Octa Analytics

23 May 2024 14:58

XAUUSD, 1-hour timeframe chart

XAUUSD retested the support level of 2,360.00

👉Level explanation
XAUUSD has been trading in a sideways market for the last couple of hours. The pair moved down to the support level of 2,360.00.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 2,362.50.

Set your stop loss at 2,338.50 below the previous low ($24.00 loss for 0.01 lot) and take profit at 2,386.50 ($24.00 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

📝 Fundamental factors
The U.S. S&P Manufacturing Purchasing Managers' Index report will be released in a few minutes and could affect this trade.

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Octa Analytics

23 May 2024 14:40

Class is in session!

Sometimes it’s crucial that you know certain things about trading by heart. Especially when it comes to reading the chart. Let’s check how quick you are at recognising familiar trading patterns in a very unusual way. Can you guess the ones we have hidden in these emojis?

Leave your answers in the comments and prove that you are the best trading student in our community! No cheating, okay?

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Octa Analytics

23 May 2024 12:02

EURUSD, 15-minute timeframe chart

EURUSD broke the resistance level of 1.08450

👉 Level explanation
EURUSD has been trading in a bullish trend for the last couple of hours.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 1.08458.

Set your stop loss at 1.08314 below the previous low ($1.44 loss for 0.01 lot) and take profit at 1.08602 ($1.44 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

23 May 2024 10:38

📉 The euro drops on hawkish FOMC minutes

The euro (EUR) dropped by 0.3% on Wednesday following the hawkish Federal Open Market Committee (FOMC) Meeting Minutes.

👉 Possible effects for traders
EURUSD declined on Wednesday after the FOMC Meeting Minutes revealed that the Federal Reserve (Fed) is firmly committed to waiting for more evidence that inflation is easing towards 2%. This reduced risk appetite as the U.S. central bank sounded much less dovish than investors expected. Moreover, the report revealed that some officials are willing to raise interest rates, so the U.S. Dollar Index (DXY) reached a one-week high on Wednesday, marking its best day this month against major currencies. According to the CME's FedWatch Tool, the chances of a rate cut in September have decreased towards 60%.

Still, the euro remains strong as market participants doubt whether the European Central Bank (ECB) will extend interest rate cuts beyond June. Some ECB policymakers believe a rate cut in June is likely, but a follow-up move could be premature. Regarding the inflation outlook, Bundesbank President Joachim Nagel said, 'There may well be months when inflation picks up a little, as some prices tend to fluctuate – energy prices in particular.' He added, 'On the whole, I expect inflation to carry on declining towards our 2% target and reaching it in 2025.'

EURUSD rose slightly during the Asian and early European trading sessions. Today, traders will focus on the results of the S&P Global Purchasing Managers' surveys from Germany at 7:30 a.m. UTC, the eurozone at 8:00 a.m. UTC, and the U.S. at 1:45 p.m. UTC. These reports will likely trigger extra volatility in the market and in EURUSD in particular, so traders should remain cautious. The short-term technical bias remains bullish as the pair moves above the important daily level of 1.08000.

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Octa Analytics

23 May 2024 09:59

USDCAD, 15-minute timeframe chart

USDCAD retested the support level of 1.36785

👉 Level explanation
USDCAD has been trading in a sideways market for the last couple of hours. The pair moved down to the support level of 1.36785.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 1.36840.
Set your stop loss at 1.36700 below the previous low ($1.02 loss for 0.01 lot) and take profit at 1.36980 ($1.02 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

22 May 2024 21:04

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Octa Analytics

22 May 2024 17:39

BTCUSD, 30-minute timeframe chart

BTCUSD retested the resistance level of 70,250.00

👉Level explanation
BTCUSD has been trading in a sideways market for the last couple of hours. The pair moved up to the resistance level of 70,250.00.

👉Possible scenario
The best way to use this opportunity is to place a Sell order at 70,240.00.

Set your stop loss at 71,050.00 above the previous high ($8.10 loss for 0.01 lot) and take profit at 69,430.00 ($8.10 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

📝 Fundamental factors
The U.S. FOMC minutes will be released in a few hours and could affect this trade.

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Octa Analytics

22 May 2024 13:59

Mark your calendars, an important market event is coming!

Wednesday, 22 May, 6:00 a.m. UTC: U.K. Consumer Price Index.

If the figures come out lower than expected, it will likely lead to a downward correction in GBPUSD. But if the inflation report indicates that consumer prices are rising faster than anticipated, GBPUSD will almost certainly surge. Key levels to watch are 1.27250 on the upside and 1.26900 on the downside.
Are you going to consider this event in your trading routine? Share your answers in the comments!

For those who want to use this information for trading, follow the link below to start now.

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Octa Analytics

22 May 2024 11:21

EURUSD, 15-minute timeframe chart

EURUSD broke the support level of 1.08465

👉 Level explanation
EURUSD has been trading in a bearish trend for the last couple of hours.

👉 Possible scenario
The best way to use this opportunity is to place a Sell order at 1.08460.

Set your stop loss at 1.08610 above the previous high ($1.50 loss for 0.01 lot) and take profit at 1.08310 ($1.50 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

22 May 2024 11:04

AUDUSD, 1-hour timeframe chart

AUDUSD retested the support level of 0.66550

👉Level explanation
AUDUSD has been trading in a bearish trend for the last couple of hours. The pair moved down to the support level of 0.66550.

👉Possible scenario
The best way to use this opportunity is to place a Buy order at 0.66619.

Set your stop loss at 0.66447 below the previous low ($1.72 loss for 0.01 lot) and take profit at 0.66791 ($1.72 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

22 May 2024 10:40

🕯 XAUUSD stays above the support of 2,400–2,410 ahead of FOMC minutes

On Tuesday, XAUUSD fluctuated within 2,410–2,430, while market participants awaited further information from Federal Reserve (Fed) officials on the U.S. interest rate path. Overall, gold lost 0.22% yesterday.

👉 Possible effects for traders
Recent data indicates that U.S. inflation has resumed its declining trend, but some Fed officials have remained cautious about reducing interest rates too early. For instance, Fed Governor Christopher Waller stated that the central bank should wait a few more months to confirm that inflation is truly returning towards its 2% target level before easing monetary policy. However, he added that further rate increases are unnecessary. According to the CME FedWatch Tool, the market still expects rate cuts this September with a 64% probability.

Meanwhile, geopolitical tensions provide some support for gold prices. Recent increases in tensions between the U.S. and China—the imposition of significant tariffs on Chinese electric vehicles and subsequent anti-dumping investigations by China—indicate the potential for a renewed trade war between the two largest economies. Additionally, the market worries there will be an escalation in the Middle East conflict following the recent death of Iranian President Ebrahim Raisi. Israel continues its operation in Rafah, urging 'the nations of the civilised world' to reject requests from the International Criminal Court prosecutor for arrest warrants against its leaders and stating that it will ignore any such orders.

XAUUSD has been moving in a range above 2,400–2,410 during the Asian and early European trading sessions today. There is no significant news scheduled for today, but the market will likely be watching the release of the Federal Open Market Committee (FOMC) minutes at 6:00 p.m. UTC for indications on the monetary policy direction. If the tone of the minutes is more dovish, it could boost XAUUSD. Otherwise, there may be some selling pressure on the precious metals market if officials' rhetoric remains hawkish.

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Octa Analytics

21 May 2024 21:05

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Unlock premium signals, exclusive offers, and important events to boost your trading success.

To become a member of Octa Analytics VIP, follow these easy steps:

1️⃣ Make sure you have $50 or more in your account.
2️⃣ Take a screenshot of your balance and send it along with your Octa real account ID to our @octa_vip_bot chatbot.
3️⃣ Await verification—usually, it’s completed within one business day.

Ready to take your trading to the next level? Let us steer you toward success. The sooner you join, the more you’ll benefit from our elite trading community!

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Octa Analytics

21 May 2024 16:16

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Octa Analytics

21 May 2024 14:10

EURUSD, 30-minute timeframe chart

EURUSD retested the support level of 1.08650

👉 Level explanation
EURUSD has been trading in a bearish trend for the last couple of hours. The pair moved down to the support level of 1.08650.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 1.08686.

Set your stop loss at 1.08610 below the previous low ($0.78 loss for 0.01 lot) and take profit at 1.08762 ($0.78 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

21 May 2024 12:19

BTCUSD, 15-minute timeframe chart

BTCUSD retested the support level of 70,800.00

👉 Level explanation
BTCUSD has been trading in a bearish trend for the last couple of hours. The pair moved down to the support level of 70,800.00.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 71,249.76.
Set your stop loss at 70,679.96 below the previous low ($5.7 loss for 0.01 lot) and take profit at 71,914.55 ($6.65 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.17.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

23 May 2024 14:56

GBPUSD, 15-minute timeframe chart

GBPUSD retested the resistance level of 1.27430

👉Level explanation
GBPUSD has been trading in a bullish trend for the last couple of hours. The pair moved up to the resistance level of 1.27430.

👉 Possible scenario
The best way to use this opportunity is to place a Sell order at 1.27300.

Set your stop loss at 1.27595 above the previous high ($2.30 loss for 0.01 lot) and take profit at 1.27135 ($2.30 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

📝 Fundamental factors
The U.S. S&P Manufacturing Purchasing Managers' Index report will be released in a few minutes and could affect this trade.

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Octa Analytics

23 May 2024 12:10

BTCUSD, 15-minute timeframe chart

BTCUSD retested the support level of 69,600.00

👉 Level explanation
BTCUSD has been trading in a sideways market for the last couple of hours. The pair moved down to the support level of 69,600.00.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 69,618.69.

Set your stop loss at 69,275.63 below the previous low ($3.43 loss for 0.01 lot) and take profit at 69,961.75 ($3.43 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

📝Fundamental factors
The U.S. Jobless Claims report will be released in a few hours and could affect this trade.

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Octa Analytics

23 May 2024 10:54

🔽 Gold drops significantly as Fed officials seem surprisingly hawkish

Gold (XAU) fell by 1.75% on Wednesday towards the support level of 2,380 due to the hawkish Federal Reserve (Fed) Meeting Minutes.

👉 Possible effects for traders
The minutes of the last Fed meeting showed that policymakers need more time to ensure inflation is approaching the 2% target. Some officials advocated caution in reducing interest rates, while others were willing to discuss further rate hikes. 'Gold did take a bruising after the Fed minutes reminded investors that interest rate cuts are far from imminent,' said Tim Waterer, chief market analyst at KCM Trade. 'There is a chance gold could drift back to support levels around the $2,355 region if the dollar keeps the upward momentum going,' he added, noting that the medium to longer-term outlook still looks beneficial for gold. However, everything will depend on an increase or decrease in the U.S. interest rate.

In addition to the impact of the Fed minutes and officials' more hawkish stance than expected on XAUUSD, physical demand for gold has also decreased. Reuters reported that demand from India fell by almost 20% compared to the previous year, as record-high gold prices encouraged consumers to exchange old jewellery for new ones.

Today, the U.S. will release several important reports: Jobless Claims and the Purchasing Managers' Index. The data will largely determine the further XAUUSD trend. If the data is negative for the U.S. dollar, the price of gold may rise towards 2,400. If reports indicate resilience in the U.S. economy, gold may decline towards the support level of 2,350. 'Spot gold may manage to stabilise around support at $2,363 per ounce and bounce towards $2,384,' said Reuters analyst Wang Tao.

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Octa Analytics

23 May 2024 10:23

💸 Hawkish FOMC minutes further weakened JPY

The Japanese yen (JPY) lost 0.30% on Wednesday as the U.S. Dollar Index (DXY) rose after Federal Open Market Committee (FOMC) Meeting Minutes confirmed the Federal Reserve (Fed) officials' cautious stance on monetary policy easing.

👉 Possible effects for traders
'Participants noted that the disinflation would likely take longer than previously thought,' the minutes said, indicating that the U.S. central bank may maintain the high benchmark policy rate for an extended period. In addition, FOMC minutes revealed that Fed members discussed possible further hikes. 'The inclusion that some officials were willing to tighten policy further has given the USD a further uplift since the minutes were released,' said Amarjit Sahota, director at Klarity FX. Indeed, the probability of a rate cut by the Fed in September has now decreased towards 60% from around 95% a week ago.

At the same time, according to interest rate swap market data, the market doesn't expect the Bank of Japan (BOJ) to tighten its policy until October. Thus, the gap in current interest rates between the U.S. and Japan remains very wide. The present divergence in monetary policy expectations between the Fed and the BOJ continues to favour the U.S. dollar. Therefore, even after several rounds of interventions in the Forex market by Japanese authorities, the yen continued to slide, declining by more than 2% since the beginning of May. The depreciation of the national currency may be challenging for the Japanese economy. A recent Reuters survey found that nearly half of Japanese firms believe the JPY's decline beyond 155 harms their businesses. More than a third of companies want the BOJ to increase interest rates further in response to the JPY's downward trend. Traders should remain wary of the risk of more currency intervention by the Japanese authorities.

USDJPY remains essentially unchanged during the Asian and early European trading sessions. Today's release of the U.S. Jobless Claims at 12:30 p.m. UTC and Manufacturing and Services Purchasing Managers' Index (PMI) at 1:45 p.m. UTC could affect USDJPY. If U.S. Jobless Claims figures exceed expectations and PMI numbers disappoint market participants, the U.S. dollar may weaken, leading to a correction in USDJPY. Otherwise, USDJPY may rise even higher. The key levels for today are 156.800 and 156.000.

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Octa Analytics

23 May 2024 07:21

BTCUSD, 15-minute timeframe chart

BTCUSD formed a bearish Evening Star pattern

👉 Level explanation
BTCUSD has been trading in a sideways market for the last couple of hours. Now, the price displays a bearish Evening Star pattern.

👉 Possible scenario
The best way to use this opportunity is to place a Sell order at 69,400.00.

Set your stop loss at 69,800.00 above the previous high ($4.00 loss for 0.01 lot) and take profit at 68,900.00 ($5.00 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.25.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

22 May 2024 20:49

#economic_calendar

These events may affect the market on 23 May.

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Octa Analytics

22 May 2024 14:04

XAUUSD, 15-minute timeframe chart

XAUUSD broke the support level of 2,412.40

👉 Level explanation
XAUUSD has been trading in a bearish trend for the last couple of hours.

👉 Possible scenario
The best way to use this opportunity is to place a Sell order at 2,407.66

Set your stop loss at 2,414.02 above the previous high ($6.36 loss for 0.01 lot) and take profit at 2,401.33 ($6.36 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

22 May 2024 13:54

We hear you loud and clear—and we appreciate you just as much.

Your reviews instantly make our day better—but more importantly, they help us grow and evolve to make a better product for you.

We are ready to listen! Share your thoughts about Octa in the comments and let us know what you like about trading with us the most.

Octa Analytics

22 May 2024 11:18

📈 GBPUSD jumps by 0.3% on today's CPI data

The British pound (GBP) moved sideways on Tuesday as investors were awaiting the U.K. Consumer Price Index (CPI) report.

👉 Possible effects for traders
Today's U.K. inflation report is arguably one of the key factors for the Bank of England (BOE) in deciding on its next monetary policy move. The next CPI report for May will be released just a day before the June meeting, so the central bank will take the April data into account. The BOE Governor, Andrew Bailey, stated that 'the next move on rates will be a cut' and added that he expects a decline in inflation in April.

On the other hand, Federal Reserve (Fed) Governor Christopher Waller changed his hawkish rhetoric and stated he didn't believe further rate hikes would be necessary. He also added that the Fed needs to get convincing data before cutting interest rates any time soon. Additionally, Atlanta Fed President Raphael Bostic emphasised the need for a cautious approach towards monetary policy changes. He noted that he would 'rather wait longer for a rate cut to ensure inflation doesn't start to bounce around'. Fed officials stay cautious about the timing of interest rate cuts as hotter-than-expected inflation data weakens hopes of an easing cycle starting soon. Financial markets expect the first rate cut to happen in September at the earliest, with two 25-basis-point reductions before the end of the year, according to the CME FedWatch Tool. This might boost the U.S. dollar (USD) and limit the GBPUSD's upside in the near term.

GBPUSD rose sharply after the release of higher-than-expected U.K. CPI figures. This surprise decreased the chance of the BOE cutting rates in June from 55% to 48%. GBPUSD jumped by 0.3% following the data release, reaching 1.27500. We will now likely see a pause and consolidation within a narrow range before the price continues to move further.

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Octa Analytics

22 May 2024 11:04

💸 EURUSD corrects but remains within a bullish trend

Yesterday was a rather volatile for EURUSD, but the pair ended the day essentially unchanged.

👉 Possible effects for traders
Although the pair continues to move within a broad bullish trend, the market seems willing to take a pause as uncertainty surrounding the path of interest rates in the eurozone has increased. The European Central Bank (ECB) has promised to deliver a first 25-basis-point rate cut at the next meeting on 6 June. ECB President Christine Lagarde said yesterday that she was 'really confident' that inflation was under control as the impact of the energy crisis and supply-chain bottlenecks eased. Thus, the market's attention has shifted to where the rate will go in the long run.

Still, policymakers call for caution. 'If rates are lowered for the first time in June, that doesn't mean we will cut rates further in subsequent Governing Council meetings. We are not on auto-pilot, said Joachim Nagel, the Bundesbank President. In any case, the market continues to expect the ECB to pursue a more dovish monetary policy in 2024 than the Federal Reserve (Fed). In other words, the divergence in monetary policy expectations between the two central banks continues to favour the U.S. dollar.

EURUSD remained quiet during the Asian and early European trading sessions. Today, traders should focus on two events that might potentially impact the EURUSD exchange rate: the U.S. Existing Home Sales report at 2:00 p.m. UTC and the FOMC minutes at 6:00 p.m. UTC. The most important event is arguably the FOMC minutes, as the protocols will show the sentiment inside the Fed. If market participants perceive today's FOMC minutes as dovish, EURUSD will continue its upward trend towards the key resistance level of 1.09000. Conversely, if the minutes reveal that Fed policymakers were leaning hawkish, EURUSD might drop towards 1.08000.

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Octa Analytics

22 May 2024 09:40

USDCAD, 15-minute timeframe chart

USDCAD broke the resistance level of 1.36550

👉 Level explanation
USDCAD has been trading in a bullish trend for the last couple of hours.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 1.36600.

Set your stop loss at 1.36350 below the previous low ($1.83 loss for 0.01 lot) and take profit at 1.36850 ($1.83 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

21 May 2024 20:50

#economic_calendar

These events may affect the market on 22 May.

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Octa Analytics

21 May 2024 14:47

EURUSD, 30-minute timeframe chart

EURUSD retested the support level of 1.08550

👉 Level explanation
EURUSD has been trading in a bearish trend for the last couple of hours. The pair moved down to the support level of 1.08550.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 1.08561.

Set your stop loss at 1.08414 below the previous low ($1.47 loss for 0.01 lot) and take profit at 1.08708 ($1.47 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

21 May 2024 13:24

GBPJPY, 15-minute timeframe chart

GBPJPY formed a bullish Doji pattern

👉 General outlook
GBPJPY has been trading in a sideways market for the last couple of hours. The pair moved down to the support level of 198.640. Now, the price displays a bullish Doji pattern.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 198.650.

Set your stop loss at 198.410 below the previous low ($1.54 loss for 0.01 lot) and take profit at 198.890 ($1.54 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

21 May 2024 11:40

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