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  1. #101
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    GBP/USD Faces Resistance While USD/CAD Is Surging


    GBP/USD could gain pace if it clears the 1.2100 resistance zone. USD/CAD is surging and could continue to rise above the 1.3000 resistance zone.

    Important Takeaways for GBP/USD and USD/CAD


    • The British Pound is attempting an upside break above the 1.2100 resistance zone.
    • There is a key bearish trend line forming with resistance near 1.2100 on the hourly chart of GBP/USD.
    • USD/CAD started a fresh increase above the 1.2920 resistance zone.
    • There was a break above a declining channel with resistance near the 1.2865 on the hourly chart.



    GBP/USD Technical Analysis


    After facing sellers near 1.2280, the British Pound started a fresh decline against the US Dollar. GBP/USD declined heavily below the 1.2200 support zone.

    There was a move below the 1.2100 support zone and the 50 hourly simple moving average. The pair traded as low as 1.2004 and is currently correcting higher. There was a clear move above the 1.2030 resistance zone.

    The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2168 swing high to 1.2004 low. An immediate resistance is near the 1.2080 level.

    There is also a key bearish trend line forming with resistance near 1.2100 on the hourly chart of GBP/USD. The next key resistance is near the 1.2105 level. It is near the 50% Fib retracement level of the downward move from the 1.2168 swing high to 1.2004 low.

    If there is an upside break above the 1.2100 zone, the pair could rise towards 1.2150. The next key resistance could be 1.2200, above which the pair could gain strength.

    On the downside, an initial support is near the 1.2040 area. The first major support is near the 1.2000 level. If there is a break below 1.2000, the pair could extend its decline. The next key support is near the 1.1960 level. Any more losses might call for a test of the 1.1850 support.


    VIEW FULL ANALYSIS VISIT - FXOpen Blog
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  2. #102
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    The Roaring 20s! How trading the markets has advanced in just a few years


    The 2020s is an exciting time to be trading the global markets.

    In the previous decade, the electronic markets went through a revolutionary period. We witnessed the invention and uprising of cryptocurrencies, the 'influencer' generation beginning to move into the financial markets with memes and internet-based trends, and we saw the entire existing framework change in dramatic restructures in the trading methods of financial products traded on the electronic markets in the wake of the 2008/2009 financial crises.

    European and American authorities began to make major changes which have fomented the sustainability of the electronic derivatives trading markets where traditional asset classes such as Forex, commodities and equities are concerned, and a whole host of decentralized asset classes have joined them along the way.

    As the last exciting decade of revolutionary technological and regulatory development came to an end, the 2020s became a period of limitless innovation, in which FinTech, cryptocurrency and multi-asset trading has been embraced.

    Along with the community-driven cryptocurrency revolution and its entry into the mainstream, came various geopolitical milestones that are unprecedented.


    Lockdowns, inflation and a volatile commodities market, as well as a myriad of new traders who had switched their ambitions from working for a company prior to the lockdowns to seeking their own financial independence from the convenience of their own laptop or smartphone by trading the markets. We have entered the age of the analytical, pragmatic and goal-orientated trader.

    Despite the cryptocurrency revolution and the massive number of people getting involved in investing in Bitcoin, Ethereum and all manner of new native tokens that are now hot property, the commodities market is the hot topic of the decade, and to be more specific: Oil.

    Just as the oil market is as traditional as the actual fossil fuel itself, the modern stock market is the absolute opposite! A new era has come about, born out of the minds of mavericks and entrepreneurs seeking to build a community-driven marketplace where influencers are beginning to become market makers in their own right.


    The ever-changing and ever increasingly innovative markets are at your fingertips. These are the times when your financial destiny is in your hands.

    FXOpen Blog
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  3. #103
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    BTCUSD and XRPUSD Technical Analysis – 09th AUG 2022 BTCUSD: Bullish Engulfing Pattern Above $22425 Bitcoin was unable to sustain its bearish momentum and after touching a low of 22431 on 04th Aug started to correct upwards against the US dollar crossing the $24000 handle on 08th Aug. We can see that bitcoin failed to clear its resistance zone located at $25000 for the second time this month. After touching a high of $24230 we can see some downwards correction in the prices towards the $23800 level. We can clearly see a bullish engulfing pattern above the $22425 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend. Bitcoin touched an intraday high of 23922 in the Asian trading session and an intraday low of 23639 in the Asian trading session today. Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected. The relative strength index is at 50 indicating a NEUTRAL demand for bitcoin at the current market levels and the continuation of the consolidation phase in the markets. Bitcoin is now moving above its 100 hourly simple moving average and its 200 hourly simple moving averages. Some of the major technical indicators are giving a buy signal, which means that in the immediate short term, we are expecting targets of 24000 and 24500. The average true range is indicating less market volatility with a mildly bullish momentum.
    • Bitcoin: bullish reversal seen above $22425
    • The STOCHRSI is indicating an oversold level
    • The price is now trading just below its pivot levels of $23858
    • Some of the moving averages are giving a buy market signal

    Bitcoin: Bullish Reversal Seen Above $22425 The price of bitcoin is struggling to move above the $24000 handle after it entered into a consolidation zone below the $24000 level. The overall scenario of the markets is neutral at present; we will have to wait till some clear signals emerge for the medium-term range. We can see that Ichimoku price is under the cloud in the 15-minute time frame indicating the underlying bearish nature of the markets. The immediate short-term outlook for bitcoin is neutral; the medium-term outlook has turned neutral; and the long-term outlook remains neutral under present market conditions. Bitcoin’s support zone is located at $22000 and the prices continue to remain above these levels for the continuation of the bullish reversal in the markets. The price of BTCUSD is now facing its classic resistance level of 23899 and Fibonacci resistance level of 23932 after which the path towards 24000 will get cleared. In the last 24hrs, BTCUSD has declined by 0.32% by 76$ and has a 24hr trading volume of USD 28.827 billion. We can see an increase of 50.20% in the trading volume as compared to yesterday, which is due to the buying seen by the short-term investors. The Week Ahead The price of bitcoin is moving in a consolidation zone under the $24000 level. The price is expected to remain moving into a narrow range between the $23000 and $24000 before any potential breakouts. The daily RSI is printing at 59 which indicates a bullish market and the move towards the $25000 level. The trendline formation is seen from the $22400 levels towards the $24000, and we are now looking for the continuation of this trend in the hourly time frame. The price of BTCUSD will need to remain above the important support level of $22000 this week. The weekly outlook is projected at $24000 with a consolidation zone of $23000. Technical Indicators: The average directional change (14 days): at 15.10 indicating a neutral The ultimate oscillator: at 68.29 indicating a BUY The relative strength index (14): at 52.53 indicating a neutral The commodity channel index (14 days): at -19.17 indicating a neutral VIEW FULL ANALYSIS VISIT - FXOpen Blog
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  4. #104
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    Inflation in the UK: Cash withdrawals indicate faith in pound but not in economy



    Throughout post-industrial history, when economic woes are abound, a large proportion of the public tend to revert to reliance on carrying items of physical value.

    For the past two years, national economies in many Western nations have been turned on their heads, and faith in the traditional economic system has waned dramatically.

    During times of rising inflation, it has been common for many people to invest in physical commodities such as gold, and to keep liquid assets at home or on their person.

    Throughout many periods in the 20th century, that has been the case. The Great Depression which began in the late 1920s in the United States, the aftermath of World War Two in Europe, and the end of the Cold War in the late 1980s are three notable examples.

    During those events, people who had a lot to lose generally bought gold and kept it in a safe place, often under their homes or in the walls.

    The long period of stability which ensued has not necessitated such action, however these days, there are many geopolitical events that have once again generated a wave of instability, and have caused a once-trusting population to distrust the government and the system in many countries worldwide.

    Inflation which is at 40-year highs in parts of Europe and the United States, along with forced closures of businesses, interruption of supply chains and siding with Ukraine which has caused havoc on the energy markets and cast doubt into the minds of citizens that their own governments actually represent their wellbeing has brought into being an overall level of self-reliance and movement away from trust in the existing economic structure.

    The British Pound and its standing as a store of value is very interesting over recent times.

    For over 50 years, no currency in the world has been backed by commodities, therefore it has been rare for any currency to be used as a store of value in times of economic uncertainty, but the British Pound is showing signs of being used as exactly that!

    The Post Office, which offers banking services as well as mail has recorded a significant upturn in the number of cash withdrawals recently.

    It is possible to withdraw cash from any bank account held with any bank via the Post Office, and therefore this is a good measure of the overall behavior of the public with regard to withdrawals of cash.

    Britain’s Post Office, which offers banking services as well as mail, handled a record £801 million ($967 million) in personal cash withdrawals in July.

    In total, more than £3.3 billion in cash was withdrawn and deposited over the Post Office’s counters, which the first time the amount has crossed the £3.3 billion threshold in the entire 360 years that the Post Office has been established.

    Personal cash withdrawals were up almost 8% month on month at £744 in June, and up over 20% from a year ago to £665 million in July.

    The Bank of England expects inflation to be at around 13.3% in October and to remain at elevated levels throughout much of 2023, which is alarming to say the least.

    Resorting to holding cash appears to be a method being used to attempt to budget more carefully during these times of high inflation, and the Post Office has also been processing government support for energy bills, an indicator that there are serious problems affording daily bills.

    The British Pound remains relatively non-volatile, and certainly it will be interesting to see how long this trend lasts during a period at which many firms are attempting to do away with the use of cash entirely.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog
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  5. ARIONFORXtarder
 

 
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