OctaFX_Official

OctaFX_Official

Ethereum has moved within touching distance of the $280.00 resistance level as the ETHUSD pair finally starts to follow Bitcoin higher. If bulls can breach the $285.00 level a bullish breakout towards the $320.00 level appears the most likely scenario. Traders should track the action on the BTCUSD pair as it is starting to have a strong correlation with other top...

OctaFX_Official

The euro is struggling with the 1.1300 level against the US dollar ahead of the release of key PMI data from the eurozone economy this morning. Weaker than expected PMI data may push the EURUSD pair back towards the 1.1260 to 1.1245 support zones. Another key mover for the EURUSD will be the US PMI data later today, with a worse than expected number likely to be...

OctaFX_Official

The British pound is starting to appear overstretched around the 1.2700 level against the US dollar as a number of key downside risks for sterling still remain place. A deeper bearish correction may see the GBPUSD pair test back towards the 1.2600 level. GBPUSD bulls need to maintain price above the 1.2730 resistance level to inspire further buying towards the...

OctaFX_Official

The British pound has staged a powerful upside rally against the US dollar, ahead of the Bank of England rate decision later today. The GBPUSD pair has a strong bullish bias while trading above the 1.2645 level and may soon test the 1.2700 level. Weakness below the 1.2645 level may trigger a sell-off in the GBPUSD, especially if the Bank of England offers dovish...

OctaFX_Official

The euro is moving higher against the greenback after the Federal Reserve paved the way for a July rate cut during yesterday’s monetary policy statement. The EURUSD pair has an intraday bullish bias while trading above the 1.1260 level, although upside momentum is fairly weak. Overall, EURUSD bulls need to break the 1.1290 level or the pair could return back to...

OctaFX_Official

Bitcoin bulls continue to hold price above major technical support, despite a loss of upside momentum above the critical $9,000 level. The one-hour time frame is showing that the BTCUSD pair is still being held above the neckline of a bullish pattern. The $8,930 level now appears key in the short-term, while the $9,477 resistance level is major upside resistance...

OctaFX_Official

Ethereum is coming under slight downside pressure after the second largest cryptocurrency by market capitalization failed to break the May trading high. The bearish pattern on the four-hour time frame has yet to be invalidated, leaving the ETHUSD pair vulnerable to more losses. Overall the next strong directional move is unlikely to occur until the $230.00 to...

OctaFX_Official

The euro has struggled to move above the 1.1200 resistance level against the US dollar as ECB President Mario Draghi’s bearish comments continue to weigh on the single currency. The 1.1150 support level is the next support level to watch while the EURUSD pair continues to trade below the 1.1200 level. EURUSD traders now await the FOMC rate decision later today,...

OctaFX_Official

The British pound remains under pressure towards the key 1.2560 level against the US dollar, ahead of the release of UK inflation data this morning. The 1.2560 level is a key pivot for the GBPUSD pair, with further intraday weakness expected if bulls fail to secure price above this area. An upcoming test of the 1.2500 level is still expected due to broad-based...

OctaFX_Official

The British pound has slumped to its weakest level against the greenback since January 3rd this year, after bears moved the pair below the key 1.2560 level. Continued weakness below the 1.2500 level is increasingly likely as UK political uncertainty is driving the pair lower. GBPUSD bears are likely to aim for the December low, while bulls may look for a better...

OctaFX_Official

The euro is on the rise against the US dollar in early Tuesday trade as bulls once again failed to breach the key swing-low, at 1.1200. The 1.1260 level remains the next upside target for EURUSD bulls, with the 1.1245 level the interim resistance barrier they need to clear. The four-hour time frame is also showing a large bullish pattern, with the 1.1500 level the...

OctaFX_Official

Litecoin has failed to follow Bitcoin higher and rally to a fresh 2019 trading high, with the popular crypto so far finding resistance from the just below the $145.00 level. The one-hour time frame is showing that bulls need to make a new high as a bearish head and shoulders pattern is in play. Overall, the LTCUSD pair is still extremely bullish while trading...

OctaFX_Official

Bitcoin bulls have returned in force after breaking through the $9,000 level and moving the number one crypto to a new 2019 trading high. The BTCUSD pair offers limited resistance above the $9,300 level, leaving the $10,000 level a likely near-term target. Only a sustained bearish move below the $8,400 support level will put the recent up move in the BTCUSD into...

OctaFX_Official

The euro has started the new trading week on the back foot against the US dollar after the pair suffered its worst one-day drubbing since March this year. Bulls now need to move the EURUSD away from the 1.1200 level and start to close the pair above the 1.1260 level ahead of the FOMC meeting. Weakness below the key 1.1200 level may prompt another technical test of...

OctaFX_Official

The British pound has opened the new trading week under pressure against the US dollar after a heavily bearish weekly close under the 1.2600 support level. If GBPUSD sellers break the 1.2560 support level the pair could slide toward the 1.2480 region. Any intraday bounces higher are expected to find meet with strong technical selling interest from the 1.2630 to...

OctaFX_Official

Bitcoin has been steadily working through Ichimoku cloud resistance on the four-hour time frame as the BTCUSD pair enjoys a late-week bid. The Ichimoku cloud is also showing that future key resistance for the BTCUSD pair is located around the $8,800 level. Bulls first need to break through the $8,400 resistance level to encourage the next round of technical...

OctaFX_Official

The euro currency has slumped to a fresh weekly trading lower against the US dollar after the pair broke through the 1.1280 support barrier. Sustained losses below the 1.1260 level may trigger the next heavy EURUSD sell-off towards at least the 1.1235 support zone. Worse than expected US retail sales data later today may help to send the US dollar index lower and...

OctaFX_Official

The British pound is once again testing towards the 1.2660 level against the US dollar after suffering another strong rejection from the 1.2700 resistance level. Bulls are struggling to keep the GBPUSD pair above the 1.2700 level, with sellers holding the upper hand while price trades below this key level. Overall, a sustained break above the 1.2710 level may...