GBP/USD and GBP/JPY Reverse Gains, Bulls Struggle GBP/USD started a fresh decline from the 1.2600 resistance zone. GBP/JPY is declining and remains at a risk of more losses below 165.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a fresh decline after it failed near 1.2600 against the US Dollar. There was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD. GBP/JPY is gaining bearish momentum below the key 166.50 support zone. There was a break below a major bullish trend line with support near 167.35 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound attempted an upside break above the 1.2600 resistance against the US Dollar. The GBP/USD pair failed to gain bullish momentum and started a fresh decline from the 1.2580 zone. There was a sharp decline below the 1.2500 support and the 50 hourly simple moving average. Besides, there was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD. The bears gained strength and the price declined below the 1.2350 support zone. GBP/USD Hourly Chart A low is formed near 1.2262 on FXOpen and the pair is now consolidating losses. On the upside, the pair is facing resistance near the 1.2300 level. The next major hurdle is near the 1.2320 level. It is close to the 23.6% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low. An upside break above 1.2320 could set the pace for a move towards the 1.2400 resistance zone. It is near the 50% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low. If there is no upside break above 1.2320, the pair could start a fresh decline. An immediate support is near the 1.2260. The next major support is near the 1.2220 level. If there is a break below the 1.2220 support, the pair could test the 1.2150 support. Read Full on FXOpen Company Blog...
BTCUSD and XRPUSD Technical Analysis – 14 th JUNE 2022 BTCUSD – Bearish Harami Pattern Below $28300 Bitcoin continues its bearish momentum from last week and plunged below the $21000 handle touching a low of 20850 in the European Trading session today. The global investor sentiments are weak and the continuation of the selling pressure across the global cryptocurrency exchanges is causing the massive slide in Bitcoin. Bitcoin entered into a Major Bearish trend channel below the $28300 handle and continued to decline below the $21000 handle today, the lowest level seen in 2 years. We can see a very weak demand for the Bitcoin in the medium-term range and the prices are expected to fall further towards the $20000 levels. We can clearly see a Bearish Harami Pattern Below the $28300 handle which is a Bearish reversal pattern because it signifies the end of an Uptrend and a shift towards a Downtrend. Both the STOCH and Williams Percent Range are indicating Overbought levels which means that in the immediate short term a decline in the prices is expected. Relative Strength Index is at 40 indicating a WEAK demand for the Bitcoin at the current market levels. Bitcoin is now moving Below its 100 hourly Simple Moving average and its 200 hourly Simple Moving averages. All of the Major Technical Indicators are giving a SELL Signal, which means that in the immediate short term we are expecting targets of 21000 and 20500. Average True Range is indicating LESS Market Volatility with a Strong Bearish Momentum. Bitcoin Bearish Continuation seen Below $28300. STOCHRSI is Indicating OVERSOLD Levels. The price is now trading just Below its Pivot Levels of $22739. All of the Moving Averages are giving a STRONG SELL market signal. Bitcoin Bearish Continuation Seen Below $28300 The prices of Bitcoin nosedived below the $21000 handle today, after which we can see a move towards the consolidation channel above the $22000 handle in the European Trading session today. We can see the formation of a Falling Trend channel below the $27900 handle and now we are looking at the projected levels of $21000 and $20000. The immediate short-term outlook for Bitcoin is Strong Bearish, Medium-term outlook has turned as Bearish, and the long-term outlook remains Neutral under present market conditions. Bitcoin continues to consolidate above its important support levels of $22000 and further decline in its prices is expected in the US Trading session. The price of BTCUSD is now facing its Classic support levels of 21775 and Fibonacci support levels of 22293 after which the path towards 21000 will get cleared. In the last 24hrs BTCUSD has declined by 7.49% by 1808$ and has a 24hr trading volume of USD 67.482 Billion. We can see an Increase of 18.28% in the Trading volume as compared to yesterday, which is due to the selling by the medium-term investors. The Week Ahead The prices of Bitcoin are moving in a Strong Bearish momentum and the immediate targets are $21000 and $20500 The Daily RSI is printing at 23 which means that the medium range demand continues to be WEAK. We can see that the prices of Bitcoin have stabilized above the $22000 handle and now we are looking at the important support levels of $21000 and $21775. The prices of BTCUSD will need to remain above the important support levels of $21000 this week. Weekly outlook is projected at $21500 with a consolidation zone of $20500. Technical Indicators: Moving Averages Convergence Divergence (12,26): It is at -694 indicating a SELL. Ultimate Oscillator: It is at 44.05 indicating a SELL. Rate of Price Change: It is at -4.05 indicating a SELL. Commodity Channel Index(14days): It is at -10.55 indicating a NEUTRAL level. Read Full on FXOpen Company Blog...
EUR/USD and EUR/JPY Eye Steady Recovery EUR/USD started a fresh decline and traded below 1.0500. EUR/JPY is recovering higher and might correct above the 141.20 resistance zone. Important Takeaways for EUR/USD and EUR/JPY The Euro started a major decline from the 1.0780 and 1.0800 resistance levels. There is a key bearish trend line forming with resistance near 1.0445 on the hourly chart. EUR/JPY formed a base near 139.40 and started an upside correction. There is a major bearish trend line forming with resistance near 141.20 on the hourly chart. EUR/USD Technical Analysis The Euro failed to clear the 1.0780 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0650 and 1.0600 support levels. There was a clear move below the 1.0550 level and the 50 hourly simple moving average. The pair even settled below the 1.0500 level. A low was formed near 1.0397 on FXOpen and the pair is now consolidating losses. EUR/USD Hourly Chart On the upside, the pair is facing resistance near the 1.0445 level. There is also a key bearish trend line forming with resistance near 1.0445 on the hourly chart. The next major resistance is near the 1.0485 level. It is near the 23.6% Fib retracement level of the downward move from the 1.0773 swing high to 1.0397 low. A clear break above the 1.0485 resistance could push EUR/USD towards 1.0540. If the bulls remain in action, the pair could revisit the 1.0585 resistance zone in the near term. The 50% Fib retracement level of the downward move from the 1.0773 swing high to 1.0397 low is near the 1.0585 level. On the downside, the pair might find support near the 1.0420 level. The next major support sits near the 1.0400 level. If there is a downside break below the 1.0400 support, the pair might accelerate lower in the coming sessions. Read Full on FXOpen Company Blog...
ETHUSD and LTCUSD Technical Analysis – 16th JUNE, 2022 ETHUSD – Bearish Doji Star Pattern Below $1834 Ethereum was unable to sustain its bullish momentum and after touching a high of 1834 on 16th June started to decline heavily against the US Dollar. We can see a continued selloff in the markets which is keeping the prices of Ethereum below the $1200 handle in the European Trading session today. We can see the formation of a Bearish Descending channel below the $1800 handle and now we are looking at $1100 and $1050 as the immediate targets. The prices touched an Intraday Low of $1144 in the European Trading session and an Intraday High of $1254 in the Asian Trading session today. We can clearly see a Bearish Doji Star Pattern Below the $1834 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase in the markets. ETH is now trading below its Pivot levels of 1168 and is moving into a Strong Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1126 and Fibonacci support levels of 1158 after which the path towards 1100 will get cleared. Relative Strength Index is at 50 indicating a NEUTRAL market and the shift towards the consolidation phase in the markets. The STOCHRSI is indicating Oversold levels, which means that the prices are due to correct upwards in the short-term range. ALL of the of the Technical indicators are giving a STRONG SELL market Signal. Some of the Moving Averages are giving a SELL Signal and we are now looking at the levels of $1100 to $1050 in the short-term range. ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages. Ether Bearish Reversal seen Below the $1834 mark. Short-term range appears to be Strongly BEARISH. Bearish Harami Pattern seen in the 15minutes timeframe. Average True Range is indicating LESS Market Volatility. Ether Bearish Reversal Seen Below $1834 ETHUSD is now moving into a Strong Bearish Channel with the prices trading below the $1200 handle in the European Trading session today. We can see the formation of a Bullish crossover pattern of Adaptive Moving Average AMA 100 in the 30 minutes timeframe indicating the potential Bullish reversal. After the recent decline in the prices of Ethereum some of the analysts have predicted that the bottom levels are reached and now the prices are due to correct upwards in the medium to long term range. The key resistance levels to watch are $1208 and $1275 and the prices of ETHUSD need to cross these levels for the start of the Bullish reversal. ETH has increased by 9.56% with a price change of 98$ in the past 24hrs and has a trading volume of 30.529 Billion USD. We can see an Increase of 13.59% in the total trading volume in last 24 hrs. which is due to the heavy selling seen across the global markets. The Week Ahead The global investor sentiments continue to be weak leading to the massive slide in the prices of Ethereum this week. The crash that we have seen is also due to the heavy selling by the Hedge Funds in the wake of the US Fed Rate Hike decision. The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions. In this week Ether is expected to move in a range between the $100 and $1200 and in the next week Ether is expected to enter into a Consolidation phase above the $1200 levels. Technical Indicators: Average Directional Change(14days): It is at 39.83 indicating a SELL. Williams Percent Range: It is at -74.96 indicating a SELL. Ultimate Oscillator: It is at 39.15 indicating a SELL. Commodity Channel Index(14days): It is at -91.04 indicating a SELL. Read Full on FXOpen Company Blog...
AUD/USD and NZD/USD Could Eye Fresh Increase AUD/USD started a recovery wave above the 0.7000 resistance. NZD/USD is also showing a lot of positive signs above the 0.6300 level. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a fresh increase from the 0.6850 support zone against the US Dollar. There was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD. NZD/USD also started a decent increase after it cleared the 0.6250 resistance zone. There was a move above a major bearish trend line with resistance near 0.6335 on the hourly chart of NZD/USD. AUD/USD Technical Analysis The Aussie Dollar formed a base above the 0.6850 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6950 resistance zone. There was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD. The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low. AUD/USD Hourly Chart The pair even settled above the 0.7000 level and the 50 hourly simple moving average. It is now consolidating gains above the 0.7000 level. On the downside, an initial support is near the 0.7000 level. The next support could be the 0.6980 level and the 50 hourly simple moving average. The main support is near the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6850 level. Any more downsides might send the pair toward the 0.6780 level. On the upside, the AUD/USD pair is facing resistance near the 0.7050 level. The next major resistance is near the 0.7080 level. It is near the 61.8% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low. A close above the 0.7080 level could start a steady increase in the near term. The next major resistance could be 0.7220. Read Full on FXOpen Company Blog...
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GBP/USD Faces Resistance While EUR/GBP Eyes More Gains GBP/USD started a fresh increase above the 1.2150 resistance. EUR/GBP is showing positive signs above the 0.8550 resistance zone. Important Takeaways for GBP/USD and EUR/GBP The British Pound started a decent increase above 1.2150 against the US Dollar. There was a break below a key bullish trend line with support near 1.2220 on the hourly chart of GBP/USD. EUR/GBP is holding the 0.8580 support but struggling above 0.8600. There is a major bullish trend line forming with support near 0.8570 on the hourly chart. GBP/USD Technical Analysis The British Pound remained well bid above the 1.1920 zone against the US Dollar. The GBP/USD pair started a decent increase after it broke the 1.2000 resistance. There was a clear move above the 1.2100 level and the 50 hourly simple moving average. The bulls were even able to clear the 1.2150 resistance. However, the pair struggled near the 1.2400 resistance and started a downside correction. GBP/USD Hourly Chart There was a break below a key bullish trend line with support near 1.2220 on the hourly chart of GBP/USD. The pair traded below the 38.2% Fib retracement level of the upward move from the 1.1933 swing low to 1.2406 high (formed on FXOpen). The pair tested the 50% Fib retracement level of the upward move from the 1.1933 swing low to 1.2406 high. It is now rising and trading above the 1.2240 level. On the upside, an initial resistance is near the 1.2280 level. The next main resistance is near the 1.2320 zone. A clear upside break above the 1.2320 and 1.2330 resistance levels could open the doors for a steady increase in the near term. The next major resistance sits near the 1.2400 level. If not, the pair might start a fresh decline below 1.2180. The next major support is near the 1.2150 level. Any more losses could lead the pair towards the 1.2050 support zone or even 1.2020. Read Full on FXOpen Company Blog...
BTCUSD and XRPUSD Technical Analysis – 21st JUNE 2022 BTCUSD – Rounding Bottom Pattern Above $17600 Bitcoin was unable to sustain its bearish momentum and after touching a low of 17678 on 18th June started to correct upwards and is now trading above $21000 handle in the European Trading session. We can see that after touching an 18-month low the prices of Bitcoin have pulled back due to the buying seen at lower levels from the long-term investors. Bitcoin entered into a Consolidation channel above the $18000 handle and continues to rise above these levels. The Global demands for Bitcoin have improved now and the prices are expected to cross $22000 levels. We can clearly see a Rounding Bottom Pattern Above the $17600 handle which is a Bullish reversal pattern because it signifies the end of a Downtrend and a shift towards an Uptrend. Both the STOCH and STOCHRSI are indicating Overbought levels which means that in the immediate short term a decline in the prices is expected. Relative Strength Index is at 66 indicating a STRONGER demand for the Bitcoin at the current market levels. Bitcoin is now moving Above its 100 hourly Simple Moving average and its 200 hourly Simple Moving averages. All of the Major Technical Indicators are giving a STRONG BUY Signal, which means that in the immediate short term we are expecting targets of 22000 and 23500. Average True Range is indicating LESS Market Volatility with a Strong Bullish Momentum. Bitcoin Bullish Reversal seen Above $17600. Williams Percent Range is Indicating OVERBOUGHT Levels. The price is now trading just Above its Pivot Levels of $21263. All of the Moving Averages are giving a STRONG BUY market signal. Bitcoin Bullish Reversal Seen Above $17600 The prices of Bitcoin have entered into a consolidation channel above the $18000 handle and the pullback seen is expected to continue touching levels of $22000. We can see the formation of a Rising Trend channel above the $18000 handle and now we are looking at the projected levels of $22000 and $24000. The immediate short-term outlook for Bitcoin is Strong Bullish, Medium-term outlook has turned as Bullish, and the long-term outlook remains Neutral under present market conditions. Bitcoin continues to consolidate above its important support levels of $21000 and further appreciation in its prices is expected in the US Trading session. The price of BTCUSD is now facing its Classic resistance levels of 21486 and Fibonacci resistance levels of 21633 after which the path towards 22000 will get cleared. In the last 24hrs BTCUSD has increased by 3.43% by 705$ and has a 24hr trading volume of USD 32.005 Billion. We can see a Decrease of 12.38% in the Trading volume as compared to yesterday, which is due to the buying by the long-term investors. The Week Ahead The prices of Bitcoin are moving in a Strong Bullish momentum and the immediate targets are $22000 and $23500 The Daily RSI is printing at 31 which means that the medium range demand continues to be WEAK. We can see that the prices of Bitcoin have stabilized above the $21000 handle and now we are looking at the important support levels of $21237 and $21305. The prices of BTCUSD will need to remain above the important support levels of $21000 this week. Weekly outlook is projected at $22500 with a consolidation zone of $21000. Technical Indicators: Moving Averages Convergence Divergence (12,26): It is at 279 indicating a BUY. Ultimate Oscillator: It is at 64.37 indicating a BUY. Rate of Price Change: It is at 5.69 indicating a BUY. Commodity Channel Index(14days): It is at 171.10 indicating a BUY. Read Full on FXOpen Company Blog...
EUR/USD Could Rise, USD/JPY Remains In Strong Uptrend EUR/USD struggled near 1.0580 and corrected lower. USD/JPY is rising and might continue to gain pace towards the 138.00 resistance Important Takeaways for EUR/USD and USD/JPY The Euro started a downside correction after it failed to surpass 1.0580. There is a key bullish trend line forming with support near 1.0505 on the hourly chart of EUR/USD. USD/JPY gained pace after it broke the 135.00 resistance zone. It surpassed a major bearish trend line with resistance near 135.35 on the hourly chart. EUR/USD Technical Analysis This past week, the Euro started a decent recovery wave above the 1.0500 level against the US Dollar. The EUR/USD pair cleared the 1.0520 and 1.0550 resistance levels. However, the pair faced sellers near the 1.0580 level. A high was formed near 1.0582 on FXOpen and EUR/USD started a downside correction. There was a move below the 1.0520 support and the 50 hourly simple moving average. EUR/USD Hourly Chart The pair even spiked below the 50% Fib retracement level of the upward move from the 1.0444 swing low to 1.0582 high. However, the bulls are now protecting the 1.0500 support zone. There is also a key bullish trend line forming with support near 1.0505 on the hourly chart of EUR/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the 1.0444 swing low to 1.0582 high. An immediate resistance on the upside is near the 1.0530 level the 50 hourly simple moving average. The next major resistance is near the 1.0550 level. The main resistance is near the 1.0580 level. An upside break above 1.0580 could set the pace for a steady increase. If not, the pair might drop and test the 1.0480 support. The next major support is near 1.0450, below which the pair could drop to 1.0400 in the near term. Read Full on FXOpen Company Blog...
ETHUSD and LTCUSD Technical Analysis – 23rd JUNE, 2022 ETHUSD – Bullish Harami Pattern Above $936 Ethereum was unable to sustain its bearish momentum and after touching a low 893 on 18th June started to correct upwards against the US Dollar. We can see that the prices have recovered from its lows and a pullback action is seen at levels below $1000. We can see the formation of a Bullish Ascending channel below the $1000 handle and now we are looking at $1100 and $1250 as the immediate targets. The prices touched an Intraday Low of $1046 in the Asian Trading session and an Intraday High of $1107 in the European Trading session today. We can clearly see a Bullish Harami Pattern Above the $936 handle which is a Bullish pattern and signifies the end of a Bearish phase and the start of a Bullish phase in the markets. ETH is now trading above its Pivot levels of 1096 and is moving into a Strong Bullish channel. The price of ETHUSD is now testing its Classic resistance levels of 1101 and Fibonacci resistance levels of 1110 after which the path towards 1200 will get cleared. Relative Strength Index is at 52 indicating a NEUTRAL market and the shift towards the consolidation phase in the markets. Both the STOCHRSI and Williams Percent Range are indicating Overbought levels, which means that the prices are due to correct downwards in the short-term range. ALL of the of the Technical indicators are giving a STRONG BUY market Signal. Most of the Moving Averages are giving a BUY Signal and we are now looking at the levels of $1100 to $1250 in the short-term range. ETH is now trading Above its both the 100 Hourly Simple and Exponential Moving Averages. Ether Bullish Reversal seen Above the $936 mark. Short-term range appears to be Strongly BULLISH. ETH is poised for an upwards Rally against the US Dollar. Average True Range is indicating LESS Market Volatility. Ether Bullish Reversal Seen Above $936 ETHUSD is now moving into a Strong Bullish Channel with the prices trading above the $1100 handle in the European Trading session today. The On Balance Volume is indicating that the demand from the buyers and sellers is in equilibrium, meaning that the present prices of Ether are moving into a consolidation phase. Now we are looking at the possibility of a Rally into the markets which could push the prices of Ether above the $1500 levels soon. The key resistance levels to watch are $1275 and $1300 and the prices of ETHUSD need to cross these levels for the continuation of the Bullish reversal. ETH has increased by 1.50% with a price change of 16$ in the past 24hrs and has a trading volume of 14.913 Billion USD. We can see an Increase of 3.86% in the total trading volume in last 24 hrs. which appears to be Normal. The Week Ahead The global investor sentiments have improved as we can see a recovery of almost 30% from a low of $893 to a high of $1189 reached yesterday. The prices of Ethereum continue to remain above the important psychological support levels of $1000 and we can witness an upwards Rally into the markets in the next week. The immediate short-term outlook for the Ether has turned as Strongly BULLISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions. In this week Ether is expected to move in a range between the $1100 and $1250 and in the next week Ether is expected to enter into a Consolidation phase above the $1250 levels. Technical Indicators: STOCH (9,6): It is at 76.59 indicating a BUY. Average Directional Change(14days): It is at 23.69 indicating a BUY. Rate of Price Change: It is at 3.61 indicating a BUY. Commodity Channel Index(14days): It is at 129.70 indicating a BUY. Read Full on FXOpen Company Blog...
