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.

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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
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
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • #Stock market performance is considered an important predictor of the economic outlook. What else can it be used to project? https://t.co/ViTMl19TW3 #Elections2020 https://t.co/methLCaBho
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/b9XwwYS9uJ https://t.co/8OIZVJnaD6
  • A #Euro reversal off technical downtrend resistance now risks a larger correction in price. Here are the levels that matter on the $EURUSD weekly chart. Get your #currencies update from @MBForex here: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/31/Euro-Technical-Outlook-EURUSD-Breakdown-Aims-For-Multi-month-Lows.html?QPID=30472&CHID=9 https://t.co/iVhmCXi9EG
  • We are days away from the US Presidential election and the markets are caught in the vortex. A contested outcome would raise serious volatility for the markets whereas a decisive outcome seems to support bullish $SPX and Dollar views from the market rank. https://www.dailyfx.com/forex/video/daily_news_report/2020/10/31/SP-500-and-Dollar-Forecast-Leads-Global-Markets-with-Elections-Expectations-.html https://t.co/JnJbyu6TRT
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here: https://t.co/soPu0Wefz2 https://t.co/UWsERr2AYh
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here: https://t.co/gWOxdqk8OL https://t.co/gBMgF0YNjH
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here: https://t.co/fndMQJLul8 https://t.co/elz5gNAKrB
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd https://t.co/7EzMPg9Kqg
  • 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/DjMdgL5x19
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/6sqqRfTri2
Ethereum & Ripple Chart Patterns Point to Potentially Strong Moves

Ethereum & Ripple Chart Patterns Point to Potentially Strong Moves

2018-05-22 10:00:00
Paul Robinson, Strategist
Share:

In general, cryptocurrencies are sporting weak-looking charts after topping out earlier in the month. Ethereum, as noted in last week’s commentary, is holding up the best of the group, however; its outlook hangs in the balance as a couple of key technical structures come into view. Ripple is another which is coiling up, readying itself for a potentially strong move. Watch how the charts of the two aforementioned coins resolve themselves for indications on the others; Bitcoin, Litecoin, etc.

See how positioning changes in cryptocurrencies and other markets can help as a tool to determine price direction on the IG Client Sentiment page.

Ethereum has a pair of pattern possibilities

In the crypto-space Ethereum continues to have the healthiest looking chart, but depending on how the triangle forming since the 12th resolves itself, it too could join in on the selling seen in other pairs. Furthermore, a breakdown out of the triangle will also have a trigger of a head-and-shoulders topping pattern in play as well. There is strong daily support approximate confluence with the neckline of the pattern, so we would want to see a clean break below 627 before becoming too bearish.

Alternatively, if the triangle resolves itself upward then the bearish topping pattern is likely to be quickly negated and the hold of support validated as Ethereum will have itself positioned to lead cryptos higher. For now, we await a resolution from the triangle pattern before committing to a direction.

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

ETH/USD 4-hr Chart (Patterns developing)

Ethereum 4-hr chart, triangle and head-and-shoulders potential

Ripple triangle nearing apex, ready to make a move

Like Ethereum, Ripple has been forming its own wedge on the 4-hr time-frame. Proximity to the apex of the triangle suggests it could break at any time now. In line with the trend off the May high, a downside resolution is slightly favored. But, with these patterns we have to take a reactive stance as symmetrical triangles are, in of themselves, directionless in their indications. On the downside there is support around the bottom of the triangle near 62-cents and on the topside there is resistance clocking in around 75-cents.

XRP/USD 4-hr Chart (Triangle nearing completion)

Ripple 4-hr chart with triangle nearing the apex

Helpful 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

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