Forex News Daily Market Analysis By FXOpen

[FXOpen Trader]

Gold Price Corrects Lower, Crude Oil Price Aims Fresh Increase

Gold price gained bullish momentum above $1,825 before correcting lower. Crude oil price is holding the $87.50 support and might start a fresh increase.

Important Takeaways for Gold and Oil

• Gold price started a major increase above the $1,800 and $1,820 levels against the US Dollar.
• There was a break below a key bullish trend line with support near $1,835 on the hourly chart of gold.
• Crude oil price corrected lower, but it found support near $87.50.
• There was a break above a major bearish trend line with resistance near $88.85 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a support base near $1,788 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,800 level to move into a positive zone.

There was a clear move above the $1,820 level and the 50 hourly simple moving average. The price even climbed above the $1,835 resistance level. A high was formed near $1,841 on FXOpen before the price started a downside correction.

Gold Price Hourly Chart

There was a break below the $1,835 level. Besides, there was a break below a key bullish trend line with support near $1,835 on the hourly chart of gold.

The price traded below the 23.6% Fib retracement level of the upward move from the $1,788 swing low to $1,841 high. On the downside, an initial support is near the $1,820 level. The first major support is near the $1,815 level.

It is near the 50% Fib retracement level of the upward move from the $1,788 swing low to $1,841 high. If there is a downside break below the $1,815 level, the price could decline to $1,800.

On the upside, the price is facing resistance near the $1,830 level. The main resistance is now forming near the $1,840 level. A close above the $1,840 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,865 level.

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[FXOpen Trader]

GBP/USD Stuck In Range, EUR/GBP Remains At Risk

GBP/USD started a fresh decline from well above the 1.3600 level. EUR/GBP is also declining and trading below the 0.8420 support zone.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound started a fresh decline from well above 1.3600 against the US Dollar.
• There is a key bullish trend line forming with support near 1.3530 on the hourly chart of GBP/USD.
• EUR/GBP failed to surpass 0.8480 and started a fresh decline.
• There is a major bearish trend line forming with resistance near 0.8415 on the hourly chart.

GBP/USD Technical Analysis

The British Pound struggled to settle above the 1.3600 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3580 support zone.

There was a clear move below the 1.3550 level and the 50 hourly simple moving average. The bears pushed the pair below the 50% Fib retracement level of the upward move from the 1.3513 swing low to 1.3609 high.

GBP/USD Hourly Chart

It is now trading below the 1.3550 level and testing the 76.4% Fib retracement level of the upward move from the 1.3513 swing low to 1.3609 high.

An immediate support is near the 1.3530 level. There is also a key bullish trend line forming with support near 1.3530 on the hourly chart of GBP/USD. The first key support is near the 1.3510 level. Any more losses could lead the pair towards the 1.3450 support zone.

The next major support sits near the 1.3420 level. On the upside, an initial resistance is near the 1.3560 level and the 50 hourly simple moving average.

The next main resistance is near the 1.3600 zone. If there is an upside break above the 1.3600 resistance, the price could gain bullish momentum. In the stated case, GBP/USD might rise to 1.3680.

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[FXOpen Trader]

Pound hit a low point, but not for long!

At the end of last week, the Euro did something that it rarely does: take a nosedive against the British pound.

Although there has been much more volatility in the currency markets over the past year, it is still relatively stable compared to the ups and downs experienced by other asset classes such as oil and certain company stocks due to the imposed shortages of raw materials and supply chain issues that have taken place recently.

Currency, as always, has been relatively stable.

Therefore, a 1 point drop between two major currencies is enough to make for an interesting chart pattern, and on Friday, February 11, the Pound's gain against the Euro tailed off once again.

The low point can really only be considered a 'tailing off' of a ten-day gain which the Pound had been achieving, after its considerable drop to 1.18 on February 4, however today's trading week begins with the Pound slightly down compared to its recovery performance from the low point on February 4 which was its lowest point in one month by far.

After February 4's substantial dip in value for the Pound against the Euro, it began to rise healthily once again, and peaked at almost 1.20 on Thursday last week, however the upward trajectory came to a standstill and the Pound began to decline again.

All eyes this morning will be on whether British Prime Minister Boris Johnson begins to wax lyrical about his plans to 'challenge' Russia's president Vladimir Putin over any possible conflict in Ukraine.

As is almost always the case, when a Western nation begins involving itself in an overseas geopolitical matter, confidence in the economy either strengthens or weakens, depending on how such a geopolitical issue benefits or exposes the nation seeking to get involved.

On British soil, confidence in the leadership abilities of Boris Johnson is at an all-time low since his election, and despite Russia's comparatively low-grade economy which is based solely on mineral and fossil fuel mining and export, there is an abundance of investors who know that Mr. Putin makes very few mistakes with his strategies.

Therefore, it may be that the Pound could become volatile if Boris Johnson's commentary continues to be highlighted in the press, as many investors consider that his interfering with Russia's policies on its own soil amount to playing with fire.

No conflict has begun as yet, and therefore speculation hangs over the markets, giving the Pound and the Euro, and to some extent the US Dollar as Joe Biden wades into the debate, some potential for volatile reactions to news on which angle each premier will take.

There are those who consider Russia to be a 'junk' economy, riddled with high inflation, government-instigated price realignments, capital controls and high levels of corruption, further exacerbated by sanctions imposed on it by Europe and the United Kingdom, but this particular market-moving scenario is not about the Ruble at all, it's about the Pound, and potentially the Euro and Dollar later on, however given Germany's good relationship with the Russian government, and Boris Johnson's less than credible outbursts, the majors are the ones to watch.

FXOpen Blog

 

[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 15th FEB 2022

BTCUSD: Bullish Engulfing Pattern Above $41,500

Bitcoin touched a high of $45,807 on February 10, after which it started to decline touching a low of $41,601 in the Asian trading session today.

Now the prices have entered into a bullish correction phase and continue to remain above the $43,000 handle in the European trading session.

We can see a recovery in the prices of bitcoin towards $44,000,and this fresh wave of correction is expected to push up its prices towards $47,000.

We can clearly see a bullish engulfing pattern above the $41,500 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Both Stoch and StochRSI are indicating an OVERBOUGHT level, meaning that in the immediate short-term, a decline in the prices is expected.

The relative strength index is at 71 indicating a STRONGER demand for bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly simple moving average and below its 200 hourly exponential moving average.

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 $45,000 and $47,000.

The average true range is indicating lesser market volatility with a strong bullish momentum.

• A bitcoin bullish reversal is observed above $41,500
• The Williams percent range is indicating an OVERBOUGHT level
• The price is now trading just below its pivot level of $43,940
• All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Reversal Seen Above $41,500

Bitcoin continues to move in a strong bullish momentum after its decline towards the $41,600 level, and is now moving into a bullish zone formation above $43,000.

The immediate short-term outlook for bitcoin is strongly bullish; the medium-term outlook is neutral; the long-term outlook remains bullish.

We can see that the daily 100-day and 200-day simple moving averages are indicating a trend reversal at the levels of $48,177 and 49,416, which means that after touching these levels a contraction/ correction in bitcoin prices is expected.

The price of BTCUSD is now facing its classic resistance level of $44,233, and Fibonacci resistance level of $44,452, after which the path towards $47,000 will get cleared.

Bitcoin has already managed to cross its initial resistance zone of $43,800, and is moving upwards closer to $44,000.

In the last 24hrs, BTCUSD has gone UP by 4.58% with a price change of 1,926$, and has a 24hr trading volume of USD 24.019 billion. We can see an increase of 34.58% in the trading volume as compared to yesterday, due to increased buying pressure in the global cryptocurrency markets.

The Week Ahead

The prices of bitcoin are at present moving in a correction phase towards the $44,000 handle. This also indicates that now we are looking at a fresh rally into the markets towards $50,000.

The prices of bitcoin remained under pressure last week due to the fresh concerns over the Russia-Ukraine border tensions, which, to date, has resulted in the US dollar getting stronger due to safe haven demands and the price of BTCUSD going down.

In the immediate short-term, bitcoin’s bullish momentum is expected to continue pushing past the $47,000 handle this week.

The price of BTCUSD will need to remain above the important support level of $43,000 this week, and we can expect more upsides in the range of $45,000 to $47,000 the next week.

Bitcoin vs GOLD

Traditionally, gold has been considered a safe preferred by global investors for long-term holdings of their wealth. But now we can see a shift in the sentiment towards bitcoin as a viable digital gold, thanks to higher appreciation and gains.

Crypto investors now prefer buying bitcoin at lower levels, and we can see that now the total market capitalization of bitcoin stands at 832 billion USD.

Technical Indicators:

The commodity channel index (14-day): at 103.36 indicating a BUY

The average directional change (14-day): at 29.93 indicating a BUY

The rate of price change: at 4.306 indicating a BUY

The moving averages convergence divergence (12,26): at 414.10 indicating a BUY

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[FXOpen Trader]

EUR/USD and USD/JPY Near Crucial Juncture

EUR/USD started a fresh decline from well above 1.1450. USD/JPY is attempting recovery and facing a strong resistance near 115.80.

Important Takeaways for EUR/USD and USD/JPY

• The Euro started a fresh decline after there was no close above the 1.1480 level.
• There is a key bearish trend line forming with resistance near 1.1350 on the hourly chart of EUR/USD.
• USD/JPY started a recovery wave after it found support near the 115.00 zone.
• There is a major bearish trend line forming with resistance near 115.80 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro failed to clear the 1.1480 zone against the US Dollar. The EUR/USD pair started a fresh decline and traded below the 1.1420 support zone.

The pair even broke the 1.1350 level and settled below the 50 hourly simple moving average. A low was formed near 1.1280 on FXOpen and the pair is now correcting higher. There was a move above the 50% Fib retracement level of the recent decline from the 1.1417 swing high to 1.1280 low.

EUR/USD Hourly Chart

An immediate resistance on the upside is near the 1.1350 level. There is also a key bearish trend line forming with resistance near 1.1350 on the hourly chart of EUR/USD.

The trend line is near the 61.8% Fib retracement level of the recent decline from the 1.1417 swing high to 1.1280 low. The next major resistance is near the 1.1380 level. The main resistance is near the 1.1420 level.

If there is no break above 1.1350, the pair might start a fresh decline. An immediate support is near the 1.1320 and the 50 hourly simple moving average. The next major support is near 1.1280, below which the pair could drop to 1.1225 in the near term.

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[FXOpen Trader]

ETHUSD and LTCUSD Technical Analysis – 17th FEB, 2022

ETHUSD: Bullish Engulfing Pattern Above $2,800

Ethereum was unable to sustain its Bullish momentum last week, and after touching a high of $3,280 on February 10, it started to decline with a low of $2,837 on February 13.

The selling we saw in ETHUSD occurred due to a broad-based liquidation of the assets into the USD following the fears (which now seem to have subsided) of a war between Russia and Ukraine.

ETHUSD continues to maintain its consolidation above $3,000 and is currently trading at $3,126 in the European trading session.

We can clearly see a bullish engulfing pattern above the $2,800 handle which signifies a bullish continuation and formation of an uptrend.

ETH is now trading just above its pivot level of $3,100 and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance level of $3,119, and Fibonacci resistance level of $3,130 after which the path towards $3,300 will get cleared.

The relative strength index is at 52 indicating a NEUTRAL market sentiment which is expected to shift towards a bullish sentiment.

Some of the technical indicators are giving a BUY market signal, with some of the moving averages giving a BUY signal as well, and we are now looking at the levels of $3,300 to $3,500 in the short-term range.

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

• Ether’s bullish reversal seen above the $2,800 mark
• Short-term range appears to be Mild BULLISH
• High/ Lows is indicating a NEUTRAL market
• Average True Range is indicating LESS Market Volatility

Ether: Bullish Reversal Seen Above $2,800

In today’s European trading session, ETHUSD has been moving into a consolidation channel above the $3,000 handle.

Both the commodity channel index and Stoch are indicating a NEUTRAL level which means that markets are expected to remain in the consolidation phase for some time.

The monthly relative strength index is printing at 58 which also indicates a stronger demand for Ethereum in the long-time frame.

The prices of Ethereum remain above the 50-day SMA of $3,058, which further validates the prevailing bullish sentiments in the markets.

The key support level to watch is $3,000, and a key resistance level is $3,200 for this week.

ETH has declined -1.35% with a price change of 42.73$ in the past 24hrs, and has a trading volume of 13.984 billion USD.

We can see a 5.36% increase in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

Ethereum has once again started its bullish moves against the US dollar after declining below the $3,000 handle. We can see that this upside projection is strong and will result in crossing $3,300 this week.

The ongoing Russia-Ukraine crisis is also affecting global cryptocurrency markets including Ethereum because of its effects on the USD which is seen as a safe haven investment.

If the prices of ETHUSD continue to remain above the $3,000 handle as we can see today, it would start the next leg of its bullish move towards $3,400 the next week.

The immediate short-term outlook for Ether has turned BULLISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook is BULLISH towards the $3,500 handle.

This week, Ether is expected to move in a range between $3000 and $3300, and the next week, to trade at levels above $3,300.

Technical Indicators:

The moving averages convergence divergence (12,26): at 15.75 indicating a BUY

The average directional change (14-day): at 41.31 indicating a BUY

The rate of price change: at 6.54 indicating a BUY

Bull/Bear power (13-day): at 63.65 indicating a BUY

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[FXOpen Trader]

AUD/USD and NZD/USD Target Additional Gain

AUD/USD started a fresh increase from the 0.7085 zone. NZD/USD is also rising and there was a clear move above the 0.6680 resistance.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase after it cleared 0.7100 against the US Dollar.
• There is a key bullish trend line forming with support near 0.7180 on the hourly chart of AUD/USD.
• NZD/USD also climbed higher after forming a base above the 0.6600 level.
• There is a major bullish trend line forming with support near 0.6695 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.7080 zone against the US Dollar. The AUD/USD pair traded as low as 0.7086 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7100 and 0.7120 resistance levels. The pair surged above the 0.7180 level and the 50 hourly simple moving average. During the increase, there was a clear move above the 50% Fib retracement level of the downward move from the 0.7248 swing high to 0.7086 low.

AUD/USD Hourly Chart

Besides, there is a key bullish trend line forming with support near 0.7180 on the hourly chart of AUD/USD. The pair is now facing resistance near the 0.7210 level.

The 76.4% Fib retracement level of the downward move from the 0.7248 swing high to 0.7086 low is also near the 0.7210 level. The next major resistance is near the 0.7250 level. A close above the 0.7250 level could start a steady increase in the near term.

The next major resistance could be 0.7300. On the downside, an initial support is near the 0.7180 level and the 50 hourly simple moving average.

The next support is near the 0.7165. If there is a downside break below the 0.7165 support, the pair could extend its decline towards the 0.7120 level. Any more downsides might send the pair toward the 0.7080 level.

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[FXOpen Trader]

GBP/USD and USD/CAD Could Extend Gains

GBP/USD started a steady increase and surpassed the 1.3600 resistance. USD/CAD is holding gains above 1.2700 and eyeing more gains.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a fresh increase from the 1.3500 support zone.
• There is a key bullish trend line forming with support near 1.3590 on the hourly chart of GBP/USD.
• USD/CAD seems to be facing resistance near the 1.2760 and 1.2780 resistance levels.
• There is a major bearish trend line forming with resistance near 1.2755 on the hourly chart.

GBP/USD Technical Analysis

The British Pound formed a strong support base above the 1.3500 level against the US Dollar. As a result, the GBP/USD pair started a decent increase and it broke many hurdles near 1.3550.

The pair gained pace above the 1.3580 level and the 50 hourly simple moving average. The pair even spiked above the 1.3600 resistance zone. A high is formed near 1.3642 on FXOpen and the pair is now consolidating gains.

GBP/USD Hourly Chart

There was a move below the 23.6% Fib retracement level of the upward move from the 1.3486 swing low to 1.3642 high. An initial support on the downside is near the 1.3605 level and the 50 hourly simple moving average.

The main support is now forming near the 1.3590 level. There is also a key bullish trend line forming with support near 1.3590 on the hourly chart of GBP/USD.

The trend line is also above the 50% Fib retracement level of the upward move from the 1.3486 swing low to 1.3642 high. If there is a downside break, GBP/USD might test the 1.3520 support.

On the upside, the pair must settle above the 1.3630 level. The next major resistance is near the 1.3650 level. Any more gains could lead the pair towards the 1.3800 barrier in the near term. An intermediate resistance could be 1.3740.

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[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 22nd FEB 2022

BTCUSD: Bearish Engulfing Pattern Below $44,300

Bitcoin was unable to sustain its bullish momentum against the US dollar and started declining after touching a high of $44,740 on 16th February.

The propagation of the bearish trend continues with the prices of bitcoin trading below the $37,000 mark in the European trading session today. The drop is due to the fresh concerns of the war between Russia and Ukraine, and the flight towards safe haven assets like the US dollar.

We can clearly see a bearish engulfing pattern below the $44,300 handle, which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

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.

The relative strength index is at 38 indicating a WEAKER demand for bitcoin at the current market levels.

Bitcoin is now moving below its 100 hourly simple moving average, and below its 200 hourly exponential moving average.

All of the major technical indicators are giving a STRONG SELL signal, and in the immediate short-term, we can expect targets of $35,000 and $33,000.

The average true range is indicating a lesser market volatility with a strong bearish momentum.

• A bearish reversal below $44,300 is seen in bitcoin
• The Williams percent range is indicating OVERBOUGHT levels
• The price is now trading just below its pivot level of $36,876
• All of the moving averages are giving a STRONG SELL market signal

Bitcoin: Bearish Reversal Seen Below $44,300

Bitcoin continues to move in a strong bearish momentum following a baseline progression towards $37,000.

In the immediate short-term we are expecting a range-bound movement for bitcoin between the levels of $36,000 and $37,500, as it is due to enter into a consolidation phase now.

On-chain metrics are also indicating a bearish outlook for bitcoin, with many of the short-term holders liquidating their holdings.

The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook is neutral; and the long-term outlook remains bullish.

We have detected an MA 5 crossover pattern at the level of $36,792, which means that after touching these levels the prices of bitcoin are expected to bounce upwards,

The price of BTCUSD is now facing its classic support level of $36,343, and Fibonacci support level of $36,736, after which the path towards $35,000 will get cleared.

We can see that the daily RSI is also printing at 34 which indicates that in the medium-term prices are expected to decline further.

In the last 24hrs BTCUSD has gone down by -6.33% by 2,488$, and has a 24hr trading volume of USD 32.682 billion. We can see an increase of 69.19% in the trading volume as compared to yesterday, due to increased selling pressure in the global cryptocurrency markets.

The Week Ahead

The prices of bitcoin are due to enter a consolidation phase above the level of $36,000. We can see some range-bound movement between $36,000 and $38,000.

The price of bitcoin is still under pressure as the Russia-Ukraine crisis deepens. Both the short-term and the long-term holders of bitcoin are selling, which is pulling the price down.

In the immediate short-term this week, bitcoin’s bearish momentum is expected to continue pushing its levels below the $36,000 handle.

In the event of a pullback, the upside projection is at the 50-day SMA of $38,179.

The price of BTCUSD will need to remain above the important support level of $35,000 this week.

The weekly outlook is projected at $35,000 with a consolidation zone of $36,000.

Technical Indicators:

The relative strength index (14-day): at 34.53 indicating a SELL

The average directional change (14-day): at 30.37 indicating a SELL

The rate of price change: at -16.29 indicating a SELL

The moving averages convergence divergence (12,26): at -807.20 indicating a SELL

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[FXOpen Trader]

ETHUSD and LTCUSD Technical Analysis – 24th FEB, 2022

ETHUSD: Bearish Engulfing Pattern Below $2,900

Ethereum failed to clear its resistance level of $3,200 last week and started moving into a bearish channel which continues today, pushing the price below the $2,500 handle in the European trading session.

Ethereum markets are witnessing a strong bearish phase with the investors selling their holdings in the wake of Russia attacking Ukraine.

We have seen that the safe haven status of the USD holds, which continues to push down the prices of ETHUSD in the medium-term scenario.

We can clearly see a bearish engulfing pattern below the $2,900 handle, which signifies the end of a bullish phase and the start of a bearish phase in the markets.

ETH is now trading just above its pivot level of $2,352 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,235 and Fibonacci resistance level of $2,320 after which the path towards $2,100 will get cleared.

The relative strength index is at 27 indicating a WEAKER demand for Ethereum and the continuation of selling pressure in the markets.

All of the technical indicators are giving a STRONG SELL market signal.

All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $2,200 to $2,100 in the short-term range.

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

• A bearish reversal seen below the $2,900 mark
• The short-term range appears to be strongly BEARISH
• The daily RSI is below 50 at 32 indicating a BEARISH market
• The average true range is indicating LESS market volatility

Ether: Strong Bearish Momentum Seen Below $2,900

ETHUSD is now moving into a strong bearish momentum with the prices trading below the $2,400 handle in the European trading session today.

Both the Williams percent range (daily) and StochRSI (daily) is indicating an OVERSOLD market, which means that a pullback in the level of Ethereum is expected soon.

We can see that the bearish trend line has extended, and now a move below $2,200 is expected in the short-term.

The prices of ETHUSD need to remain above the $2,100 handle for any bullish reversal in the markets.

At present, we are looking for immediate targets of $2,200 after which it is expected to enter into a consolidation and correction phase.

The key support level to watch is $2,100, and the key resistance level is $2,500 for this week.

ETH has declined -12.29% with a price change of -332.72$ in the past 24hrs, and has a trading volume of 20.564 billion USD.

We can see an increase of 36.99% in the total trading volume in the last 24 hrs due to the broad-based selling in the crypto markets globally.

The Week Ahead

Ethereum is now moving into a consolidating level above $2,200 which if completed will give the buyers a chance to pull back its level towards an important resistance zone located at $2,500.

The ongoing Russia-Ukraine war crisis is also affecting the global cryptocurrency markets including Ethereum because the investors are unwilling to hold Ethereum in view of the market liquidity crunch in Europe and Russia.

If the prices of ETHUSD continue to remain above the $2,000 handle as seen today, it will start the next leg of its bullish move towards $2,500 handle next week.

The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook for Ether is BULLISH towards the $3,000 handle.

This week, Ether is expected to move in a range between the $2,000 and $2,500, to trade at levels above $2,500 next week.

Technical Indicators:

The moving averages convergence divergence (12,26): at -71.42 indicating a SELL

The commodity channel index (14-day): at -82.77 indicating a SELL

The rate of price change: at -9.82 indicating a SELL

The Stoch (9,6): at 20.89 indicating a SELL

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[stevengoodman]

Awesome thread - thanks for your daily market analysis!

 

[FXOpen Trader]

Gold Price and Crude Oil Price Could Rally Further

Gold price gained bullish momentum above $1,950 before correcting lower. Crude oil price is holding the $92.00 support and might start a fresh increase.

Important Takeaways for Gold and Oil

• Gold price started a major increase above the $1,900 and $1,920 levels against the US Dollar.
• There was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold.
• Crude oil price corrected lower, but it found support near $91.00.
• There is a major bullish trend line forming with support near $92.10 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold Price Hourly Chart

Gold price formed a support base near $1,850 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,900 level to move into a positive zone.

There was a clear move above the $1,920 level and the 50 hourly simple moving average. The price even climbed above the $1,950 resistance level. A high was formed near $1,974 on FXOpen before the price started a downside correction.

There was a break below the $1,950 level. Besides, there was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold.

The price even spiked below the $1,900 level, but it found support near $1,880. A low is formed near $1,878 and the price is rising again. There was a move above the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low.

On the upside, the price is facing resistance near the $1,915 level and the 50 hourly simple moving average. The main resistance is now forming near the $1,935 level.

The 50% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low is also near $1,935. A close above the $1,935 level could open the doors for a steady increase towards $1,950. The next major resistance sits near the $1,975 level.

On the downside, an initial support is near the $1,900 level. The first major support is near the $1,880 level. If there is a downside break below the $1,880 level, the price could decline to $1,850.

Read Full on FXOpen Company Blog...

 

[Zem93]

Beautiful article thanks for sharing.....................

 

[FXOpen Trader]

GBP/USD and GBP/JPY Could Resume Decline

GBP/USD started a fresh decline from well above 1.3640 and traded below 1.3400. GBP/JPY is also declining and trading below 135.00.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound started a fresh decline from well above 1.3600 against the US Dollar.
• There is a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD.
• GBP/JPY also started a fresh decline after it failed to clear the 156.75 resistance.
• There was a break below a short-term contracting triangle with support near 154.65 on the hourly chart.

GBP/USD Technical Analysis

After facing resistance near 1.3620, the British Pound found started a fresh decline against the US Dollar. The GBP/USD pair gained pace below the 1.3500 support zone to enter a bearish zone.

There was also a break below the 1.3450 zone and the 50 hourly simple moving average. It traded as high as 1.3269 on FXOpen and is currently correcting losses. There was a minor recovery wave above the 1.3350 level.

GBP/USD Hourly Chart

The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low.

However, the pair faced a strong resistance near the 1.3450 level. There is also a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD. The trend line is near the 50% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low.

The next major hurdle is near 1.3500, above which the pair could surge towards 1.3550 in the near term. If there is no upside break, the pair could correct lower below 1.3320.

The next major support is near the 1.3300 level. If there is a break below the 1.3300 support, the pair could test the 1.3250 support. If there are additional losses, the pair could decline towards the 1.3200 level.

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[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 1st MAR 2022

BTCUSD – Double Bottom Pattern Above $34000

Bitcoin has ended its bearish phase after touching a low of 34393 on 24th February and continues to move upwards after the consolidation phase above the 38000 levels.

The Bullish momentum we see today is the result of the increased buying demands from the global markets after the recent sanctions imposed on the Russian banking systems and the use of Bitcoin for converting the Russian Rubles into the desired currencies like the US Dollar and the Euros.

The propagation of the Bullish trend continues with the prices of Bitcoin trading above the $43000 mark in the European Trading session today.

The sharp rise that we see in the levels of Bitcoin is due to the fresh demands coming from the residents of Ukraine who are moving out and liquidating their assets and converting them into Bitcoins for safety.

We can see a Double Bottom Pattern above the $34000 handle which is a Bullish reversal pattern because it signifies the end of a downtrend and a shift towards an Uptrend.

STOCH and Williams Percent Range are indicating OVERBOUGHT levels which means that in the immediate short term a decline in the prices is expected.

The relative Strength Index is at 76 indicating a STRONG demand for Bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly Simple Moving average and below its 200 hourly Exponential 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 45000 and 48000.

The Average True Range is indicating Less Market Volatility with a Strong Bullish momentum.

• Bitcoin Bullish Reversal is seen Above $34000.
• Williams Percent Range is Indicating OVERBOUGHT Levels.
• The price is now trading just Below its Pivot Levels of $43470.
• All of the Moving Averages are giving a STRONG BUY market signal.

Bitcoin Bullish Momentum Seen Above $34000

Bitcoin continues to move in a Strong Bullish momentum with an upside projection towards levels of 45000 in the European Trading session today.

In the immediate term, we are expecting a continuation of this bullish trend with the prices of Bitcoin ranging between the levels of $41000 and $46000 as it is due to enter into a consolidation phase now.

After crossing the horizontal levels of 42000 the appreciation in the prices of Bitcoin we see will result in a Rally towards the $50000 handle.

The immediate short-term outlook for Bitcoin is Strong Bullish, the Medium-term outlook is Bullish, and the long-term outlook remains Bullish.

The price of BTCUSD is now facing its Classic resistance levels of 43622 and Fibonacci resistance levels of 43740 after which the path towards 48000 will get cleared.

We can see that the daily RSI is also printing at 59 which indicates that in the medium-term prices are expected to appreciate further.

In the last 24hrs, BTCUSD is UP by 13.70% by 5243$ and has a 24hr trading volume of USD 38.490 Billion. We can see an increase of 46.69% in the Trading volume as compared to yesterday, due to increased selling buying pressure in the Global cryptocurrency markets.

The Week Ahead

The prices of Bitcoin are due to enter into a consolidation phase above the $42000 level. We can see some range of bounded movements in its levels between $42000 to $46000.

The prices of Bitcoin are appreciating as an alternative source of cross-border payments after the recent sanctions that are being imposed on Russia by the SWIFT network.

In the immediate short term, Bitcoin Bullish momentum is expected to continue pushing its levels above the $46000 handle this week.

In the event of a pullback, the upside projection is at the 100-day SMA of $44992.

The prices of BTCUSD will need to remain above the important support levels of $40000 this week.

The weekly outlook is projected at $41000 with a consolidation zone of $44000.

Technical Indicators:

Relative Strength Index (14days): It is at 74.64 indicating a BUY.

Average Directional Change (14days): It is at 51.70 indicating a BUY.

Rate of Price Change: It is at 5.19 indicating a BUY.

Moving Averages Convergence Divergence (12,26): It is at 1043.80 indicating a BUY.

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[FXOpen Trader]

EUR/USD and EUR/JPY At Risk of More Downsides

EUR/USD started a fresh decline from the 1.1280 resistance. EUR/JPY is also declining and facing a string resistance near the 128.60 level.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a fresh decline after it failed to stay above 1.1320.
• There is key bearish trend line forming with resistance near 1.1180 on the hourly chart.
• EUR/JPY gained bearish momentum after it broke the 128.80 support zone.
• There is a major bearish trend line forming with resistance near 128.30 on the hourly chart.

EUR/USD Technical Analysis

The Euro faced sellers near the 1.1350 zone against the US Dollar. The EUR/USD pair started a fresh decline below the 1.1320 and 1.1300 support levels.

The pair traded below the 1.1280 pivot level and the 50 hourly simple moving average. Finally, the pair traded as low as 1.1089 On FXOpen and is currently consolidating gains. It corrected above the 23.6% Fib retracement level of the recent decline from the 1.1232 high to 1.1089 low.

EUR/USD Hourly Chart

On the upside, the pair is facing resistance near the 1.1150 level. It is near the 50% Fib retracement level of the recent decline from the 1.1232 high to 1.1089 low.

The next major resistance is near the 1.1180 level. There is also a key bearish trend line forming with resistance near 1.1180 on the hourly chart. A clear break above the 1.1180 resistance could push EUR/USD towards 1.1220.

If the bulls remain in action, the pair could rise above the 1.1220 resistance zone in the near term. On the downside, the pair might find support near the 1.1080 level.

If there is a downside break below the 1.1080 support, the pair might accelerate lower. The next major support sits near the 1.1020 level, below which there is a risk of a larger decline.

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[FXOpen Trader]

ETHUSD and LTCUSD Technical Analysis – 03rd MAR, 2022

ETHUSD: Bullish Engulfing Pattern above $2,550

Ethereum had a major bearish correction last month when it declined below the $3,000 handle after touching a high of $3,268 on February 9th.

This week, ETHUSD started in the consolidation phase after which it had a bullish reversal towards the $2,700 handle and touched an intraday high of $2,982 in today’s Asian trading session.

We can clearly see a bullish engulfing pattern above $2,550 which signifies a trend reversal, and we have already seen ETHUSD crossing the level of $2,700.

We saw the price of Ethereum retracting from its highs due to some profit taking, but the bullish channel continues now, and we are aiming for the upside of $2,900 and $3,100 in this week.

ETH is now trading just below its pivot level of $2,967 and moving in a mildly bullish momentum. The price of ETHUSD is now facing its classic resistance level of $3,020 and its Fibonacci resistance level of $3,094, and is now aiming towards the $3,100 handle in the US trading session.

The moving averages are giving a BUY signal.

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

• Ethereum is in a mildly bullish channel
• A short-term trend reversal seen above $2,550
• All the major technical indicators are giving NEUTRAL-to-BUY signals
• The average true range is indicating LESSER market volatility

Ether: Bullish Channel Towards $3,000 Confirmed

ETHUSD is consolidating its gains above $2,700 in the European trading session, and we can clearly see that the bullish channel is back.

We are now aiming for the upsides of $2,900 to $3,100 today in the US trading session today. The retracement from $2,300 was very strong — which suggests that there is more room for the upsides in Ethereum this month, and the level of $3,500 is the next target.

We can see the MA crossover pattern above the level of $2,850 which means that in the immediate short-term, we will see the continuation of the bullish channel.

ETH has declined -3.47% with a price change of -103.91$ in the past 24hrs, and has a trading volume of 14.424 billion USD.

We can see a decrease of 26% in the trading volume as compared to yesterday, which means that new buyers are now entering the markets and waiting for further correction in Ethereum.

The Week Ahead

Ether is printing above $2,800 today, and we can see levels of $3,000 to $3,200 this week.

The medium-to-long term outlook for Ether remains Bullish with targets of above $3m500 in March, 2021.

Ether has already broken its major resistance level of $2,800, and is now facing the next resistance level of $3,000.

Technical Indicators:

The commodity channel index (14-day): at 94.58 indicating a BUY

The moving averages convergence divergence (14-day): at 3.79 indicating a BUY

The ultimate oscillator: at 53.45 indicating a BUY

The rate of price change: at 0.052 indicating a BUY

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[FXOpen Trader]

AUD/USD and NZD/USD Aim Upside Break

AUD/USD started a fresh increase from the 0.7100 zone. NZD/USD is also rising and there was a clear move above the 0.6950 resistance.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase after it cleared 0.7150 against the US Dollar.
• There is a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD.
• NZD/USD also climbed higher after forming a base above the 0.6650 level.
• There is a major bullish trend line forming with support near 0.6795 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.7100 zone against the US Dollar. The AUD/USD pair traded as low as 0.7094 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7120 and 0.7200 resistance levels. The pair surged above the 0.7250 level and the 50 hourly simple moving average. The pair even broke the 0.7300 resistance zone and traded as high as 0.7347.

AUD/USD Hourly Chart

It is now consolidating gains below 0.7350. On the downside, an initial support is near the 0.7310 level. There is also a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD.

The next support could be the 50 hourly simple moving average or the 23.6% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high. If there is a downside break below the 0.7285 support, the pair could extend its decline towards the 0.7220 level.

The 50% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high is also near the 0.7220 zone. Any more downsides might send the pair toward the 0.7180 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7350 level. The next major resistance is near the 0.7380 level. A close above the 0.7380 level could start a steady increase in the near term. The next major resistance could be 0.7450.

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[FXOpen Trader]

GBP/USD and EUR/GBP Could Extend Decline

GBP/USD started a fresh decline from well above the 1.3350 level. EUR/GBP is also declining and trading below the 0.8250 support zone.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound started a fresh decline from well above 1.3350 against the US Dollar.
• There was a break below a connecting bullish trend line with support near 1.3325 on the hourly chart of GBP/USD.
• EUR/GBP failed to stay above 0.8300 and started a fresh decline.
• There is a major bearish trend line forming with resistance near 0.8250 on the hourly chart.

GBP/USD Technical Analysis

The British Pound struggled to settle above the 1.3400 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3350 support zone.

There was a clear move below the 1.3280 level and the 50 hourly simple moving average. The bears pushed the pair below the 1.3200 level. A low is formed near 1.3185 on FXOpen and the pair is now consolidating losses.

GBP/USD Hourly Chart

On the upside, an initial resistance is near the 1.3240 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.3417 swing high to 1.3185 low.

The next main resistance is near the 1.3280 zone (the previous support). If there is an upside break above the 1.3280 resistance, the price could test 1.3300 or the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.3417 swing high to 1.3185 low.

If there is no upside break, the pair could extend losses below the 1.3185 low. The first key support is near the 1.3150 level. Any more losses could lead the pair towards the 1.3120 support zone. The next major support sits near the 1.3050 level.

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[FXOpen Trader]

EUR/USD Could Recover, USD/JPY Eyes More Upsides

EUR/USD declined heavily to 1.0800 before it started an upside correction. USD/JPY surged above 115.50 and now consolidating gains.

Important Takeaways for EUR/USD and USD/JPY

• The Euro declined heavily below 1.1200 before it found support near 1.0800.
• There was a break above a key bearish trend line with resistance near 1.0900 on the hourly chart of EUR/USD.
• USD/JPY started a strong upward move above the 115.20 and 115.50 resistance levels.
• There is a major bullish trend line forming with support near 115.70 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro started a major decline from well above 1.1200 against the US Dollar. The EUR/USD pair declined heavily below the 1.1120 support zone.

The pair even broke the 1.0980 level and settled below the 50 hourly simple moving average. A low was formed near 1.0805 on FXOpen and the pair is now correcting higher. There was a move above the 23.6% Fib retracement level of the key decline from the 1.1232 swing high to 1.0805 low.

EUR/USD Hourly Chart

There was also a break above a key bearish trend line with resistance near 1.0900 on the hourly chart of EUR/USD. An immediate resistance on the upside is near the 1.0935 level.

The next major resistance is near the 1.0970 level. The main resistance is near the 1.1020 level. It is near the 50% Fib retracement level of the key decline from the 1.1232 swing high to 1.0805 low. An upside break above 1.1020 could set the pace for a steady increase.

If there is no break above 1.0935, the pair might start a fresh decline. An immediate support is near the 1.0880 and the 50 hourly simple moving average. The next major support is near 1.0820, below which the pair could drop to 1.0750 in the near term.

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