Challenged – xMetaMarkets.com / Online Innovative Trading Facility Mon, 29 Aug 2022 17:14:05 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 /wp-content/uploads/2022/07/cropped-Logo-menu-32x32.png Challenged – xMetaMarkets.com / 32 32 Near Term Highs are challenged as Nervousness Grows /2022/08/29/near-term-highs-are-challenged-as-nervousness-grows/ /2022/08/29/near-term-highs-are-challenged-as-nervousness-grows/#respond Mon, 29 Aug 2022 17:14:05 +0000 /2022/08/29/near-term-highs-are-challenged-as-nervousness-grows/ [ad_1]

The USD/MXN is trading near important resistance as speculators consider rather intriguing technical potentials.

On the 19th of August the USD/MXN was trading near the 20.27000 ratio which essentially came within sight of resistance, with higher marks achieved in the first week of August. By the 25th of August the USD/MXN had produced a selloff which returned the forex pair to its lower values as the mark of 19.85000 was tested.

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But as speculators know, the end of last week witnessed U.S Fed Chairman Powell outline his thoughts for more interest rate hikes to come, and the USD/MXN turned higher with a relatively swift momentum. As of this morning the USD/MXN is traversing important near term resistance and is currently trading near the 20.12700 level. Technical traders are likely eyeing the 20.13500 area as a place to make a decision about potentially stronger buying to occur which could target the marks seen one week ago.

Range has been Strong and may continue to Produce Opportunities in the USD/MXN

Yes, the USD/MXN reflected the broad Forex results as the USD got stronger this past Friday. Technical traders may be inclined to believe that the USD/MXN has produced a rather intriguing price range the past few months and look at its results and wonder if the higher price momentum can be sustained. In July the USD/MXN traded momentarily above the 21.00000 level. As recently as the 2nd of August the USD/MXN was near the 20.81000 ratio.

August’s Tranquility is Likely to become a Rather Distant Memory Soon in the USD/MXN

Nervous behavioral sentiment appears to be growing, and this week may produce additional choppy trading as financial houses brace for the end of summer and renewed questions about the global economic outlook.  Yes the price of Crude Oil within its higher price range if maintained is likely to serve as a solid anchor of value for the Mexican Peso, but questions about the U.S Federal Reserve and its interest rate will rock the boat.

  • The potential for a higher move with the USD/MXN should be considered if current near term resistance around the 20.140000 is broken higher and sustained.
  • Traders should be prepared for choppy conditions if technical reactions to higher moves are generated.

The USD/MXN could find itself testing a higher range from 20.20000 to 20.40000 if buying momentum flourishes in the coming days. Trading may prove to be nervous in the coming days as speculators adjust their decisions to financial houses which seek equilibrium.  Risk management will be crucial in the short term. If a trader buys on lower price action near current support around the 20.10000 mark and looks for quick hitting upside wagers they cannot be blamed short term.

USD/MXN Short Term Outlook:

Current Resistance: 20.16400

Current Support: 20.09800

High Target: 20.34000

Low Target: 19.98700

USD/MXN

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Higher Move to be Challenged Today by Speculators /2022/07/05/higher-move-to-be-challenged-today-by-speculators/ /2022/07/05/higher-move-to-be-challenged-today-by-speculators/#respond Tue, 05 Jul 2022 10:02:19 +0000 https://excaliburfxtrade.com/2022/07/05/higher-move-to-be-challenged-today-by-speculators/ [ad_1]

The USD/BRL will begin trading today near mid-term highs and speculators may feel enticed to wager on direction, but they should be careful.

When the USD/BRL begins to trade today it may experience a spike which is often the case with the currency pair.  Upon the return of U.S financial institutions today from their long holiday weekend, fuller trading volumes will certainly be experienced, and this could alter the behavioral sentiment which has been seen in the USD/BRL the last two trading days momentarily.  

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The USD/BRL has been consistently moving higher since late May. The heights reached by the USD/BRL the past two days of trading are testing values not seen since early February of this year. It should be noted on the 4th of February the USD/BRL tested the 5.35000 juncture briefly.

The USD/BRL provides speculators with rather consistent trends, but they often prove to be volatile particularly when the Forex market is opening for trading. Spikes up and down are commonplace, and traders who are brave enough to hold positions of the USD/BRL overnight must be prepared for rather swift moves during the early hours of trading days.

Today’s conditions are likely going to prove rather volatile as increased transactions are delivered into the USD/BRL. The past two days of trading have seen new highs and the question is if there will be a slight selling correction this morning, or if the incremental steps higher will continue to flourish.

If the USD/BRL breaks above the 5.33000 level with relative ease this morning and sustains prices above in the ensuing hours it could point to additional higher values to come.  Traders who can use take profit ratios near resistance levels they perceive as durable may want to cash out of winning positions if they materialize.

The potential for a slight countermove lower early this morning, or later during the day when the USD/BRL is experiencing full volume should be anticipated. Traders who want to look for lower moves from the current heights of the USD/BRL should keep their targets realistic and not become overly ambitious. Support levels near the 5.31750 mark should be watched, choppy conditions were seen yesterday and a low of about 5.28690 was seen briefly.

Traders need to be prepared for rather fast trading in the early hours of the USD/BRL today. However, after the dusts settles and volatility eases, speculators may believe that wagers on incremental upside potential based on the mid-term bullish trend with quick hitting take profit orders may be worthwhile.

Brazilian Real Short-Term Outlook

Current Resistance:  5.3311

Current Support:  5.3147

High Target: 5.3399

Low Target:  5.2955

USD/BRL Chart

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Early Dive Lower as Speculative Forces Challenged /2022/06/29/early-dive-lower-as-speculative-forces-challenged/ /2022/06/29/early-dive-lower-as-speculative-forces-challenged/#respond Wed, 29 Jun 2022 12:15:24 +0000 https://excaliburfxtrade.com/2022/06/29/early-dive-lower-as-speculative-forces-challenged/ [ad_1]

SHIB/USD apparently attracted a healthy amount of speculative fuel the past ten days and reached a solid short term high on the 26th of June.

SHIB/USD hit a high of approximately 0.00001209 on the 26th of June as speculative buying drove the cryptocurrency upwards. On the 18th of June SHIB/USD was near a depth of 0.00000715. The ability of Shiba Inu to deliver fast results upwards obviously tantalized speculators the past week and half of trading. However, the move higher for SHIB/USD still could prove to be short lived. As of this writing SHIB/USD has sunk to a depth of nearly 0.00000985.

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The broad cryptocurrency market is displaying signs of nervousness, and many of the major digital assets have tumbled in value early this morning. After being able to achieve higher prices a few days ago many of the bigger cryptocurrencies began to see incremental selling, and late last night downwards price velocity got quicker, including SHIB/USD.

The momentary rays of upwards sunshine were likely enjoyed by speculative bulls that were able to cash out profits at the short term highs a few days ago.  However, SHIB/USD like the broad cryptocurrency market remains locked in a long term bearish trend and the purely speculative nature of Shiba Inu makes it an interesting barometer of behavioral sentiment. If the broad cryptocurrency market is about to return to another wave of powerful selling, there are plenty of reasons to believe SHIB/USD will not escape this fate.

If SHIB/USD breaks below the 0.00000929 level, another swift round of selling could be ignited. Sellers who want to participate in SHIB/USD need to use entry price orders so their fills meet expectations. Traders also need to use stop loss protection, particularly if they are using leverage which is absurd. Speculators who believe targeting lower depths for SHIB/USD cannot be faulted, and if the 0.00000900 is proven vulnerable and the broad cryptocurrency market grows volatile, SHIB/USD will certainly follow in these footsteps.

Selling SHIB/USD appears to be a worthwhile bet near term. Wagering on SHIB/USD should be done with caution. However, if selling conditions are sparked with large and fast volumes among the major cryptocurrencies again, there is reason to suspect support levels for SHIB/USD will continue to produce vulnerability and lower values for this purely speculative cryptocurrency which depends on behavioral sentiment to maintain its status.

Shiba Inu Coin Short-Term Outlook

Current Resistance: 0.00001028

Current Support: 0.00000929

High Target: 0.00001111

Low Target: 0.00000788

SHIB/USD

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Lower Depths Challenged, Still Explored and Traded /2022/05/16/lower-depths-challenged-still-explored-and-traded/ /2022/05/16/lower-depths-challenged-still-explored-and-traded/#respond Mon, 16 May 2022 08:05:01 +0000 https://excaliburfxtrade.com/2022/05/16/lower-depths-challenged-still-explored-and-traded/ [ad_1]

DOGE/USD is a strong reflection of the broad cryptocurrency marketplace, and a good place to try and gauge speculative sentiment.

As of this writing Dogecoin is trading below 9 cents per coin.  Last week’s dramatic turn towards long term depths hit DOGE/USD like the entire broad cryptocurrency market. The trading results in Dogecoin should be examined not only by its speculators who enjoy pursuing wagers on its value, but by people who may find some information when considering the overall mood of the cryptocurrency world.

Intriguingly DOGE/USD has in technical regards seen some consolidated trading the past few days.  Dogecoin has largely traded between 8 and half cents and 9 and a quarter cents, this after falling below the 7 cents juncture on the 12th of May briefly. On the 5th of May DOGE/USD was trading slightly below the 14 cents ratio.

Interestingly while DOGE/USD has certainly lost value in the past week as the broad cryptocurrency market essentially saw values plummet, Dogecoin is now ranked as the 10th biggest crypto coin regarding total market capitalization – a higher ranking than it started last week.  Many of its major counterparts in the digital asset world suffered last week and this included Shiba Inu, which saw its value get slaughtered. Dogecoin is ranked above SHIB/USD for the first time in a while, but this doesn’t necessarily mean good things will develop for DOGE/USD, just that it suffered less than its major speculative counterpart.

The broad cryptocurrency market remains nervous and DOGE/USD is trading within eyesight of a very important support juncture. While DOGE/USD did slide below the 7 and a quarter cents mark momentarily last week, it did manage to climb back above this ratio. However, if DOGE/USD were to break below 8 cents again in the near term and the 7 and a quarter cents level was challenged again, this could be a very negative signal.

If trading were to be sustained below the 7 and a quarter cents mark, there is reason to suspect DOGE/USD could suddenly find itself testing values seen in the first week of February 2021. DOGE/USD remains highly speculative. While some traders may be willing to bet Dogecoin has been oversold, skeptics may believe if the broad cryptocurrency market sells off again, DOGE/USD will test lower values in the near term. A move below 8 cents could set off alarm bells for Dogecoin traders; this because a lower move from current consolidation may spark more volatile selling.

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Dogecoin Short Term Outlook:

Current Resistance: 0.09240000

Current Support: 0.08440000

High Target: 0.99930000

Low Target: 0.06950000

Dogecoin

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Important Resistance Challenged and Attractive Now /2022/04/06/important-resistance-challenged-and-attractive-now/ /2022/04/06/important-resistance-challenged-and-attractive-now/#respond Wed, 06 Apr 2022 02:14:34 +0000 https://excaliburfxtrade.com/2022/04/06/important-resistance-challenged-and-attractive-now/ [ad_1]

SOL/USD has maintained its rather solid trend upwards, which has developed since the 13th of March and is within sight of important price levels above.

SOL/USD is providing traders with an enticing trend upwards as it has made resistance levels look rather vulnerable. Since touching a low of nearly 77.9500 on the 13th of March, SOL/USD has been able to provide speculators with a rather impressive climb higher. The current price level which is near 131.9500 is a solid distance above and now SOL/USD is within sight of crucial values not seen since the third week of January.

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Like the broad cryptocurrency market, SOL/USD has displayed a rather remarkable turnaround upwards the past few weeks. While it may be too early to completely proclaim the long term bearish trend dead, the upwards trajectory shown by Solana and its major counterparts has created an air of optimism for speculators.

After hitting a high of nearly 143.7500 on the 2nd of April, SOL/USD did decline in price, but it has been able to hold onto a large amount of its gains and not produce a violent selloff. Traders need to understand that volatility in SOL/USD is abundant and price velocity can be fast, so use of leverage and entry price orders is encouraged to provide traders with secure risk taking tactics while in pursuit of chosen directions.

If the current support level near the 131.6000 ratio is able to prove durable, additional buyers may be enticed to join the speculative parade that appears to be building in SOL/USD. Behavioral sentiment is crucial in cryptocurrencies and if current market conditions prevail and the broad markets also show an ability to not falter through existing support levels violently, another leg up in Solana may develop sooner rather than later. Having touched important values above only two days ago, if SOL/USD can prove it can consolidate and remain calm short term, than there is reason to suspect buyers will outnumber sellers.

Short sellers may want to wager on nearby support levels as take profits targets, but they should not be overly ambitious and stop losses are highly recommended. Traders who want to wager on the upwards trend which has been in plain sight the past few weeks cannot be blamed. Realistic targets should be kept in mind. Aiming for higher prices near current resistance levels can be practiced. If SOL/USD is able to break above the 133.0000 level and show stamina, higher prices may be seen near term which could challenge mid-January values.

Solana Short Term Outlook:

Current Resistance: 132.9500

Current Support: 130.5500

High Target: 144.4000

Low Target: 127.7900

Solana Chart

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Mid-Term Resistance Challenged as Trend Keeps Pace /2022/03/30/mid-term-resistance-challenged-as-trend-keeps-pace/ /2022/03/30/mid-term-resistance-challenged-as-trend-keeps-pace/#respond Wed, 30 Mar 2022 23:13:29 +0000 https://excaliburfxtrade.com/2022/03/30/mid-term-resistance-challenged-as-trend-keeps-pace/ [ad_1]

ETH/USD has stayed within sight of short-term highs, as the cryptocurrency has displayed an ability to sustain its gains and not falter wildly.

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ETH/USD in early morning trading has again climbed above the 3400.00 juncture and is showing a rather intriguing durability as it sustains price without violent reversals lower. The low for ETH/USD a few hours ago was near the 3330.00 mark, which is noteworthy because it didn’t break below the lows from the 28th of March when the 3310.00 was approached. The broad cryptocurrency market has begun to show signs of a shift in sentiment without violent profit taking, which would cause quick spikes lower and have been largely absent.

The price of ETH/USD is now challenging mid-term values not seen since the 12th of January. Technical traders may want to pull out longer term charts like 6-month vantage points to gain further perception. The current price range of ETH/USD is important because if the cryptocurrency begins to seriously mount a move higher, traders may begin to consider the potential of late December and early January values when the juncture of 3600.00 was last seen.

Yesterday’s trading briefly did move towards the 3480.00 level, but the high could not be sustained. However, the trend – not even the short-term – is never a one way avenue, traders must acknowledge the price of ETH/USD moves with natural fluctuations based on the mechanics of trades being made every moment of the day. ETH/USD importantly has been able to keep within the higher elements of its near term range without suffering a major setback.

While some skeptics will still try to sell ETH/USD and look for reversals lower, these moves have become less worthwhile unless strict take profit order are being used to cash out a winning position before it vanishes. Yes, the cryptocurrency market has been within the clutches of a long bearish trend, but the ability to incrementally climb the past two weeks may be transforming the nervous sentiment which has been strong and turn it into a perceived buying opportunity for speculators.

If ETH/USD maintains its value near 3400.00 and is able to flirt with the 3425.00 level and then touch the 3450.00 mark, this would be a solid indication. Traders must be ready for reversals lower and use stop loss ratios, which they are comfortable with depending on the amount of leverage they are using. Continuing to look for upside movement from ETH/USD may prove to be the correct wager near term.

Ethereum Short-Term Outlook

Current Resistance: 3462.00

Current Support: 3379.00

High Target: 3691.00

Low Target: 3223.00

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