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LTCUSD $65.00 major weekly supportLitecoin is struggling to move higher on Wednesday, as the sixth largest cryptocurrency by market capitalization failed to rally alongside Bitcoin on Tuesday. The LTCUSD pair is still trapped within a bullish descending triangle pattern on the daily time frame. Overall, the LTCUSD pair still has a bullish weekly trading bias above the $65.00 level, which is the neckline of the large inverted head and shoulders pattern. The LTCUSD pair is only bullish while trading above the $65.00 level, key resistance is found at the $85.00 and $100.00 levels. If the LTCUSD pair trades below the $65.00 level, key support is found at the $50.00 and $45.00 levels.
BITFINEX:LTCUSD
by OctaFX_Official
USDJPY testing weekly pivotThe US dollar has fallen back towards its weekly pivot point against the Japanese yen currency after buyers failed to move price above the 112.00 level. The move lower is currently seen as a technical correction, as bulls have been able to maintain the USDJPY pair above the pivotal 111.68 level. The inverted head and shoulders pattern on the four-hour time frame remains valid while price trades above the 110.30 level. The USDJPY pair is intraday bullish while trading above the 111.68, key intraday resistance is found at the 112.00 and 113.20 levels. If the USDJPY pair trades below the 111.68 level, key intraday support is found at the 111.30 and 110.90 levels.
by OctaFX_Official
EURUSD edging higherThe euro currency continues to edge higher against the US dollar in early Tuesday trade, following a breakout above the 1.1250 level. If buyers hold price above the 1.1250 level the EURUSD pair faces strong weekly technical resistance from the 1.1280 level. Both the Momentum and the MACD indicators on the four-hour time frame are correcting from oversold conditions. The EURUSD pair is only intraday bearish while trading below the 1.1250 level, key technical support remains at the 1.1230 and 1.1216 levels. If the EURUSD pair trades above 1.1250 level, key intraday resistance is found at the 1.1280 and 1.1300 levels.
by OctaFX_Official
BTCUSD still bullish above $5,200Bitcoin is attempting to advance above its current 2019 trading high, at $5,452, in early Tuesday trade, with the BTCUSD pair still well supported by strong dip-buying demand. The daily frame is showing that the $5,260 and the $5,200 levels are the main intraday support areas. Overall, the BTCUSD pair has a bullish weekly bias while trading above the $5,200 level and may start to target the $5,700 level. The BTCUSD pair is only bullish while trading above the $5,200 level, key intraday resistance is found at the $5,452 and $5,700 levels. If the BTCUSD pair trades under the $5,200 level, sellers may test towards the $5,080 and $4,900 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
Weekly forecast for EURUSD USDCHF USDCAD GBPUSD USDJPYBOC decide During the upcoming trading week, central bank action takes center stage, with interest rate decisions from the Bank of Japan, Central Bank of Turkey and the Bank of Japan. The Bank of Canada rate decision is likely to capture the spotlight, as market participants wait to see if the BOC will follow other central banks across the globe and adopt a more dovish stance towards interest rates. The United States economy is also heavily in focus this week as we see Housing, Manufacturing, GDP and Trade data releases from the world’s largest economy. We also see important quarterly Inflation data and projections being released from the Australian economy. Monday 22nd April, USD US Manufacturing PMI The United States PMI Composite reports on Manufacturing activity inside the American economy and represents economic indicators derived from monthly surveys of private sector companies. The Purchase Managers Index data provides advance insight into the private sector economy by tracking variables such as output, new orders, employment and prices across key sectors. ∙ The EURUSD pair is only bearish while trading below the 1.1290 level, key support is found at the 1.1175 and 1.1110 levels. ∙ If the EURUSD pair moves above the 1.1290 level, buyers will likely test towards the 1.1330 and 1.1360 resistance levels. Tuesday 23rd April, USD US Housing Price Index The United States Housing Price Index is released by the Office of Federal Reserve Housing Enterprise Oversight and is a broad measure of the movement of single-family house prices. The Housing Price Index measures average price changes in repeat sales or refinancings on the same properties in three hundred and sixty-three metropolises. It is an important indicator as the housing market is considered as a sensitive factor to the US economy. ∙ The USDCHF pair is bullish while trading above the 1.0100 level, key resistance is found at the 1.0220 and 1.0350 levels. ∙ If the USDCHF pair moves below the 1.0100 level, sellers may test the 1.0050 and 1.0000 support levels. Wednesday 24th April, CAD Bank of Canada Rate Decision The Bank of Canada Interest Rate Decision is a decision of the governing council members on where to set the nations interest rate. Most market participants believe that the Bank of Canada will leave interest rates on hold this week after a series of hikes last year. After the actual rate decision, the central bank releases a policy statement that contains the BOC’s collective perspective on the economy also ideas about future monetary policy. ∙ The USDCAD pair is only bullish while trading above the 1.3240 level, further upside towards 1.3450 and 1.3580 levels would then seem possible. ∙ If the USDCAD pair trades below the 1.3300 level, sellers are likely to test the 1.32605and 1.3220 support levels. Thursday 25th April, USD US Durable Goods Orders US Durable Goods Orders is a government report and is released by the US Census Bureau which measures consumer spending on long-term purchases, products that are expected to last more than three years. Durable goods are generally sensitive to monthly volatility as US consumers may delay purchases of durable items such as cars and televisions and choose to only spend money on necessities in times of economic hardship. ∙ The GBPUSD pair is bearish while trading below the 1.3100 level, key support is found at the 1.2985 and 1.2880 levels. ∙ If the GBPUSD pair moves above the 1.3100 level, buyers will likely test towards the 1.3155 and 1.3200 resistance levels. Friday 26th April, USD US GDP Annualized United States GDP Annualized is released by the US Bureau of Economic Analysis and is based on quarterly economic data. US Gross Domestic Products is the market value of all final goods and services from a nation, usually calculated on an annual basis. Because most of the report components are known in advance, the United States GDP reports significance and ability to move markets has decreased. ∙ The USDJPY pair is bullish while trading above the 111.60 level, further upside towards the 112.60 and 113.20 resistance levels seems possible. ∙ If the USDjpy pair trades below the 111.60 level, sellers are likely to test towards the 111.30 and 110.90 support levels.
by OctaFX_Official
ETHUSD bearish pattern loomsEthereum is starting to erase Friday’s solid gains as the second largest cryptocurrency comes under early week selling pressure. A bearish head and shoulders pattern is looming over the four-hour time frame, with bulls needing to move price above the $185.00 level to invalidate the pattern. Key intraday technical support for the ETHUSD pair is found at the $154.00 level. If the ETHUSD pair trade below the $160.00 level, key support is located at the $154.00 and $140.00 levels. If ETHUSD bulls defend the $160.00 level, key resistance is found at the $175.00 and $185.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
EURUSD + GBPUSDEURUSD 1.1216 major support The euro currency is attempting to correct higher against the US dollar in early week trading, amidst quiet market conditions. Technical indicators on the lower time frames have now corrected from oversold conditions, with EURUSD the pair still struggling to break past the 1.1250 resistance level. Sellers need to breach the 1.1216 support level to further encourage selling towards critical weekly support, at 1.1175. The EURUSD pair is intraday bearish while trading below the 1.1250 level, key technical support is found at the 1.1216 and 1.1175 levels. If the EURUSD pair trades above 1.1250 level, key intraday resistance is found at the 1.1280 and 1.1300 levels. GBPUSD bears targeting 1.2940 The British pound currency has opened the new trading week under pressure against the US dollar following a bearish weekly price close below the 1.2985 level. The 1.2940 level is the next downside target for sellers, with the 1.2880 level the overall downside objective. Only a sustained move above the 1.3030 level can negate intraday selling pressures surrounding the GBPUSD pair. The GBPUSD pair is heavily bearish while trading below the 1.2985 level, key support is found at the 1.2940 and 1.2880 levels. If the GBPUSD pair trades above 1.2985 level, key intraday resistance is found at the 1.3000 and 1.3030 levels.
by OctaFX_Official