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GBP/USD Technical Analysis

The British Pound started a decent upward move after it broke the 1.2600 resistance area against the US Dollar. As a result, the GBP/USD pair gained momentum above the 1.2620 and 1.2640 levels.

Moreover, there was a close above the key 1.2660 pivot level and the 50 hourly simple moving average. It traded towards the 1.2780 level on FXOpen and recently started a downside correction.

However, the previous resistance near the 1.2650 and 1.2660 levels acted as a strong support. There were many attempts to clear the 1.2650 level, but sellers failed to gain control. The last swing low was near 1.2661 before the price climbed towards the 1.2734 level

It is currently correcting below the 1.2700 level and the 50% Fib retracement level of the last wave from the 1.2661 low to 1.2734 high. However, the 1.2690 level and the 50 hourly simple moving average are acting as a strong support.

Moreover, the 61.8% Fib retracement level of the last wave from the 1.2661 low to 1.2734 high is acting as a support. On the upside, there is a strong resistance forming near 1.2720 and 1.2730.

There is also a connecting bearish trend line forming with resistance near 1.2718 on the hourly chart of GBP/USD. Therefore, a successful break above the trend line and 1.2730 is needed for a fresh increase towards the 1.2780 or 1.2800 level.

On the downside, the main support is near the 1.2650 and 1.2660 levels. If there is a downside break below 1.2650, GBP/USD could decline back towards the 1.2600 support.


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Changes to CFD Trading on 4th July Independence Day
Dear clients,

Please note that due to Independence Day celebrated in the USA on 4 July 2019 you may experience the following changes in trading hours on July 3rd and 4th.

Wednesday, July 3rd

Forex: normal trading hours;
Cryptocurrencies: normal trading hours;
Metals: normal trading hours;

  • Japan 225 trading ends at 20:15 GMT+3;
  • US SPX 500 trading ends at 20:15 GMT+3;
  • US SPX 500 (Mini) trading ends at 20:15 GMT+3;
  • US Tech 100 trading ends at 20:15 GMT+3;
  • US Tech 100(Mini) trading ends at 20:15 GMT+3;
  • Wall Street 30 trading ends at 20:15 GMT+3;
  • Wall Street 30 (Mini) trading ends at 20:15 GMT+3.
All other indices will be traded without changes.

Read more..



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USD/JPY Technical Analysis

The US Dollar traded nicely above the 108.00 level until it faced a strong resistance near 108.50-108.60 against the Japanese Yen. The USD/JPY pair failed to continue higher and started a fresh decline.

It broke many supports near the 108.20 level. Moreover, there was a break below a major bullish trend line with support near 108.15 on the hourly chart.

The pair even settled below the 108.00 level and the 50 hourly simple moving average. The decline was such that the pair traded below the 107.80 support plus the 76.4% Fib retracement level of the last wave from the 107.56 low to 108.53 high.

USD/JPY is currently trading near the last swing low at 107.55. If there is a downside break below 107.50, the pair could accelerate losses in the near term.

The next key support could be 107.35 or the 1.1236 Fib extension level of the last wave from the 107.56 low to 108.53 high. If there are more losses, the pair could even test the 107.25 support level.

Conversely, if the pair stays above the 107.50 support, it could start a fresh increase. On the upside, the main resistances are near the 107.80 and 108.00 levels.


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Strong Positive Momentum Pushes XAU/USD To New Highs

At the beginning of the European session on Thursday, the XAU/USD is trading near the mark of 1415.00 dollars per ounce, which is 25 dollars less than the annual maximum of 1440.00 reached at the end of last month. On Wednesday, the XAU/USD pair attempted to update this almost 6-year high on expectations that the Fed could lower its interest rate in July (July 30 - 31).

On the eve of the US President Trump again hinted at the need for a cheaper dollar. He wrote in his Twitter feed that “China and Europe are playing a big game, manipulating currencies, and pumping money into their system to compete with the United States. We must respond accordingly or stay in the cold, who sit and politely watch other countries play their games, as they have been doing for many years”.

On Thursday, the XAU/USD again decreases slightly, and trading volumes are falling. In the US today is the day off on the occasion of the celebration of Independence Day.

Now investors are focused on the publication on Friday (12:30 GMT) of data from the US labor market.

On Wednesday, less optimistic macro data from the USA was published. Thus, the number of jobs in the US private sector in June increased by only 102,000, while economists expected it to increase by 135,000.
Orders for industrial goods in the United States in May decreased by 0.7% compared with the previous month and amounted to 493.57 billion US dollars. This was also reported Wednesday by the US Department of Commerce.

If data from the US labor market also turns out to be weak, then this will increase the likelihood that the Fed will soon reduce the interest rate, which is a strong negative factor for the dollar and a positive one for gold.

As a rule, when the Fed raises the interest rate, the price of gold decreases because it does not bring investment income, and the cost of its acquisition and storage increases.

In the opposite situation, i.e. with the easing of the monetary policy of the Fed and the growing uncertainty in the financial markets, as well as political or trade conflicts, the demand for gold and its price increase, which we observe in the current situation.

Thus, in spite of the fact that gold is trading at multi-month highs, it’s too early to talk about stopping price growth and demand for it.

The price has broken the important resistance level of 1380.00 last month (Fibonacci 38.2% level of the correction to the wave of decline since September 2011 and the level of 1920.00). The breakdown of the resistance level of 1485.00 (50% Fibonacci level) will confirm the completion of the corrective decline and the resumption of price growth.

Predominantly strong positive momentum, pushing XAU/USD to new annual highs.

An alternative scenario implies a resumption of dollar growth and a decline in XAU/USD to a key support level of 1298.00 (EMA200 on the daily chart).

Break of the key support level of 1298.00 will resume the bearish trend, which began in 2012 near the mark of 1795.00. Further targets for the decline are at the support levels of 1200.00, 1185.00, 1160.00 (the minimum of 2018).



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Dollar Bulls Regain Control On U.S. Employment

Dollar Bulls Regain Control After Non-Farm Payrolls
The U.S. dollar traded sharply higher against all of the major currencies on the back of

Friday’s nonfarm payrolls report. A total of 224K jobs were created in the month of June, significantly better than the 160K forecast.

Frankly, we are surprised by the sustainability and magnitude of the dollar’s move because the rest of the labor market report was underwhelming.

Last month’s weak 75K print was revised lower and not higher, the unemployment rate increased and most importantly wage growth held steady at 0.2% instead of rising to 0.3% like economists anticipated.

However the broad based rally in the dollar tells us that many concerns were eased by the June jobs report as investors viewed the jobs number as an excuse to reinitiate their long positions.

Despite the Federal Reserve’s shift to a dovish bias the U.S. dollar keeps rising for one simple reason – the outlook for the U.S. economy is brighter than its peers.

Data is still surprising to the upside and stocks are hovering near record highs.

There is no imminent threat to the economy and despite the critics President Trump’s trade policies have made foreign investments less attractive than U.S. ones.

source investing


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EUR/USD Targets 1.1181/15 Zone

EUR/USD occurred weakness on last week and the next targets 1.1181/15 zone as it expects further weakness. Support lines at the 1.1200 where a violation will turn risk to the 1.1150 level. A break below here will target the 1.1100 level. Further down, support sits at the 1.1050. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance resides at 1.1250 level with a breakthrough 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 in the days ahead.



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GBP/USD Technical Analysis

The British Pound failed to extend gains above 1.2740 this past week against the US Dollar. As a result, the GBP/USD pair started a major decline and broke the 1.2680 and 1.2640 support levels to move into a bearish zone.

The recent decline gained pace below the 1.2600 level and the 50 hourly simple moving average. The pair even broke the 1.2500 level and recently traded close to the 1.2480 level on FXOpen.

A swing low was formed near 1.2480 and the pair is currently correcting higher. It traded above the 1.2500 level and the 23.6% Fib retracement level of the last decline from the 1.2587 high to 1.2480 low.

However, there are many resistances on the upside near 1.2540 and 1.2550 levels. Moreover, there is a major bearish trend line forming with resistance near 1.2560 on the hourly chart of GBP/USD.

The 50% Fib retracement level of the last decline from the 1.2587 high to 1.2480 low is also near 1.2534 to act as a resistance. However, the main resistance is near the 1.2580 level and the 50 hourly simple moving average.

To start a fresh increase, the pair must settle above the 1.2580 resistance and the 50 hourly simple moving average. On the downside, an initial support is near the 1.2500 level, below which the pair could once again test the 1.2480 level.


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EURUSD Technical Analysis

The EUR/USD daily Forex chart has been in a trading range for 5 months. Most of the legs up and down lasted 2 – 3 weeks. This 2 week selloff is now testing a major higher low in the bottom half of the range. Consequently, the bulls will probably begin a bull leg within a week.

Most of the down legs have required a micro double bottom before a bull leg began. Also, the bull legs typically ended with a micro double top. Therefore, traders expect that the chart will have to stop going down and begin to go sideways for a few days before it can go up.

It is in the buy zone since it is near support. Furthermore, there have been 3 legs down in a 7 day bear channel micro channel. This is a parabolic wedge sell climax. As a result, traders will begin to transition from selling to buying over the next few days. This is true even if the bears get a brief breakout below the May 23 52-week low 1st.



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The Momentum indicator is one of the most exciting oscillators available to technical analyze financial markets. Like any oscillator, it appears at the bottom of a chart.

Many traders consider it as a benchmark for volatility too. If that’s the case or not, we’ll let you decide after reading this article.

Like the name suggests, and as it is the case with almost all oscillators, traders use the Momentum to spot divergences with the price. A bullish divergence calls for a long trade, and a bearish divergence for a short trade.

How to Use the Momentum Indicator

Like the name suggests, the Momentum indicator shows just like that: the price momentum. If you want, it is the closest technical indicator that comes to reading price action.

The MetaTrader4, the most popular trading platform, uses the 14 periods as the default setting with the Momentum indicator. It means that the oscillator considers fourteen candles before plotting a value.

Because indicators use past prices to plot current projections, traders focus most on what the indicator shows, rather than what the price tells. For this reason, divergences work well with oscillators, especially with one like the Momentum indicator.

On the MT4 platform, the Momentum indicator travels only in positive territory. More precisely, it travels around the 100 level, even though the level is not marked on the indicator’s window.

However, this is, if you want, the equilibrium level, and one of the ways to use the Momentum indicator a volatility indicator. Here’s the recent EURUSD price action on the 4h chart, having the Momentum (14) applied at the bottom of it:

As you can see, the 100 level isn’t there. However, if we add it by using the indicator’s edit function, we have a brand-new vision of what the Momentum indicator tells us:

The red line marks the 100 level, but it also fulfills another important role: it divides the price action into bullish and bearish. In other words, when the Momentum indicator moves below the red line, the market is bearish. Above it, is bullish. Here are some examples:

Divergences with Momentum

But that is not the only way to use the Momentum indicator. In fact, by adding the 100 level, traders merely have an idea about how volatile a market really is.

The more the Momentum sits around the 100 level, the lower the volatility is. The further it goes from the 100 level, the higher the volatility and most likely the market is trending.

By dividing the Momentum into values above and below the 100 level, we can look for divergences with the price. Remember that traders rely on the oscillator more than they do on the price, due to the bigger period interpreted by the oscillator.

The 100 level helps when trading divergences too. While above the 100 level, the possibility of a bearish divergence exists. Below, and traders look for bullish ones.

The same EURUSD chart gives two beautiful examples. From left to right, the price kept falling, but the Momentum failed to make a new low. That’s a bullish divergence, and it proved to be accurate.

Moving forward, the price made two higher highs towards the end of its bullish movement, but the Momentum started to decline, heading towards its equilibrium level. In other words, no follow-through whatsoever, and the price dropped in consequence.


Technical analysis is full of all kinds of indicators. Either trend indicators or oscillators, they help traders making an educated decision when buying or selling a financial asset.

However, some indicators work better than others. And, when using imagination in setting them up, traders end up having an edge and increasing their chances to profit from market moves.


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FX Open is not reliable broker I think, for the first time I tried to make deposit and withdrawal for $100 and it is good, no complain everything just work smooth. But when I want to make withdrawal of about $1000, FXOpen pending it for a long time. I don't know why, they keep sent me an email and asking me about my details but there is nothing!! Seems it just to waste the time.


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The price of Litecoin has decreased by 17% from yesterday’s high at $120 measured to today’s low at $99.65. The price spiked further down to $94.4 but the hourly candle closed above the minor horizontal level.

On the hourly chart, you can see that the price of Litecoin is struggling to establish support as a breakout to the downside occurred from some of the significant horizontal support levels out of which the most significant one is at around $109.35. The price retested the horizontal level from the lower side after it was pushed below it, founding resistance again and causing another downfall to the next minor horizontal level which is currently being tested for support.

The price of Litecoin moved in an impulsive five-wave manner like expected as a breakout from the cup and handle formation started yesterday. This decrease is a continuation of the downfall seen from 29th of June till the 2nd of July after which an ascending ABC correction developed in conjunction with the cup and handle. As the cup and handle is a continuation pattern and the price started moving to the downside we have likely seen the third wave out of the presumed Z wave from the complex correction count which started after the completion of the five-wave impulse on the 12th of June when the price of Litecoin reached $144.

This would be the ending wave of the mentioned complex correction which is why after another sell-off we could see the uptrend continuing but if we’ve seen the end of the five-wave impulse of the higher degree on the 12th of June this could only be the first wave out of the higher degree correction.


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Lira Slumps as Traders Brace for U.S. Response to S-400 Delivery

(Bloomberg) -- The Turkish lira extended its decline as investors braced for the fallout from the nation’s purchase of a Russian missile-defense system, a transaction U.S officials have long threatened to respond to with sanctions.

The lira fell more than 1.8% to the lowest level since Monday after senior U.S. Defense Department officials said they will address the issue at 11:15 a.m. in Washington. Turkey started receiving the first major cargo of the S-400 batteries earlier on Friday.

Though the delivery had been well flagged, traders are on edge as they await clarity on the response from Washington, which is concerned the arsenal will undermine NATO’s military capabilities. President U.S. Donald Trump’s suggestion last month that he may spare Turkey the worst of sanctions fueled optimism the penalties would be mild.

“Sanctions are unavoidable. It is merely a question of how punitive they are and when they are implemented.” said Julian Rimmer, a trader at Investec Bank Plc in London.

The lira was trading 1.6% lower at 5.7684 against the dollar as of 4:17 p.m. in Istanbul.

source investing


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AUD/USD May Fall if China Data Fuels Urgency of Next RBA Rate Cut

The US Dollar extended its decline from Wednesday despite better-than-expected CPI data earlier this week, and similar rosy wholesale inflation data on Friday. PPI (excluding food and energy) clocked in at 2.3% y/y in June versus 2.1% anticipated. These data prints helped to somewhat cool muted inflationary concerns that the Federal Reserve has brought up as of late.

This worked to bolster the pro-risk Australian and New Zealand Dollars as they rallied with equities. The AUD and NZD still have relatively high rates when looking at the FX majors, and that is underpinned when those in the US start falling given that there is more room to weaken there. They struggled to find much upside momentum against the anti-risk Japanese Yen due to stock weakness during the European session.

Gains from the Wall Street trading session may continue supporting the Aussie and Kiwi should Asia Pacific equities follow suit.

However, the Australian Dollar could weaken if upcoming second quarter Chinese GDP data disappoints. China is Australia’s largest trading partner and economic weakness from the former could adversely impact conditions in the latter, perhaps causing the RBA to consider cutting rates again sooner.


Given this fundamental risk for AUD/USD in the near-term, the currency pair could be looking for a turn lower after resistance held at the lower bound of 0.7022. Such an outcome places near-term support at 0.6911. Otherwise, keep an eye on outer horizontal resistance at 0.7048 which if taken out, exposes the peaks from late April.

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GBP/USD Technical Analysis

The British Pound formed a strong support base near the 1.2450 this past week against the US Dollar. As a result, the GBP/USD pair started a decent upward move and broke the key 1.2500 resistance level.

It gained traction above the 1.2520 pivot level and settled above the 50 hourly simple moving average. Finally, there was a break above the 1.2550 level and the pair traded close to the 1.2580 level.

A swing high was formed near 1.2578 on FXOpen and the pair recently started a downside correction. It broke the 23.6% Fib retracement level of the last wave from the 1.2521 low to 1.2578 high.

However, losses are limited and the pair remains well supported above the 1.2550 and 1.2540 levels. There is also a major bullish trend line forming with support near 1.2540 on the hourly chart of GBP/USD.

Moreover, the 50% Fib retracement level of the last wave from the 1.2521 low to 1.2578 high is near the 1.2550 level to act as a support. If there is a downside break below the trend line, the pair could test the 1.2520 or 1.2500 support level.

On the upside, an immediate resistance is near the 1.2580 level. If there is an upside break above the 1.2580 level, the pair may even attempt to clear the main 1.2600 resistance area in the coming sessions.

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Taking a closer look at AUD/USD technically shows early warning signs of a reversal that could potentially be in the cards. After range resistance held (0.7022 – 0.7048), Tuesday’s candle formed a Bearish Engulfing. This is coupled with negative RSI divergence, showing fading upside momentum. A confirmation close to the downside opens the door to testing potential rising support from mid-June.

Better-than-expected US retail sales then triggered caution on risk aversion as local front-end government bond yields strengthened.

Data printed 0.4% m / m in June compared to the expected 0.2%, still weaker than 0.5% growth in May.

Then, the S & P 500 accelerated the selloff when US President Donald Trump said that he could still impose further tariffs on China "if he wanted", undermining the G20 Summit ceasefire last month.

What's interesting is that at the end of the day, looking at Fed futures funds, the chances of a 50 basis point rate cut later this month actually rose slightly to an opportunity of almost 30% from 25% yesterday. This is a reminder that more aggressive Fed easing may not necessarily increase sentiment if the underlying reasons for such actions are terrible. The market has anticipated the possibility of a three-interest rate reduction at the end of the year.

source dailyfx

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EUR/USD Technical Analysis

The Euro failed to continue above the 1.1285 level and formed a double top against the US Dollar. The EUR/USD pair formed a swing high near the 1.1283 and recently started a significant decline.

The pair came under a lot of pressure below 1.1250 and the 50 hourly simple moving average. There was a break below a major bullish trend line with support near 1.1250 on the hourly chart of EUR/USD.

The pair even traded below the 1.1225 support level and traded close to the 1.1200 level on FXOpen. A swing low was formed near 1.1201 and recently started consolidating losses above 1.1210.

An immediate is near the 1.1200 level plus the 23.6% Fib retracement level of the recent decline from the 1.1283 high to 1.1201 low. If there is a break above the 1.1220 level, the pair could continue to rise towards the 1.1235 level.

The main resistance on the upside is near the 1.1240 level. Moreover, the 50% Fib retracement level of the recent decline from the 1.1283 high to 1.1201 low is also near the 1.1242 level to act as a strong resistance.

Conversely, if there is no upside break, EUR/USD might continue to slide below the 1.1210 level. An immediate support is near the 1.1200 level, below which there is a risk of a sharp drop towards the 1.1180 or 1.1175 level.


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Eurjpy technical analysis.

The important take on the Eurjpy pair is.

*Prices in a downtrend are quite strong.
*The daily timeframe has shown a gartley pattern, allowing reversals

During the trading session, the Eurjpy pairs experienced a significant downward trend, the bearish trend movement was caused by the strengthening of the Japanese yen.

At this time the price movement is in the area of fibo level, and waiting for the price to experience a retracement in the area of 23.65 if the price reaches this area then open sell will be lower risk because the trend will not always be straight

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USD/CAD: Where’s support line?

The U.S. dollar traded higher against all of the major currencies on Friday including the Canadian dollar but even with the day’s rise, it is too early to declare a bottom in USD/CAD.

Canada’s retail sales report was the most market-moving piece of data Friday and while it printed much worse than expected, the boost that it provided for the pair was short lived.

The pair surged above 1.31 but the rally fizzled almost as quickly as it happened. The selling pressure is strong for one reason alone, which is that the U.S. dollar is weak.

Economists had predicted a 0.3% rise in Canadian retail sales and the -0.1% decline caught everyone by surprise. It's the first drop in 4 months and a big miss that was driven by weaker demand for food and alcohol.

Consumer prices also dropped -0.2%, the first decline this year. The year-over-year rate was pushed down to 2% from 2.4%.

Lower inflation is one of the central bank’s main concerns and when combined with the pullback in spending, we can understand why the Bank of Canada turned dovish this month.

With oil prices falling 6 out of the last 7 trading days, we continue to believe that it will only be a matter of time before USD/CAD bottoms.

Meanwhile, the best opportunities for selling the Canadian dollar will be the crosses. USD/CAD has been consolidating in a tight range for the past month while AUD/CAD and NZD/CAD have enjoyed nearly one-way gains. In the near term, we are particularly bearish CAD/JPY and EUR/CAD.

As for USD/CAD, a bottom is near but we need to see a close above 1.31 for a bottom to be declared.

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US Dollar Index Speculator Positions

Large currency speculators once again lifted 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 27,332 contracts in the data reported through Tuesday, July 16th. This was a weekly increase of 276 contracts from the previous week which had a total of 27,056 net contracts.

This week’s net position was the result of the gross bullish position falling by -27 contracts (to a weekly total of 36,452 contracts) while the gross bearish position dropped a little further by -303 contracts for the week (to a total of 9,120 contracts) .

Large currency speculators pushed their bullish bets for the US Dollar index higher for a third consecutive week and for the fourth time in the past five weeks. The US dollar index positions have remained in the bullish territory now for sixty-two straight weeks and have continued to stay above the +20,000 net contract level for the past fifty-two weeks.

GBPUSD analysis

GBPUSD is trading with a bullish bias in the small volume, this is still a correction after the previous pair has been bearish with a large volume.

On the H1 timeframe, the stochastic indicator shows the price is in the oversold area, but in the daily timeframe, the movement is still in the bullish trend and is approaching the .overbought area.

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43% of FXOpen clients are profitable

Almost a year has passed since the new rules for European brokers working with private traders entered into force. The Finance Magnates editors analyzed how the profitability indicators of retail broker clients changed.

Profitability rates

As you can see from the chart below, the spread of values ??is very large. Some brokers managed to keep customers who earned more than a year ago. And some brokers failed. However, 17 brokers out of 35 improved their indicators.

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