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Welcome to another week of chart pattern spotting!

I know you love them trend trades so today we’re looking at not one, but TWO trend continuation opportunities.

Check out what’s happening on GBP/USD and EUR/JPY‘s charts!

GBP/USD: 1-hour

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

GBP/USD looks ready to bounce from the 1.4150 minor psychological handle!

As you can see, the area lines up with a key resistance level from earlier this month as well as a trend line support that hasn’t been broken since early May.

Can the bulls extend the pound’s gains? Buying at current levels with stops just below the trend line will yield a good risk ratio especially if Cable makes new monthly highs in the next couple of days.

Before you buy the pound like there’s no tomorrow, though, you gotta make sure that GBP/USD stays below the trend line support. If you see the first signs of a downside breakout, then you should be ready for a possible trip to 1.4100, 1.4080, or 1.4040.

EUR/JPY: 1-hour

EUR/JPY 1-hour Forex Chart
EUR/JPY 1-hour Forex Chart

Major dollar pairs not your thing? Don’t worry, I gotchu!

EUR/JPY is consolidating near 132.50, which is juuuust below a trend line support on the 1-hour time frame.

Are we looking at a reversal in the making? Before you short your euros, you should know that 132.50 is still near the 50% Fib retracement of the last upswing. That means we could still see a trend continuation if the bulls are motivated enough!

Buying at the first signs of bullish momentum could work if EUR/JPY climbs above the 200 SMA and the trend line support. The 133.20 or 133.40 inflection points could serve as your initial profit targets though you can also aim for new monthly highs.

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Fx Analysis

Watchlist: EUR/CAD Rally Pullback Ahead?

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Volatility picked up quickly this week in EUR/CAD, breaking the pair out of a May and June slumber. Will that action continue with economic updates ahead from both Europe and Canada?

EUR/CAD Rally Pullback Ahead?

EUR/CAD 4-Hour Forex Chart
EUR/CAD 4-Hour Forex Chart

Global risk sentiment has been the main driver for currencies this week, but that may change soon for EUR/CAD with top tier economic updates coming soon on the forex calendar. The most notable event is the latest monetary policy decision from the European Central Bank on Thursday, and expectations are for the ECB hold off on policy changes, a scenario that grows in probability as covid-19 cases continue to spike higher. But the potential surprise from the event is that they may change

We’ve also got Canadian retail sales data and Eurozone PMI‘s coming on Friday to potentially keep EUR/CAD on their toes ahead of the weekend, with expectations that data points from both will likely disappoint relate to previous readings. 

Overall, if data does indeed disappoint, then it’s likely the euro will outperform the Canadian dollar, but not before a potential euro dip if the ECB signals the potential for extending quantitative easing measures.

We think that if these scenarios play out in that sequence, that lines up with the technical setup on the four hour chart above, where EUR/CAD may potential dip from this week’s strong rally. If so, it could run into a potential support area around the broken previous swing high, Fibs and rising ‘lows’ pattern marked on the chart above.

We’ll be setting our alerts for that price action and if that plays out followed buy bullish support candles and continued broad negative risk sentiment, we’ll consider a long swing or longer-term position from there depending on the ECB event.

What do you all think?  Is EUR/CAD a buy? Will the ECB signal more QE ahead? Will Eurozone PMI’s disappoint as expected? Let me know in the comments section below!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.

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Fx Analysis

Dollar Forex Market Softens on Improved Market Mood

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  • Euro Flounders Ahead of ECB Policy News
  • Pound Battles Back Against Challenges 
  • Wall Street Recovery Continues to Roll

It has been a rollercoaster week for the forex market and those trading it. COVID-19 concerns took over in the early part of the week as Delta variant worry dropped the market around the world. In the last couple of days, there have been pickups in market sentiment though the Euro continues to struggle gaining any ground on a slightly weaker Dollar ahead of the key ECB policy announcement. Sterling has rebounded better while Wall Street has recovered more than it lost in the earlier part of the week over back-to-back strong days.

Euro Cautiously Awaiting Policy Announcement

The major driver for those forex trading the Euro today will be the decision on ECB policy that President Christine Lagarde is set to announce. The widespread feeling from analysts is that it could strike a pessimistic tone and outlook, but provide more scope for support and continue to back economic recovery efforts.

In one sense this could push the Euro struggles to continue further, but a more relaxed attitude toward the inflation target of 2% which is expected, could also provide room for markets to run in the right direction. With a dovish sentiment built up by most, any kind of more positive than anticipated policy decisions is also likely to reflect well on the Euro which is currently holding close to 1.18 against the USD.

GBP Overcomes Obstacles to Rebound

The Pound also struggled with forex brokers through the early part of the week. This was much in line with the rest of the market as Dollar strength well and truly took over in the face of fear. Despite its own domestic challenges with COVID still prevalent, and Brexit an added weight, Sterling is managing to mount a recovery late in the week.

The currency has managed to forge a path back from 5-month lows to sit on the upper side of 1.37 against the USD. This is good work against a weaker Dollar considering the ongoing Brexit border row and COVID case rate that still remains in the tens of thousands on a daily basis. On the upside though, the country has successfully completed its self-styled, “Grand Reopening”.

Wall Street Fights Back on Torrid Week

Wall Street continued with a second positive day on Wednesday after a week full of ups and downs. The Dow Jones had faced its biggest losses in 8 months to open the week, losing more than 700 points. Yesterday and the previous day though, all the major indices managed to fight back and eclipse the losses.

The early trading in the futures market also has all of the major markets continuing to rise as the sentiment about-turn keeps going. The next key driver may be the ECB policy decision and US treasury yields with the 10-year yield gaining momentum slightly as the week goes on.

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Fx Analysis

Investing In Orchid (OXT) – Everything You Need to Know

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Orchid (OXT) is a blockchain-based VPN service provider and marketplace that seeks to revolutionize the sector in some major ways. The protocol enables users to compete for payment flow by staking the platform’s utility token, OXT. The system then leverages a staking directory that randomly connects users with providers based on the amount of OXT staked. The more you stake, the more bandwidth you provide to users, the higher your rewards.

What Problems Does Orchid (OXT) Solve?

The main problem that Orchid addresses is wasted and unused bandwidth. All across the planet, regular PC users are sitting on extra bandwidth. Under normal circumstances, the locked value of this bandwidth would be lost. Orchid enables you to offer your unused bandwidth safely. It was designed to provide those seeking more connectivity with access to a global pool of service providers to accomplish this task.

Orchid - Twitter

Orchid – Twitter

Centralization

Another major issue that Orchid helps to alleviate is centralization. Currently, large internet providers control much of the world’s bandwidth. They act with near impunity in terms of setting the pricing and standards for the market. The decentralized structure of Orchid replaces these large data service providers with regular users.

Orchid also reduces centralization within the blockchain sector. Notably, Orchid accounts can use OXT on Ethereum or other EVM-compatible chains. To accomplish this task, the protocol relies on a chain-agnostic system called nano-payments. Notably, even though Orchid users can receive payments from multiple blockchains, staking is only available using OXT on Ethereum.

Human Error

Orchid (OXT) removes humans from the equation completely. Instead, advanced smart contracts with algorithmic advertising and payment functions handle the core functionalities of the network autonomously.

Benefits of Orchid (OXT)

Orchid brings some unique benefits to the market. The platform provides unmatched transparency when compared to centralized data service providers. Notably, you can easily find vital data pertaining to the network’s functions. For example, there is information about the supply of OXT, addresses where OXT is located, and where it is available.

Passive Income

One of the main benefits of Orchid is that it provides anyone with the capability to earn a passive income from renting out their unused bandwidth. This strategy provides an open and secure way to secure an ROI with very little risk exposure.

OXT Audits - Homepage

OXT Audits – Homepage

Secure

One of the main concerns of Orchid (OXT) developers was to ensure that the platform remained secure. To accomplish this task, the developers introduced a variety of high-grade security protocols. They also conducted a variety of third-party code audits. The firm’s last audit was conducted on March 21, 2020, by Consensys Diligence. The results of the technical audit on Orchid’s batch send smart contract is publicly available.

Low Fees

Uniquely, Orchid users avoid the brunt of Ethereum gas fees due to the network’s design. Users pay using probabilistic nano-payments. This reduces costs because Ethereum transaction fees on packets are acceptably low. This approach has helped Orchid gain in popularity even during times of high network fees on Ethereum.

Responsive

Orchid operates as a high-performance network that runs on top of WebRTC. WebRTC is a common web standard used to transmit video and audio from inside browsers. It’s designed to handle large bandwidth items while providing a smooth and responsive user experience.

How Does Orchid (OXT) Work

Orchid was built on top of the Ethereum blockchain. It is compatible with all ERC-20 DEXs, wallets, and more. Currently, Ethereum is the largest Dapp ecosystem in the market. As such, Orchid users enjoy unmatched interoperability in the crypto sector.

Nodes

Orchid nodes are tasked with maintaining the registration information of service provides and stakers. The protocol incorporates a stake registry and provider directory to ensure this task completes in a secure manner. Both of these services directly interact with the Ethereum blockchain.

Orchid (OXT) - Homepage

Orchid (OXT) – Homepage

Orchid (OXT) Accounts

Users buy Orchid Accounts when they want to access additional bandwidth. These accounts are sometimes funded. They can hold OXT, or they can be funded with an amount of xDai.

Provider Directory

The Provider Directory plays a crucial role in the Orchid (OXT) ecosystem. This system allows users to search through and connect to bandwidth sellers in an efficient manner. You can see all the relevant details of each service provider which helps to simplify the selection process.

Orchid App

The Orchid App is how users connect to the network. This mobile application features an easy-to-navigate interface to make sharing bandwidth easy. You don’t need any previous experience to use the Orchid App as it removes the technical barriers from bandwidth sharing.

Orchid (OXT) Staking

Users must stake OXT in order to capture additional bandwidth sales on the network. The amount you stake plays a vital role in determining your rewards. Users can only stake OXT at this time.

OXT

OXT operates as the main utility token for the platform. This ERC-20 token provides users with a secure way to interact with the features and services of the platform. Specifically, it provides a staking-advertising mechanism that aligns operator incentives to the benefit of the Orchid network. Notably, OXT issuance is set at one billion units.

History of Orchid (OXT)

Orchid Labs Inc., the company behind the Orchid protocol, entered the market in 2017. The platform is headquartered in Silicon Valley, San Francisco, and lists Dr. Steven Waterhouse, Jay Freeman, Brian J. Fox, Gustav Simonsson, and Stephen Bell as its co-founders.

How to Buy Orchid (OXT)

Kraken – This is the best option for USA residents.

BinanceBest for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying most tokens. Use Discount Code: EE59L0QP for 10% cashback off all trading fees. 

Orchid (OXT) – A Better Way to Share Bandwidth

Orchid (OXT) reshapes the bandwidth sector via its decentralized approach. Users benefit greatly from being able to secure passive rewards so easily. Additionally, the lower fees and rates are another draw that has helped secure continued growth. For these reasons, you can expect to continue to hear a lot more from this innovative project in the future as more users seek out viable alternatives to the centralized data service providers dominating the market today.

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