OctaFX_Official

OctaFX_Official

The euro is struggling to break higher against the US dollar currency, as buyers fail to close the daily candle above the pairs key 100-day moving average. Despite the failure to break the 1.1500 barrier, the EURUSD pair remains well-bid on pullbacks towards the 1.1400 support level. Traders now await the release of German export data and the official eurozone...

OctaFX_Official

Ethereum continues to hold firm around the $150.00 level, despite bearish fundamental developments surrounding the ETHUSD pair on Tuesday. Buying momentum is growing in the short and medium-term, with the ETHUSD pair also exhibiting the formation of a bullish cup and handle pattern on the lower time frames. Only a strong below the $138.00 support level can negate...

OctaFX_Official

The euro is starting to lose ground against the US dollar currency, after a failed attempt to break above the 1.1500 resistance level. The recent failure to overcome the 1.1500 level has provoked technical selling back towards the 1.1430 support level. The sustained break from the 1.1360 to 1.1470 trading range will likely provide a directional bias for short-term...

OctaFX_Official

The British pound continues to edge higher against the US dollar in early Tuesday trade, as buyers test towards the 1.2800 resistance level. If buyers can break above the 1.2810 resistance level, the GBPUSD pair could eventually rally towards the 1.2930 level. Technical failure before the 1.2810 resistance level will likely trigger heavy selling back towards the...

OctaFX_Official

The LTCUSD pair has opened the trading week strongly, with price breaking above the important $36.60 level and rallying towards the $39.00 region. Buyers now need to hold price above the $36.60 level for further advancement above the $40.00 level. The bullish inverted head and shoulders pattern has been triggered and remains the immediate focus for short-term...

OctaFX_Official

Boc and inflation During the upcoming trading week traders and investors look to a key interest rate decision from the Bank of Canada and important CPI inflation data from the United States and Chinese economies. The Bank of Canada is widely expected to keep interest rates unchanged after a series of disappointing data points from the Canadian economy and a sharp...

OctaFX_Official

The British pound is trading well above the 1.2700 level against the US dollar in early Monday trade, as speculation mounts that British PM Theresa May could delay the planned Brexit vote in parliament this week. The 1.2700 level remains the pivotal area to watch for gauging the intraday sentiment surrounding the GBPUSD pair. Continued bullish advancement above...

OctaFX_Official

The euro currency remains well supported against the US dollar in early Monday trade, following a dovish speech from Federal Reserve Chair Powell on Friday. The EURUSD is expected to advance higher on an intraday basis while the pair trades above the 1.1410 level. A daily price close above the pairs 100-day moving average is essential for further technical buying...

OctaFX_Official

Bitcoin has broken above the important $3,960 resistance level in early Monday trade, which has negated the formation of a bearish triple-top pattern. The move higher is being helped by positive sentiment in the cryptocurrency market, with most major cryptocurrencies advancing intraday. Buyers must now go on to break the $4,400 resistance level in order to trigger...

OctaFX_Official

GREENBACK PRESSURED The US dollar index gave back early week gains after Federal Reserve Chair Jerome Powell noted that the FOMC feel that the United States benchmark interest rate is approaching a neutral level. FED Chair Powell’s statement is also seen as a sign that the US central bank are now starting to acknowledge recent criticism from US President...

OctaFX_Official

The LTCUSD pair is consolidating above the $30.00 level in early Friday trade, after two failed attempts to surpass the $33.00 resistance area. Buyers now need a strong move above the $36.00 level in order to trigger the bullish inverted head and shoulders pattern on the lower time frames. Repeated failure to launch higher may prompt a further technical test of...

OctaFX_Official

The euro currency has continued to advance higher against the US dollar, with the pair now testing above the 1.1400 resistance level. Bulls now need to break above the pivotal 1.1430 level, in order to encourage further technical buying towards the weekly trading high. To the downside, a strong move under the 1.1360 support level is currently needed for sellers to...

OctaFX_Official

The US dollar is attempting to recover short-term bullish momentum against the Japanese yen currency on Friday, after breaking above the important 108.10 resistance level. Technical indicators for the USDJPY pair are extremely oversold, further short-term gains still remain possible. A decline below the 108.10 level will likely place the emphasis back on the...

OctaFX_Official

Bitcoin is attempting to recover short-term bullish momentum, with buyers now testing towards the important $3,960 resistance level. Failure for the BTCUSD pair to move above the $3,960 level will create the formation of a bearish triple-top pattern. If buyers can break above the $3,960 level, the $4,200 and $4,400 levels will become the immediate upside targets...

OctaFX_Official

The British pound is now under heavy selling pressure against the US dollar, following a flash crash in the foreign exchange market which saw the pair hitting 1.2424. The GBPUSD pair has made a recovery above the 1.2500 level, although short-term sellers still retain control of price action. A continuation to the downside is expected if sellers can hold price...

OctaFX_Official

The US dollar remains under intense downside pressure against the Japanese yen currency in early Thursday trade, due to a heavy technical sell-off in the pair and increasing fears about a global economic slowdown. The USDJPY pair is now trading below the key May 2018 trading low, at 108.10, and is vulnerable to further losses while below this important area. Only...

OctaFX_Official

The US dollar is once again back under downside pressure against the Japanese yen, as safe-haven currencies remain in strong demand. The USDJPY has now erased Thursday’s gains and is likely to trade lower while price holds below the 110.80 level. The MACD indicator on the daily time frame is also showing that the USDJPY pair is likely to continue to trend...

OctaFX_Official

Litecoin has fallen to a fresh weekly low in early Friday trade as the entire cryptocurrency market comes under heavy selling pressure. After peaking around the $36.60 level on Christmas Eve, the LTCUSD pair has now lost over twenty-five per cent of its market capitalization. A sustained move below the $26.00 support level may prompt traders to attempt to close...