News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/AkE7bFRWAt
  • $GBPUSD continues to trade in ranges as volatility dwindles. UK data to play second fiddle to FOMC. Get your market update from @JMcQueenFX here: https://t.co/T0Eg4KaENB https://t.co/GMmZa5L0Il
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/wlGgQrcK3X
Cryptocurrency Charts: Bitcoin, Ethereum & Ripple Battering to Continue

Cryptocurrency Charts: Bitcoin, Ethereum & Ripple Battering to Continue

Paul Robinson, Strategist

Cryptocurrencies are starting to plunge again, and the bottom may be nowhere in sight. We’ve been taking note of topping patterns, most recently on the Ethereum chart, which ominously point to much lower prices. The group could shave another 30-50% off current prices before finding tradeable lows. But targets for some, such as Ripple, are even further down. Despite the speculative fervor moving sharply in reverse there will remain plenty of tradeable volatility to take advantage of along the way.

Traders are generally long Bitcoin, suggesting more weakness; See how positioning can help determine price direction on the IG Client Sentiment page.

Bitcoin setting up for a drop to 5k and worse

Bitcoin continues to roll over from resistance in a fairly aggressive fashion and could soon accelerate as it closes in on the Feb spike-low at 5920. It’s currently trading on a one-year trend-line, which may give it short-term support, but the way the sector is behaving it doesn’t appear it will hold.

First up below is the Feb spike-low, and on a lower-low looking to a peak from September just under 5k. From a tactical standpoint, the trend-line at the immediate moment makes for a tricky spot for sellers until broken. Would-be longs could use the line as a threshold from which to enter and use to assess risk.

Check out this guide to learn more about how to trade Bitcoin and other cryptocurrencies.

BTC/USD Daily Chart

Bitcoin daily price chart

Ethereum rolling over from topping formation, 400 targeted

Ethereum is already in jeopardy of breaking the Feb spike-low, an expectation we outlined not long ago as the cryptocurrency’s chart was in the process of carving out a bearish price sequence involving three peaks.

Below the 2/6 low lies a level from late last year around 493, then looking to the apex of the ascending wedge from the second-half 2017, arriving around 400. Much lower prices could be in store beyond 400, but for now that is where we’ll start as an initial target.

ETH/USD Daily Chart

ETH/USD daily price chart

Ripple breakdown has 40 cents, then 25 cents in sights

This morning, Ripple is creeping below the Jan 2017 trend-line and 200-day MA (in confluence with one another). This has the Feb low at 56 cents at risk, and below that point nothing until 40 cents, the May high. Similar to Ethereum, further damage to the apex of the H2 2017 wedge is targeted, which doesn’t arrive until around 25 cents.

XRP/USD Daily Chart

XRP/USD daily price chart

Resources for Cryptocurrency Traders

Whether you’re a new or experienced cryptocurrency trader, we have several resources to help you;Introduction to bitcoin trading guide, indicator for tracking trader sentiment, and a weekly webinar discussing the latest developments.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES