMP:ETHUSD
by OctaFX_Official
BTCUSD rejected from $13,000Bitcoin has suffered a heavy technical rejection from the $13,000 level, as bulls failed for the second day to maintain price above this crucial area. The bearish head and shoulders pattern on the four-hour time frame is now complete, with the $11,800 level back in focus. The overall negative sentiment in the entire cryptocurrency market is also weighing on the BTCUSD pair. The BTCUSD pair is only bullish while trading above the $12,400 level, key resistance is located at the $13,000 and $13,300 levels. If the BTCUSD pair trades under the $12,400 level, sellers may test towards the $10,500 and $9,600 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
EURUSD bullish above 1.1248The euro is continuing to move higher against the US dollar in early Thursday trade, following the dovish FOMC meeting minutes and testimony from Jerome Powell. The EURUSD pair has a bullish intraday bias while trading above the 1.1248 level and may target the 1.1310 level. Technically, a bullish higher-low has also been created on the charts, further encouraging EURUSD buyers. The EURUSD pair is only bullish while trading above the 1.1248 level, key technical resistance is found at the 1.1280 and 1.1310 levels. If the EURUSD pair trades below the 1.1248 level, key support is found at the 1.1220 and 1.1205 levels.
by OctaFX_Official
GBPUSD 1.2530 now keyThe British pound has made a recovery above the 1.2500 level against the greenback, following FED Chair Powell’s dovish testimony yesterday. Bulls need to hold price above the 1.2530 level in order to advance the GBPUSD pair back towards the 1.2580 resistance level. Failure around the 1.2530 level may prompt another round of heavy technical selling back towards the 1.2480 price zone. The GBPUSD pair is only bearish while trading below the 1.2530 level, key support is found at the 1.2505 and 1.2480 levels. The GBPUSD pair is only bullish while trading above the 1.2530 level, key resistance is found at the 1.2580 and 1.2610 levels.
by OctaFX_Official
ETHUSD corrective move possibleEthereum is once again starting to appear comfortable above the $300.00 level as the second largest cryptocurrency tracks Bitcoin higher. A test of demand around the $335.00 level appears likely if ETHUSD bulls can break above the $315.00 resistance level. A confirmed failure to create a new higher high on the monthly chart may also weigh technically on the ETHUSD pair. If the ETHUSD pair trades above the $300.00 level, key resistance is found at the $315.00 and $330.00 levels. If the ETHUSD pair trades below the 300.00 level, key support is found at the $290.00 and $280.00 levels.
BITSTAMP:ETHUSD
by OctaFX_Official
EURUSD 1.1180 low in focusThe euro has slipped back towards the worst trading levels of the month against the US dollar after the pair failed to move above the 1.1240 resistance area. The EURUSD pair could test towards the last important technical low, at 1.1180, if the 1.1205 level is broken. In summary, the next short-term directional breakout will open once the 1.1205 to 1.1240 range is broken. The EURUSD pair is only bullish while trading above the 1.1240 level, key technical resistance is found at the 1.1255 and 1.1280 levels. If the EURUSD pair trades below the 1.1205 level, key support is found at the 1.1180 and 1.1150 levels.
by OctaFX_Official
USDJPY holding gainsThe US dollar has made a strong upside break against the Japanese yen as the pair looks past the recent declines in global equity markets. The four-hour time frame shows a large bullish pattern, which holds one hundred and seventy point upside projection. Technical indicators are also turning higher and lending support to the recent range breakout in the USDJPY pair. The USDJPY pair is bullish while trading above the 109.60 level, key technical resistance is found at the 109.00 and 110.000 levels. If the USDJPY pair trades below the 108.60 level, key technical support is found at the 108.45 and 108.10 levels.
by OctaFX_Official
BTCUSD awaiting confirmationBitcoin continues to trade in a large price range as traders await technical confirmation that a medium-term high has been reached. The BTCUSD pair has posted five consecutive months of trading gains, leaving traders cautious towards selling the number one cryptocurrency. A final technical test back towards the $12,500 and $13,000 resistance levels still remain possible this week. The BTCUSD pair is only bullish while trading above the $10,500 level, key resistance is located at the $12,500 and $13,000 levels. If the BTCUSD pair trades under the $10,500 level, sellers may test towards the $10,200 and $9,800 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
GBPUSD soft bounceThe British pound is attempting to recover above the 1.2500 level against the US dollar, after finding interim support from the 1.2480 level on Friday. The bullish inverted head and shoulders pattern has been invalidated on the lower time frames, although the multi-year low around the 1.2430 remains unbroken. The 1.2505 level is now the key daily and weekly pivot point to watch for the GBPUSD pair. The GBPUSD pair is heavily bearish while trading below the 1.2505 level, key support is found at the 1.2480 and 1.2445 levels. GBPUSD pair is only bullish while trading above the 1.2570 level, key resistance is found at the 1.2610 and 1.2660 levels.
by OctaFX_Official
EURUSD 1.1255 Key SupportThe euro has opened the new trading week with a bearish tone against the US dollar, following the strong Non-farm payrolls headline number last Friday. EURUSD sellers need to breach the 1.1205 level, while bulls need to move price back above the 1.1255 level encourage technical buying. A sustained move below the 1.1205 support level would be extremely bearish for the EURUSD. The EURUSD pair is only bullish while trading above the 1.1255 level, key technical resistance is found at the 1.1280 and 1.1310 levels. If the EURUSD pair trades below the 1.1205 level, key support is found at the 1.1170 and 1.1135 levels.
by OctaFX_Official
EURUSD testing supportThe euro currency is testing towards the worst levels of the month against the US dollar, following more technical rejections from the 1.1300 resistance level. The four-hour time frame shows that a sustained break under the 1.1280 level is needed to provoke the next round of EURUSD selling. Key bearish targets under the 1.1280 level remain the 1.1255 and 1.1222 support regions. The EURUSD pair is only bullish while trading above the 1.1310 level, key technical resistance is found at the 1.1355 and 1.1400 levels. If the EURUSD pair trades below the 1.1280 level, key support is found at the 1.1255 and 1.1222 levels.
by OctaFX_Official
GBPUSD 1.2548 interim supportThe British pound continues to trade below the 1.2600 level against the US dollar in early Thursday trade, with the pair suffering three days of consecutive losses. The 1.2548 level is now interim support, with the 1.2505 level major weekly support for the GBPUSD pair. The four-hour time frame shows that a bullish inverted head and shoulders pattern is close to being invalidated. The GBPUSD pair is bearish while trading below the 1.2610 level, key support is found at the 1.2548 and 1.2510 levels. GBPUSD pair is only bullish while trading above the 1.2610 level, key resistance is found at the 1.2660 and 1.2700 levels.
by OctaFX_Official
LTCUSD under key supportLitecoin continues to struggle to find a directional bias in early Thursday trade, with the LTUSD pair trapped between the $125.00 to $110.00 levels. The four-hour time frame shows that a bearish head and shoulders pattern with a $20.00 downside projection still remains valid. A move above the $125.00 level may prompt buying interest back towards the important $40.00 level. The LTCUSD pair is only bullish while trading above the $125.00 level, key resistance is found at the $140.00 and $160.00 levels. If the LTCUSD pair trades below the $125.00 level, key support is found at the $110.00 and $95.00 levels.
BITSTAMP:LTCUSD
by OctaFX_Official
EURUSD 1.1310 struggleThe euro is testing back towards its current monthly trading low against the US dollar, following multiple technical rejections from the 1.1310 level. A sustained break of the 1.1280 level may see the EURUSD pair failing back towards the 1.1255 support region. The release of the US ADP jobs report is likely to be the main market mover for the EURUSD pair later today. The EURUSD pair is only bullish while trading above the 1.1310 level, key technical resistance is found at the 1.1355 and 1.1400 levels. If the EURUSD pair trades below the 1.1310 level, key support is found at the 1.1280 and 1.1255 levels.
by OctaFX_Official
BTCUSD $10,200 keyBitcoin it attempting to recover bullish momentum after coming under downside pressure earlier this week below the $10,000 level. The $10,200 support level is the neckline of a bearish head and shoulders pattern with a large four-digit downside projection. The BTCUSD pair may also come under further selling pressure from the series of bearish candles across the weekly and daily time frames. The BTCUSD pair is only bullish while trading above the $10,200 level, key resistance is located at the $11,800 and $12,400 levels. If the BTCUSD pair trades under the $10,200 level, sellers may test towards the $9,000 and $8,500 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
GBPUSD 1.2520 in focusThe British pound has dropped sharply lower against the US dollar, following bearish comments from Bank of England Governor Mark Carney. The 1.2520 support level is likely to come into focus now that the 1.2610 level has been convincingly breached. UK PMI Services data is likely to be the main mover for the GBPUSD pair this morning, with a negative number expected to weigh heavily on the GBPUSD pair. The GBPUSD pair is heavily bearish while trading below the 1.2610 level, key support is found at the 1.2520 and 1.2460 levels. GBPUSD pair is only bullish while trading above the 1.2660 level, key resistance is found at the 1.2710 and 1.2730 levels.
by OctaFX_Official
EURUSD bearish below 1.1321The euro is back under pressure against the US dollar in early Tuesday trade, following slightly better Manufacturing data from the United States economy. The 1.1280 level is now key intraday support, with a sustained breakout under this level likely to spark weakness towards the 1.1255 level. The 1.1321 level now becomes the key intraday pivot point for the EURUSD pair. The EURUSD pair is only bullish while trading above the 1.1321 level, key technical resistance is found at the 1.1355 and 1.1400 levels. If the EURUSD pair trades below the 1.1321 level, key support is found at the 1.1280 and 1.1255 levels.
by OctaFX_Official
USDJPY 108.45 breakout neededThe greenback is once again firming against the Japanse yen currency, as the US dollar index climbs back above its key 200-day moving average. A sustained breakout above the 108.45 level is needed on an intraday basis to encourage further buying in the USDJPY pair. The key weekly upside targets for the USDJPY pair extended towards the 109.00 and 109.80 resistance levels. The USDJPY pair is only bearish while trading below the 108.45 level, key support is found at the 108.00 and 107.70 levels. If the USDJPY pair trades above the 108.45 level, key technical resistance is found at the 109.00 and 109.80 levels.
by OctaFX_Official
ETHUSD $265.00 upcoming supportEthereum has started the new trading month poorly, with the second largest cryptocurrency slipping below the $300.00 support level. The four-hour time frame shows that a break under the $280.00 level exposes losses until at least the $265.00 level. Overall, a sustained move under the $265.00 level could trigger a much deeper bearish correction for the ETHUSD pair. The ETHUSD pair is only bullish while trading above the $300.00 level, key resistance is found at the $316.00 and $325.00 levels. If the ETHUSD pair trades below the $300.00 level, key support is found at the $280.00 and $265.00 levels.
BITSTAMP:ETHUSD
by OctaFX_Official
USDJPY risk-on boostThe US dollar has opened the new trading monthly strongly against the Japanese yen after a positive outcome from the G20 leaders meeting over the weekend. The 109.00 resistance level still remains the overall upside short-term objective for USDJPY bulls this week. USDJPY sellers may attempt to enter around this area, following the heavily bearish candle formation on the monthly time frame. The USDJPY pair is only bearish while trading below the 108.10 level, key support remains at the 107.80 and 107.00 levels. If the USDJPY pair trades above the 108.10 level, key technical resistance remains at the 108.44 and 109.00 levels.
by OctaFX_Official
GBPUSD 1.2685 near-term supportThe British pound has opened the new trading month on the back foot against the US dollar, following a heavy technical rejection from the 1.2730 area on Friday. UK PMI Services data and ISM Manufacturing data are the big drivers for the GBPUSD pair today. Continued weakness is likely to prompt a technical test of the key 1.2660 level, which is likely to act as a key defense or the next bearish trigger level for the pair. The GBPUSD pair is only bullish while trading above the 1.2685 level, key resistance is found at the 1.2730 and 1.2780 levels. If the GBPUSD pair trades below the 1.2685 level, key support is found at the 1.2660 and 1.2610 levels.
by OctaFX_Official
BTCUSD range tradeBitcoin has started to settle into a large trading range after the number one cryptocurrency found strong resistance from the $14,000 level last week. Selling the top-end of the BTCUSD pairs is range the preferred strategy until technical readings on the daily time frame correct from overbought. The $11,800 level is the key pivot point for the BTCUSD pair and also the neckline of a much-larger bullish pattern. The BTCUSD pair is bullish while trading above the $11,800 level, key resistance is located at the $12,500 and $13,400 levels. If the BTCUSD pair trades under the $11,800 level, sellers may test towards the $11,000 and $10,600 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
GBPUSD soft ahead of UK GDPThe British pound is softening towards key weekly support aginst the US dollar ahead of the release of GDP data from the UK economy this morning. A worse than expected GDP number could see the GBPUSD pair break the 1.2660 support level and test towards at least the 1.2610 area. If bulls can hold support the GBPUSD pair could start to edge back towards the 1.2710 resistance level. The GBPUSD pair is only bullish while trading above the 1.2710 level, key resistance is found at the 1.2775 and 1.2810 levels. If the GBPUSD pair trades below the 1.2660 level, key support is found at the 1.2610 and 1.2550 levels.
by OctaFX_Official