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USDCHF - Drops to Five Month Low Under 0.96 after SNB Holds

 

 
The USDCHF has fallen strongly in the last month moving from the key level of 1 down to a new five month low just below 0.96 in the last 24 hours. There has been little support along the way in its decline during that period with few signs of buyers willing to jump in at lower levels. For an extended period prior to the fall, the USDCHF traded in a narrow range just below parity as it met stiff resistance from that level. The USDCHF did push through 1 for a short period reaching a 12 month high above 1.0050 around mid-July.
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Bitcoin / BTCUSD - Consolidating Under Resistance Level at $6500

 

 
In the last few weeks Bitcoin (BTCUSD) has consolidated in a narrow range right under the current key level of $6500. It made a couple of attempts to break higher however it has been sold off. Only a few weeks ago Bitcoin fell very sharply from a one month high near $7500 and quickly settled under $6500. The $6500 level has firmly established itself as a level of significance and the markets will be watching closely to see if it can regain lost ground and get back above this level.
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UK Oil - Eyes Off Resistance at $80 after Inventory Drawdown

 

 
The last week or so has seen oil run into resistance around the key $80 level on the back of strong surges higher in the last few weeks. A couple of weeks ago it fell back sharply towards another key level in $75, before having another run at the resistance at $80 in the last couple of days. Oil enjoyed a very healthy three week period moving from a four month low just below $71 back to the key $75 level where it ran into a wall of resistance for a couple of days. After break through this resistance oil continued higher to reach a three month high just above the key $80 level before it was sold off strongly. Just prior to this pronounced move, oil was content to remain within its trading range between $71 and $75.
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DE30 - Looking for Support from Key 12000 Level

 

 
In the last week the German index has done reasonably well to rally higher and return to back above the 12000 level however it was on the back of a significant fall after running into a wall of resistance at the key 12600 level a few weeks ago. The index was rejected in no uncertain terms and it now struggling to remain above 12000. The 12600 level has established itself as a level of significance as the index has responded strongly to this level on several occasions in the last few months. It is likely to provide some resistance to the index should it rally higher again. The index is now relying on support from the 12000 level having supported the index on several occasions in the last 12 months.
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Market Blast Video - 18.09.2018

We are seeing USD weakness right across the board with the announcement of new trade tariffs against China.

China is threatening reciprocal tariffs and also threatening to let the Renminbi float and we can see what happened last time, so keep an eye on the fundamentals and technicals on USDCNH.

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AUDUSD - Looking for Support at 0.7150 Before RBA Minutes

 

 
After some sporadic movement, the AUDUSD has settled a little in the last week resting on support at the current key level of 0.7150. In the last few days it has attempted to rally higher above 0.72 but has been sold off strongly every time returning it to 0.7150. It only recently fell through this level reaching its lowest level in 2018 around 0.7085 but was well supported with buyers jumping in at these low levels. The last time the AUDUSD was this low, it bounced off the 0.7150 level very strongly and moved over 500 pips in a couple of weeks. Up until this recent drop the AUDUSD had been quite content to trade around 0.74 and it previously made a few attempts to break through the resistance at 0.75 however all of these were thwarted.
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US30 - Reaches Seven-Month High above 26200 Despite Trade Concerns

 

 
The US30 index has been content to trade within a narrow range for the last few weeks near 2018 highs. To close out last week it popped up a little higher and achieved a new seven month high just above 26200 however in doing so, it formed a doji candlestick pattern which is often considered a reversal signal. It was only a few weeks ago that the US index surged higher to a then six month high before the recent consolidation. Similarly it surged higher to above 25500 throughout July before easing and enjoying some support from around 25000.
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EURUSD - Hits Wall of Resistance at 1.17 after ECB Holds Rates

 

 
In the last week the EURUSD has rallied well from lows near 1.15 up to the key 1.17 level before running into a wall of resistance again. However it is at this key level that the EURUSD has yet again run into a wall of selling potentially pushing the currency pair lower again. The EURUSD’s previous rally was significant in that it was recovering from a 12 month low at 1.13. The 1.15 level had done a solid job of supporting the currency pair in the last few months, so it is equally significant that it has been able to rally higher and move back above this level for the time being. Just prior to the decline back to 1.13, the trading range of the EURUSD tightened to right around the other key level of 1.17, which has now emerged again to play a significant role.
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BRLUSD - Slumps to 2018 Low Under 0.24 on Election Uncertainty

In the last few days BRLUSD has been sold off strongly again meeting some resistance around the 0.2475 level which it has encountered a few times in the last few weeks. In meeting this resistance, BRLUSD has consolidated in a narrow range under this level after falling so sharply throughout August. The 0.24 level had been providing solid support however it is now in jeopardy of giving way and allowing the currency to fall lower. The markets will be watching closely to see if it can regain lost ground and get back above this level.

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USDJPY - Reverses Towards Key 111 Level after Proposed Sino-Japanese Meet

 

 
The USDJPY has tended to trade right around the key 111 level for the last few weeks as it has kept a reasonably tight range for that time. This level has now been a centre of attention for the currency pair for the best part of the last couple of months as it has seemed content to stay close. A few weeks ago the USDJPY enjoyed a healthy rally moving from a two month low below 110 back up to a three week high approaching 112. It was since sold off and returned to the current key level of 111. In more recent times the USDJPY has enjoyed support and endured resistance from this level so it is no surprise that yet again the currency pair has returned to this level. Towards the end of July the USDJPY reversed strongly from a 2018 high above 113 and fell strongly to the 111 level where it enjoyed solid support again.
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