OctaFX_Official

OctaFX_Official

Ethereum 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...

OctaFX_Official

The 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...

OctaFX_Official

The 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...

OctaFX_Official

Bitcoin 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...

OctaFX_Official

The 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...

OctaFX_Official

The 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...

OctaFX_Official

The 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...

OctaFX_Official

The 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...

OctaFX_Official

Litecoin 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...

OctaFX_Official

The 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...

OctaFX_Official

Bitcoin 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...

OctaFX_Official

The 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...

OctaFX_Official

The 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...

OctaFX_Official

The 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...

OctaFX_Official

Ethereum 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...

OctaFX_Official

The 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...

OctaFX_Official

The 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...

OctaFX_Official

Bitcoin 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...