FXMAG Team

FXMAG Team

Press Release

The US dollar retreats ahead of this week’s FOMC as traders await further catalysts

The US dollar retreats ahead of this week’s FOMC as traders await further catalysts

FXMAG Team FXMAG Team 02.11.2021 10:19
EURJPY tests key support. USDCAD consolidates at 4-month low 1.2430 from the latest sell-off is a key resistance as it coincides with the 20-day moving average. The current consolidation suggests the market’s indecision, though overall sentiment remains bearish. A deeper correction would send the greenback to 1.2150. A bullish breakout on the other hand may challenge the supply area around 1.2550. EURJPY tests key support The euro struggles to bounce higher after Germany’s lackluster retail sales in September. The pair has come under pressure at 133.45 near June’s peak. The subsequent retracement has met some bids at 131.60 when the RSI dipped into the oversold territory. The triple test of the support level indicates solid buying interest. However, the bulls will need to push above 132.80 before the uptrend could resume. On the downside, a bearish breakout would extend the sideways action towards 130.80 which sits on the 30-day moving average. US 100 falls back for support The Nasdaq 100 surges to a new all-time high as investors expect the strong growth trend to continue. The break above the previous peak at 15700 has put the index back on an upward trajectory. A bullish MA cross on the daily chart is a confirmation of the market’s optimism. However, a brief pullback is necessary to let the bulls catch their breath. 15620 is the immediate support. Further down, 15280 is key daily support on the 20-day moving average. The psychological level of 16000 would be the next target rebound.
Forex broker Conotoxia Ltd starts its European expansion from Poland where its mother company Cinkciarz.pl is w well-known giant.

Forex broker Conotoxia Ltd starts its European expansion from Poland

FXMAG Team FXMAG Team 20.10.2021 09:49
From October 18th 2021 Polish based investors who want to open investment accounts through Cinkciarz.pl web portal have access to Polish-speaking representatives in Conotoxia Ltd. Branch in Warsaw and gained additional supervision of KNF in regards to investment service provided by the broker. The opening of a branch in Poland is evidence of the systematic development of the company. As part of our international expansion, we are not only developing our product offer and services, but also expanding our team in order to best realize the visions and ideas of Conotoxia Holding group and build a strong brand with global reach. But this is just the beginning of our plans. We want to offer Polish investors a real alternative when it comes to investing on a global level with a trusted broker with a very good reputation and with the backing of a global fintech like Cinkciarz.pl - says Grzegorz Jaworski, CEO of Conotoxia Ltd. Conotoxia LTD in response to the needs of Polish clients offered an alternative on the local investment market. The service is provided fully in Polish language from account opening, through support and transactions. The business model based on STP provides transparency and trust to clients. The introduction of an unprecedented low spread (DE40 from 0.7 and EURUSD from 0.5 with no additional commissions) allows trading at the best available price. In addition to the standard account, clients can also choose an account for an experienced client with a leverage of 1:100Funds are deposited in a Polish bank and deposits can be made in 4 currencies: PLN, EUR, USD and GBP. Expanded fintech of Cinkciarz.pl group allows for deposits and withdrawals from the company's proprietary currency portfolio. Moreover, buying and selling the most popular CFDs on cryptocurrencies is also available on weekends. Conotoxia LTD was recognized by the industry winning “The Rising star of the Year 2020 in forex/CD” Invest Cuffs award. Moreover, LMAX Global has offered all its existing Polish retail clients possibility to open Forex accounts through the portal Forex.Cinkciarz.pl Our main goal is still to promote informed investment through solid education and to familiarize our customers with tools and solutions that support Forex and CFD trading - says Daniel Kostecki, director of the Polish branch of Conotoxia Ltd. The broker's clients have constant access to educational channels with free, extensive and regularly updated knowledge base about financial markets, including instructional videos, e-books, commentaries and other tutorial materials. In addition to education, security is also very important. Conotoxia Ltd. ensures the protection of clients through the dual supervision of CySEC and KNF and secures their funds through the Negative Balance Protection and Compensation Fund. Forex Trading is provided by Conotoxia Ltd., which has the right to use the Conotoxia trademark. Conotoxia Ltd. is regulated by CySEC (licence no. 336/17). CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Intraday Market Analysis – GBP Attempts Reversal - 24.09.2021

Intraday Market Analysis – GBP Attempts Reversal - 24.09.2021

FXMAG Team FXMAG Team 24.09.2021 08:49
GBPUSD bounces off triple bottomThe pound surged after the Bank of England raised its inflation forecast.The pair has met strong buying interest at the triple bottom (1.3600) on the daily chart. A bullish RSI divergence was an indication that the sellers have taken their feet off the pedal.A subsequent rally above 1.3690 would prompt more bears to cover. An overbought RSI may temporarily limit the initial impulse.Patient buyers would be waiting for a pullback before jumping in. A rebound above 1.3800 would challenge the September high at 1.3900.USDCHF tests Fibonacci levelThe Swiss franc softened after the Swiss National Bank pledged to keep its policy loose.The US dollar saw an acceleration in its momentum after it cleared the daily resistance at 0.9260. The RSI’s double top has triggered a pullback to let the bulls catch their breath.The pair has found bids at the 61.8% (0.9220) Fibonacci retracement level. A break above 0.9280 would resume the rally towards April’s peak at 0.9460.A bearish breakout could send the greenback to 0.9160, a key floor to keep the uptrend afloat.USDCAD tests key supportThe Canadian dollar halts its advance as July’s retail sales unexpectedly show a contraction.The pair has met stiff selling pressure near the August high (1.2950). The pullback is testing the key support at 1.2635. An oversold RSI may attract some bids. Then the bulls need to lift 1.2795 for continuation.Failing that, a bearish breakout would dent the optimism and those who previously bought in this demand area would have to get out. Then 1.2500, a is major support on the daily chart, would be the second line of defense.
Intraday Market Analysis – The Euro Attempts To Bounce - 10.09.2021

Intraday Market Analysis – The Euro Attempts To Bounce - 10.09.2021

FXMAG Team FXMAG Team 10.09.2021 11:02
EURUSD tests supportThe euro steadied after the ECB signaled it would reduce its bond-buying under PEPP.The pair is looking for support after it met strong selling pressure at the daily resistance near 1.1900. An oversold RSI has attracted buying interest as the price tests the support at 1.1800.A rebound above the double top (1.1900) would put the single currency back on track and extend the rally to 1.1970.A close below said support would deepen the correction to 1.1740 at the origin of the late August breakout.US 30 struggles to reboundThe Dow Jones 30 recoups losses over new low jobless claims. Price action’s struggle near the top at 35630 suggests a lack of commitment for a new high.The subsequent drop below the consolidation range (35200) has prompted short-term buyers to take the exit. However, an oversold RSI has drawn a buy-the-dips crowd.After a bounce above 35150, the index will need to clear 35400 before the rally could resume. 34600 is critical support on the daily chart to keep the bullish bias valid.USOIL consolidates gainsWTI crude tumbled after the EIA reported only a slight decrease in stockpiles.Sentiment has shifted to the bullish side after a recovery above the daily resistance at 69.50. The sideways action has allowed buyers to hold onto recent gains.The RSI’s double-dip in the oversold area has soaked up bids with 67.20 as fresh support.If the bulls succeed in lifting the hurdle at 70.50, 74.10 could be the next target when momentum makes its return. 65.40 would be the second line of defense in case of a pullback.
Intraday Market Analysis – USD Struggles For Momentum

Intraday Market Analysis – USD Struggles For Momentum

FXMAG Team FXMAG Team 07.09.2021 09:50
USDCHF awaits breakoutThe US dollar recovers thanks to firm US Treasury yields at the start of the week.The pair is still stuck in a horizontal consolidation between 0.9100 and 0.9190. Sentiment has leaned to the upside after a break above the resistance at 0.9230.A near oversold RSI around the lower band may trigger some buying interests. A close above 0.9190 may lead to a test of July’s high at 0.9270. A drop below the lower band would send the price to the daily support at 0.9020, putting the rebound at risk in the process.NZDUSD shows overextensionThe New Zealand dollar consolidates recent gains as the country lifts its lockdown this week.The rally has accelerated after it cleared another resistance at 0.7150. 0.7210 is the next hurdle and a bullish breakout would push the kiwi to the major resistance at 0.7300 on the daily chart.But before that, the RSI’s bearish divergence may cast a doubt on the sustainability of the vertical ascent. 0.7100 would be the first support in case of a pullback. Further down, the former resistance at 0.7030 is a key demand zone.UK 100 tests major hurdleThe FTSE 100 rises as moderate global growth boosts hopes of continued monetary stimulus.The index has bounced off the demand area around 7125 which lies on the 30-day moving average. This is an indication that the bulls are still in control.7210 is the main hurdle from the August sell-off and its breach could put the rally back on track. Then 7300 would be the next target. Though an overbought RSI may temporarily hold the bullish bias back.On the downside, 7075 would be another support if the sideways action lingers on.
Intraday Market Analysis – USD To Break Out Of Range

Intraday Market Analysis – USD To Break Out Of Range

FXMAG Team FXMAG Team 03.09.2021 09:05
USDCHF awaits catalystThe US dollar consolidates as traders reposition themselves ahead of nonfarm payrolls.The pair has been changing hands in a narrow range between 0.9100 and 0.9200. Multiple attempts at both ends suggest a lack of commitment.A catalyst-driven breakout would dictate the direction for the days to come. A rally would test the recent peak at 0.9240, a prerequisite for a reversal above 0.9300.On the downside, a sell-off may dampen optimism and lead to a retest of the demand zone at 0.9050.XAGUSD tests major resistanceBullions await a breakout as Treasury yields stabilize going into today’s high-impact jobs report.Silver’s recovery above the psychological level of 24.00 has attracted more buying interest. However, the price has met resistance at the supply zone near 24.35, which coincides with the 30-day moving average.A bullish breakout would trigger an extended rally as sellers rush to cover. Then 25.00 would be the next target.However, a plunge below 23.80 may cause a correction towards the daily support at 23.00.NAS 100 shows exhaustionThe Nasdaq 100 holds onto the high ground as investors ponder how the labor data may affect the QE.The index is looking to extend gains from the all-time high of 15700. Nonetheless, sentiment remains bullish with signs of overextension.An RSI bearish divergence is a heads-up that a correction might be due. A break below 15520 may pull the trigger and 15300 on the 20-day moving average would be an important support.On the upside, 15800 would be the immediate target if the bulls can keep up with the momentum.
Intraday Market Analysis – Gold Awaits Breakout

Intraday Market Analysis – Gold Awaits Breakout

FXMAG Team FXMAG Team 02.09.2021 08:41
XAUUSD tests daily resistanceGold consolidates recent gains ahead of the US jobs reports.Traders are looking for direction after the metal recouped most losses from the August sell-off. 1832 is major resistance on the daily chart.A bullish breakout may trigger an extended rally as the short side bails out. We can expect volatility with 1860 as a potential target. A fall below 1790 however would tip the balance to the downside.1755 would be the first support in a retracement. In the meantime, an overbought RSI has led intraday buyers to take profit.EURGBP consolidates supportThe euro inched higher after a drop in the unemployment rate across the eurozone in July.The recovery has gained momentum after the pair cleared the daily resistance at 0.8555. The 20-day MA crossing the 30-day one suggests that sentiment may have turned around.Following a short consolidation, the single currency has met buying interest along 0.8550 and then 0.8570. 0.8610 is the next resistance and its breach could clear the path for a rally to the recent peak at 0.8660.USOIL hits key resistanceWTI crude found support from the EIA’s report of a large reduction in US stockpiles. The V-shaped rebound is now testing the key hurdle on the daily timeframe (69.50).An RSI divergence indicates a loss in the upward momentum. Short-term buyers have taken some chips off the table and caused a pullback. 67.00 is the immediate support.A deeper retracement may send the price to 65.30. On the upside, a close above 69.50 may open the door to 73.00 and reverse an eight-week long correction.
Intraday Market Analysis – USD Sees Limited Rebound

Intraday Market Analysis – USD Sees Limited Rebound

FXMAG Team FXMAG Team 01.09.2021 10:44
EURUSD continues to recoverThe US dollar continues to soften from weaker-than-expected consumer sentiment in August.The euro bulls gained confidence after the single currency rallied above 1.1800, an important supply zone from the mid-August sell-off. Now, this has turned into an area of congestion along a rising trendline. Furthermore, it is a clear indication of a bullish bias in the short term.However, an overbought RSI may lead to a limited pullback. A bounce off 1.1795 would propel the pair to the daily resistance at 1.1900.USDCAD struggles for supportThe Canadian dollar stalled after the Q2 GDP fell short of expectations. The US counterpart is testing the 30-day moving average and last week’s rebound failed to make an impression.The fall below 1.2580 suggests a lack of buying interest. 1.2500 on the daily chart is a critical floor. A deeper retracement would put buyers on the defense with 1.2300 as a potential target.On the upside, buyers will need to rack up offers at 1.2700 before they could hope for a second chance. Then 1.2900 would be within reach.AUDUSD rises to major resistanceThe Australian dollar edges higher on upbeat Q2 GDP. The pair continues to recover along a rising trendline after it bounced back from the daily demand area near 0.7100.The bullish pace accelerated after the first resistance at 0.7170 was lifted. Buyers are pushing towards the major hurdle at 0.7400 from the daily time frame.A bullish breakout may trigger a runaway rally as medium-term sellers cover their positions. That in turn could end a three-month correction. 0.7290 is fresh support to let the RSI return to neutrality.
Intraday Market Analysis – Dow Jones Tests All-Time High

Intraday Market Analysis – Dow Jones Tests All-Time High

FXMAG Team FXMAG Team 31.08.2021 09:46
US 30 challenges peakThe Dow Jones 30 index holds near its historic high on upbeat investor sentiment.The break above 35330 has signaled the bulls’ commitment to maintain the upward bias, while 35200 is fresh support.An oversold RSI has attracted the buying-the-dips mentality.Price action has recouped the most recent losses and is now testing the peak at 35630. A bullish breakout may extend the rally towards the milestone at 36000. A deeper pullback would lead to the critical floor at 34700.USDJPY awaits breakoutThe Japanese yen inched higher after a drop in July’s unemployment rate. The pair is in a narrowing trading range following its bounce off the demand zone at 109.10.Sentiment remains optimistic as long as price action stays above this critical level.However, the bulls may encounter selling pressure at 110.50 from the August sell-off. A bullish breakout would attract momentum buyers and extend the rally to above 111.00.On the downside, a break below 109.50 would lead to a retest of buyers’ resolve.NZDUSD tests major resistanceThe US dollar continues to weaken across the board from the post-Jackson Hole hangover. The Kiwi is at a crossroads as it climbs back to the daily resistance at 0.7050, the origin of the previous sell-off.A bullish breakout would prompt sellers to cover their bets and lay the groundwork for a reversal.0.7100 would be the next target. However, the RSI’s multiple ventures into the overbought territory may temper the bullish fever.The base of the momentum at 0.6940 is the key to keeping the recovery valid.
Intraday Market Analysis – USD Awaits Catalyst-Breakout

Intraday Market Analysis – USD Awaits Catalyst-Breakout

FXMAG Team FXMAG Team 27.08.2021 09:34
USDJPY about to test resistanceThe Japanese yen weakened after a lower-than-expected Tokyo CPI in August. The US dollar is grinding its way back up after the mid-month correction.A double test at 109.50 suggests strong buying interest. Layers of support indicate buyers’ willingness to pay up, the freshest one is at 109.90.Momentum has slowed down as the price approaches the major supply area around 110.40. A bullish breakout would tip the balance to the long side again and open up the path to the psychological price tag of 111.00.AUDUSD rebound cools offThe Australian dollar fell back after a drop in July’s retail sales numbers.A close above 0.7270 has forced sellers to cover their bets. The pair is recovering towards the 30-day moving average on the daily chart which coincides with the support-turned-resistance at 0.7320.However, the rebound is likely to be choppy. After a double top in the overbought area, the RSI’s divergence indicates a loss in the rebound momentum.A drop below 0.7235 would lead to a deeper correction to 0.7150.US 30 recoups previous lossesThe Dow Jones index pulls back as traders await updates from the Fed’s Jackson Hole meeting.Price action’s V-shaped rebound is typical of buying-the-dips from the demand zone near 34600. By lifting offers around 35450 the bulls have signaled their commitment to maintaining the uptrend in the medium-term.The index is seeking support after it erased losses from last week. 35200 is the first support as the RSI dips into the oversold territory.A break above the peak at 35600 would extend the rally to new all-time highs.
Intraday Market Analysis – GBP Attempts Rebound

Intraday Market Analysis – GBP Attempts Rebound

FXMAG Team FXMAG Team 23.08.2021 09:39
GBPUSD tests critical supportThe pound drifted lower after Britain’s retail sales figures fell in July. The pair has given up all its gains from late July and is testing the critical support at 1.3600 from the daily chart.A diverging RSI suggests a slowdown in the downward impetus. Its oversold situation may have attracted buying interest in the demand zone. 1.3770 would be the first target in case of a rebound.Otherwise, a bearish breakout would trigger a new round of sell-off towards 1.3460 as those who bought the dip reverse gears.USDCAD clears previous peakThe Canadian dollar tanked after last month’s retail sales failed to impress. The greenback saw increased momentum after it rallied above July’s peak at 1.2800.The breakout can be a confirmation of a bullish reversal for the weeks to come. A pullback is necessary to let the bulls catch their breath.An overbought RSI has swung towards the oversold territory. 1.2750 near the previous high is now the immediate support. A rebound would challenge the psychological level of 1.3000.GER 30 breaks bullish trendlineThe Dax 30 retreats as investors grow wary of the recovery’s momentum.The index had only briefly held onto the 16000 milestone. The break below the rising trendline has put a halt to a month-long rally.The current consolidation is a sign of indecision after a round of liquidation. An oversold RSI has prompted traders to buy the dip near 15600.The rally may only resume if the bulls succeed in lifting offers around 15970. Failing that, price action could be vulnerable below 15600.
Intraday Market Analysis – NASDAQ In Consolidation

Intraday Market Analysis – NASDAQ In Consolidation

FXMAG Team FXMAG Team 20.08.2021 11:04
NAS 100 tests new resistanceThe Nasdaq 100 slipped after the Fed meeting minutes raised odds for tapering. The fall below 14880 has triggered strong bearish momentum as leveraged buyers were forced to close their positions.The market remains cautious while the RSI rises back from an oversold situation. A rebound could be short-lived unless it lifts offers near 15040.A lack of support may send the index to the critical support at 14600 on the daily chart. A breakout could trigger a bearish reversal in the medium term.AUDJPY sees limited bounceThe Australian dollar struggles as jobs data suggest fewer people looking for work amid lockdowns.The pair is heading towards 77.50 as momentum traders took over control of price action.The divergence between the 20 and 30-hour moving averages suggests an increase in the sell-off. Sentiment would stay downbeat as long as the Aussie is below the averages.Though a limited bounce is likely to let the RSI return to the neutrality area. The bears would be eager to add stakes near the resistance at 79.50.USOIL drops to daily supportOil prices plunge amid concerns over weaker demand and higher US inventories.The downtrend picked up steam after WTI fell below the double bottom at 65.20. Last May’s low at 61.70 is major support from the daily time frame.As the RSI recovers from an oversold situation, traders could be waiting to buy the dip in the demand zone. However, its breach could threaten the 16-month long rally.On the upside, buyers will need to clear 67.50 before they could expect a meaningful rebound.
Intraday Market Analysis – USD Keeps Bullish Bias

Intraday Market Analysis – USD Keeps Bullish Bias

FXMAG Team FXMAG Team 19.08.2021 09:59
EURUSD breaks critical supportThe US dollar rose after the Fed minutes suggested tapering later this year.The euro’s previous rebound had met stiff selling pressure at 1.1800. The slide below 1.1710 (a critical support from last March) is an indication that sellers still have control of the direction.A temporary bounce while the RSI recovers to the neutrality area can be an opportunity to sell into strength.The former support at 1.1740 has turned into a supply zone. Below 1.1700 renewed momentum may drive the pair to October’s low at 1.1600.GBPUSD sees limited reboundThe sterling remains under pressure after the UK’s lower-than-expected core CPI in July. The break below the intermediate support at 1.3800 has accelerated the downward impetus.An oversold RSI has helped lift the price but this could be a dead cat bounce with sellers eager to double down at a better fill.1.3780 is a fresh resistance and likely to check the pound’s advance. 1.3700 is the closest support which coincides with the 61.8% Fibonacci retracement of the July rally.Further down, 1.3600 is a demand zone on the daily chart.USDCAD resumes rallyUpbeat BOC CPI failed to outweigh the US Fed’s hawkish July minutes. The US dollar’s rally has gained traction after it cleared the supply area at 1.2600.A combination of short-covering and fresh buying suggests that the uptrend may have resumed after a month-long consolidation. An overbought RSI may cause a limited pullback.The resistance-turned-support at 1.2580 would see buying interest in that case. On the upside, a break above 1.2700 could open the door to the peak at 1.2800.
Intraday Market Analysis – NZD Sees Bearish Whipsaws

Intraday Market Analysis – NZD Sees Bearish Whipsaws

FXMAG Team FXMAG Team 18.08.2021 09:49
NZDUSD tests major supportThe New Zealand dollar struggles as the RBNZ postpones its rate hike against expectations.The pair had failed to push above the supply area near 0.7100 from the daily chart. The RSI’s double top was a sign of overextension.The sell-off below the psychological level of 0.7000 and then 0.6960 indicates that sentiment has turned sour. A recovering RSI could be an opportunity to sell into strength.A break below 0.6890 may extend the sell-off towards 0.6700. 0.7030 is the first resistance in case of a rebound.AUDUSD falls through supportThe Australian dollar fell after the RBA minutes tempered the taper optimism amid COVID-19 restrictions.The pair has been under pressure at the 20-day moving average. The drop below 0.7290 may have resumed the downtrend after a four-week-long consolidation.Strong bearish momentum is an indication of high turnover between buyers bailing out and sellers piling in. 0.7170 would be the next target. The key resistance at 0.7340 will likely cap a limited rebound, while the RSI climbs from the oversold area.XAUUSD rises to key resistanceGold extended its recovery supported by a retreat in US Treasury yields.The price has recouped most losses from the previous sharp liquidation. A break above the intermediary resistance at 1762 has confirmed strong buying interest.Buyers will need to close above the origin of the firesale and the psychological level of 1800 to seal the deal in their favor. Then 1830 would be the last hurdle before a full-blown reversal.A repeatedly overbought RSI may cause a temporary pullback with 1755 as key support.
Intraday Market Analysis – Dax Sees Bullish Acceleration

Intraday Market Analysis – Dax Sees Bullish Acceleration

FXMAG Team FXMAG Team 16.08.2021 10:27
GER 30 rises along trendlineThe Dax 30 soared to a new all-time high backed by a strong earnings season.The rally is in full swing after a break above the previous peak at 15810. The index is climbing along a rising trendline since late July. The price has gone vertical and suggests an acceleration in the bullish momentum.A repeatedly overbought RSI indicates an overextension. A limited pullback would help the bulls catch their breath.15850 on the trendline is a key support should this happen. Then a rebound would lift the index to 16100.USDJPY seeks supportThe Japanese yen strengthens on upbeat GDP growth in Q2.The pair is looking for support after a close above the daily resistance at 110.60. This is an indication that the medium-term rally may resume.A pullback is necessary however after the RSI showed exhaustion. Analysts can expect buying interest at the psychological level of 109.00. An oversold RSI would make this a congestion area and prompt the bulls to buy the dip.109.70 is a fresh resistance ahead. A bullish breakout would lead to 110.50.XAGUSD bounces above resistanceSilver claws back losses as US Treasury yields remain flat on mixed US data.Price action has so far found support above the psychological level of 23.00.The RSI has risen back to the neutral area as traders bought the dip in an attempt to reverse course. However, the bearish mood would prevail as long as the metal stays under 24.35, the last leg of sell-off.A rebound may meet strong selling interest from trend followers. A fall below the said support would send the price to November’s low at 22.00.
Intraday Market Analysis – GBP Struggles For Support

Intraday Market Analysis – GBP Struggles For Support

FXMAG Team FXMAG Team 13.08.2021 09:46
GBPUSD fails to break higherThe sterling inched lower after the NIESR GDP estimate for the past three months fell short of expectations.The rally above the daily resistance at 1.3890 may have saved the pound’s 17-month long rally. Though the combination of overextension and lack of support in the short-term may prolong the retracement.The RSI’s double-dip into the oversold area may lead to a limited rebound.The bulls will need to lift 1.3890 in order to reverse gears. Otherwise, a breach below 1.3770 may send the pair to 1.3600.NZDUSD tests key supportThe New Zealand dollar finds support after a rise in RBNZ inflation expectations in Q3.The kiwi has built several layers of support above the key level of 0.6900 with the latest one at 0.6990. This is an indication that buyers are willing to bid up the price.After a hiatus at the resistance at 0.7060, the RSI has dropped back to the neutral area to give the bulls a chance to make another push. The narrowing range would culminate in a breakout-raising momentum in the process.SPX 500 surges to new highThe S&P 500 continues to climb as weekly jobless claims meet estimates.A series of higher highs suggests that the bullish sentiment is still intact. 4480 would be the next stop as momentum traders jump in. The RSI has broken into the overbought territory, which could temper buyers’ fever to raise their stakes.The index may look to consolidate its gains after a new all-time high. 4440 is fresh support in case of retracement. 4425 near the upper band of the previous consolidation range would be the second line of defense.
FBS Becomes Principal Partner of Leicester City

FBS Becomes Principal Partner of Leicester City

FXMAG Team FXMAG Team 12.08.2021 16:25
FBS, an international trading company, signed a partnership agreement with Leicester City Football Club. The partnership commemorates the mutual vision of the two teams by harnessing the growing strength of Leicester City’s story to showcase the unique capabilities of FBS to transform the way the world invests and to make investing in financial markets accessible to everyone. In August 2021, FBS international trading company and Leicester City Football Club, 2021 FA Cup and Community Shield winners, officially launched their partnership following the ceremonial signing of the three-year partnership agreement between FBS’ CEO Yulia Ivanova and Leicester City’s CEO Susan Whelan, which was held online due to the ongoing pandemic. Yulia Ivanova, FBS’ Chief Executive Officer, said: “We are delighted and very proud to become a principal partner of Leicester City Football Club. Leicester City is a very talented and ambitious team, as we are. So together, we are excited about a very successful partnership. We believe that Leicester City will continue to excel on-and-off the pitch and to make their fans proud, and FBS clients, as usual, will continue to get the best service, comfortable, and up-to-date trading solutions. We want to empower people to fulfill their dreams and enjoy their lives because FBS is always by your side.” Susan Whelan, Leicester City’s Chief Executive Officer, said: “This three-year partnership is a marvellous new chapter in  Leicester City’s history. We’re proud to collaborate with such an ambitious and fast-developing top trading company as FBS. Together, we have an opportunity to engage and inspire our fans and our communities – both locally and on a global scale. We’re looking forward to exciting times ahead together!” The partnership between one of the trading industry leaders and one of England’s top football clubs creates further opportunities for people globally. Any person, whether a fan, trader, or investor, can benefit from different activities, joint events, and gifts, including the home game tickets and merchandise. After 12 years in the market, FBS has grown its solid ecosystem of convenient and accessible investment and trading solutions. Their innovative and client-oriented approach to service, marked by more than 60 international awards, has already attracted over 17 million clients from almost all countries, including Thailand, England, India, Brazil, China. Leicester City have created a global community of fans spanning cultures and continents following their famous Premier League win in 2015/16 and FA Cup in 2021, making the club an ideal fit for FBS. The partnership will enable the club to continue to improve and grow while enhancing the profile of both the Club and FBS around the world.
Intraday Market Analysis – US Stocks Continue To Soar

Intraday Market Analysis – US Stocks Continue To Soar

FXMAG Team FXMAG Team 11.08.2021 09:18
US 30 shoots to new highThe Dow Jones 30 rose to a record high after the US Senate passed the $1 trillion infrastructure bill. The initial surge above 35100 was a sign of strong buying interest.The index has then found support at 35030 near the top of the previous consolidation range.A series of higher highs indicates that the bullish bias is still intact.The RSI has popped up into the overbought area once again, and a temporary pullback may allow the bulls to raise their stakes. 35500 would be the next stop as the rally picks up steam.EURUSD lacks supportDownbeat economic sentiment in the eurozone further depresses the euro against a roaring US dollar.The break below 1.1760 from the daily chart has put buyers on the defensive. Strong inertia in favor of the greenback fuels the bearish ride as momentum traders pile in.The former support has turned into resistance (1.1770). The euro is testing the next support at 1.1710, where a bearish breakout may extend the sell-off to last November’s low at 1.1600.Then a reversal could be in the making in the medium term.XAGUSD sinks to major supportBullions struggle as US bond yields rise amid hawkish Fed comments about a taper in the fourth quarter.Silver’s latest rally may turn out to be a dead cat bounce as sentiment remains extremely cautious. Price action is grinding down along the moving averages.24.35 is now the new resistance. Sellers would be eager to dump at a better price before the RSI goes oversold again.The psychological level of 22.00 from last November would be a critical test of the rally from March 2020.
Intraday Market Analysis – USD To Test Key Resistance

Intraday Market Analysis – USD To Test Key Resistance

FXMAG Team FXMAG Team 10.08.2021 15:32
USDCHF approaches key hurdleThe US dollar continues to make up lost ground thanks to post-NFP momentum.The break above 0.9150, the last leg of the previous sell-off, suggests solid commitment from the bulls. The rebound has originated from the demand zone around 0.9030 on the daily chart, and it is heading towards the major resistance at 0.9230.A bullish breakout may help the dollar break free of a narrowing consolidation range and resume the rally from the start of the year.0.9140 is the first support in case of a pullback to let the RSI cool down.EURGBP tumbles through floorThe sterling rises as traders bet that the BOE would start to tighten its policy sooner than most of its peers.The daily support at 0.8470 has failed to contain the firesale. The bearish breakout has invalidated April’s rebound as sellers became more aggressive.The downward momentum is pushing the price towards 0.8400.An oversold RSI may have caused a limited bounce as intraday traders take some chips off the table. Sentiment remains downbeat though, as long as the euro is under 0.8520.GER 30 struggles to break higherThe Dax 30 hits a speed bump as investors fret about tapering in the wake of strong US jobs data. The rebound has come to a halt right at the peak at 15800.Buyers’ struggle to push past the all-time high indicates stiff pressure from both profit-taking and fresh selling.The RSI divergence in this kind of major supply area is a warning sign as buying has lost its impetus.The break below 15660 could prompt the bulls to bail out. 15440 would be the next support as the index goes into a correction.
Intraday Market Analysis – AUD Attempts Rebound

Intraday Market Analysis – AUD Attempts Rebound

FXMAG Team FXMAG Team 04.08.2021 09:59
AUDUSD builds supportThe Australian dollar jumped after the RBA kept its tapering course despite dovish guidance. The Aussie is making an attempt to reverse the gears.The RSI divergence was an indication that the bearish momentum had died down. The break above 0.7360 may have prompted sellers to cover, allowing buyers to build a support base.0.7360 is fresh post-RBA support. Then 0.7320 is a major level if a pullback goes deeper.On the upside, a close above the support-turned-resistance at 0.7410 may extend the rebound to 0.7480.NZDUSD breaks resistanceThe New Zealand dollar surged as Q2’s unemployment rate dropped to 4%.The Kiwi has met strong buying interest at 0.6900 and the sideways action suggests that the sell-off has faded. Though the bulls will need to lift several levels of resistance before they could break the market’s indecision.A higher low at 0.6980 is a sign that buyers are willing to commit, narrowing down the trading range in the process. 0.7105 would be a tough nut to crack but a breach could trigger a runaway rally as the short side seeks to unwind.GER 30 tests peakThe Dax 30 treads water as mixed technology stocks drag on investor sentiment.The V-shaped recovery has hit a speed bump as the index extends its consolidation. A tentative breakout above the last leg of the previous sell-off at 15700 suggests that the buying power still outweighs the selling one.A bullish breakout of the peak at 15800 would be the confirmation and stir up momentum. 15440 has become key support after its second test. A deeper retracement would lead to 15280.
Intraday Market Analysis – Euro Gains Momentum

Intraday Market Analysis – Euro Gains Momentum

FXMAG Team FXMAG Team 02.08.2021 09:10
EURUSD breaks resistanceThe euro inched higher after the eurozone’s Q2 GDP growth topped estimates.The pair has crossed above the 30-day moving average on the daily chart, a sign of unwavering interest from the demand zone at 1.1750. Strong momentum above 1.1880 could be a short squeeze.With sellers out of the picture, for now, buyers will need to consolidate their gains before they could stage a reversal beyond 1.1910. An overbought RSI has led to a limited pullback as intraday bulls take profit. 1.1840 would be the immediate support.USDCAD tumbles through supportThe Canadian dollar rallies as Canada’s GDP showed a smaller contraction in May. The US dollar’s break below 1.2430, a key support from the daily time frame, indicates that sentiment still favors its northern neighbor.The RSI has risen back to the neutrality area, which may give the bears enough room to sell the next rebound. The support-turned-resistance at 1.2550 could be the key hurdle.On the downside, renewed momentum below 1.2420 may push the greenback to the base of July’s rally at 1.2300.XAGUSD attempts bullish reversalSilver extends the rally as the US dollar weakens across the board.An RSI divergence has previously revealed a slowdown in the bearish momentum. The price bounced sharply after the sellers’ last tentative push. The surge above 25.40 suggests broad profit-taking.Once the dust settles and the RSI drops back from its overbought situation, buyers could be looking to initiate a reversal from the psychological level of 25.00 which sits in a former supply zone. 26.20 would be the target if they can gather enough impetus.
Gold & the USDX: Correlations

Intraday Market Analysis – USD Sees Few Bids

FXMAG Team FXMAG Team 30.07.2021 09:00
USDJPY tests key supportThe Japanese yen finds support as June’s unemployment rate fell below 3%.A bearish MA cross on the daily chart is likely to cloud buyers’ mood. The pair has met stiff selling pressure near 110.60.The FOMC whipsaw was a sign that sellers still retain control since the downturn started earlier this month. 109.40 is a key support and its breach would invalidate last week’s rebound. Sellers would then be eager to push below 109.00.On the upside, a bounce will need to clear 110.20 to make the mood turn around.USDCHF in a deeper correctionThe US dollar tumbled as US GDP growth in Q2 came out below market expectation.The breakout below 0.9120 was a confirmation that the bears have gained the upper hand following a three-week-long consolidation. Bearish sentiment accrued as momentum traders jumped in aggressively.The price is heading towards the psychological level of 0.9000, right above the critical support (0.8930) on the daily chart.An oversold RSI may cause a limited rebound which is likely to be capped by 0.9165.US 30 breaks to new highsThe Dow Jones index found support from the prospect of continuous stimulus in the US.The index consolidated its gains after it rallied above the peak at 35100. 34800 is a fresh support as buyers have a stake in after the breakout confirmation.US indices lately have been exhibiting a volatility pattern in which a sharp drop is followed by strong bidding.While sentiment remains generally positive, a deeper pullback here may test 34500. As the rally resumes, 35500 would be the next target.
Intraday Market Analysis – Gold Awaits Catalyst Breakout

Intraday Market Analysis – Gold Awaits Catalyst Breakout

FXMAG Team FXMAG Team 28.07.2021 09:47
XAUUSD seeks supportGold bounces back as the US dollar retreats ahead of the Fed meeting later today.The price has been treading water above 1790 as the bulls struggle to save the rebound. The dip below the psychological level of 1800 has shaken out weak hands.The current consolidation is a sign of indecision ahead of a catalyst-driven breakout. 1824 is a major hurdle and its breach would heighten momentum and resume the stalled rally.Below the support, the bears may push gold towards 1755 and threaten the rebound.AUDUSD consolidates post-breakoutThe Australian dollar inched higher, supported by upbeat CPI, in Q2. Though price action struggles to bounce back after it broke below 0.7410, a support from the previous timid rebound.Sentiment has grown increasingly bearish and sellers are eager to offer at higher prices. 0.7440 has turned from a demand into a supply zone.If buyers fail to push above this threshold, 0.7290 would be the path of least resistance. A bearish breakout could trigger a new round of sell-off to last November’s lows around 0.7130.USOIL tests fresh supportOil prices continue to recoup previous losses as traders bet on tightening supply.WTI’s swift recovery above 71.10 is an encouraging sign that buyers are still hanging around. Following the breakout, 70.10 has established itself as a fresh support.The RSI has dropped back to the neutrality area and the bulls may have the last word if the support holds tight. Otherwise, price action could be seeing 66.00 sooner than expected.On the upside, 74.70 is the key resistance to clear before the bullish trend could carry on.
Intraday Market Analysis – S&P 500 Resumes Rally

Intraday Market Analysis – S&P 500 Resumes Rally

FXMAG Team FXMAG Team 26.07.2021 09:56
SPX 500 breaks to new highThe S&P 500 rose back to its previous high on strong corporate earnings.The index has met strong bids around 4250, the top range of the late June consolidation. The subsequent surge gave no room for sellers to get a foothold.An overbought RSI may prompt intraday traders to take profit at the peak (4392). 4380 has been established as fresh support where buyers could be lurking around. Further below, 4350 may provide another layer of support.On the upside, a bullish breakout would extend the rally towards 4440.USDCAD hovers above supportThe Canadian dollar stays muted despite a slight improvement in retail sales in May. The greenback has met stiff selling pressure near February’s high (1.2800).The sharp drop is likely due to profit-taking after a rally above the resistance of 1.2650 from the daily chart. If longs succeed in holding 1.2500, the sentiment would remain bullish. Failing that, the pair may retreat to 1.2300.The RSI is rising back to the neutrality area, a sign of buying interest in the demand area. 1.2730 would be the immediate resistance ahead.EURGBP bounces off demand zoneThe pound remains under pressure after lackluster retail sales ex-fuel in June. The pair’s advance beyond 0.8610 has forced sellers to cover their positions.The price has dropped back to the demand zone at 0.8550 for accumulation.The RSI has recovered back to the neutral area. A rally above 0.8585 would confirm the bullish bias and rekindle buyers’ enthusiasm.0.8610 is the next resistance, then a break above 0.8660 may trigger a runaway rally. On the downside, 0.8510 is still key support.
Intraday Technical Analysis – GBP Finds Buying InterestFOREX

Intraday Technical Analysis – GBP Finds Buying InterestFOREX

FXMAG Team FXMAG Team 15.07.2021 09:40
GBPUSD bounces off Fibonacci levelThe better-than-expected UK CPI in June has lifted the sterling across the board.Price action has seen strong support above 1.3730, a critical demand zone on the daily chart. After the initial rally, the pair has bounced off the 61.8% Fibonacci retracement level (1.3800) while the RSI recovered back to the neutral area.Following a previous failed attempt, a bullish breakout above the supply zone around 1.3920 could boost confidence on the buy-side and trigger a reversal.Then the psychological level of 1.4000 would be the next target.USDCAD gains key supportThe Canadian dollar softened after the BOC cut its bond-buying less aggressively than expected. The pair previously saw profit-takings near the recent top at 1.2550.The RSI’s triple top in the overbought area was already a sign of overextension. The price has once again bounced off 1.2430, a former resistance turned into a support. A bullish breakout could extend the rally beyond 1.2600.But if buyers struggle to hold the range, the greenback could be vulnerable to a sell-off. Then 1.2300 would be the next stop.NZDUSD rallies to major resistanceThe New Zealand dollar soared after the RBNZ cut its QE program in anticipation of policy tightening.The initial surge above 0.7010 reveals renewed buying interest after the kiwi spent weeks above the important daily support at 0.6920.The psychological level of 0.7000 saw its role reversed into a support. A rally above 0.7060 brings the kiwi closer to the critical supply area at 0.7100. Its breach may trigger a bullish reversal.In the meantime, an overbought RSI can lead to a limited pullback as buyers build their momentum.
Gold & the USDX: Correlations

Intraday Market Analysis – Gold Struggles At Resistance

FXMAG Team FXMAG Team 12.07.2021 11:43
XAUUSD rally slows downGold grinds higher as the US dollar softens amid lower Treasury yields.The rally slowed as the bulls pushed towards the key resistance at 1824. A bullish breakout could trigger an extended rally and further confirm the reversal.However, the RSI divergence may temper the enthusiasm. Its failure to follow the price and achieve a higher high is a warning sign of fading momentum.1790 is the immediate support and its breach could send the price to 1775, where the precious metal first broke out of its bearish range.CADJPY recovers temporarilyThe Canadian dollar bounces back after a fall in June’s unemployment rate.The drop below 88.00, the origin of the previous rebound, has put the loonie back on the correction path.The RSI’s double-dip into the oversold zone has prompted intraday players to take profit, momentarily driving up the price.This may turn out to be a dead cat bounce as the pair tests the supply area around 88.80. A drop below 87.40 could lead to another round of sell-off towards the major demand zone around 86.50 on the daily chart.UK 100 holds above daily supportThe FTSE 100 recovers as lackluster GDP growth may keep the BOE off the hawkish path.The index is in consolidation between the daily support at 6940 and 7200. As long as the bulls bid up the price above the support, the medium-term rally is still intact.The current volatility is a sign of short-term turnover. After the RSI rose back from an oversold situation, price action found support at the psychological level of 7000.7150 is the resistance ahead, a breakout could challenge the peak at 7200.
Intraday Market Analysis – NASDAQ Holds Despite Whipsaw

Intraday Market Analysis – NASDAQ Holds Despite Whipsaw

FXMAG Team FXMAG Team 09.07.2021 10:30
NAS 100 bounces off trendlineThe Nasdaq index whipsaws as investors fear that the economic recovery may stall.Sentiment remains upbeat as the composite rebounds from a seven-week-long rising trendline. This congestion area includes the former resistance at 14560 which has turned into key support.Trend followers were quick to see the oversold RSI as an opportunity to double down on the bullish bandwagon.14830 has now become a hurdle and a bullish breakout could lead the index to the historic high at 15000.USDCHF falls from daily resistanceThe Swiss franc shot up as markets grew weary of the Delta variant spread. Whereas, the US dollar has stumbled on the supply area around 0.9275 from the daily timeframe.Last Friday’s attempts below 0.9200 have shown weakness in the upward impetus. Following a feeble rebound, the dollar’s clean-cut through said support confirms the bearish turn. An oversold RSI may cause a limited rebound.Once below 0.9140, the greenback could be vulnerable to an extended sell-off towards 0.9080.EURJPY slips below psychological supportThe Japanese yen rallies amid surging demand for safe-haven currencies.The break below the psychological level of 130.00 has invalidated the rebound in late June. Sellers are still in control of the action after the bearish MA cross.The euro is now hovering near the critical support (129.60) on the daily chart. A bearish breakout could push the pair towards 128.90.In the meantime, an oversold RSI may prompt early bulls to test the water. The base of the latest sell-off at 131.00 is a major resistance ahead.
Intraday Market Analysis – USD Seeks Support Post-NFP - 06.07.2021

Intraday Market Analysis – USD Seeks Support Post-NFP - 06.07.2021

FXMAG Team FXMAG Team 06.07.2021 08:48
EURUSD struggles to bounceThe US dollar drops after an uptick in last month’s unemployment rate. Sentiment towards the euro grew a tad more bearish after it fell below 1.1850, the support of the recent consolidation range.However, an RSI divergence suggests a loss in the downward momentum, and its double-dip into the oversold territory may make sellers reluctant to double down. Buyers will need to lift offers around 1.1880 before they could push for a reversal.Below 1.1800, the pair would be heading towards the daily support at 1.1710 by default.XAGUSD rallies above resistanceBullions bounce back as weaker-than-expected jobs data take a toll on the US dollar.On the daily chart, silver has found support at the 61.8% (25.70) Fibonacci retracement level from the late March rally. 26.50 has so far capped the bulls’ attempts.The latest breakout is a confirmation of the previously mentioned bullish RSI divergence. The bears may rush to cover their bets before it becomes too expensive to do so.27.20 would be the next target when the rebound gains traction.GER 30 looks to break out of triangleThe DAX 30 consolidates near its recent peak as the euro zone’s economy picks up steam.The index is in an ascending triangle as buyers are willing to pay up. This often occurs as a continuation pattern as the price will typically breakout in the same direction as the underlying trend.A close above 15750 may prompt the last sellers to cover. The RSI stays neutral, laying the groundwork for a breakout. A runaway rally could lift offers towards the milestone at 16000.A drop below 15500, however, may trigger a correction to 15280.
Intraday Market Analysis – USD Seeks Support Post-NFP

Intraday Market Analysis – USD Seeks Support Post-NFP

FXMAG Team FXMAG Team 06.07.2021 08:48
EURUSD struggles to bounceThe US dollar drops after an uptick in last month’s unemployment rate. Sentiment towards the euro grew a tad more bearish after it fell below 1.1850, the support of the recent consolidation range.However, an RSI divergence suggests a loss in the downward momentum, and its double-dip into the oversold territory may make sellers reluctant to double down. Buyers will need to lift offers around 1.1880 before they could push for a reversal.Below 1.1800, the pair would be heading towards the daily support at 1.1710 by default.XAGUSD rallies above resistanceBullions bounce back as weaker-than-expected jobs data take a toll on the US dollar.On the daily chart, silver has found support at the 61.8% (25.70) Fibonacci retracement level from the late March rally. 26.50 has so far capped the bulls’ attempts.The latest breakout is a confirmation of the previously mentioned bullish RSI divergence. The bears may rush to cover their bets before it becomes too expensive to do so.27.20 would be the next target when the rebound gains traction.GER 30 looks to break out of triangleThe DAX 30 consolidates near its recent peak as the euro zone’s economy picks up steam.The index is in an ascending triangle as buyers are willing to pay up. This often occurs as a continuation pattern as the price will typically breakout in the same direction as the underlying trend.A close above 15750 may prompt the last sellers to cover. The RSI stays neutral, laying the groundwork for a breakout. A runaway rally could lift offers towards the milestone at 16000.A drop below 15500, however, may trigger a correction to 15280.
Intraday Market Analysis – GBP Tests Important Support

Intraday Market Analysis – GBP Tests Important Support

FXMAG Team FXMAG Team 01.07.2021 09:43
GBPUSD rests on daily supportThe sterling fell back after the UK’s GDP contracted more than expected in Q1. Indeed, the pair is now back to square one after it gave up gains from the previous rebound.The psychological level of 1.4000 has been a tough resistance to crack. The lack of momentum suggests that sentiment remains downbeat. The pair is retesting 1.3790, a key support from the daily timeframe.A bearish breakout would trigger a new round of sell-off to 1.3700. On the upside, a recovery may be choppy with 1.3940 as the first resistance to lift.USDCAD rises towards recent peakThe Canadian dollar remains underwater after April’s negative growth.Sentiment has turned in favor of the greenback once again as it climbs above 1.2400. This indicates buyers’ commitment to recoup all losses from previous sessions.The bullish MA cross out of the short-lived consolidation may pull more trend followers to the rally. A break above 1.2480 would trigger an extended rally towards 1.2600.The RSI has slipped back into the neutral area. The former resistance at 1.2330 is a support in case of a limited pullback.USOIL bounces off bullish trendlineWTI rose back after data showed US inventories dropped by 8.2 million barrels last week.Price action has bounced off the rising trendline (72.00) from late May while the RSI was in an oversold situation. This indicates that the ball is still on the bulls’ side. The uptrend is valid as long as the trendline remains intact.Volatility helps buyers accumulate stakes. 72.80 is the closest support along the line. For more cautious traders, a break above 74.40 would confirm trend continuation.
Intraday Market Analysis – S&P 500 Holds New Record High

Intraday Market Analysis – S&P 500 Holds New Record High

FXMAG Team FXMAG Team 30.06.2021 10:15
SPX 500 soars to ATHGrowth stocks help lift the S&P 500 index to an all-time high.The rally has gained traction after it cleared the previous peak at 4270. This has convinced trend followers that the bulls are still in charge of the action. The index is heading towards 4320.The RSI has returned to the neutral area but its bearish divergence may foreshadow a pullback. Short-term buyers may take profit at the first sight of weakness.4270 is the immediate support. Then the former supply zone around 4245 would be a major support.EURGBP tests bearish trendlineThe pound retreats as Britain awaits the EU’s nod to extend the trade grace period for Northern Ireland. The euro has consolidated its recent gains after closing above 0.8580 with 0.8565 establishing itself as a support level, the base of the latest rally.Price action is testing again the falling trendline which has been acting as a key resistance.The crowded trade is heavily skewed to the sell-side. A bullish breakout above 0.8610 would prompt sellers to cover, building momentum for a potential reversal.NZDUSD retreats to critical supportA new round of lockdowns across Australia is taking a toll on its neighbor.Indeed, the kiwi has met stiff selling pressure at 0.7100. The latest drop below the psychological level of 0.7000 may have put a dent in buyers’ optimism.The RSI is rising back from an oversold situation. Profit-taking may lead to a limited rebound. The bulls will need to push through 0.7050 to reverse their predicament. A fall below 0.6960 however, may shatter the hope for a rebound and trigger a new round of sell-off as buyers scramble to get out.
Intraday Market Analysis – USD Hits Resistance

Intraday Market Analysis – USD Hits Resistance

FXMAG Team FXMAG Team 29.06.2021 09:58
USDJPY struggles to clear offersThe Japanese yen bounces back after a rise in April’s retail trade figure, while the US dollar struggles to consolidate its gains above the psychological level of 111.00.Yesterday’s bullish momentum above 110.85 has faded. This suggests a lack of commitment from the buy-side. Short-term price action could become vulnerable if 110.40 fails to hold. The pair may retest 109.80 should that happen.Otherwise, by lifting offers around 111.10 the bulls could expect a runaway rally towards February 2020’s peak at 112.00.AUDUSD seeks supportThe Australian dollar pulls back as risk appetite abates earlier this week. The pair has met resistance at 0.7610, previously a demand zone now turned into a supply zone.Sentiment remains mixed after the mid-June sell-off. Indeed, buyers are likely to test the water before committing themselves.The Aussie may seek support at 0.7540. Further down, 0.7500 is a critical level to keep the rebound relevant. On the upside, a break above 0.7610 may attract momentum players and open the path towards 0.7700.GER 30 awaits breakoutThe Dax 30 inches up, thanks to the support from last week’s recovery momentum.Price action has spent the past week consolidating gains after a V-shaped rebound. The narrowing range indicates stiff pressure from both sides and a breakout would dictate the direction for the days to come.The bulls are striving to push back to the previous high at 15800. Then the psychological all-time high of 16000 would be within reach. On the downside, a drop below 15500 would prolong the correction to 15400.
Intraday Market Analysis – EUR Seeks Rebound Opportunity

Intraday Market Analysis – EUR Seeks Rebound Opportunity

FXMAG Team FXMAG Team 28.06.2021 08:36
EURUSD hovers under psychological resistanceThe euro bounced back after the core PCE of the US stayed subdued in May.After rallying above 1.1910, price action has turned this former resistance into a support base. The current consolidation could be an accumulation phase for the buy-side.Early bulls are aiming at the psychological level of 1.2000. A bullish breakout would force sellers to unwind their positions and trigger a recovery above 1.2100.In the meantime, buyers could be getting involved while the RSI is in the neutral area.GBPJPY tumbles from supply zoneThe sterling continues to suffer from BOE’s warning against “premature tightening”.The pair has met stiff selling pressure in the supply zone around 155.20, a major resistance from the daily chart. The sell-off has accelerated after the support at 154.20 failed to hold.The subsequent drop below 154.00 was a confirmation of the bearish MA cross. 154.50 has become a resistance. 153.10 is the next support as the RSI bounces off an oversold situation. Below that, the price may retrace all the way back to 152.00.US 30 breaks above multiple resistancesThe Dow Jones recouped recent losses as investors’ buy-in for Biden’s infrastructure deal.The bulls have successfully pushed past 34100 then 34350. This indicates that the lack of selling interest has helped buyers regain the upper hand.Momentum traders seem unfazed by an overbought RSI so far. The index is heading towards 34750, a supply zone from the previous sell-off. A bullish breakout would open the door to the peak at 34850.On the downside, the psychological level of 34000 has turned into a key support.
XAUUSD tests critical daily support

XAUUSD tests critical daily support

FXMAG Team FXMAG Team 23.06.2021 10:17
Intraday Market Analysis – Gold Looks For Rebound CatalystThe US dollar catching its breath offers bullions some respite.Gold is now hovering above May’s low at 1760, an important support from the daily chart. Its breach could invalid the rally from late March.The bullish RSI divergence indicates that the sell-off may have lost steam in this demand zone. A combination of profit-taking and fresh buying could help the metal recover.A confirmation would be close above the psychological level of 1800, which would then convince buyers to join in.USDCHF struggles on high groundThe US dollar softens, as Fed Chairman Jerome Powell insists on not raising interest rates too soon.The pair has come under pressure near 0.9250, previously a support that has turned into a key resistance. The RSI divergence suggests a loss in the upward momentum and buyers may close out at the first sign of weakness.0.9170 is the immediate support. Its breach could trigger a 100-pip fall to the next level at 0.9070. A rally above the said resistance may propel the price to above 0.9300.NAS 100 grinds along bullish trendlineThe US tech index shrugged off inflation fear and recovered to an all-time high.Price action has bounced off of the rising trendline established in late March. This is a strong bullish indication amid sell-offs across equity markets.The RSI has returned to the neutral area, allowing buyers to accumulate without appearing to overdo it. The Nasdaq has broken above 14220 and may trigger a runaway rally towards 14400 as momentum players stake in. 14080 near the trendline is a key support to monitor.
Intraday Market Analysis – USD Walks On Thin Ice

Intraday Market Analysis – USD Walks On Thin Ice

FXMAG Team FXMAG Team 14.06.2021 09:57
USDJPY enters supply areaThe US dollar struggles to bounce higher as high inflation seems temporary.The previous sell-off below the demand area near 109.80 has spoiled the recovery mood. The former support has turned into a resistance and so far capped the greenback’s advance.The pair is in horizontal consolidation while the RSI returns to neutral conditions.110.30 would be the next hurdle if the price action turns around. A fall below 109.20 could trigger another round of sell-off towards 108.60, a major support on the daily chart.NZDUSD capped by falling trendlineThe New Zealand dollar sees profit-taking in anticipation of this week’s FOMC.The pair has been in extended consolidation after it broke above the daily resistance at 0.7300. The descending trendline indicates increasing selling pressure.The kiwi has a well-established demand zone around 0.7115, a key support from the daily chart. As the RSI rises back from an oversold situation, buying interest could push the pair towards the trendline (0.7180).The ten-week-long rally may resume only if the price breaks out.US 30 consolidates gainsThe Dow Jones Industrial Average rallies as the recovery goes in full swing in the US.The latest whipsaw barely dented investors’ faith. The index has recouped most of the losses from the May sell-off. Buyers have been building their stakes above the 30-day moving average (34350). 34750 is the key resistance intraday, its breach may send the price action to the peak at 35100.On the downside, a deeper correction would test the critical demand area between 33500 and 33700 from the daily chart.
Intraday Market Analysis – USD Fakes Rebound

Intraday Market Analysis – USD Fakes Rebound

FXMAG Team FXMAG Team 11.06.2021 09:53
USDCHF fails to bounce backThe US dollar surged after May’s core CPI rose by 3.8% yoy.The pair remained under pressure after it broke below the lower band of the consolidation range at 0.8930. An oversold RSI has led to a brief whipsaw, which has turned out to be more of an opportunity to sell into strength.Unless the greenback can lift the offers around the psychological level of 0.9000, the price could see another round of sell-off. February’s low at 0.8870 would be the next target should the pair dip below 0.8920.EURJPY capped by key resistanceThe euro weakened after the ECB maintained its accommodative monetary stance.The pair has so far kept its bullish bias following a rally above April 2018’s high at 133.48. The price action has bounced off 132.90, the base of a previous rally which also coincides with the 20-day moving average on the daily chart.133.80 is a major resistance, as its breach could clear the path for an extended rally above 134.However, a drop below the aforementioned congestion area may prolong the sideways actions towards 132.50.GER 30 seeks support on key daily levelThe DAX consolidates gains as investors weigh high valuation against the pace of recovery.On the daily chart, a bullish MA cross is a sign of acceleration in the rally after a six-week-long consolidation.The index is currently looking for support from the 20-day moving average (15475). Bullish sentiment remains strong as long as buyers hold above this key level. Failing that, 15350 would be the next line of defense.On the upside, a recovery to 15720 would bring in momentum players for a runaway rally.
Features and Advantages of New Elongate Crypto

Features and Advantages of New Elongate Crypto

FXMAG Team FXMAG Team 28.05.2021 12:48
Blockchain technology is changing the world, even though many people still see it just as a speculative novelty, and that making the decision to buy bitcoin is still safer and more profitable in the long term. Indeed, it is impossible to deny the impact of cryptocurrencies in the social environment and philanthropy, especially when looking at several projects that receive donations of digital coins. Elongate is one of the new projects that want to use blockchain technology to impact the lives of millions of people worldwide, providing a gateway between cryptocurrency donations and charities in need. In this article, you will discover the features and advantages of the Elongate project and its native token. Is There Any Affiliation Between Elongate and Elon Musk? Billionaire and tech industry entrepreneur Elon Musk is responsible for several recent events that led the crypto market to ups and downs, which includes Tesla's acquisition of US$1.5 billion worth of Bitcoin in early 2021. Plus, the eccentric billionaire caused a major impact on the market sentiment around Dogecoin, which led the meme coin to a major price appreciation and a record-breaking market cap, taking the cryptocurrency price to new heights. However, even though Musk is indeed an enthusiast of cryptocurrencies, as demonstrated in his social media recently, there is no affiliation between him and the Elongate project. Elongate Crypto - What Is It? Elongate is a crypto-based project that began as a parody of Elon Musk's tweet referencing the Watergate Scandal published on March 25, 2021. Once the idea became public, the project managed to reunite an active community with over 100k holders with the same purpose in mind. Hence, their main purpose behind the idea is to wield the power and capital of memes and internet culture to change the way people do charity. So far, the project has raised over US$1,000,000 for charity causes. Thus, the project pledges to give back 80% of all income generated to charity, putting a lot of effort into becoming the ultimate combo between philanthropic initiatives and cryptocurrencies. The project's native token, $ElonGate, is a high-yield deflationary cryptocurrency on the Binance Smart Chain. $ElonGate holders will be rewarded with transaction fees (10%), while a good sum of the collected fees will be also donated to charity. Explaining the ElonGate Token The Elongate coin ($ElonGate) is a BEP20 token issued on the Binance Smart Chain. The token has a total fixed supply of 1 Quadrillion tokens, so it will not be a problem for investors to acquire it. Initially, a pre-sale campaign was hosted by DxSale, a well-known cross-chain token management platform. Subsequently, the initial $ElonGate liquidity pool has been locked under DxSale's unique DeFiLaunch Certified Liquidity Locker to ensure the community's assets security. Out of Ethereum - Explaining the Binance Smart Chain Different from many projects launched in recent times, the project opted to structure its idea using the Binance Smart Chain instead of the Ethereum Network. For those unaware, the Binance Smart Chain (BSN) is a blockchain network that works in parallel to the Binance Chain. Hence, the Binance Smart Chain has exclusive features, such as offering EVM compatibility and smart contract functionality. Most importantly, the Binance Smart Chain offers interoperability, which means users can invest/trade in the network using their Ethereum-based wallets. Also, a great advantage of the Binance Smart Chain is that, in terms of transaction fees, the experience is much more affordable when compared to the Ethereum Network. Elongate Crypto - The Latest News Throughout several weekly live broadcasts, called charity parties with its close-knit community of investors, Elongate has donated funds to various charity organizations, including Children International, Action Against Hunger, and The Ocean Cleanup. On April 4, the Children International accepted the first donation of US $ 75,000, an amount that increased to US$325,000 at Elongate's latest fundraiser on April 18. Meanwhile, the entities Action Against Hunger and The Ocean Cleanup received a total of US$ 250,000 from the Elongate community. An additional commitment has been reserved for Big Green, which will join Elongate in a live broadcast event on the same day of this year's Earth Day celebrations. Big Green is a non-profit organization founded by Kimbal Musk and Hugo Matheson, with the purpose of creating healthy environments where children can learn and grow. Final Thoughts Elongate is a revolutionary project that aims to be the gateway between charity/philanthropy and cryptocurrencies. So far, the project managed to attract thousands of followers. Even though Elongate is still in the initial stage, the community members organized to maintain, manage and expand the project. At the moment, it is worth noting that the project has no affiliations with Elon Musk. Elongate's marketing director Gene Rhode stated that charity is the core of the project's ecosystem, but their goal is to expand their value offer. Beyond philanthropy, they want to implement a platform focused on NFTs and other crypto-based innovations.
Just2Trade won Best Multi-Asset Broker Asia-2021 award!

Just2Trade won Best Multi-Asset Broker Asia-2021 award!

FXMAG Team FXMAG Team 19.05.2021 14:00
Just2Trade, a leading financial company for private investors worldwide, has won the Best Multi-Asset Broker // Asia– 2021 award. The award was given to Just2Trade during this year's BrokersShow in Taiwan on April 24, 2021. This year the popular exhibition was held online due to the Covid-19 pandemic, with more than 50,000 visitors. The event was not only a cloud event to facilitate communication between the financial industry platform and investors during the pandemic, but also an investigation and evaluation of the comprehensive strength of major brokers.   Just2Trade is part of a global financial group run by veterans of the modern financial industry, offering services to private investors since 1994. The Group’s companies are authorized and strictly regulated in the EU, US and Russia.  Just2Trade has worked with Asian customers since 2011.  Currently, the company has over 155,000 customers in 130 countries and is headquartered in Limassol, Cyprus.   The high award for Just2Trade’s operations reflects the Company’s unique services for private investors. Just2Trade’s key product – the MT5 trading platform  – provides customers with direct access to 20 major global exchanges and has a truly unique range of financial instruments – over 128,000 trading products, including forex, stocks, bonds, futures, options and cryptocurrency.   Compared to its competitors, Just2Trade not only has a unique basket of tradable instruments but also affords customers a choice of several trading platforms. Aside from MT5, the Company also offers the MT4, CQG and ROX platforms to its customers. Thanks to its state-of-the-art technological infrastructure, the Company is able to provide its services to customers with rock-bottom fees and maximum liquidity.  “Users have high expectations when it comes to service quality, especially for brokers like us with a history of more than 25 years. It is a challenge to meet these expectations” – says Anton Tishenko, Just2Trade’s Asia Business Development Director. More information about award for Just2Trade - click there.
Features and Advantages of New Elongate Crypto

Ways in Which Copy Trading Can Help You Grow Your Wealth

FXMAG Team FXMAG Team 18.05.2021 12:41
Copy trading is defined as the aspect of copying trades done by other forex investors in the forex market. It is one of the ways forex traders use to earn money from the forex market without studying what forex trading is all about. It is an easy way out to get profits from trading forex without knowing how one places a trade. In normal circumstances, beginners in the forex trading business are forced to work with a forex broker. These are people who have the knowledge and tips of what it takes to get a win from the forex trading business. Forex brokers are forex trading companies or individuals that provide a forex trader with access to a forex trading platform. These forex brokers earn money through commissions. Whenever a forex broker helps a forex trader place a trade, they get a commission whether it brings a win or lose. These forex brokers also teach forex traders who are at the beginner stage what forex trading is all about. A copy trader aims to earn as much as a forex trader does through copying what he or she does in the forex markets. As aforementioned a copy trader does not take time to learn how the forex trading business is done so the copy trader does exactly what a forex trader has planned to do in a forex trading game. 4 Ways in Which Copy Trading Can Help You Grow Your Wealth There are different ways in which copy trading can help you grow your wealth. This article will highlight four ways in which copy trading can help you grow your wealth. Know what platform to choose from One way that a copy trader could grow his or her wealth is by knowing what trading platform to choose from. Despite a copy trader not needing to study the forex market to trade, they ought to know the various platforms that one can copy trade from. A copy trader could easily know this by making use of a forex broker. These forex brokers could be sourced from forex trading companies that offer services of helping forex traders access buying and selling platforms. However, a copy trader should be cautious of forex brokers who have outstanding profiles but they are out to scam and steal from people interested in the forex trading business. A forex broker should be licensed, regulated, and authorized to do business by a country’s authorities. More experts to copy Copy traders should look out to copy trade Malaysia from no ordinary people. They should ensure that they copy trade from people who have been in the business for a long time. These are experts in the forex trading business who have transacted in the forex trading game for a long time. These experts are also people who have outstanding portfolios and fully understand the forex markets. Take responsibility for your trading The other thing that copy traders should ensure they do to grow their wealth is to ensure that they take responsibility of the investments they make while in the forex trading game. This is possible by taking note of the money they have in their trading accounts, how much they put into a trading game, what profits they gain and lose as well. This is again necessary especially when a copy trader is making use of a forex broker. These forex brokers earn through commissions that are deducted from one’s trading account. Sometimes a new copy trader may give a forex broker the freedom to handle their forex trading account which may end up leaving him or her bankrupt if no responsibility is taking. Run tests It is important to run tests on what copy trading is before engaging in the real game. These tests could be done via demo accounts that allow a copy trade have a feel of what goes on when copy trading.  A copy trader should however always keep in mind that the results that come from demo accounts are not necessarily what will be projected in the real copy trading. Conclusion Whenever one plans to start a business, their goal is to gain wealth and always make a profit. It is possible to make wealth even while copy trading but only through perseverance and playing it safe while copy trading.
Commission-Free Indices at FBS

Commission-Free Indices at FBS

FXMAG Team FXMAG Team 26.02.2021 13:11
FBS, the leading CySEC licensed broker, expanded the list of its trading instruments in MetaTrader 4, MetaTrader 5, and FBS Trader – trading platform. European traders now can enjoy all the benefits of trading top Cash-based indices like S&P500, NASDAQ, DAX30, and many others. FBS appreciates the traders’ comfort and wants to give anyone access to the global markets in a few clicks. Thus, the company added even more trading instruments in MT4&5 and the all-in-one FBS Trader app. Commission-free Cash-based indices are now available for trading. These indices have no expiration date. It means that once you open a long-term position, all the worries about its early closing may be left behind. Cash-based index orders are timeless and closed at the time a trader finds it appropriate. There is the full list of available Cash-based indices: JP225 - Japan 225 index (Nikkei) US100 - Nasdaq index US30 - Mini-sized DJIA index Dow jones US500 - E-mini SP 500 index AU200 - Australia 200 index EU50 - Euro Stoxx50 Index FR40 - CAC40 index HK50 - Hang Seng Index UK100 - FTSE 100 Index DE30 - DAX index ES35 - Spain 35 index XTIUSD (WTI) XBRUSD (Brent) XNGUSD (Gas) Choose your favourites among Cash-based indices and trade them on the go in functional and simple FBS Trader — Online Forex Trading Platform app or with fundamental MetaTrader. FBS is an acknowledged, CySEC licensed international online Forex broker and the official trading partner of FC Barcelona. FBS is a broker with an international outlook that serves clients in Europe, Asia, Latin America, and the MENA. Its primary focus lies in offering financial products for currencies, stocks, metals, and indexes trading for clients with different goals and backgrounds. The company features a low barrier to entry and top-ranking apps. Over 12 years in the field, the broker won over 60 international awards, including Best International Forex Broker, Best Forex Brand, and Most Progressive Forex Broker Europe.
FBS Celebrates Its 12th anniversary and Fulfils Your Dream

FBS Celebrates Its 12th anniversary and Fulfils Your Dream

FXMAG Team FXMAG Team 23.02.2021 07:00
In February, FBS world-known Forex broker, turned 12. To make this month even more festive and unique, FBS launched a new activity for European traders. Anyone can make a wish, and the broker will choose the most outstanding one to fulfill it. The trusted brokerage company values aspiration not only to earn and grow but also to chase the dreams. For this purpose, FBS created such an opportunity even for those who have not tried their hands at trading. For the whole month from February 10 to March 10, anyone may write about the most desired wish on the FBS official Facebook page and get ready to have their wish satisfied. You can take part after meeting some simple conditions: Write about your dream in the comments to the post. Share the post on your personal Facebook page. Make sure it’s publicly seen. FBS will choose the lucky ones whose dream will be brought to life. For 12 years, the company has been providing traders worldwide with fast and secure access to the FX market, free educational materials, and expert support. Since 2009, FBS has been supporting those who in need and changing the lives. Thus, an owner of the most meaningful dream has a chance to change the life too! Stay tuned – a winner will be announced during a livestream on the FBS Facebook page. FBS is an acknowledged, CySEC licensed international online Forex broker and the official trading partner of FC Barcelona. FBS is a broker with an international outlook that serves clients in Europe, Asia, Latin America, and the MENA. Its primary focus lies in offering financial products for currencies, stocks, metals, and indexes trading for clients with different goals and backgrounds. The company features a low barrier to entry and top-ranking apps. Over 12 years in the field, the broker won over 60 international awards, including Best International Forex Broker, Best Forex Brand, and Most Progressive Forex Broker Europe.
USD flat amid new talks of stimulus bill

USD flat amid new talks of stimulus bill

FXMAG Team FXMAG Team 16.12.2020 09:16
EURUSD Likely To Challenge Previous HighsThe euro currency is once again back on the front foot as price action inches closer to test the previously established two and a half year high at 1.2176.The gains come as the common currency eased back from its declines earlier this week. Currently, the upside momentum is held by the support from the trend line.However, it will now be critical for the euro to break past the previous barrier. Failure to break out from this two and half year high could result in a possible reversal in price action.This would in turn once again shift focus to the downside.The key support level is near 1.1900. Therefore, in the event that the EURUSD fails to break out any higher, we could probably expect a near term correction in price action.GBPUSD Continues To Trade Flat, Above 1.3300The British pound sterling continues to trade flat albeit, price action is firmly supported above the 1.3300 level.Following the gap higher at the start of the week, the GBPUSD has been pushing lower. For the moment, there remains an unfilled gap from Monday’s open.To the upside, price action is trading well below the key upper range of 1.3483. The weakness in the US dollar is currently helping the British pound to push higher.However, it is unlikely to see any major gains coming in the near term.We expect the sideways range to be held until there is some kind of a resolution to the ongoing Brexit talks between the EU and the UK.WTI Crude Oil Advances To A Nine-Month HighOil prices are trading bullish once again following the previous few sessions where price action was rather subdued.As the bullish momentum slowly grips, oil prices are seen advancing to the previously formed nine-month high.A continuation to the upside could possibly see prices testing a new ten-month high shortly. This would mean that prices would near the 48.00 level for the moment.It would also put oil prices just $2 away from the psychological barrier of $50. The current gains to the upside are supported both by the technicals and the fundamentals in the markets.The key support level at 45.00 remains the downside for the moment.However, it is unlikely that we would see a sharp correction coming anytime soon.Gold Prices Back Near 1850 Technical ResistanceThe precious metal is trading over 1% on Tuesday.The gains come amid fresh talks in the US Congress about a new proposed coronavirus stimulus bill. If this bill is passed, this would put an end to the weeks of speculation in the markets.Gold prices have been trading rather flat after rising above the key support level of 1818.80 in early December this year.For the moment, the technical resistance level of 1850 is being tested once again.However, the stochastics oscillator on the four-hour chart is likely to print lower.This could mean that gold prices could once again retreat back and settle within the range of 1850 and 1818.80.
USD subdued on US Stimulus and Brexit deal outcome

USD subdued on US Stimulus and Brexit deal outcome

FXMAG Team FXMAG Team 14.12.2020 08:00
EURUSD Fails To Post New Highs The euro currency’s rebound after the ECB meeting saw prices rising only to highs near 1.2150. Following this, price action retreated, edging closer back to the rising trend line. We expect the trend line support to once again come into the picture. As long as this support holds, the EURUSD might be looking to aim higher. In the event that the common currency loses the trend line support, then we expect price action to fall toward the 1.2050 level, marking the December 9 lows. To the upside, the EURUSD will have to break out above the previous highs of 1.2178 to continue the uptrend. GBPUSD Loses The 1.3300 Support The British pound sterling slipped below the support level of 1.3300 on Friday. This comes as Brexit talks come to a head. For the moment, the lower support near 1.3122 remains the key price point. As long as this support level holds, there is scope for the GBPUSD to push higher. However, prices will need to break out strongly above the 1.3300 level to continue the uptrend. This will then open the GBPUSD to the upper resistance level of 1.3483. To the downside, a close below 1.3122 could open the way for the cable to retest the 1.3000 round number support once again. Oil Prices Pull Back From A Nine-Month High WTI Crude oil prices rose sharply on Thursday to rise close to the 48.00 level. However, prices pulled back into Friday’s close. This comes as the 45.00 level is firmly establishing as support. Thus, a pullback could see this support level being tested once again. The Stochastics oscillator on the 4-hour chart remains mixed. There is enough room for prices to breakout higher. Above the 48.00 level, oil prices will be contending with a retest of the 50.00 level. To the downside, below the 45.00 support area, a correction could bring the commodity down to test the 44.00 handle next. Gold Settles Within The 1850 And 1825 Range The precious metal continues to trade flat for the second consecutive session. As a result, price action is trading within a tight band of the 1850 and the 1825 levels in the near term. The Stochastics oscillator remains biased to the downside. This could mean that if gold prices lose the 1817.80 level of support, then we expect the downside to continue. The next key level of support will be near the 1750 level. It would also mean that gold prices will be moving lower beyond the 30th November lows of 1764.22. To the upside, price action will need to firmly close above 1850 and continue to the 1900 level to establish the uptrend.
USD rises slightly off the two- and half-year lows

USD rises slightly off the two- and half-year lows

FXMAG Team FXMAG Team 09.12.2020 16:00
Euro Drops As ECB Meeting LoomsThe euro currency’s declines accelerated on Wednesday. The common currency is trading below the 1.2100 level which it held over the past few days.The declines come as the ECB will be holding its monetary policy meeting. Speculation is high that the central bank will increase its bond purchases.The current declines could stall near the dynamic support off the rising trend line. This could see a confluence of the 1.2000 level holding up for the moment.However, if the 1.2000 level breaks, then the next key support to look for will be the 1.1900 level.To the upside, price action could stall near 1.2100.GBPUSD Volatile Within A Flat RangeThe British pound sterling is giving back the gains made earlier. The volatility stems as Brexit negotiations drag on with no clear plan yet.The GBPUSD is currently settled within 1.3483 and 1.3300 levels. While the lower end of the range was briefly tested earlier this week, it has held up.The current pace of declines could see the 1.3300 support level coming under pressure once again.If the cable loses this support, then we could expect to see further declines.The next key support level is near 1.3122.Crude Oil Falls Back To 45.50 SupportOil prices continue to trade weak above the 45.50 level. Prices fell once again on Wednesday, testing the 45.50 level of support.So far, no new highs have formed. This consolidation could lead to a potential correction if support gives way.Below the 45.50, the next key support area is seen at the 43.50 level. We could expect this support level to hold in the near term.It would also mean that oil prices could continue trading flat within the newly established range below the 45.50 level.The Stochastics oscillator is also signalling a move lower. This could possibly confirm the downside bias for the moment.Gold Edges Down To 1850 SupportThe precious metal is seen retesting the support level of 1850 once again.This comes as prices barely rose close to the 1880 level before giving back the gains. The market sentiment remains mixed leading to the rather flat price action for the moment.However, the 1850 level will be critical. If gold prices lose this handle, then we could expect further declines to the 1800 level once again.This would come as gold prices will likely test the 1817.80 level to the downside.