OctaFX_Official

OctaFX_Official

The US dollar continues to trade above the pivotal 107.00 level against the Japanese yen despite global equity markets turning lower. The technicals for the USDJPY pair still point to more upside while price holds above the 107.00 to 107.10 support zone. The breakout above the 107.50 level in the short-term is likely to push the USDJPY pair towards the 108.10...

OctaFX_Official

Litecoin has had a strong start to the new trading week, with the fifth-largest cryptocurrency advancing toward the $73.00 level. Multiple inverted head and shoulders patterns are building on the lower time frames, with the $80.00 level the first target. Overall, if the price reaches the $80.00 level the LTCUSD pair could eventually move to its second upside...

OctaFX_Official

The British pound remains well-supported against the US dollar on Wednesday as traders continue to buy any dips lower in the pair. The GBPUSD pair has fairly limited technical resistance until the 1.2430 level if buyers can force price above the 1.2380 level. Overall, the 1.2300 level still remains the main technical area that GBPUSD bulls will look to buy any...

OctaFX_Official

Ethereum appears to have put in a near-term price floor as the second-largest cryptocurrency trades comfortably around the $180.00 level. A potential inverted head and shoulders pattern is building, with the $200.00 level the short-term upside objective. Overall, the ETHUSD pair could start to rally sharply alongside Bitcoin if the cryptocurrency market returns to...

OctaFX_Official

The euro is still largely contained towards the middle of its recent trading range against the US dollar, as traders remain cautious ahead of Thursday’s ECB meeting. Unless we see a strong move in the US dollar index, it is unlikely that the EURUSD pair will see significant movement. Overall, the 1.1000 to 1.1090 range is still expected to contain the EURUSD...

OctaFX_Official

The British pound has moved within touching distance of the 1.2400 level against the US dollar, following a strong rally from the 1.2250 level. The four-hour time frame shows that the 1.2480 level is top-end resistance if GBPUSD bulls gain control above the 1.2400 level. Weakness back under the 1.2350 level could prompt a test of the 1.2310 support level, where...

OctaFX_Official

The British pound remains well-supported towards the best level of the month against the greenback, ahead of the release of key UK growth and trade data this morning. UK politics is also in focus today, which promises more volatility in the GBPUSD pair. The GBPUSD has upside resistance around the 1.2355 level, while major weekly support extends down towards the...

OctaFX_Official

The euro is holding firm against the US dollar as the new trading week begins ahead of a critical week for the single currency. Traders are likely to be cautious towards the EURUSD pair this week incase the European Central Bank introduce a new stimulus package on Thursday. Overall, a breakout from the 1.1000 to 1.1110 price range is likely to trigger the next...

OctaFX_Official

Bitcoin has pulled back from its monthly trading higher after bulls failed to break above the important $11,100 resistance level on Friday. Altcoins are outperforming the number one cryptocurrency, although the BTCUSD pair still has plenty of room to push higher this week if bulls can perform a bullish triangle breakout. Overall, Bitcoin still remains a strong buy...

OctaFX_Official

The euro has pulled backed from a fresh monthly trading high against the US dollar after the pair found strong resistance from the 1.1086 level. Buyers need to move price above the 1.1160 level to force a major short-term technical breakout in the EURUSD pair. Any near-term technical corrections in the EURUSD pair could easily extend back towards the 1.0940...

OctaFX_Official

The US dollar has broken to the upside against the Japanese yen currency, following more bullish trade news regarding Sino-US trade talks. Now that bulls have broken above the 107.00 level the rally in the USDJPY pair could easily extend towards the 108.00 level. An inverted head and shoulders pattern on the lower time frames point to a potential move towards...

OctaFX_Official

Ethereum has pulled back towards its opening weekly price after bulls failed to build bullish traction above the $180.00 level. Weakness in the altcoin space is also weighing on Ethereum from a technical standpoint, as investors increasingly favor Bitcoin. Overall, the ETHUSD pair has strong support from the $160.00 level and is still likely to move back towards...

OctaFX_Official

The euro currency has made a marginal recovery against the US dollar, following much weaker-than-expected ISM manufacturing data from the US economy. The overall trend still remains bearish for the EURUSD pair, with the 1.0900 level near-term support. Bulls need to move price above the 1.0990 level to encourage a technical test of the 1.1026 resistance level. If...

OctaFX_Official

The British pound has recovered above the 1.2000 level against the US dollar after bouncing sharply from the 1.1960 support level. United Kingdom politics is generating extreme volatility in the GBPUSD pair, causing price to whipsaw on the latest Brexit headline. Bulls need to keep price above the 1.2020 level to encourage the notion that a medium-term price floor...

OctaFX_Official

Litecoin is started to grind higher as positive trading sentiment starts to spread through the entire cryptocurrency market space. The LTCUSD pair is increasingly likely to test towards the $80.00 level, although $92.00 is possible if Bitcoin continues to break higher. Overall, Litecoin bulls are showing positive signs that they intend to push the cryptocurrency...

OctaFX_Official

The British pound has opened the new trading week below the important 1.2195 level against the US dollar, following renewed demand the greenback. Traders are now awaiting the release of the United Kingdom Manufacturing PMI, which could provoke GBPUSD volatility. Weaker UK PMI data could prompt a test of the 1.2100 support level, while a better than expected number...

OctaFX_Official

Ethereum is holding steady in early week trade after the second-largest cryptocurrency closed August heavily in the red. The ETHUSD pair has so far found technical support around the $165.00 level, with the immediate downside risk being a further drop to the $150.00 level. The lower time frames are showing a potential bullish reversal pattern, which could take the...

OctaFX_Official

The euro has opened the new trading month under pressure against the US dollar after suffering its lowest weekly price close since May 2017. The psychological 1.1000 level is now former key support turned resistance, with 1.1026 level extended resistance. Below the 1.0960 level, the 1.0900 level is the most notable form of technical support for the EURUSD pair...