Daily Market Analysis By Fxopen

Discussion in 'Forex - Currencies Forums' started by FXOpen Trader, Oct 19, 2021.

  1. FXOpen Trader

    FXOpen Trader Senior Investor

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    Gold Price and Crude Oil Price Could Start Fresh Increase
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    Gold price is trading in a positive zone above the $1,850 support. Crude oil price must clear $80.00 to start a fresh increase in the near term.

    Important Takeaways for Gold and Oil

    • Gold price started a decent increase above the $1,850 resistance against the US Dollar.
    • There is a key contracting triangle forming with resistance near $1,865 on the hourly chart of gold.
    • Crude oil price corrected lower below $80.00 and tested the $76.50 zone.
    • There was a break above a key bearish trend line with resistance near $78.50 on the hourly chart of XTI/USD.

    Gold Price Technical Analysis
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    Gold price started a fresh increase above the $1,820 resistance level against the US Dollar. The price gained pace and it was able to settle above the $1,842 resistance zone.

    The price even settled above the $1,850 level and the 50 hourly simple moving average. Finally, there was a break above the $1,870 level. A high was formed near $1,877 on FXOpen and the price corrected lower. There was a break below the $1,865 level, but the bulls remained active near $1,850.

    A low is formed near $1,850 and the price is now rising. The price is back above the $1,860 level and the 50 hourly simple moving average. It also surpassed the 50% Fib retracement level of the recent decline from the $1,871 swing high to $1,850 low.

    An immediate resistance on the upside is near the $1,863 level. It is near the 61.8% Fib retracement level of the recent decline from the $1,871 swing high to $1,850 low. The first major resistance is near the $1,865 level.

    There is also a key contracting triangle forming with resistance near $1,865 on the hourly chart of gold. The main resistance is near the $1,870 level. A close above the $1,870 level could open the doors for a steady increase towards $1,885.

    The next major resistance sits near the $1,900 level. On the downside, an initial support is near the $1,855 level. The first major support is near the $1,850 level. A downside break below the $1,850 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,820 support.

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  2. FXOpen Trader

    FXOpen Trader Senior Investor

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    GBP/USD and EUR/GBP At Risk of More Losses
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    GBP/USD is struggling to clear the 1.3500 resistance zone. EUR/GBP is declining and remains at a risk of more losses below the 0.8380 support.

    Important Takeaways for GBP/USD and EUR/GBP

    • The British Pound is facing resistance near the 1.3500 and 1.3510 levels.
    • There was a break below a key bullish trend line with support near 1.3460 on the hourly chart of GBP/USD.
    • EUR/GBP started a fresh decline from well above the 0.8550 pivot level.
    • There is a major bearish trend line forming with resistance near 0.8420 on the hourly chart.

    GBP/USD Technical Analysis

    The British Pound found support near 1.3350 and started a decent recovery the US Dollar. The GBP/USD pair climbed higher above the 1.3400 and 1.3450 levels.

    The pair even spiked above the 1.3500 level, but there was no upside continuation. A high is formed near 1.3512 on FXOpen and the pair is now declining. The pair traded below the 1.3480 and 1.3450 support levels to enter a bearish zone.

    GBP/USD Hourly Chart
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    There was a break below a key bullish trend line with support near 1.3460 on the hourly chart of GBP/USD. The pair declined below the 50% Fib retracement level of the upward move from the 1.3353 swing low to 1.3512 high.

    The pair is now trading below the 1.3450 and the 50 hourly simple moving average. On the upside, an initial resistance is near the 1.3450 level.

    If there is an upside break above the 1.3450 resistance and the 50 hourly SMA, the price could surpass 1.3480. The main resistance is near the 1.3500 zone. Therefore, a proper break above the 1.3500 resistance could open the doors for a steady increase. The next major resistance for the bulls could be 1.3600.

    If not, the pair could extend losses below 1.3425. An immediate support is near the 1.3415 level. It is near the 61.8% Fib retracement level of the upward move from the 1.3353 swing low to 1.3512 high.

    The first key support is near the 1.3400 level. Any more losses could lead the pair towards the 1.3350 support zone. The next major support sits near the 1.3250 level.

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  3. FXOpen Trader

    FXOpen Trader Senior Investor

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    Euro Under Pressure as COVID Cases Mount

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    Winter has arrived in Europe and, with it, a new wave of COVID-19 infections. Despite Europe doing a relatively good job at vaccinating the population, the current vaccination rate is not substantial enough to curb the infection in some countries.

    COVID-19 infections are mounting once again, thus putting pressure on economies. Austria, for example, announced a new three-week lockdown in a desperate attempt to stop the virus and also to save the ski season (that has just started), as the tourism industry contributes in no small measure to the Austrian GDP.

    Moreover, the country announced that vaccination will become compulsory starting from February next year. The development has triggered a decline in euro pairs, with the EURUSD exchange rate trading below 1.13, and the EURJPY below 129.

    Fed Turns Hawkish

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    The Federal Reserve of the United States announced the tapering of its quantitative easing and a gradual phase-out of the bond-buying program. However, last week, some Fed members argued for a faster reduction to tapering and signaled at least one rate hike to come in 2022. As such, the divergence with other central banks will support the dollar in the period ahead.

    On the other hand, the European Central Bank clearly has no intentions of hiking the interest rate next year. As such, from a monetary policy perspective, the euro has no reason to rise anytime soon.

    All euro pairs have come under pressure, not only the EURUSD. The EURJPY, for instance, traded with a bid tone all year but failed at the 133 level. In a matter of just a few days, it declined below 129 despite the USDJPY holding above 114.

    EURGBP is another pair reflecting the euro’s weakness. In addition, the Bank of England has voiced some concerns about the rising inflation rate, which could mean it following in the Fed’s footsteps sooner rather than later. Therefore, further declines in the cross pair should be expected.

    All in all, the euro looks weak here ahead of Thanksgiving and at the start of the winter season. As COVID-19 puts pressure on the European economies again, traders have no incentives to buy the common currency.

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  4. FXOpen Trader

    FXOpen Trader Senior Investor

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    EUR/USD Extends Decline, USD/CHF Gains Momentum
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    EUR/USD started a fresh decline from well above the 1.1350 pivot zone. USD/CHF is rising, and it might extend gains above the 0.9350 level.

    Important Takeaways for EUR/USD and USD/CHF

    • The Euro failed to gain strength and declined below 1.1300 against the US Dollar.
    • There is a key bearish trend line forming with resistance near 1.1255 on the hourly chart of EUR/USD.
    • USD/CHF started a decent increase from the 0.9250 support zone.
    • There is a connecting bullish trend line forming with support near 0.9310 on the hourly chart.

    EUR/USD Technical Analysis

    The Euro attempted an upside break above the 1.1400 resistance zone against the US Dollar. The EUR/USD pair failed to gain strength and started a fresh decline.

    There was a clear break below the 1.1350 and 1.1300 support levels. The pair even broke the 1.1250 support and the 50 hourly simple moving average. Finally, there was a move below the 1.1230 level and a low is formed near 1.1226 on FXOpen.

    EUR/USD Hourly Chart
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    The pair is now consolidating losses near the 1.1230 level. On the upside, an initial resistance is near the 1.1255 level. The 23.6% Fib retracement level of the recent decline from the 1.1373 swing high to 1.1226 low is also near 1.1255.

    There is also a key bearish trend line forming with resistance near 1.1255 on the hourly chart of EUR/USD. The next major resistance is near the 1.1300 zone.

    The 50% Fib retracement level of the recent decline from the 1.1373 swing high to 1.1226 low is also near the 1.1300 zone. A clear upside break above the 1.1300 zone could open the doors for a steady move.

    The next major resistance sits near the 1.1350 level. On the downside, an immediate support is near the 1.1225 level. The next major support is near the 1.1200 level.

    A downside break below the 1.1200 support could start another decline. The next major support sits near 1.1120.

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  5. FXOpen Trader

    FXOpen Trader Senior Investor

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    BTCUSD and XRPUSD Technical Analysis – 23rd NOV, 2021
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    BTCUSD: Head and Shoulders Pattern Below $60,000

    Bitcoin is moving in continuation of a strong bearish trend this week, and any attempts towards a bullish reversal failed. This is the reason we see BTCUSD trading below the $60,000 handle in the European trading session today.

    We can clearly see a head-and-shoulders pattern below the $60,000 level which signifies that we are in a confirmed downtrend.

    Yesterday, we saw yesterday BTCUSD touching an intraday high of $59,965 after which the prices started to decline and touched an intraday low of $55,676, with today’s intraday low of $55,864.

    We can see a continuous downwards selling pressure in bitcoin today, and more losses are expected in the coming days.

    The immediate short-term outlook for bitcoin turned bearish, and now we are looking at levels of $55,000 and $52,000.

    Williams percent range is overbought which signifies that more selling is expected today in the US trading session which will push the prices of BTCUSD below the $55,000 handle.

    Bitcoin is now moving below both the 100 hourly simple and exponential moving averages.

    The average true range is indicating less market volatility which means that markets are due to enter a consolidation phase soon.

    • Bitcoin’s downtrend continues aiming for downsides below $55,000
    • Stoch is indicating OVERBOUGHT levels
    • The price is now trading just below its pivot level of $56,080
    • All moving averages are giving a STRONG SELL signal at current market levels of $56,278

    Bitcoin: Strong Bearish Trend Towards $55,000
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    BTCUSD has already broken its support level of $56,500 and is now about to break its important psychological support level of $55,000.

    The price of BTCUSD is trading above its classic support level of $55,242 and Fibonacci support level of $55,874 in the European trading session.

    In the last 24hrs, BTCUSD has gone DOWN by -2.21% with a price change of -1271$ and has a 24hr trading volume of USD 35.677 billion.

    Bitcoin Bonds

    El Salvador has become the first country to issue a $1 billion bitcoin bond with a 10-year maturity on the Liquid Network.

    The new bitcoin-linked bond appears to be the highest-yielding fixed income instrument globally. This bond will yield a 6.5% rate of annual interest payments to its investors.

    The credit rating for this bitcoin bond is negative due to the distressed-debt situation of El Salvador.

    El Salvador adopted bitcoin as legal tender in June 2021, after which Moody's Investors Service downgraded the long-term foreign-currency issuer and senior unsecured ratings to Caa1 from B3.

    The Week Ahead

    The downward selling pressure seen in Bitcoin is expected to push its prices to the $52,000 range, after which a fresh wave of consolidation and an uptrend move is expected.

    The bearish trend formation continues and is expected to push the prices below the level of $54,000 this week. After touching a low of $52,000, a potential bullish trend reversal is expected for which we will have to wait until next week.

    The prices will need to remain above the important support level of $52,682 for a bullish reversal of the markets.

    Technical Indicators:

    Relative strength index (14-day): at 35.28 indicating a SELL

    Average directional change (14-day): at 40.639 indicating a SELL

    Moving averages convergence divergence (12,26): at -442.90 indicating a SELL

    Ultimate oscillator: at 40.127 indicating a SELL

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  6. FXOpen Trader

    FXOpen Trader Senior Investor

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    ETHUSD and LTCUSD Technical Analysis – 25th NOV, 2021
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    ETHUSD: Double Bottom Pattern Above $4,000

    On Nov 23rd, Ethereum touched a low of $4,030, after which the prices stabilized and, as of yesterday, entered into a consolidation phase.

    In today’s Asian trading session, ETHUSD touched an intraday high of $4,334.

    We can see a double bottom pattern above $4,000 which signifies a bullish reversal, end of a downtrend and a shift towards an uptrend.

    In today’s European trading session, the price of Ethereum continues to rise slowly and is aiming for upsides of $4,400 and $4,500.

    The fall in the levels of ETH seen last week occurred due to profit-taking; the bullish tone is back in the markets. The pair is gaining a bullish momentum and is also poised for a rally upwards of $4,500 that can happen any time now.

    ETH is trading above its pivot level of $4,276 and moving in a bullish trend. The price of ETHUSD has already broken its classic resistance level of $4,298 and its Fibonacci resistance level of $4,290. In the US trading session, it is aiming towards the $4,400 handle.

    All the major technical indicators are giving a STRONG BUY signal.

    ETH is now trading above both the 100 hourly and 200 hourly simple moving averages.

    • Ethereum is in continuation of bullish channel
    • Short-term range appears to be bullish for ETHUSD
    • All the moving averages are giving a STRONG BUY signal
    • Average true range is indicating LESS market volatility

    Ether: Bullish Trend Towards $4,500 Confirmed
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    ETHUSD was moving in a consolidation channel in the early Asian trading session today after which a bullish momentum started pushing the price above the $4,300 handle.

    We can see that last week’s heavy-selling pressure has exhausted, and now buyers are returning to the markets.

    The relative strength index is NEUTRAL which signifies a potential trend reversal today.

    It is best to enter into long positions in Ethereum at the present market level of $4,300 with targets of $5,000 the next month.

    The average true range is indicating low market volatility as we can see a 12% drop in the trading volume as compared to yesterday. This is because the market was in a consolidation phase and the buyers were waiting for a bullish pattern which is clearly visible now.

    ETH has gained +0.63% with a price change of +26.94$ in the past 24hrs and has a trading volume of 18.729 billion USD.

    The Week Ahead

    Ether is printing above $4,300 today, and we could see $4,500 this week.

    The medium-to-long term outlook for Ether remains bullish, targeting $5,000 and above in the next month.

    We can already see an increase in Ethereum’s market capitalization which currently stands at $510 billion.

    The price of ETHUSD has already broken its key resistance level of $4,270 and is about to break its next resistance level of $4,335.

    We could see Ether printing at above $4,500 next week and aim upsides towards the $5,000 handle.

    At present, the market is offering a good buying opportunity for long-term traders who can hold till it reaches $10,000 in 2022.

    Technical Indicators:

    The commodity channel index (14-day): at 56.55 indicating a BUY

    Moving averages convergence divergence (14-day): at 11.85 indicating a BUY

    StochRSI (14-day): at 69.83 indicating a BUY

    Rate of price change: at 2.121 indicating a BUY

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  7. FXOpen Trader

    FXOpen Trader Senior Investor

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    AUD/USD and NZD/USD Turn Red, Risk of More Losses
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    AUD/USD started a fresh decline from well above 0.7250. NZD/USD is also declining, and it might accelerate lower below the 0.6800 level.

    Important Takeaways for AUD/USD and NZD/USD

    • The Aussie Dollar started a major decline from the 0.7300 resistance against the US Dollar.
    • There was a break below a connecting support trend line at 0.7170 on the hourly chart of AUD/USD.
    • NZD/USD also started a major decline from well above the 0.7000 level.
    • There is a key bearish trend line forming with resistance near 0.6855 on the hourly chart of NZD/USD.

    AUD/USD Technical Analysis

    The Aussie Dollar started a major decline after it failed to clear 0.7300 against the US Dollar. The AUD/USD pair traded below the 0.7250 and 0.7200 support levels to move into a bearish zone.

    The pair even broke the 0.7150 support and the 50 hourly simple moving average. Besides, there was a break below a connecting support trend line at 0.7170 on the hourly chart of AUD/USD. The pair is now accelerating lower below the 0.7150 level.

    AUD/USD Hourly Chart
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    An initial support on the downside is near the 0.7120 level. The next major support is near the 0.7100 level. If there is a downside break below the 0.7100 support, the pair could extend its decline towards the 0.7050 level.

    On the upside, an immediate resistance is near the 0.7150 level. It is near the 23.6% Fib retracement level of the recent decline from the 0.7208 swing high (formed on FXOpen) to 0.7136 low.

    The next major resistance is near the 0.7175 level. It is near the 50% Fib retracement level of the recent decline from the 0.7208 swing high to 0.7136 low. A close above the 0.7175 level could start a steady increase in the near term. The next major resistance could be 0.7250.

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  8. FXOpen Trader

    FXOpen Trader Senior Investor

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    GBP/USD Faces Hurdle, USD/CAD Remains In Uptrend
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    GBP/USD is attempting a recovery wave from the 1.3280 zone. USD/CAD is rising and is showing positive signs above the 1.2700 support.

    Important Takeaways for GBP/USD and USD/CAD

    • The British Pound found support near 1.3280 and started an upside correction.
    • There was a break above a key bearish trend line with resistance near 1.3330 on the hourly chart of GBP/USD.
    • USD/CAD started a major increase above the 1.2650 and 1.2700 resistance levels.
    • There is a crucial rising channel forming with support near 1.2685 on the hourly chart.

    GBP/USD Technical Analysis

    After a major decline, the British Pound found support above 1.3250 against the US Dollar. GBP/USD traded as low as 1.3278 on FXOpen and recently started an upside correction.

    The pair broke the 1.3320 resistance to move into a short-term positive zone. There was a break above the 23.6% Fib retracement level of the downward move from the 1.3512 swing high to 1.3278 low. Besides, there a break above a key bearish trend line with resistance near 1.3330 on the hourly chart of GBP/USD.

    GBP/USD Hourly Chart
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    It is now trading above the 1.3330 level and the 50 hourly simple moving average. An immediate resistance is near the 1.3370 level.

    The first major resistance is near the 1.3400 level. It is near the 50% Fib retracement level of the downward move from the 1.3512 swing high to 1.3278 low. If there is an upside break above the 1.3400 zone, the pair could rise towards 1.3500.

    The next key resistance could be 1.3550, above which the pair could gain strength. On the downside, the first key support is near the 1.3320 area.

    If there is a break below 1.3320, the pair could decline extend its decline. The next key support is near the 1.3280 level. Any more losses might call for a test of the 1.3200 support.

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  9. FXOpen Trader

    FXOpen Trader Senior Investor

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    BTCUSD and XRPUSD Technical Analysis – 30th NOV, 2021
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    BTCUSD: Double Bottom Pattern Above $53,000

    Bitcoin suffered heavy losses at the end of last week when it touched a low of $53,700 and remained in the bearish trend.

    At the start of this week, bitcoin had a major bullish correction after it recovered from its last-week losses and gained more than 6%, touching the $57,000 handle.

    This week, bitcoin is moving in continuation of a mild bullish trend and giving mixed signals. At present, BTCUSD is trading above the $56,000 handle in the European trading session.

    We can clearly see a double bottom pattern above the $53,000 handle, which is a bullish reversal pattern signifying the end of the downtrend and a shift towards an uptrend.

    Yesterday, we saw BTCUSD touching an intraday high of $57,635 after which the prices started to decline and, today, touched an intraday low of $56,795.

    The immediate short-term outlook for bitcoin has turned NEUTRAL and we will have to wait till the clear market signals are visible.

    Williams percent range is overbought which signifies that more selling is expected today in the US trading session, pushing the prices of BTCUSD below the $56,000 handle.

    Bitcoin is now moving above its 100 hourly simple and exponential moving averages.

    The average true range is indicating less market volatility which means that markets are due to enter into a consolidation phase soon.

    • Bitcoin trend reversal is seen above $53,000
    • Stoch is indicating OVERBOUGHT levels
    • The price is now trading just below its pivot level of $57,213
    • All the moving averages are giving a NEUTRAL signal at current market level of $56,820

    Bitcoin’s Mild Bullish Trend Towards $58,000
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    BTCUSD is now trading above its important support level of $56,500 and needs to remain above this level for the bullish trend to continue today.

    Some of the major technical indicators are giving a STRONG SELL signal, which means that the prices can also get a downward correction before reaching the level of $60,000.

    The price of BTCUSD is trading below its classic resistance level of $57,363 and Fibonacci resistance level of $57,478 in the European trading session.

    In the last 24hrs BTCUSD has gone DOWN by -1.19% with a price change of -682$ and has a 24hr trading volume of USD 31.536 billion. We can see an increase of 7.64% in the trading volume as compared to yesterday.

    The Week Ahead

    We can see that bitcoin has recovered from its losses and is on its way towards the $58,000 handle this week.

    The medium to long term outlook remains BULLISH for bitcoin with the target of $65,000. At present, the markets are giving a SELL signal so it would be better to wait before entering the long positions in bitcoin.

    The relative strength index of 46 is indicating a NEUTRAL market and fresh buying is expected in the market at any time.

    It is also possible for bitcoin to remain in a sub-consolidation phase below the $57,000 handle this week and start its bullish move next week.

    Technical Indicators:

    Stoch (9,6): at 97.13 indicating an OVERBOUGHT level

    Average directional change (14-day): at 30.35 indicating a SELL

    Rate of price change: at -0.288 indicating a SELL

    Ultimate oscillator: at 39.55 indicating a SELL

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  10. FXOpen Trader

    FXOpen Trader Senior Investor

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    EUR/USD Starts Fresh Increase, USD/JPY Bears Remain In Action
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    EUR/USD started a fresh increase above the 1.1300 resistance. USD/JPY is declining and might accelerate lower below the 113.00 support.

    Important Takeaways for EUR/USD and USD/JPY

    • The Euro started a steady increase above the 1.1280 and 1.1300 resistance levels.
    • There is a major bullish trend line forming with support near 1.1270 on the hourly chart of EUR/USD.
    • USD/JPY started a fresh decline from well above the 114.50 level.
    • There is a key bearish trend line forming with resistance near 113.55 on the hourly chart.

    EUR/USD Technical Analysis

    This week, the Euro started a steady increase above the 1.1280 resistance against the US Dollar. The EUR/USD pair gained pace for a move above the 1.1300 resistance.

    The pair even broke the 1.1320 level and settled above the 50 hourly simple moving average. A high was formed near 1.1382 and there was a downside correction. A low was formed near 1.1235 on FXOpen and the pair is now rising.

    EUR/USD Hourly Chart
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    It broke the 50% Fib retracement level of the recent decline from the 1.1382 swing high to 1.1235 low. An immediate resistance on the upside is near the 1.1340 level.

    The next major resistance is near the 1.1360 level. It is near the 76.4% Fib retracement level of the recent decline from the 1.1382 swing high to 1.1235 low. The main resistance is near the 1.1380 level, above which the pair could accelerate higher.

    If there is no break above 1.1360, the pair might start a downside correction. An immediate support is near the 1.1280. The next major support is near 1.1270.

    There is also a major bullish trend line forming with support near 1.1270 on the hourly chart of EUR/USD. Any more losses might push the EUR/USD pair towards the 1.1220 support in the near term.

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