OctaFX_Official

OctaFX_Official Feb 11, 2019

The British pound is slipping lower against the US dollar on Monday after buyers failed to move price above the psychological 1.3000 resistance level. Traders now await the releases of important data from the UK economy this morning, with quarterly GDP data likely to move the GBPUSD pair. Sustained weakness below the 1.2890 level will likely provoke a further...

OctaFX_Official Feb 11, 2019

Bitcoin has a bullish short-term bias on Monday after BTCUSD buyers forced price towards the $3,700 resistance, after weeks of price consolidating inside a descending channel. The $3,460 level is now former key resistance turned support, while moves above the $3,700 may provoke a test of the $4,000 level. The Moving Average Convergence Divergence indicator on the...

OctaFX_Official Feb 11, 2019

The euro remains under downside pressure against the US dollar in early Monday trading, after a bearish weekly price close near the 1.1300 support level. Technical indicators on the four-hour time frame are rising, although caution is advised given the current weakness in the EURUSD pair. Any technical corrections higher are likely to target the rising trendline,...

OctaFX_Official Feb 8, 2019

Eurozone growth falters The euro currency moved sharply lower this week after the European Commission downgraded eurozone growth expectations and the German economy posted more weaker than expected economic data. The EC lowered eurozone growth forecasted to 1.3 per cent in 2019 after previously expected the European economy to grow by 1.9 per cent this year....

OctaFX_Official Feb 8, 2019

The British pound has recovered above the 1.2900 level against the US dollar after reports of positive developments between EU and UK officials during Brexit negotiations. The 1.3000 level is now key resistance, a sustained move above this key psychological likely to provoke a test of the 1.3055 level. The MACD indicator on the four-hour time frame is correcting...

OctaFX_Official Feb 8, 2019

The euro remains under downside pressure against the US dollar on Friday, with pair trading close to the worst levels of the week so far. The EURUSD pair has so far found interim support from the 1.1320 level, a further break below the current weekly low should prompt a test of the 1.1300 support level. Technical indicators remained depressed on the four-hour time...

OctaFX_Official Feb 8, 2019

Ethereum continues to trade close to the worst levels of 2019 on Friday, with the ETHUSD pair at risks of further heavy losses below the $100.00 level. The ETHUSD pair may decline toward the $92.00 support region is sellers can sustain price below the $100.00 level. The ADX indicator, which measures the strength of trading trends, shows that moves lower in the...

OctaFX_Official Feb 7, 2019

The British pound remains weak against the US dollar on Thursday, with traders now awaiting the Bank of England rate decision and the outcome of British PM Theresa May’s Brexit negotiations with EU leaders. If the GBPUSD pair falls below the 1.2900 level, further losses towards the 1.2830 level appear likely. Buyers need to move price above the 1.2990 level to...

OctaFX_Official Feb 7, 2019

The euro currency continues to drift lower against the US dollar on Thursday, with the pair edging closer to important trendline support. A sustained break below the 1.1360 level exposes the pair to further losses towards the 1.1300 level, which is a major technical level for the EURUSD. Buyers ultimately need to move price back above the 1.1410 level to negate...

OctaFX_Official Feb 7, 2019

Bitcoin continues to trade in an increasingly narrow price range, with the number one cryptocurrency seemingly trapped inside a descending price channel. Given the general bearish bias towards the cryptocurrency market, an eventual test of the BTCUSD pairs 2018 trading low seems the most likely scenario. Technical indicators remain flat on the four-hour time frame...

OctaFX_Official Feb 6, 2019

The euro is under increasing downside pressure against the US dollar on Wednesday, as the greenback comes back into favour with investors. The EURUSD pair has broken below the 1.1410 level, with the 1.1360 level now the most important technical region to watch below the 1.1400 level. Indicators on the four-hour time frame continue to turn lower signalling further...

OctaFX_Official Feb 6, 2019

The British pound is coming under increasing selling pressure against the US dollar after data on Tuesday showed that the United Kingdom economy is slowing due to Brexit. The GBPUSD pair has broken below the 1.3000 level, important intraday support is found at the 1.2890 level. It is worth noting that technical indicators are starting to approach oversold...

OctaFX_Official Feb 6, 2019

Litecoin is starting to trade lower on Wednesday after buyers once again failed to break above the technically important $33.00 level. Technical indicators are starting to turn lower, which may signal that the LTCUSD pair is ready to the bottom end of its trading range. A large head and shoulders pattern with a $10.00 downside projection is still valid on the...

OctaFX_Official Feb 5, 2019

The British pound remains under selling pressure against the US dollar on Tuesday, with the pair now trading beneath key trendline support. Further intraday losses are now expected, with the psychological 1.3000 level the main technical support region to watch. The MACD indicator on the four-hour time frame has broken lower, signaling that bearish selling pressure...

OctaFX_Official Feb 5, 2019

The euro is under moderate selling pressure against the US dollar on Tuesday after buyers failed to hold price above the important 1.1460 resistance level. The overall bullish bias in the EURUSD pair is likely to remain intact while price continues to trade above the 1.1410 level. Technical indicators appear to be correcting lower, which may delay the next wave of...

OctaFX_Official Feb 5, 2019

Ethereum remains under downside pressure in the near-term, with the third largest cryptocurrency by market capitalization trading within a triangle pattern. A bearish downside break is likely to encourage selling towards the $92.00 level, while a break to the upside may provoke a test of the $110.00 level. The Relative Strenght Index on the four-hour time frame is...

OctaFX_Official Feb 4, 2019

The British pound is under moderate selling pressure against the US dollar on Monday, as sterling traders scale back positions ahead of this week Bank of England interest rate decision. A sustained break from the 1.3040 to 1.3095 price range is needed before the next strong short-term directional move can occur. Traders now await the release of the UK Construction...

OctaFX_Official Feb 4, 2019

The euro currency is attempting to stabilize around the pivotal 1.1460 level against the US dollar, after the better than expected Nonfarm Payrolls job report boosted the greenback on Friday. Dip-buying interest in the EURUSD pair is likely to remain strong until the key 1.1410 support level is clearly broken. Overall, buyers will likely attempt a series of...