OctaFX_Official

OctaFX_Official

Minutes and Manufacturing The release of FOMC meeting minutes headlines the economic calendar this week alongside the release of key PMI Manufacturing data from the eurozone economy. Market participants will be looking closely at the language used by US policymakers inside of the FOMC meeting minutes, especially any overly dovish or hawkish comments. Investors...

OctaFX_Official

Ethereum has made a strong move higher on Monday, with the ETHUSD pair making close to double-digit intraday gains after bulls convincingly broke above the $120.00 level. Further upside towards the $150.00 level remains possible as the technical breakout is still gathering momentum. Both the Relative Strength Index and MACD indicators on the four-hour time frame...

OctaFX_Official

The US dollar is attempting to recover higher against the Japanese yen currency on Monday after the pair found strong support from the 110.24 level. The movement of the USDJPY pair is increasingly being driven by news from Sino-US trade talks, with markets still optimistic a deal can be reached. Traders should carefully watch for a break of the 110.24 to 110.80...

OctaFX_Official

The euro currency has recovered above the 1.1300 level against the US dollar on hopes that European Central Bank may provide new loans to troubled European banking institutions. EURUSD bulls need to break above the 1.1337 resistance level to keep the recent bullish intact. The MACD indicator on the four-hour time frame is signalling that further upside in the pair...

OctaFX_Official

Euro breaks support The euro currency came under heavy selling pressure this week, with single currency falling to a fresh 2019 trading low against the US dollar as the greenback strengthened broadly and EU economic data continued to worsen. Weaker than expected monthly eurozone Industrial Production data and softer German fourth-quarter Gross Domestic Product...

OctaFX_Official

The US dollar has reversed sharply lower against the Japanese yen currency, after recent news reports from Sino-US trade talks revealed that both sides are still far from reaching a deal. The USDJPY pair is now testing the pivotal 110.40 level with bearish momentum likely to increase below this area. Any strong bounce from this area will likely target the 111.10...

OctaFX_Official

Litecoin is under increasing selling pressure on Friday, with the popular cryptocurrency now testing the $41.00 support level. The $41.00 level was formerly the LTCUSD pairs yearly trading high and now becomes formed key resistance turned key support. A sustained break of this level may encourage selling towards the $36.00 level, while a strong bounce may provoke...

OctaFX_Official

The British pound has slumped to a fresh monthly trading low against the US dollar, with the pair falling below the important 1.2790 support level. If sellers can sustain bearish momentum below the 1.2790 level, a further decline towards the 1.2740 support level remains possible. Traders now await the release of Retail Sales data from the UK economy, with...

OctaFX_Official

The US dollar is now testing the key 111.00 level against the Japanese yen currency after buyers easily broke through the 110.80 resistance area. Strong technical resistance is seen around the 111.10 level, although the 111.40 level remains the target for bulls. The USDJPY pair risks losing recent bullish momentum if sellers force price back under the 110.40...

OctaFX_Official

The euro has fallen to fresh monthly trading low against the greenback after the eurozone economy posted much weaker than expected data and the US dollar reversed direction. The EURUSD pair is heavily bearish while trading below the 1.1260 level and may soon challenge its multi-year trading low, around the 1.1215 level. Traders now await the release of key...

OctaFX_Official

Bitcoin is trading inside a triangle pattern on the lower time frame, with the BTCUSD pair once again confined to extremely narrow ranges. Bulls failed to make progress about the $3,700 level, as the former weekly rally in the number one cryptocurrency stalls. A break below the triangle pattern would likely provoke a technical test of the important $3,460 support...

OctaFX_Official

Ethereum is pressing against the $120.00 resistance level, with short-term bulls struggling to move price above the ETHUSD pairs 200-period moving average on the four-hour time frame. If buyers break this key moving average an advance towards the $140.00 level is possible, with the $160.00 level extended resistance. Continued failure around the $120.00 may provoke...

OctaFX_Official

The British pound has recovered back towards the 1.2900 level against the greenback due to the US dollar index coming under heavy selling pressure. The GBPUSD pair bullish bias above the 1.2930 level, with the 1.2900 level another key intraday area to watch for bullish signs. Traders are likely to remain cautious, as the United Kingdom economy is releasing a raft...

OctaFX_Official

The euro currency has recovered above the 1.1300 level against the US dollar, with the pair correcting from extremely oversold trading conditions. If the EURUSD moves above the 1.1360 level, strong technical buying may force the pair back towards the 1.1410 area. Technical indicators are turning bullish on the four-hour time frame with the RSI and MACD indicators...

OctaFX_Official

Litecoin is under mild selling pressure on Tuesday after cryptocurrency traders started to book profits from the $45.00 region. The LTCUSD pair may continue to trade higher, as the bullish inverted head and shoulders pattern seen on the lower time frame has an upside projection close to the $50.00 level. Overall, short-term bulls are in charge of the LTCUSD pair...

OctaFX_Official

The euro is trading at its weakest level against the US dollar since December last year after sellers finally broke through the important 1.1300 support level. If sellers can move the EURUSD pair below the 1.1260 level, a further decline towards the 1.1215 support region appears possible. It is worth noting that the 1.1300 level is now former support turned key...

OctaFX_Official

The British pound is coming under increasing downside pressure against the US dollar on Tuesday after sellers forced price below the important 1.2890 level. The 1.2850 level is the major support region to watch, further losses under this area may provoke additional technical selling towards the 1.2780 level. Sterling traders should be aware that Bank of England...

OctaFX_Official

WEEKLY FORECAST Markets look for direction from global inflation and economic growth data Inflation and growth data During the upcoming trading week global inflation and Gross Domestic Product data are heavily in focus. We see the release of Consumer Price Index numbers from the Swiss, United Kingdom, United States and...