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Octafx

GBPUSD bullish pattern spottedThe British pound has fallen back under the 1.2700 level against the US dollar in early Thursday trade after bulls failed to break the former key trading high, at 1.2747. However, yesterday’s move higher has helped to create a bullish inverted head and shoulders pattern on the four-hour time frame. All moves lower in the GBPUSD pair are expected to find strong buy dip-buying demand around the 1.2660 support level. The GBPUSD pair is strongly bullish while trading above the 1.2700 level, key resistance is located at the 1.2747 and 1.2800 levels. The GBPUSD pair is only bearish while trading below the 1.2660 level, key intraday support is found at the 1.2645 and 1.2630 levels.
by OctaFX_Official
LTCUSD $100.00 breakout supportLitecoin has followed the broader cryptocurrency market lower this week, with the sixth largest crypto so far finding technical support from the $96.50 level. The $100.00 level is still seen as major breakout support on both the four-hour and daily time frames. Bulls need to rally the cryptocurrency towards the $120.00 level to negate the bearish double-top pattern formation on the four-hour time frame. The LTCUSD pair is only intraday bullish while trading above the $110.00 level, key resistance is found at the $120.00 and $135.00 levels. If the LTCUSD pair trades below the $110.00 level, key support is found at the $96.50 and $85.00 levels.
BITSTAMP:LTCUSD
by OctaFX_Official
EURUSD 1.1265 still the level to watchThe euro has advanced to a fresh monthly trading high against the US dollar following the release of much weaker than expected economic data from the United States economy. The EURUSD pair has firmed above the 1.1200 level, with bulls now needing to break above major technical resistance a the 1.1265 level. A bullish confirmed bullish breakout above the important 1.1265 level may trigger heavy technical buying towards the 1.1300 level. The EURUSD pair is only bullish while trading above the 1.1216 level, key technical resistance is found at the 1.1265 and 1.1300 levels. If the EURUSD pair trades below 1.1216 level, key technical support is found at the 1.1190 and 1.1165 levels.
by OctaFX_Official
BTCUSD bearish below $8,400Bitcoin has stared the month of June fairly subdued, with bulls so far failing to stop the cryptocurrency moving back under the $8,000 level. However, the bullish pattern on the four-hour time frame still remains in play, with neckline support currently located at the $8,400 level. Overall, the BTCUSD pair needs to move price above the $8,400 level or it risks a much deeper technical pullback towards the $7,000 level. The BTCUSD pair is only bullish while trading above the $8,400 level, key resistance is found at the $9,000 and $9,600 levels. If the BTCUSD pair trades under the $8,400 level, sellers may test towards the $7,000 and $6,500 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
ETHUSD clear range break neededEthereum continues to stage a recovery in early Monday trade after the second largest cryptocurrency found solid technical support from the $230.00 level. The next strong directional move in the ETHUSD pair will likely come when a confirmed breakout occurs from the $230.00 to $285.00 price range. Overall, bulls need to post a fresh yearly trading high to negate a potential double-top pattern formation on the lower time frames. The ETHUSD pair is intraday bullish while trading above the $245.00 level, key resistance is found at the $285.00 and $325.00 levels. If the ETHUSD pair trades below the $245.00 level, key support is found at the $230.00 and $205.00 levels.
BITSTAMP:ETHUSD
by OctaFX_Official
EURUSD upside limited until ECBThe euro currency remains fairly well supported against the US dollar in early Monday trade, following a late-week sell-off in the US dollar index on Friday. The EURUSD pair could still recover above the 1.1200 level on weaker than expected US data later today, although the upside is likely to be limited until the ECB meeting. Bulls ideally need to negate the bearish pattern on the four-hour time frame, while bears need a strong move below the 1.1110 level. The EURUSD pair is only bearish while trading below the 1.1165 level, key technical support is found at the 1.1110 and 1.1060 levels. If the EURUSD pair holds above 1.1165 level, key technical resistance is found at the 1.1216 and 1.1230 levels.
by OctaFX_Official
USDJPY 107.40 bearish targetThe US dollar starts the new trading month under heavy downside pressure against the Japanese yen following the bearish breakout below the 109.00 level. Further losses in the USDJPY pair still appear possible as the bearish head and shoulders pattern has a target of 107.40 level. The United States ISM report later today is likely to have a big impact on the direction of the US dollar. The USDJPY pair is heavily bearish while trading below the 108.70 level, key support is found at the 108.00 and 107.70 levels. If the USDJPY pair trades above the 108.70 level, key technical resistance is found at the 109.00 and 109.30 levels.
by OctaFX_Official
USDJPY pattern completeThe US dollar has started to reverse direction against the Japanese yen after finding strong technical resistance from the 109.92 level. The direction of the USDJPY pair is increasingly linked to the bearish head and shoulders pattern on the four-hour time frame. Overall, the bearish head and shoulders pattern on the four-hour time frame and the releases are core PCE data from the US economy are the main themes to watch. The USDJPY pair is only bearish while trading below the 109.80 level, key support is found at the 109.00 and 108.40 levels. If the USDJPY pair trades above the 109.80 level, key technical resistance is found at the 109.92 and 110.30 levels.
by OctaFX_Official
LTCUSD $110.00 pivotLitecoin has started to trade lower after hitting $120.00, with the sixth largest cryptocurrency so far finding support from the $100.00 level. The LTCUSD pair now needs to break above the $110.00 level to encourage new buying towards the $114.00 and $120.00 levels. The Ichimoku indicator on the four-hour time frame is showing that the $110.00 level is major support before the $90.00 region. The LTCUSD pair is only bullish while trading above the $110.00 level, key resistance is found at the $114.00 and $120.00 levels. If the LTCUSD pair trades below the $110.00 level, key support is found at the $100.00 and $90.00 levels.
BITSTAMP:LTCUSD
by OctaFX_Official
GBPUSD defensively weakThe British pound is still trading tentatively above the 1.2600 level against the US dollar, despite a minor rebound from the 1.2580 area on Thursday. The four-hour time frame is showing that the bearish pattern can cause the GBPUSD pair to slide towards the 1.2450 level. The monthly price close for the GBPUSD pair will be key today alongside the release of US economic data. The GBPUSD pair is heavily bearish while trading below the 1.2600 level, key support is located at the 1.2550 and 1.2500 levels. If the GBPUSD pair holds above the 1.2600 level, key intraday resistance is found at the 1.2630 and 1.2660 levels.
by OctaFX_Official
GBPUSD technical meltdown below 1.2600The British pound has come under heavy downside pressure against the US dollar, following another bearish intraday reversal on Wednesday. The four-hour time frame is showing that the GBPUSD pair is close to the neckline of a large head and shoulders pattern. A break below the 1.2600 level will set-off the bearish pattern, which holds a downside target close to the 1.2450 level. The GBPUSD pair is heavily bearish while trading below the 1.2600 level, key support is located at the 1.2550 and 1.2500 levels. If the GBPUSD pair holds above the 1.2600 level, key intraday resistance is found at the 1.2640 and 1.2700 levels.
by OctaFX_Official
EURUSD needs to bounceThe euro is holding towards the worst trading levels of the week against the US dollar in early Thursday trade after the pair fell through key support, at 1.1150, on Wednesday. The EURUSD pair now needs to bounce from the 1.1130 region or it risks further downside towards the 1.1110 level and possibly lower. Overall, bulls need to close the four-hour candle above the 1.1200 level to change the bearish short-term bias. The EURUSD pair is heavily bearish while trading below the 1.1130 level, key technical support is now found at the 1.1110 and 1.1080 levels. If the EURUSD pair trades above the 1.1165 level, key technical resistance is found at the 1.1182 and 1.1200 levels.
by OctaFX_Official
BTCUSD holds neckline supportBitcoin is once again testing towards the $9,000 resistance level after the recent technical pullback found strong buying interest from neckline support. The bullish pattern on the daily time frame still remains in play, which may eventually take the BTCUSD pair above the $12,000 level. Overall, the BTCUSD pair is set to close the month triple-digit gains and continues to ease towards the key $10,000 level. The BTCUSD pair is bullish while trading above the $8,500 level, key resistance is found at the $9,000 and $9,600 levels. If the BTCUSD pair trades under the $8,500 level, sellers may test towards the $8,300 and $8,000 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
ETHUSD upward bias intactEthereum retains its bullish short-term bias after the second largest cryptocurrency by market capitalization traded to a new 2019 trading high earlier this week. The $300.00 level may still come into focus this month, although the $325.00 resistance level is the likely target for ETHUSD bulls. A sustained loss of the $260.00 support level may provoke a further technical test of the $245.00 support level. The ETHUSD pair is intraday bullish while trading above the $260.00 level, key resistance is found at the $300.00 and $325.00 levels. If the ETHUSD pair trades below the $260.00 level, key support is found at the $245.00 and $220.00 levels.
BITSTAMP:ETHUSD
by OctaFX_Official
EURUSD bearish pattern foundThe euro currency is under pressure against the US dollar on Wednesday after the pair failed to find buying interest above the pivotal 1.1190 level. A bearish head and shoulders pattern is now evident across the one-hour time frame, with the EURUSD pair slipping towards neckline support. Key technical support for EURUSD below the 1.1165 level is now found at the 1.1130 level. The EURUSD pair is heavily bearish while trading below the 1.1165 level, key technical support is now found at the 1.1130 and 1.1110 levels. If the EURUSD pair trades above the 1.1165 level, key technical resistance is found at the 1.1190 and 1.1235 levels.
by OctaFX_Official
USDJPY nearing breakout supportThe US dollar has slipped back towards the worst trading levels of the week against the Japanese yen currency due to recessionary fears coming from the US bond market. USDJPY bulls have also been unable to move price above the 109.60 level placing the emphasis back towards the downside. The four-hour time frame chart continues to highlight that a break below the 109.00 level will trigger heavy technical selling. The USDJPY pair is heavily bearish while trading below the 109.60 level, key support is found at the 109.00 and 108.40 levels. If the USDJPY pair trades above the 109.60 level, key intraday resistance remains at the 109.80 and 110.00 levels.
by OctaFX_Official
GBPUSD recovery still possibleThe British pound remains under slight downside pressure against the greenback in early Tuesday trade after the pair fell well below the 1.2700 level. If GBPUSD bulls can stabilize price above the 1.2679 support level the pair could eventually recover towards the 1.2765 resistance level. Continued weakness below the 1.2679 level may prompt a technical test of the 1.2640 price region. The GBPUSD pair is only bearish while trading below the 1.2700 level, key support is located at the 1.2679 and 1.2640 levels. If the GBPUSD pair holds above the 1.2700 level, key intraday resistance is found at the 1.2747 and 1.2765 levels.
by OctaFX_Official
BTCUSD $9,000 now key resistanceBitcoin remains well supported above the $8,700 level after the number one cryptocurrency found interim technical resistance from just below the $9,000 level on Monday. If bulls can break above the $9,000 level the BTCUSD pair offers only limited technical resistance until the $9,600 level. To the downside, a break below the $8,500 level may expose another test of the $8,300 support level. The BTCUSD pair is heavily bullish while trading above the $9,000 level, key resistance is found at the $9,600 and $10,000 levels. If the BTCUSD pair trades under the $8,700 level, sellers may test towards the $8,300 and $8,000 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
EURUSD 1.1165 upcoming supportThe euro is starting to retrace recent gains against the US dollar following renewed financial market fears about the Italian economy. Sustained weakness below the 1.1190 level will likely prompt a further technical test of the important 1.1165 support level. Overall, weaker than expected economic data coming from the United States economy is needed to boost the EURUSD pair higher. The EURUSD pair is only bullish while trading above the 1.1190 level, key technical resistance is found at the 1.1235 and 1.1265 levels. If the EURUSD pair trades below the 1.1190 level, key technical support is found at the 1.1165 and 1.1135 levels.
by OctaFX_Official
EURUSD bulls need to break 1.1265The euro is gaining traction above the 1.1190 level against the US dollar as the pair continues to benefit from weakness in the greenback. EURUSD bulls are now testing the pairs 200-period moving average on the four-hour time frame, with the 1.1235 level the next key resistance area to watch above. A sustained move above the 1.1265 level will likely trigger heavy technical buying towards at least the 1.1290 level. The EURUSD pair is only bullish while trading above the 1.1190 level, key technical resistance is found at the 1.1235 and 1.1265 levels. If the EURUSD pair trades below the 1.1190 level, key technical support is found at the 1.1165 and 1.1135 levels.
by OctaFX_Official
LTCUSD breakout underwayLitecoin has moved to a fresh 2019 trading high after buyers performed a bullish weekly price close above the psychological $100.00 resistance level. The LTCUSD pair has ignited a bullish pattern on the four-hour time frame and may soon target towards the $125.00 level. Sellers will need to force price back under the $100.00 level to change the strong intraday bullish bias surrounding the cryptocurrency. The LTCUSD pair is only bullish while trading above the $100.00 level, key resistance is found at the $125.00 and $135.00 levels. If the LTCUSD pair trades below the $100.00 level, key support is found at the $94.00 and $85.00 levels.
BITSTAMP:LTCUSD
by OctaFX_Official
109.00 major supportThe US dollar has opened early Monday trading under downside pressure against the Japanese yen after the pair suffered its softest weekly price close since January 2019. If USDJPY sellers can force price below the 109.00 support level, the 108.40 level will then start to come into focus. USDJPY bulls need to move price above the 109.80 level to negate the heavily bearish sentiment surrounding the pair. The USDJPY pair is heavily bearish while trading below the 109.00 level, key support is found at the 108.40 and 107.70 levels. If the USDJPY pair trades above the 109.80 level, key intraday resistance is found at the 110.00 and 110.30 levels.
by OctaFX_Official
USDJPY bearish below 110.00The US dollar is now under heavy selling pressure against the Japanese yen, following much weaker than expected PMI manufacturing data from the United States economy. The USDJPY pair has a bearish intraday bias while trading below the 110.00 level and could soon target the 109.00 level. If the 109.00 level is broken the 108.40 level then offers the strongest form of weekly support. The USDJPY pair is intraday bearish while trading below the 110.00 level, key support is found at the 109.00 and 108.40 levels. If the USDJPY pair trades above the 110.00 level, key intraday resistance is found at the 110.30 and 110.60 levels.
by OctaFX_Official