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radex78

Active Member
#21


US DOLLAR SHOWING SIGNS OF WEAKNESS

GBP/USD Technical Analysis
The British Pound found support near 1.2550 and 1.2560 against the US Dollar, and started a fresh recovery this past week. The GBP/USD pair traded above the 1.2600 and 1.2650 resistance levels to move into a positive zone.

The pair even broke the 1.2700 resistance and the 50 hourly simple moving average. The bulls gained momentum above 1.2720 and a new swing high was formed near 1.2762 on FXOpen.


At the moment, the pair is correcting lower and it recently broke the 1.2750 level and the 50% Fib retracement level of the last wave from the 1.2686 low to 1.2762 high.

On the downside, there are many supports near the 1.2720 and 1.2700 levels. There is also a major bullish trend line forming with support near 1.2710 on the hourly chart of GBP/USD.

Moreover, the 61.8% Fib retracement level of the last wave from the 1.2686 low to 1.2762 high is likely to act as a strong support near 1.2720.

Therefore, if there is a downside correction, the pair could find support near the 1.2720 and 1.2700 levels. Only a close below 1.2700 and the 50 hourly SMA could push the pair back in a negative zone in the near term.

On the upside, an initial resistance is at 1.2750, above which the bulls could target 1.2780 or even 1.2800.


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radex78

Active Member
#22


4 Signs That The EUR / USD May Have Placed Below The Main

The US dollar is in rally mode at the start of the US session, boosted by this weekend’s news that President Trump was “indefinitely suspending” tariffs on Mexico after an immigration deal was reached late Friday (see my colleague Matt Simpson’s report “US-Mexico Immigration Agreement Boosts Sentiment At The Open | MXN, SPX” for more). While the greenback ticking higher today, it remains well below its pre-NFP report levels, with traders now pricing in an over 80% chance of a rate cut by the end of July.

Turning our attention to the world’s most widely-traded currency pair, there are four technical signs that EUR/USD may have put in a major bottom late last month:

1 Rates bounced twice from support in the 1.1110 area, forming a classic “double bottom” pattern…

2 This setup was accompanied by a bullish divergence in the RSI indicator, signaling that the selling pressure was drying up and hinting at a potential reversal back higher.

3 So far this month, EUR/USD has rallied to put in a “higher high”…

4 breaking above bearish trend line in the process.



FXOpen
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UK & AU diatur. Akun ECN, STP, Crypto, Micro, PAMM.

 

radex78

Active Member
#23
"Forex School" - a free trading contest for demo accounts - ended on May 31st. For four weeks, more than 1,000 participants were deeply involved in the competition for the prize money of 4,000 USD.[/B]


So, we have received the results of the contest and present the winners to you:

  1. Sepa (Ukraine): account number – 3040388; balance – $590.95; prize – $600;
  2. kalahajer (Malaysia): account number – 3039809; balance – $579.61; prize – $400;
  3. Evgeny Istomin (Russia): account number – 304238; balance – $553.4; prize – $400;
  4. PVGOTS (Ukraine): account number – 3040103; balance – $550.25; prize – $200;
  5. Aviator (Ukraine): account number – 3040340; balance – $500.26; prize – $200;
  6. Arcadii Avvacumov (Moldova): account number – 3039721; balance – $483.83; prize – $200;
  7. pearlexx (Tajikistan): account number – 3040177; balance – $471.24; prize – $200;
  8. Serhii Melnykov (Ukraine): account number – 3039703; balance – $438.48; prize – $200;
  9. pardalfx (Portugal): account number – 3039811; balance – $437.17; prize – $200;
  10. aleksashka (Russia): account number – 3039784; balance – $422.04; prize – $200;
  11. luiz carlos zanardo (Brazil): account number – 3039925; balance – $421.08; prize – $200;
  12. ivgrig (Ukraine): account number – 3039747; balance – $415.17; prize – $200;
  13. AMDTJ (Tajikistan): account number – 3039918; balance – $412.28; prize – $200;
  14. alizai32 (Pakistan): account number – 3040251; balance – $402.07; prize – $200;
  15. Auscar (Nigeria): account number – 3039756; balance – $385.08; prize – $200;
  16. erfan falah (Iran): account number – 3040375; balance – $374.9; prize – $200;

We congratulate the winners of "Forex School"! Please note that the prize money will be added to the winner's investment account. This money is not withdrawable and can only be used to open a PAMM STP account. All PAMM accounts opened by the winners will automatically be eligible to take part in a new contest on live PAMM accounts that started on March 4. To take part in this contest, the drawdown of your account during the contest must not exceed 20%, and short-term drawdown - 25%, even if it was not recorded at a rollover. We would also like to draw your attention to the contest rules saying that one and the same participant can become a winner and receive a prize not more than once in all ForexCup educational contests (schools).

How to get the prize and take part in the "Money Managers" contest:
  1. Open an investment account in My FXOpen. Account currency: USD.
  2. Send its number to info@forexcup.com. The prize will be added to your investment account only after you send an email with the necessary data.
  3. After getting the prize, you need to open a PAMM STP account and create an Offer. You can learn how to do it by clicking the links below. Your PAMM account statistics must be open for public viewing (when opening a PAMM account, all checkboxes must be checked).
  4. Leave a request to join the "Money Managers" contest specifying your nickname and your PAMM account number in the contest thread. Please, make sure you leave your feedback in the "Forex School" thread on the forum. Here you can also discuss the results of the contest.
 

radex78

Active Member
#24

A small advance for Cable (GBP/USD) on Tuesday and into Wednesday, to reinforce Monday’s dip and rebound from within our 1.2667/40 support area (off of 1.2652), sustaining upside pressures from Friday’s probe above the 1.2751 resistance, plus the early June reversal above the down trendline from early May, to keep risks higher for Wednesday-Thursday.

The latter April probe below 1.2947 signaled an intermediate-term Double Top pattern and set an intermediate-term bear trend.

For Today:

· We see an upside bias for 1.2763; break here aims for key 1.2814, maybe 1.2853.

· But below 1.2652/40 opens risk down to 1.2608.

Intermediate-term Outlook - Downside Risks: We see a downside risk for 1.2437.

· Lower targets would be 1.2366 and 1.2109

· What Changes This? Above 1.2814 shifts the outlook back to neutral; above 1.3177 is needed for a bull theme.



source investing
 

radex78

Active Member
#25
FXOpen announces the winner of the "Money Managers" Forex Contest

FXOpen is glad to announce the results of "Money Managers" - a Forex contest on real PAMM accounts, which ended on May 31st.



This time there is only one winner - trader peysby from Indonesia. Peysby won a 200-USD prize in the previous round of Forex School. With this he joined Money Managers and was one of the leaders from the start! By the end of the contest all other traders were far behind and did not make it through due to profit and drawdown limits.


Congratulations to our ultimate winner! Peysby's PAMM account gets $5 000 from FXOpen and we are sure more investments will follow!

During the Forex contest, participants have the opportunity to deposit and withdraw funds from their accounts, as well as accept investments, create new offers, use all instruments of the PAMM-system without restrictions and apply any strategies, Expert Advisors, robots or other MT4 add-ons.

To start trading or to attract investments to PAMM-accounts, you need to register at FXOpen and familiarize yourself with the PAMM technology.

Follow the updates in the ForexCup Forum thread, Facebook, Twitter or Telegram.

FXOpen Customer Service
E-mail: support@fxopen.com
Live Chat (24/5)
 

radex78

Active Member
#26
Pound Inggris menghadapi tugas menanjak

Analisis Teknis GBP / USD
Pound Inggris gagal mendapatkan kecepatan di atas resistensi 1,2760 pada lebih dari dua kesempatan terhadap Dolar AS. Akibatnya, pasangan GBP / USD memulai penurunan besar dan menembus area support 1,2720.

Penurunan itu sedemikian rupa sehingga pasangan bahkan menembus support 1.2700 dan rata-rata bergerak sederhana 50 jam. Ini diperdagangkan serendah 1,2662 di FXOpen sebelum memulai koreksi terbalik.



Ini pulih di atas level 1,2680 dan level retracement Fib 23,6% dari penurunan terbaru dari tinggi 1,2758 ke rendah 1,2662. Namun, pergerakan ke atas dibatasi oleh area resistensi 1.2700.

Selain itu, tingkat retracement Fib 38,2% dari penurunan terbaru dari tinggi 1,2758 ke rendah 1,2662 bertindak sebagai resistensi yang kuat. Pasangan ini sekarang kembali di bawah 1,2680 dan kemungkinan akan memperpanjang penurunan.

Pada sisi negatifnya, ada garis tren naik yang menghubungkan dengan support dekat 1,2665 pada grafik per satu jam dari GBP / USD. Jika ada penembusan di bawah support garis tren, pasangan bisa memperpanjang penurunan di bawah level support 1.2660 dan 1.2650.

Sebaliknya, jika pasangan memulai pemulihan yang layak, itu bisa melampaui level resistensi 1.2685 dan 1.2700. Resisten utama berikutnya untuk GBP / USD bisa dekat level 1,2720.

FXOpen
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UK & AU diatur. Akun ECN, STP, Crypto, Micro, PAMM.

 

radex78

Active Member
#27
BRITISH POUND FACING UPHILL TASK

GBP/USD Technical Analysis

The British Pound failed to gain pace above the 1.2760 resistance on more than two occasions against the US Dollar. As a result, the GBP/USD pair started a major decline and broke the 1.2720 support area.

The decline was such that the pair even broke the 1.2700 support and the 50 hourly simple moving average. It traded as low as 1.2662 on FXOpen before starting an upside correction.



It recovered above the 1.2680 level and the 23.6% Fib retracement level of the latest drop from the 1.2758 high to 1.2662 low. However, the upward move was capped by the 1.2700 resistance area.

Moreover, the 38.2% Fib retracement level of the latest drop from the 1.2758 high to 1.2662 low acted as a strong resistance. The pair is now back below 1.2680 and it is likely to extend losses.

On the downside, there is a connecting bullish trend line forming with support near 1.2665 on the hourly chart of GBP/USD. If there is a break below the trend line support, the pair could extend losses below the 1.2660 and 1.2650 support levels.

Conversely, if the pair starts a decent recovery, it could surpass the 1.2685 and 1.2700 resistance levels. The next key resistance for GBP/USD could be near the 1.2720 level.
 

radex78

Active Member
#28

EUR/USD Expects More Weakness On Bear Pressure

EUR/USD expects more weakness on bear pressure as we enter a new week. Support comes in at the 1.1150 where a violation will turn risk to the 1.1100 level. A break below here will target the 1.1050 level. Further down, support sits at the 1.1000. Conversely, on the upside, resistance resides at 1.1250 level with a break through there opening the door for further upside towards the 1.1.1300 level. Further up, resistance comes in at the 1.1350 level where a violation will expose the 1.1400 level. All in all, EUR/USD expects more weakness on bear pressure as we enter a new week.


 

radex78

Active Member
#29

GBP/USD Currently In A Channel

GBPUSD is in a bearish bias earlier this week, maybe the stochastic indicator has given a sign that the price is currently in the support area and allows a reversal of the trend, but traders must monitor the changes of the news, because USD is a very volatile currency with news, check calendar economy

 

radex78

Active Member
#30

Gold Price Technical Analysis

Gold price found support near the $1,320 level and climbed above the $1,340 resistance area against the US Dollar. The price even broke the key $1,350 resistance area to climb further higher.

The upward move was strong as the price traded close to the $1,360 level. A swing high was formed near $1,358 on FXOpen before the price started a major downside correction.



It broke the $1,355 and $1,350 support levels to move into a short term bearish zone. Moreover, there was a break below a key bullish trend line with support at $1,342 on the hourly chart of gold.

Finally, the price spiked below the $1,340 level and the 50 hourly simple moving average. A swing low was formed at $1,336 and the price is currently recovering higher.

It is trading near the $1,342 level, the 50 hourly simple moving average, and the 23.6% Fib retracement level of the recent decline from the $1,358 high to $1,336 swing low.

On the upside, there are many hurdles near the $1,344 and $1,347 levels. The main resistance is near the $1,347 level plus the 50% Fib retracement level of the recent decline from the $1,358 high to $1,336 swing low.

A successful close above the $1,347 and $1,348 levels might start a fresh increase towards the $1,355 and $1,360 resistance levels. Conversely, if the price fails to climb above $1,344 and $1,347, it could decline again below $1,340 and $1,335.
 

radex78

Active Member
#31

Gold Price Rally Extends After June Fed Meeting

Gold prices are on pace to close at their highest level of 2019, and their highest level since July 2016.

Retail traders’ holdings are beginning to warn that positioning may weigh on the gold price rally soon.



Following the June Fed meeting, gold volatility (as measured by the Cboe’s gold volatility ETF, GVZ, which tracks the 1-month implied volatility of gold as derived from the GLD option chain) is on pace to close at a fresh monthly high, its highest close since the first week of January, and its third-highest close of 2019 overall. The breakout in gold volatility underpins the breakout in gold prices; if gold volatility declines, gold prices are likely to follow.
 

radex78

Active Member
#32

EOS/USD Analysis

From last Monday the price of EOS has been in an upward trajectory and has recovered by around 19%, coming from $6 at the open to $7.211 on Tuesday 18th. Since the price reached its weekly high it started decreasing again and has fallen by 8% on the next day coming to $6.67 but is currently trading slightly above at around $6.774.



On the hourly chart, you can see that the price of EOS attempted to break out to the upside on three occasions but the resistance found at $7.211 was stronger than the upward momentum which is why a rejection those levels brought the price down to the first significant horizontal support level at $6.81 around which the price is currently hovering. As this retest of support is currently in play we could see further downfall especially considering that the price failed to keep up the bullish momentum past the minor resistance point.

If the support is however found at the present levels another increase with a higher high would occur but I wouldn’t expect to see a significant rise as the price is likely in a corrective stage after an impulsive downfall of 29.42% was made till 5th of June.

This would shortly be verified by the current support interaction but at the momentum, it looks more likely that further downfall should be expected below the 0.236 Fibonacci level and on to the first significant support zone from $5.84 to $5.58, but if we have seen an upward correctional movement after an impulsive downfall the next wave to the downside would be even stronger which is why we could see the price going below $5.
 

radex78

Active Member
#33

USD Support And Implications For Gold

With respect to gold, the price reaction to a USD breakdown will be interesting because August gold futures already have rocketed 11% from $1272 in early May to $1415.40 Thursday evening, which may have anticipated USD weakness


If any rally in gold reverses sharply from $1420 in the upcoming hours – amid and despite USD weakness – the divergence will serve as a warning that gold is ripe for a correction of its $140 advance sooner than later.

That said, should August gold climb and sustain above $1420, my work will point to $1445/50 as a minimum next target zone thereafter. This will argue that its multi-year upside breakout will continue unabated, perhaps in reaction to the combination of an easier Fed, a weaker USD, rising inflationary expectations and heightened geopolitical tensions.
 

radex78

Active Member
#34

Win from $2,000 to $5,000 in "Money Managers" - a contest on real PAMM accounts

[/SIZE]


"Money Managers", a contest on real PAMM accounts, starts on June 3, 2019. FXOpen broker invites traders to take part in the competition and get impressive money prizes for a total of 10,000 USD. The best trader will get USD 5,000 in the form of investment to his/her PAMM account. For the second and third places, winners will receive USD 3,000 and USD 2,000 respectively. Registration is open till June 30.

Register here​


Conditions of the contest


  • Dates: June 3 - August 30, 2019;
  • Registration is already open and will last until June 30;
  • Prize fund: USD 10,000;
  • Rewards*:
    • 1st place - USD 5,000;
    • 2nd place - USD 3,000;
    • 3rd place - USD 2,000.

  • Initial deposit: any amount, but not less than the minimum amount for opening a PAMM account (for PAMM ECN - from USD 1,000, for PAMM STP - from USD 200);
  • Minimum trading period: not less than 2 months;
  • Minimum amount of trades per week: 2;
  • Trading volume: not less than 0.5 lot per stage;
  • Profit at the end of the contest: at least 20% of the deposit;
  • Drawdown during the contest must not exceed 20%**, and short-term drawdown of 25% and more, even if it was not recorded at a rollover will be considered as a loss and a cause for withdrawing the prize.


The winners of previous contests on real PAMM accounts "Heroes of PAMM" and "Forex Managers" who have made a drawdown of more than 30% are not allowed to participate in the competition.

During the contest, participants are allowed add or withdraw money from their accounts, receive investments to their PAMM accounts, create offers, use all instruments of a PAMM system with no restrictions, use any trading strategies, advisors (AEA, MEA, etc.) and any other standard MT4 add-ons and scripts.

It is prohibited to close for investors such statistics of your PAMM account as equity, drawdown, exposure level, completed trades. This data must be available for viewing.

* The prize will be added to an investment account according to 50/50 offer (50% of the profit goes to the manager, 50% - to the investor (company)).
** The company withdraws the funds in case the drawdown exceeds 20%.

The rating will be published in the contest thread weekly. You can watch the activity of each account online by clicking the links. All statistics will be taken from PAMM Account Rating.

How to join the contest?


  1. If you don't have a PAMM account, you should open it:
    • Register your account with FXOpen (if you already have a PAMM account, which had the drawdown less than 20%, turn to the 2nd step);
    • Verify your main account;
    • Open an investment account and add funds to it with any payment system in your FXOpen account;
    • Open PAMM ECN or PAMM STP account.
  2. Leave a link to your PAMM account in this thread (you can also leave a link to your existing PAMM account with the drawdown less than 20%).


Useful links:


 

radex78

Active Member
#35

GBP/USD Technical Analysis

The British Pound found support near 1.2500 and 1.2510 against the US Dollar, and recently started a fresh increase this past week. The GBP/USD pair broke the 1.2550 and 1.2600 resistance levels to move into a positive zone.

The recent upward move was positive since there was a close above the 1.2650 level and the 50 hourly simple moving average. The pair even broke the 1.2700 level and recently traded close to the 1.2750 level on FXOpen.




A swing high was formed at 1.2751 and the pair is currently consolidating gains. An initial support is near the 1.2725 level and the 23.6% Fib retracement level of the last wave from the 1.2642 low to 1.2751 high.

On the downside, there is a strong support formed near the 1.2700 level. There is also a key bullish trend line forming with support near 1.2705 on the hourly chart of GBP/USD.

The 50% Fib retracement level of the last wave from the 1.2642 low to 1.2751 high is near the 1.2697 level along with the 50 hourly SMA to provide support if the pair slides below 1.2725.

On the upside, an initial resistance is at 1.2750, above which the British Pound could continue to rise towards the 1.2800 resistance area in the coming sessions.
 

radex78

Active Member
#36

BTC/USD CONTINUES INCREASING

From last weeks Monday when the price of Bitcoin was sitting at $8986 at its lowest, we have seen an increase of 26.55% measured to the highest point the price has been today which is at $11372. The price continued increasing after yesterday’s pullback of around 4.87% which brought the price down to $10633 and is still in an upward trajectory.



On the hourly chart, you can see that the price of Bitcoin came up to the 0.5 Fibonacci level and has been stopped out at the resistance found on those levels yesterday which is why we’ve seen the formation of the horizontal sideways range. But the pullback was only a minor one as the price continued increasing steadily after the retracement and is currently attempting to break out to the upside above the significant resistance point.

The price is currently above the 0.5 Fibonacci level and is retesting it for support. If the price finds support at the current levels further upside movement could be seen to the next significant Fib level of 0.618 which is in price terms at $13207. The wave structure implies that we are seeing the 5th wave of the five-wave impulse which started on 5th. This means that after some further upside correction is soon to be expected.

If the five-wave impulse from 5th is the ending wave of the impulse from the higher degree its completion would mark the end of the bullish rise we’ve seen from 15th of December. The price doesn’t find support around the current levels and starts falling down fast it would indicate that the buyer’s interest has gotten weaker than the seller’s pressure and would, in that case, indicate the end of the last five-wave impulse.

The bullish momentum doesn’t seem to be showing any signs of weakness which is why more likely we are to see further upside move before the downturn starts.
 

radex78

Active Member
#37

ELLIOTT WAVE THEORY: DOUBLE AND TRIPLE COMBINATIONS

Financial markets changed, and they will continue to change, becoming more complex as our society develops. Some markets disappeared, some others were born (e.g., oil, foreign exchange, crypto), and, in time, the cycle will repeat.

Due to this complex market evolution, it is impressive how some trading theories survived the test of time. Among them, one stands as the most interesting and with fantastic results: the Elliott Wave Theory.

What is Elliott theory? Short introduction

Born in the early 1930s, the theory claims to interpret the market’s psychology. Or, to use traders’ psychology to explain the market moves.

Naturally, the study took place on the U.S. stock market. However, the principles work on any market in this world, as long as traders influence the prices. For this reason, the theory is wildly popular among retail traders even in the 21st-century.

The theory uses impulsive and corrective waves (patterns) to interpret the market moves. Based on what formed on the past, traders have an educated guess about what’s about to form in the future. Hence, the potential for speculation exists.

Successful speculation is the sum of many factors. First, a compelling trading strategy. Second, a robust money management system. Finally, the ability to apply and monitor the trading decisions. While traders can handle the last one, for the first two the Elliott Waves Theory is good enough.

Despite many traders searching for big trends, the chances are that what they’ll find is nothing but ranges. In the Elliott Wave Theory, ranges and some trends, to some extent, fall into the category of corrective waves. They are so numerous and complex that many traders lose patience when interpreting them. And, out of all corrective patterns, the most common ones are double and triple combinations.

[/b]Double and Triple Combinations[/b]

Corrective waves with the Elliott Wave Theory are of two types: simple and complex. Simple corrections are flats, zigzags, and triangles.

However, complex corrections are similar, with the exception that one or two intervening waves appear. Called the x-wave, the connecting or intervening wave simply “connects” two or more simple corrections.

When it connects two, the pattern is called a double combination. A triple combination, naturally, has three simple corrections and two x-waves.

Check the chart below, and most likely you’ll see nothing but erratic price action.




However, to the trained Elliott eye, this is nothing but a double combination. Here’s the standard pattern: a-b-c-x-a-b-c-d-e



Do we have something similar here? Yes, we do!



A triple combination, as mentioned earlier, is a similar pattern, only that it has three simple corrections, connected by two separate x-waves.

Things to Consider when Looking for Double and Triple Combinations
Here’s a list with some tips and tricks to guide you when counting double and triple combinations:

1 double or triple combinations never start with a triangle
2 a triple combination always ends with a triangle
3 triple combinations appear mostly as the longest leg of a contracting triangle
4 double combinations that end with a triangle form more often
5 the x-wave in both double and triple combinations cannot retrace more than 61.8% of the previous a-b-c

Conclusion

Trading with the Elliott Wave Theory is a process. At the end of a top/down analysis that starts from the bigger timeframes (yearly, monthly, weekly and daily charts), traders end up interpreting various patterns on the lower timeframes (four-hour and hourly charts).

The patterns are impulsive ones on some markets, corrective on others, but always appearing as the result of the previous count on the bigger timeframes. As Ralph Elliott discovered in the 1930s, the market is nothing but the sum of cyclical moves of various degrees.

Using today’s PC’s and trading platforms, the cycles become evident due to various timeframes. Hence, the top/down analysis process makes sense.

Because corrective waves appear more often than impulsive ones, the chances are that traders will end up trading them rather than impulsive moves. Therefore, understanding corrective waves is key to successful speculation using the Elliott Waves Theory. And, double and triple combinations form in most of the cases.
 

radex78

Active Member
#38

G20 And Quarter End Means Lively Friday FX Trade

The highly anticipated G20 meeting kicks off tomorrow and between heightened uncertainty over the weekend and month/quarter-end, Friday should be a lively day for the forex market.

US stocks hit record highs in the second quarter and while the greenback tumbled in June, it experienced strong gains in March and April.

When investors and portfolio managers rebalance their portfolios at the end of the month and quarter, the sharp rally in U.S. stocks will prompt managers to sell dollars to bring their portfolios back into balance.

This flow could be compounded by pre-weekend profit taking because the big meeting between President Trump and President Xi will be on Saturday.

Trump and Putin meet will have an hour long sideline meeting on Friday but its not clear if there will be any revealing headlines because Trump previously told reporters that what he says to Putin at G20 is “none of your business.” All of this poses the greatest risk to USD/JPY because of the Fed’s shift in policy.

Today’s flame out candle in USD/JPY signals a deeper correction but new lows won’t be set unless the market is disappointed by US-China trade talks because there’s a wide subset of investors who expect Trump and Xi to make progress this week.

 

radex78

Active Member
#39

AUD/USD Technical Analysis

The Aussie Dollar started a strong upward move above the 0.6900 pivot level against the US Dollar. The AUD/USD pair broke the key 0.6910 and 0.6950 resistance levels to move into a bullish zone.

The pair even gained traction above the0.6980 level and settled well above the 50 hourly simple moving average. Finally, it surpassed the 0.7000 handle and recently traded to a new weekly high at 0.7009 on FXOpen.



It is currently trading in a strong uptrend above 0.6980 and 0.6990 supports. There is also a crucial bullish trend line forming with support near the 0.6990 level on the hourly chart of AUD/USD.

The 23.6% Fib retracement level of the last wave from the 0.6941 low to 0.7009 high is also near the 0.6993 level to act as a support.

Therefore, if there is a downside correction, AUD/USD is likely to find a strong support near the 0.6990 level. The next key support is near the 0.6975 level and the 50% Fib retracement level of the last wave from the 0.6941 low to 0.7009 high.

An intermediate support is near 0.6980 and the 50 hourly simple moving average. Therefore, as long as the pair is above the 0.6975 level, it is likely to continue higher.

On the upside, an immediate resistance is near the 0.7010 level. If there is an upside break above 0.7010, the price could continue to rise towards the 0.7040 level in the near term.
 

radex78

Active Member
#40

US Dollar Index Speculator Positions

Large currency speculators lowered their bullish net positions in the US Dollar Index futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 22,366 contracts in the data reported through Tuesday June 25th. This was a weekly decline of -6,183 contracts from the previous week which had a total of 28,549 net contracts.

This week’s net position was the result of the gross bullish position decreasing by -5,992 contracts (to a weekly total of 34,327 contracts) in addition to the gross bearish position which saw rose by 191 contracts for the week (to a total of 11,961 contracts).

Large currency speculators cut their bets of the US Dollar Index for the third time in the past four weeks and by the largest one-week decline since March. The overall trend for speculator bets has been steadily lower in recent months since reaching a high of +40,513 contracts on January 13th.



source investing