Daily analysis by FXOpen

[Farabot]

GBP/USD and GBP/JPY Target Additional Gains

GBP/USD started a fresh increase from the 1.3180 zone and climbed above 1.3300. GBP/JPY is also rising and trading above the 152.00 resistance.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound started a fresh increase above the 1.3200 and 1.3300 resistance levels against the US Dollar
  
• There is a major bullish trend line forming with support near 1.3365 on the hourly chart of GBP/USD.
  
• GBP/JPY also started a steady increase above the 151.50 and 152.00 resistance levels.
  
• There is a key bullish trend line forming with support near 152.75 on the hourly chart.

GBP/USD Technical Analysis

After a major decline, the British Pound found support near the 1.3180 zone against the US Dollar. The GBP/USD pair started a fresh increase above the 1.3220 and 1.3300 resistance levels to move into a positive zone.

There was also a break above the 1.3350 zone and the 50 hourly simple moving average. It traded as high as 1.3427 on FXOpen and is currently consolidating gains.

GBP/USD Hourly Chart

There was a minor decline below the 1.3420 level. On the downside, an immediate support is near the 1.3380 level. It is near the 23.6% Fib retracement level of the upward move from the 1.3173 swing low to 1.3427 high.

There is also a major bullish trend line forming with support near 1.3365 on the hourly chart of GBP/USD. The next major support is near the 1.3300 level.

The 50% Fib retracement level of the upward move from the 1.3173 swing low to 1.3427 high is also near the 1.3300 zone. If there is a break below the 1.3300 support, the pair could test the 1.3250 support. If there are additional losses, the pair could decline towards the 1.3150 level.

On the upside, the pair is facing resistance near the 1.3420 level. A close above the 1.3420 level could open the doors for more gains. The next major hurdle is near 1.3450, above which the pair could surge towards 1.3500.

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[Farabot]

FXOpen is wishing you a Merry Christmas and a Happy New Year

Dear Traders and Partners,

As 2021 draws to a close, FXOpen would like to take this opportunity to wish happiness and prosperity to you and your family, as well as continued success in your trading for 2022.

Let us state the obvious: 2021 was a rough year for many. But we believe these challenges have made us tougher, more resilient, and thoughtful in our decision-making as individuals — which are integral and vital traits for any trader.

As your trusted partner in trading, we will strive to live up to our excellent reputation and continue creating the safest and best possible trading conditions for you, with spreads from 0.0 pips, low commissions and ultra fast execution.

Finally, don’t forget about our special Christmas offer to you: trade commission-free for the rest of December*.

Here’s to a brighter 2022!

*Terms and conditions apply

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[Farabot]

BTCUSD and XRPUSD Technical Analysis – 28th DEC, 2021

BTCUSD: Double Top Pattern Below $52,000

Bitcoin was unable to sustain its bullish moves this week. After touching a high of $52,008, it declined to a low of 48740 in the Asian trading session today.

At present, the markets are ranging in a consolidation phase below the $50,000 handle, and we may see more downward pressure in the coming days.

Bitcoin has gone back into a bearish channel and is trading below the $50,000 handle. We can see more downsides in the range of $49,000 to $48,500 later today.

We can clearly see a double top pattern below the $52,000 level, which signifies the end of an uptrend and a shift towards a downtrend.

Both the Stoch and Williams percent ranges are indicating an OVERBOUGHT level, meaning that in the immediate short-term a decline in the prices is expected.

Bitcoin is now moving below its 100 hourly simple and exponential moving averages.

The average true range is indicating a high market volatility which means that markets are due to decline further.

• bitcoin trend reversal is seen below $52,000
• Ultimate oscillator is indicating a NEUTRAL level
• The price is now trading just above its pivot level of $49,227
• All the moving averages are giving a STRONG SELL signal at the current market level of $49,370

Bitcoin: Bearish Reversal Below $52,000 Confirmed

Bitcoin is forming a bearish trend pattern which means that the prices can start declining further due to the selling pressure that is coming into global cryptocurrency markets.

All of the major technical indicators are giving a STRONG SELL signal, which means that in the immediate short-term we are expecting targets of $49,000 and $48,000.

The price of BTCUSD is now facing its classic support level of $49,077 and Fibonacci support level of $49,111 after which the path towards $48,500 will get cleared.

In the last 24hrs, BTCUSD has gone DOWN by -2.83% with a price change of 1436$, and has a 24hr trading volume of USD 30.797 billion. We can see an Increase of 49.60% in the trading volume as compared to yesterday.

This increase in the trading volume of BTC is happening because of the increased selling pressure which, in turn, has been triggered by the end-of-the-year market liquidation and profit taking by global investors.

The Week Ahead

Bitcoin has now started its downside correction as the bears managed to bring its price below the important psychological support level of $50,000.

The short-term outlook is negative, but the medium to long-term outlooks remain BULLISH for bitcoin, with targets of $55,000 to $60,000 in 2022.

The relative strength index is below the 35 mark indicating a weaker demand for bitcoin and a heavy selling pressure in the BTCUSD market.

We can expect to see the level of $48,500 before the end of 2021.

BTC Options Market

As 2021 comes to an end, bitcoin is facing a huge options expiration on 31st Dec 2021.

Around 5.7 billion USD worth of BTC options will expire on the Deribit exchange, which will increase the liquidity in the bitcoin markets globally.

The total combined value of bitcoin options will be valued at 10.7 billion USD.

Technical Indicators:

Relative strength index (14-day): at 32.33 indicating a SELL

Average directional change (14-day): at 46.25 indicating a SELL

Rate of price change: at -4.503 indicating a SELL

Moving averages convergence divergence (12,26): at -411.70 indicating a SELL

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[Farabot]

EUR/USD Could Recover, EUR/JPY Extends Rally

EUR/USD is facing a major resistance near the 1.1335 and 1.1350 resistance levels. EUR/JPY is rising and showing positive signs above the 129.50 level.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro is struggling to gain pace for a move above the 1.1350 resistance zone.
  
• There is a key bullish trend line forming with support near 1.1300 on the hourly chart.
  
• EUR/JPY gained pace for a strong move above the 130.00 resistance level.
  
• There was a break below a major bullish trend line with support near 129.80 on the hourly chart.

EUR/USD Technical Analysis

The Euro made a few attempts to gain strength above the 1.1335 and 1.1350 resistance levels against the US Dollar. The EUR/USD pair struggled to gain pace and started a fresh decline from the 1.1335 zone.

The pair traded below the 1.1320 support and settled below the 50 hourly simple moving average. A low was formed near 1.1290 on FXOpen and the pair is now correcting losses. There was a break above the 1.1300 level.

EUR/USD Hourly Chart

The pair spiked above the 50% Fib retracement level of the downward move from the 1.1335 swing high to 1.1290 low.

It is now facing resistance near the 1.1310 level. The next major resistance is near the 1.1320 level. It is near the 76.4% Fib retracement level of the downward move from the 1.1335 swing high to 1.1290 low. The main resistance is forming near the 1.1335 and 1.1350 levels.

A clear break above the 1.1350 resistance could push EUR/USD towards 1.1400. On the downside, the 1.1300 level is a major support. There is also a key bullish trend line forming with support near 1.1300 on the hourly chart.

Any more losses might lead EUR/USD towards the 1.1220 support zone in the near term. The next major support sits near the 1.1200 level.

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[Farabot]

#MarketNews #S&P500

END OF 2021: TECH STOCK INDEX LOSES TO S&P 500

As of the last days of 2021, the high-tech Nasdaq Composite has gone up by 23% YTD — still inferior to the S&P 500’s 28%. It is unlikely that this balance will change as the last minutes of the trading year are ticking by, although the opposite situation may be observed in derivatives markets.

The last two times the S&P 500 outperformed the Nasdaq Composite were in 2016 and 2011.

In the S&P 500, the most profitable subgroup in 2021 was energy, following skyrocketing oil and gas prices.

The main concern for Nasdaq is that companies have overextended their huge market caps in 2020 and failed to keep pace in 2021. Indeed, in 2020, Nasdaq climbed by 44%, while the S&P 500 managed to grow “just” by 16%.

Another sign that the market for tech companies looks overheated is graph #1, which shows that the share of techs is at its highest since 2000 when the dot-com crisis occurred.

Whichever index you choose for investing, Nasdaq or the S&P 500, FXOpen, an EU-licensed and regulated broker, is ready to remain your reliable partner in 2022.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice


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[Farabot]

GBP/USD Gains Momentum While EUR/GBP Eyes Recovery

GBP/USD gained pace and there was a move above the 1.3500 resistance. EUR/GBP is attempting an upside break above the 0.8420 resistance zone.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound started a steady upward move above the 1.3450 and 1.3480 levels.
  
• There is a key rising channel forming with support near 1.3490 on the hourly chart of GBP/USD.
  
• EUR/GBP found support near 0.8365 and started a recovery wave.
  
• There was a break above a major bearish trend line with resistance near 0.8400 on the hourly chart.

GBP/USD Technical Analysis

The British Pound formed a support base above the 1.3400 zone against the US Dollar. The GBP/USD pair started a steady upward move after it broke the 1.3450 resistance zone.

The pair recovered above the 1.3500 resistance level and the 50 hourly simple moving average. A high was formed near 1.3550 and the pair is now correcting gains. There was a break below the 1.3540 and 1.3520 levels.

GBP/USD Hourly Chart

The pair traded below the 50% Fib retracement level of the upward move from the 1.3465 low to 1.3550 high. The pair is now trading near the 1.3500 level.

There is also a key rising channel forming with support near 1.3490 on the hourly chart of GBP/USD. The channel is near the 61.8% Fib retracement level of the upward move from the 1.3465 low to 1.3550 high.

On the upside, an initial resistance is near the 1.3520 level. If there is an upside break above the 1.3520 resistance, the price could surpass 1.3550. The next main resistance is near the 1.3600 zone.

If there is no upside break, the pair could start a fresh decline below 1.3500. An immediate support is near the 1.3480 level.

The first key support is near the 1.3450 level. Any more losses could lead the pair towards the 1.3400 support zone. The next major support sits near the 1.3320 level.

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[Farabot]

BTCUSD and XRPUSD Technical Analysis – 04th JAN 2022

BTCUSD: Double Bottom Pattern Above $45,000

Bitcoin started this week on a bearish tone, and the price continued to slide touching a low of $45,725 on 3rd January, after which we can see some fresh buying in bitcoin markets globally.

Some pullback action can be observed in the European trading session today, and the prices of BTCUSD are ranging above the $46,000 handle.

We can clearly see a double bottom pattern above $45,000, which signifies the end of a downtrend and a shift towards an uptrend.

Both Stoch and StochRSI are indicating an OVERBOUGHT level, meaning that in the immediate short-term, a decline in the prices is expected.

With global cryptocurrency markets staging mixed trading signals we will have to wait before entering into any buying positions in bitcoin.

The relative strength index is at 52 indicating a NEUTRAL market and a move towards a market consolidation phase.

Bitcoin is now moving below its 100 hourly simple and exponential moving averages.

The average true range is indicating a lesser market volatility which means that markets are due to enter into a consolidation phase.

• Bitcoin trend reversal is seen above $45,000
• Williams percent range is indicating an OVERBOUGHT level
• The price is now trading just above its pivot levels of $46,489
• All moving averages are giving a NEUTRAL market signal

Bitcoin: Bullish Reversal Above $45,000 Confirmed

Bitcoin is forming a bullish trend pattern which means that the prices can start moving upwards due to the buying pressure that is coming into the global cryptocurrency markets.

The moving averages are giving a NEUTRAL signal; however, we have detected a MA 20 crossover pattern which is an indication for the bullish reversal of the markets. This bullish trend is mild and will have to wait till we can see a STRONG BUY signal from the moving averages.

All of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short-term we are expecting targets of $47,000 and $48,000.

The price of BTCUSD is now facing its classic resistance level of $46,639 and Fibonacci resistance level of $46,731, after which the path towards $47,000 will get cleared.

In the last 24hrs, BTCUSD has gone DOWN by -1.01% with a price change of 477$, and has a 24hr trading volume of USD 34.438 billion. We can see an Increase of 19.26% in the trading volume as compared to yesterday. This increase is due to the increased buying pressure seen after the recent decline in bitcoin.

The Week Ahead

We can see that bitcoin has started its upside correction after the decline and continues to trade above $46,500.

The recent decline we saw from the high of $68,984 reached on 10th November, 2021, happened due to the profit taking and the market liquidation by big investors and the global hedge funds.

The downside wave correction now seems to be finally over and we are ready for an upswing move towards the $50,000 handle in January 2022.

The short-term outlook is positive; the medium to long-term outlook remains BULLISH for bitcoin with targets of $55,000 to $60,000 in 2022.

BTC Gains in 2021

In 2021, we saw a 66% gain in bitcoin, which was lower than Ethereum’s 421% jump.

In contrast, we saw a marginal decline in the value of gold without any gains, whereas the US S&P 500 saw gains of 31% during the same period.

Bitcoin still remains the topmost cryptocurrency of the world with a total market capitalization of 881.48 billion USD.

Technical Indicators:

Commodity channel index (14-day): at 161.63 indicating a BUY

Average directional change (14-day): at 36.94 indicating a BUY

Rate of price change: at 0.399 indicating a BUY

Bull/bear power (13-day): at 316.27 indicating a BUY

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[Farabot]

EUR/USD Struggle Continues, USD/JPY Extends Rally

EUR/USD started a fresh decline from well above 1.1350. USD/JPY started a major increase above the 115.00 and 115.50 resistance levels.

Important Takeaways for EUR/USD and USD/JPY

• The Euro failed to gain strength above the 1.1350 and 1.1380 resistance levels.
  
• There is a key bearish trend line forming with resistance near 1.1300 on the hourly chart of EUR/USD.
  
• USD/JPY started a fresh increase above the 115.00 resistance zone.
  
• There was a break above a major rising channel with resistance near 115.55 on the hourly chart..

EUR/USD Technical Analysis

Recently, the Euro failed to clear the 1.1385 zone against the US Dollar. The EUR/USD pair started a fresh decline and traded below the 1.1320 support zone.

The pair even broke the 1.1300 level and settled below the 50 hourly simple moving average. A low was formed near 1.1272 on FXOpen and the pair is now consolidating. An immediate resistance on the upside is near the 1.1300 level.

EUR/USD Hourly Chart

It is near the 23.6% Fib retracement level of the recent decline from the 1.1388 swing high to 1.1272 low. The next major resistance is near the 1.1305 level.

There is also a key bearish trend line forming with resistance near 1.1300 on the hourly chart of EUR/USD. The main resistance is near the 1.1320 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.1388 swing high to 1.1272 low.

If there is no break above 1.1320, the pair might start a fresh decline. An immediate support is near the 1.1275. The next major support is near 1.1260, below which the pair could dive to 1.1220 in the near term.

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[Farabot]

#MarketNews #Dollar

THE DOLLAR STRENGTHENS

Positive news bits on the US employment front. The stats released yesterday suggest that the increase in the employed population is the largest in the last 6 months. Such dynamics are viewed as a support for the US dollar.

Another piece of good news is contained within the minutes from the Fed's December 15 meeting, where they talk about the strength of the US economy and high inflation.

Together, these factors stimulate the Fed to raise interest rates earlier than previously expected. The news triggered a decline in stock prices (primarily the tech ones).

Such a development should strengthen the dollar against other currencies.

For example, in the EURUSD market, the rate is falling to the December support line (1). Substantial buy orders are located at the level of 1.2750 (2). If the strengthening dollar can “bench press" the support block (1 + 2), then the 1.2750 level will most likely act as important resistance.

You can benefit from fluctuations in the currency market with a trusted broker like FXOpen. (https://www.fxopen.com/en-gb/)

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice


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[Farabot]

AUD/USD and NZD/USD Could Extend Losses

AUD/USD started a fresh decline from well above 0.7250. NZD/USD is also declining and there is a risk of a move below the 0.6730 support.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a major decline from well above the 0.7250 level against the US Dollar.
  
• There is a short-term breakout pattern forming with resistance near 0.7175 on the hourly chart of AUD/USD.
  
• NZD/USD also declined sharply below the 0.6800 support zone.
  
• There is a contracting triangle forming with resistance near 0.6755 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar struggled to clear the 0.7270 level against the US Dollar. The AUD/USD pair started a fresh decline below the 0.7250 support level.

The pair even traded below the 0.7220 support level and the 50 hourly simple moving average. It traded as low as 0.7146 on FXOpen and started consolidation. There was a minor move above the 0.7155 level.

AUD/USD Hourly Chart

However, the pair is facing resistance near the 0.7175 level. There is also a short-term breakout pattern forming with resistance near 0.7175 on the hourly chart of AUD/USD. The triangle resistance is near the 23.6% Fib retracement level of the downward move from the 0.7272 swing high to 0.7146 low.

The next major resistance is near the 0.7210 level. It is near the 50% Fib retracement level of the downward move from the 0.7272 swing high to 0.7146 low.

A close above the 0.7210 level could start a steady increase in the near term. The next major resistance could be 0.7250. On the downside, an initial support is near the 0.7150 level. If there is a downside break below the 0.71350 support, the pair could extend its decline towards the 0.7120 level. Any more downsides might send the pair toward the 0.7100 level.

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[Farabot]

GBP/USD Gains Momentum, USD/CAD Could Extend Losses

GBP/USD started a major increase above the 1.3500 resistance zone. USD/CAD declined below 1.2700 and remains at a risk of more downsides.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a fresh increase from the 1.3320 support zone.
  
• There is a key bullish trend line forming with support near 1.3545 on the hourly chart of GBP/USD.
  
• USD/CAD started a fresh decline from well above the 1.2800 pivot level.
  
• There was a break below a major bullish trend line with support near 1.2730 on the hourly chart.

GBP/USD Technical Analysis
After a major decline, the British Pound found support above 1.3320 against the US Dollar. GBP/USD started a fresh upward wave above the 1.3500 level.

The bulls gained strength and pushed the pair above the 1.3550 level. A high was formed near 1.3597 on FXOpen and the pair is now consolidating gains. It is now trading well above the 1.3550 level and the 50 hourly simple moving average.

GBP/USD Hourly Chart

On the downside, the first support is near the 1.3570 area. It is near the 23.6% Fib retracement level of the upward move from the 1.3490 swing low to 1.3597 high.

The first major support is near the 1.3550 level. There is also a key bullish trend line forming with support near 1.3545 on the hourly chart of GBP/USD. It is close to the 50% Fib retracement level of the upward move from the 1.3490 swing low to 1.3597 high.

If there is a break below 1.3545, the pair could extend its decline. The next key support is near the 1.3500 level. Any more losses might call for a test of the 1.3450 support.

An immediate resistance is near the 1.3600 level. The first major resistance is near the 1.3620 level. If there is an upside break above the 1.3620 zone, the pair could rise towards 1.3700. The next key resistance could be 1.3750, above which the pair could gain strength.

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[Farabot]

Changes to FXOpen Trading Hours on Martin Luther King Jr. Day

Dear Traders,

Please be aware of the trading schedule changes on the Martin Luther King Jr. Day (all times are GMT+2):

Monday, January 17

Spot commodities CFD:

• Gold (XAUUSD) – trading ends at 21:30;
• Silver (XAGUSD) – trading ends at 21:30;

Indices CFD:

• Japan 225 (#J225) – trading ends at 20:00;
• US SPX 500 (#SPXm) – trading ends at 20:00;
• US Tech 100 (#NDXm) – trading ends at 20:00;
• Wall Street 30 (#WS30m) – trading ends at 20:00.

Stock CFD – trading closed.

All other financial instruments will be traded as usual.

Please consider this information as you plan your trading for the upcoming week.

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[Farabot]

EUR/USD and USD/CHF: Dollar Correcting Gains

EUR/USD is eyeing a key upside break above 1.1380 and 1.1400. USD/CHF remains supported on the downside near the 0.9200 zone.

PImportant Takeaways for EUR/USD and USD/CHF

• The Euro is slowly moving higher above the 1.1350 resistance zone against the US Dollar.
  
• There is a key bullish trend line forming with support near 1.1315 on the hourly chart of EUR/USD
  
• USD/CHF started a downside correction from the 0.9280 resistance zone.0.
  
• There is a major bullish trend line forming with support near 0.9215 on the hourly chart.

EUR/USD Technical Analysis

The Euro remained well bid above the 1.1300 zone against the US Dollar. The EUR/USD pair started a slow increase and there was a break above the 1.1320 resistance zone.

There was a clear break above the 1.1340 and 1.1350 levels. The pair climbed above the 76.4% Fib retracement level of the key decline from the 1.1364 swing high to 1.1284 low (formed on FXOpen).

EUR/USD Hourly Chart

It is now trading above 1.1370 level and the 50 hourly simple moving average. On the upside, an initial resistance is near the 1.1380 level.

The 1.236 Fib extension level of the key decline from the 1.1364 swing high to 1.1284 low is also near the 1.1380 level. The next major resistance is near the 1.1400 zone. A clear upside break above the 1.1400 zone could open the doors for a steady move.

The next major resistance sits near the 1.1450 level. On the downside, an immediate support is near the 1.1340 level. The next major support is near the 1.1320 level.

There is also a key bullish trend line forming with support near 1.1315 on the hourly chart of EUR/USD. A downside break below the 1.1320 support could start another decline. The next major support sits near 1.1300.

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[Farabot]

FXOpen Leads the Way Into 2022 With 33 New Ultra-Modern ETF CFDs

A new year is upon us, and the ever-evolving nature of the electronic derivatives trading market is in full swing.

As a committed broker in providing you, our valued traders, with an extensive product range, FXOpen is delighted to announce the launch of 33 comprehensive ETFs which range from technologically advanced innovators in automation and robotics, automotive battery technology, to minerals and mining companies, and the traditional and alternative energy sectors.

The newly available funds, which are now accessible via TickTrader, our highly acclaimed platform, offer our traders the opportunity to invest in the prices of these 33 ETFs.

Start trading ETF CFDs with FXOpen

In order to maximize market opportunity, FXOpen is offering these new ETFs with a leverage ratio of 1:5, which is identical to that offered to our stock CFD traders. This means that you, our loyal clients, can now trade ETFs in the form of CFDs which facilitates investment in the prices of these cutting edge instruments.

Gary Thomson, Chief Operating Officer at FXOpen UK, commented on the development: "It is essential that FXOpen continues to provide a fully comprehensive product range to our discerning clients who are increasingly looking for interesting funds to trade. We are committed to ensuring that all of our valued clients are able to access a multi-asset portfolio of up-to-the-minute products and be able to trade them via our world renowned platform which offers class leading execution. To stay ahead of the game, ETFs that focus on current technology and physical products are an essential part of a modern trading environment."

Interested in trading ETF CFDs with FXOpen? Open and fund an account with us today.

Trade ETF CFDs with FXOpen

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E-mail: support@fxopen.com

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[Farabot]

Gold Price and Crude Oil Price Aim More Upsides

HGold price is gaining pace above the $1,805 resistance zone. Crude oil price is correcting gains, but dips might be limited below the $80.00 support.

Important Takeaways for Gold and Oil

• Gold price is gaining pace and trading above the $1,820 zone against the US Dollar.
  
• There is a key bullish trend line with support near $1,820 on the hourly chart of gold.
  
• Crude oil price started a downside correction from the $82.50 resistance zone.
  
• There is a major bullish trend line forming with support near $81.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price started a fresh increase from the $1,784 support zone against the US Dollar. The price gained pace above the $1,800 resistance to move into a positive zone.

The price settled well above the $1,810 level and the 50 hourly simple moving average. The price traded as high as $1,828 before there was a downside correction. The price declined below $1,820, but the bulls were active above $1,810.

Gold Price Hourly Chart

A low is formed near $1,812 on FXOpen and the price is now rising. There is also a key bullish trend line with support near $1,820 on the hourly chart of gold. There was a clear move above the 50% Fib retracement level of the downward move from the $1,828 swing high to $1,812 low.

It is now trading near the $1,825 level. It is near the 76.4% Fib retracement level of the downward move from the $1,828 swing high to $1,812 low.

On the upside, the price is facing resistance near the $1,828 level. The main resistance is near the $1,830 level. A close above the $1,830 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,865 level.

On the downside, an initial support is near the $1,820 level. The first major support is near the $1,810 level. A downside break below the $1,810 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,780 support.

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[Farabot]

GBP/USD and GBP/JPY Eye Upside Continuation

GBP/USD started a fresh increase from the 1.3500 zone and climbed above 1.3600. GBP/JPY is also rising, but it is facing resistance near 156.60.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound started a fresh increase above the 1.3500 and 1.3600 resistance levels against the US Dollar.
  
• There is a major bullish trend line forming with support near 1.3645 on the hourly chart of GBP/USD.
  
• GBP/JPY also started a steady increase above the 156.00 and 156.20 resistance levels.
  
• There is a key bearish trend line forming with resistance near 156.65 on the hourly chart.

GBP/USD Technical Analysis

After a major decline, the British Pound found support near the 1.3500 zone against the US Dollar. The GBP/USD pair started a fresh increase above the 1.3550 and 1.3600 resistance levels to move into a positive zone.

There was also a break above the 1.3680 zone and the 50 hourly simple moving average. It traded as high as 1.3748on FXOpen and is currently correcting gains.

GBP/USD Hourly Chart

There was a minor decline below the 1.3720 level. The pair traded below the 23.6% Fib retracement level of the upward move from the 1.3490 swing low to 1.3748 high. On the downside, an immediate support is near the 1.3680 level.

There is also a major bullish trend line forming with support near 1.3645 on the hourly chart of GBP/USD. The next major support is near the 1.3620 level.

The 50% Fib retracement level of the upward move from the 1.3490 swing low to 1.3748 high is also near the 1.3620 zone. If there is a break below the 1.3620 support, the pair could test the 1.3550 support. If there are additional losses, the pair could decline towards the 1.3500 level.

On the upside, the pair is facing resistance near the 1.3720 level. A close above the 1.3720 level could open the doors for more gains. The next major hurdle is near 1.3750, above which the pair could surge towards 1.3850.

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[Farabot]

FXOpen Leads the Way Into 2022 With 33 New Ultra-Modern ETF CFDs

A new year is upon us, and the ever-evolving nature of the electronic derivatives trading market is in full swing.

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Gary Thomson, Chief Operating Officer at FXOpen UK, commented on the development: "It is essential that FXOpen continues to provide a fully comprehensive product range to our discerning clients who are increasingly looking for interesting funds to trade. We are committed to ensuring that all of our valued clients are able to access a multi-asset portfolio of up-to-the-minute products and be able to trade them via our world renowned platform which offers class leading execution. To stay ahead of the game, ETFs that focus on current technology and physical products are an essential part of a modern trading environment."

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Australian Dollar falls in major move against Euro as consumer confidence hits 30 year low

After a week-long period of no movement, the Euro has suddenly leapt into life this morning against the Australian Dollar.

Suddenly, as the markets in Europe began their trading week, the Euro rose to 1.584 against the Australian Dollar in the pre-opening early hours of the morning, representing a considerable move given that major currencies are not known for their volatility. Indeed, some entire trading strategies have become based on low volatility as this has been the status quo for many years now.

At the beginning of this month, the EURAUD pair was trading at 1.558, therefore a rise to 1.584 is, by comparison to general movements among major currency pairs, absolutely massive.

Whilst the Euro's move against the Australian Dollar is the largest currency move of the day, it is worth noting that the British Pound made a similar gain over the Australian Dollar, for similar reasons.

It is possible that part of this lack of confidence in the Australian Dollar may come from the continual hectoring that the Australian government appears to be engaging in toward its businesses and citizens.

For example, yesterday it was reported that Australian citizens returning from overseas trips have been asked to hand their smartphones over to the Australian Border Force, with one particular report having stated that a man and his partner were instructed to write their phone passcodes on a piece of paper, before the border officials took their phones into another room.

This is the latest in a long line of draconian restrictions and surveillance efforts being carried out by the Australian government, which has become known as one of the most stringent on earth when it comes to enforcing curbs over Covid 19, and curbs, data security and privacy issues, and a seemingly illiberal position taken by government are not often viewed as favorable conditions for a thriving economy.

Such curbs have therefore dented confidence in the Australian economy, and cast doubts over its position as a liberal and poltically free country going forward.

It could be that as parts of Europe still have some restrictions whereas others have none, trade between Euro-denominated countries and other regions of the world is becoming a bit easier, whereas Australia, whose main trading partner is China and in which personal movement and what could have been considered the normal way of life before March 2020 has shown no sign of return.

The EURAUD pair has moved 0.54% since yesterday, which was already an upward turn over Friday's close at just over 1.57.

The real elephant in the room is that Australia's Consumer Confidence index, which is used to measure how buoyant the retail part of the economy is, is at a very low point.

Figures were revealed for January 2022 this morning and it shows that many Australians are avoiding spending. In fact, confidence is at its lowest point since 1992, and just last week alone, Australian consumer confidence fell by 7.6%, sinking to its lowest rate since October 2020.

Data for all of Australia's states fell below the neutral confidence level of 10o, and to accompany this negativity, all of the subindices were also down, including current financial conditions having declined by 11.3%. The number of respondents to the confidence index survey who stated that now was “the time to buy a major household item” also reduced by 11.4%.

Things are very different in today's Australia compared to how they were at the beginning of 2020, and the terse relationship with China combined with the ongoing government position on Covid are weighing heavily on the minds of investors looking at the immediate future.

Read more...

Gary Thomson

Gary Thomson is the Chief Operating Officer at FXOpen UK. Having spent over 20 years of his career working in financial services, Gary is renowned for his expert market analysis and commentary.

 

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EUR/USD and EUR/JPY Show Bearish Signs

EUR/USD started a fresh decline below the 1.1420 support. EUR/JPY is declining and could accelerate lower below 129.70.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a fresh decline after it faced sellers near the 1.1480 level.
  
• There was a break below a key bullish trend line with support near 1.1405 on the hourly chart.
  
• EUR/JPY gained bearish momentum below the 130.50 and 130.20 support levels.
  
• There is a major bearish trend line forming with resistance near 130.90 on the hourly chart.

EUR/USD Technical Analysis

The Euro gained pace above the 1.1400 and 1.1450 resistance levels against the US Dollar. However, the EUR/USD pair struggled to gain pace above 1.1480 and started a fresh decline.

The pair traded below the 1.1420 support and settled below the 50 hourly simple moving average. There was a clear break below the 50% Fib retracement level of the upward move from the 1.1284 swing low to 1.1482 high (formed on FXOpen).

EUR/USD Hourly Chart

Besides, there was a break below a key bullish trend line with support near 1.1405 on the hourly chart. The pair is now trading below the 1.1350 level and the 50 hourly simple moving average.

It is now trading near the 76.4% Fib retracement level of the upward move from the 1.1284 swing low to 1.1482 high. Any more losses might send the pair towards the 1.1280 support zone. On the upside, the pair is facing resistance near the 1.1350 level.

The next major resistance is near the 1.1380 level. The main resistance is forming near the 1.1400 level. A clear break above the 1.1400 resistance could push EUR/USD towards 1.1450. If the bulls remain in action, the pair could rise above the 1.1480 resistance zone in the near term.

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[Farabot]

#MarketNews #Emas

STABILITAS HARGA EMAS

Emas berjangka naik pada hari Rabu, mencapai level tertinggi dua bulan

Kenaikan harga logam mulia dapat dijelaskan dengan:

• melemahnya dolar AS,
• antisipasi kenaikan suku bunga oleh The Fed,
• koreksi imbal hasil obligasi negara setelah naik tajam.

“Kami berpikir bahwa imbal hasil Treasury kemungkinan akan segera mencapai puncaknya dan, jika kami benar, itu dapat menaikkan harga emas hingga $2.000 atau lebih,” Michael Armbruster, Managing Partner di Altawest, mengatakan kepada MarketWatch.

Harga emas bergerak dalam saluran naik (1). Namun, ada resistensi penting yang menghalangi kenaikan di sekitar $1,860 (2) yang dibentuk oleh aktivitas perdagangan pada November 2021. Pembelian besar (3) tercatat pada 11 Januari di kisaran 1,807-1,811. Setelah menguji area permintaan ini pada 18 Januari (4), harga melonjak ke batas atas saluran.

Resistensi 1.860 menjanjikan untuk menjadi ujian penting dari kekuatan sebenarnya dari pasar emas.

Untuk mendapatkan keuntungan dari pertumbuhan dan/atau penurunan harga emas atau perak, pertimbangkan untuk menggunakan layanan broker terpercaya seperti FXOpen (https://www.fxopen.com/en/)


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