Daily analysis from FXOpen

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Re: Daily analysis from FXOpen

Postby whiteking » Mon Mar 27, 2023 6:17 am

GBP/USD Eyes Fresh Increase While USD/CAD Visits Key Support
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GBP/USD is showing positive signs above the 1.2200 support. USD/CAD corrected gains and now trading near a key support at 1.3720.

Important Takeaways for GBP/USD and USD/CAD
  • The British Pound started a downside correction from the 1.2340 resistance zone.
  • There was a break below a key bullish trend lien with support near 1.2280 on the hourly chart of GBP/USD.
  • USD/CAD is correcting gains from the 1.3800 resistance zone.
  • There was a break above a major bearish trend line with resistance near 1.3730 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a fresh decline from well above 1.2320 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.2280 support.

The pair even broke the 1.2250 support level and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend lien with support near 1.2280 on the hourly chart of GBP/USD.

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GBP/USD Hourly Chart

Finally, there was a spike below the 1.2200 level. A low is formed near 1.2190 on FXOpen and the pair is now correcting losses. There was a move above the 1.2220 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2343 swing high to 1.2190 low.

An immediate resistance is near the 1.2250 level. The first major resistance is near the 1.2265 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the downward move from the 1.2343 swing high to 1.2190 low.

The next major resistance is near the 1.2300 level. Any more gains could lead the pair towards the 1.2340 barrier in the near term. If not, the pair could move down and might break the 1.2200 support. The next major support is near 1.2180.

If there is a downside break, GBP/USD might test the 1.2120 support. The next major support sits at 1.2050, where the bulls might take a stand.

Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
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Re: Daily analysis from FXOpen

Postby whiteking » Tue Mar 28, 2023 4:02 pm

BTCUSD and XRPUSD Technical Analysis – 28th MAR 2023
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BTCUSD: Bearish Engulfing Pattern Below $28781

Bitcoin was unable to sustain its bullish momentum last week and after touching a high of $28781 on 22nd March, the price started to correct declining against the US dollar, touching a low of $26531 on 27th Mar.

We have seen a bearish opening of the markets this week.

We can clearly see a bearish engulfing pattern below the $28781 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

Bitcoin touched an intraday high of 27238 in the Asian trading session, and an intraday low of 26837 in the European trading session today.

The commodity channel index is giving a bearish divergence signal in the weekly time frame.

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.

The Ichimoku price is under the cloud in the weekly time frame indicating a bearish trend.

The relative strength index is at 38.03 indicating a weak demand for bitcoin, and the continuation of the selling pressure in the markets.

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

Most of the major technical indicators are giving a sell signal, which means that in the immediate short term, we are expecting targets of 26000 and 25500.

The average true range is indicating less market volatility with a bearish momentum.
  • Bitcoin: bearish reversal seen below $28781.
  • The RSI remains below 50 indicating a bearish market.
  • The price is now trading below its pivot levels of $26998.
  • The short-term range is strongly BEARISH.

Bitcoin: Bearish Reversal Seen Below $28781
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The price of Bitcoin was unable to cross the $29000 handle and we can see a sharp drop in the price which is now ranging below the $27000 level.

We are expecting more downsides in the range of $26000 and $25500 after which some market consolidation can be seen.

We can see the formation of the moving average bearish crossover pattern with the adaptive moving averages AMA50 and AMA100 in the daily time frame.

We have also detected the formation of a bearish Harami pattern in the 1-hour time frame.

The immediate short-term outlook for bitcoin is strongly bearish, the medium-term outlook has turned bearish, and the long-term outlook remains neutral under present market conditions.

Bitcoin’s support zone is located at $25261 which is a 38.2% retracement from a 4-week high, and at $26013 which is a 14-3 day raw stochastic at 70%.

The price of BTCUSD is now facing its classic support level of 26880 and Fibonacci support level of 26966 after which the path towards 26000 will get cleared.

In the last 24hrs, BTCUSD has decreased by 3.75% by 1045.42$ and has a 24hr trading volume of USD 18.647 billion. We can see an increase of 28.44% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

We can see that bitcoin has changed tracks and is now moving under a continuous bearish pressure below the $27000 level.

The immediate target expected is $26000 after which we can see some consolidation in the zone of $25500 level.

The daily RSI is printing at 57.25 which indicates a neutral demand for bitcoin and the shift towards the consolidation phase in the medium-term range.

We can see the formation of a bearish trend line from $28781 towards the $26647 level.

The price of BTCUSD is now facing its resistance zone located at $27966 which is a 38.2% retracement from its 52-week low, and at $28029 3-10 day MACD oscillator stalls.

The weekly outlook is projected at $26000 with a consolidation zone of $25500.

Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
I trade at FXOpen

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Re: Daily analysis from FXOpen

Postby whiteking » Wed Mar 29, 2023 5:43 am

EUR/USD Gains Bullish Momentum While USD/CHF Eyes Recovery
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EUR/USD started a major increase above the 1.0800 resistance. USD/CHF is rising and might aim more gains above the 0.9220 resistance.

Important Takeaways for EUR/USD and USD/CHF
  • The Euro started a fresh increase from the 1.0720 support against the US Dollar.
  • There is a key rising channel forming with support near 1.0830 on the hourly chart of EUR/USD.
  • USD/CHF started a fresh increase above the 0.9150 resistance zone.
  • There was a break above a major bearish trend line with resistance near 0.9175 on the hourly chart.
EUR/USD Technical Analysis

After a steady decline, the Euro found support near the 1.0720 zone against the US Dollar. The EUR/USD pair formed a base above the 1.0720 level and started a fresh increase.

There was a clear move above the 1.0750 and 1.0760 resistance levels. The pair was able to clear the 50% Fib retracement level of the downward move from the 1.0929 swing high to 1.0713 low (formed on FXOpen). It is now trading above the 1.0800 level and the 50 hourly simple moving average.

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EUR/USD Hourly Chart

An immediate resistance is near the 1.0850 level. It is near the 61.8% Fib retracement level of the downward move from the 1.0929 swing high to 1.0713 low.

The next major resistance is near the 1.0880 level. A clear move above the 1.0880 resistance zone could send the pair further higher towards 1.0920. Any more gains might open the doors for a move towards the 1.1000 level.

If there is no move above 1.0850 recovery, the pair might start a fresh decline. On the downside, an immediate support is near the 1.0830 level. There is also a key rising channel forming with support near 1.0830 on the hourly chart of EUR/USD.

The next major support is near the 1.0800 level. A downside break below the 1.0800 support could start steady decline towards the 1.0750 level.

Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
I trade at FXOpen

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Re: Daily analysis from FXOpen

Postby whiteking » Thu Mar 30, 2023 3:21 pm

ETHUSD and LTCUSD Technical Analysis – 30th MAR, 2023

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ETHUSD: Bullish HARAMI Pattern Above $1687

Ethereum was unable to sustain its bearish momentum, and after touching a low of $1687 on 27th Mar, the prices started to correct upwards against the US dollar touching a high of $1829 today in the Asian trading session.

We have seen a bullish opening of the markets this week.

The price of Ethereum is ranging near a new record high of 1 month.

We can clearly see a bullish Harami pattern above the $1687 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 just above its pivot level of 1798 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1803 and Fibonacci resistance level of 1806 after which the path towards 1850 will get cleared.

We can see the formation of both bullish Harami and bullish Harami cross patterns in the 2-hour time frame.

The relative strength index is at 53.40 indicating a strong demand for Ether and the continuation of the buying pressure in the markets.

Both the STOCH and STOCHRSI are giving a neutral signal, which means that the prices are expected to enter into a consolidation phase in the short-term range.

Some of the technical indicators are giving a buy market signal.

Most of the moving averages are giving a buy signal at the current market levels of $1800.

ETH is now trading above both the 200 hourly simple and 200 hourly exponential moving averages.
  • Ether: bullish reversal seen above the $1687 mark.
  • The short-term range appears to be mildly bullish.
  • ETH continues to remain above the $1750 level.
  • The average true range is indicating high market volatility.
Ether: Bullish Reversal Seen Above $1687

ETHUSD is now testing to cross the $1900 levels and the current momentum suggests that we are now moving towards the $1850 level.

We can see the formation of bullish engulfing lines in the weekly time frame.

The price is back over the pivot point in the weekly time frame indicating bullish trends.

We can see the formation of moving average bullish crossover patterns MA20 and MA50 in the 4-hourly time frame.

We have also seen an upside gap in the 15-minute timeframe which indicates the bullish nature of the markets.

ETHUSD touched an intraday high of 1829 and an intraday low of 1774 in the Asian trading session today.

The key support levels to watch are $1744, at which the price crosses the 9-day moving average stalls, and $1769 at which the price crosses the 9-day moving average.

ETH has decreased by 0.92% with a price change of 16.80$ in the past 24hrs and has a trading volume of 9.457 billion USD.

We can see a decrease of 6.37% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH is facing stiff resistance at crossing the $1850 handle after which the next visible targets are located at $1900 and $1950.

We can see the formation of a major bullish trend line with the support located at $1679 at which the price crosses the 18-day moving average.

We can see the formation of a bullish ascending channel from $1687 towards the $1852 level.

The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned bullish, and the long-term outlook for Ether is neutral under present market conditions.

The resistance zone is located at $1830 which is a pivot point 1st resistance point and at $1913 which is a 38.2% retracement from a 52-week low.

The weekly outlook is projected at $1950 with a consolidation zone of $1900.

Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
I trade at FXOpen

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Re: Daily analysis from FXOpen

Postby whiteking » Fri Mar 31, 2023 5:57 am

AUD/USD and NZD/USD Could Gain Bullish Momentum
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AUD/USD started a fresh increase above the 0.6700 resistance zone. NZD/USD is rising and might aim a move above the 0.6300 resistance.

Important Takeaways for AUD/USD and NZD/USD
  • The Aussie Dollar started a fresh increase above the 0.6700 resistance against the US Dollar.
  • There was a break above a major bearish trend line with resistance near 0.6692 on the hourly chart of AUD/USD.
  • NZD/USD started a decent increase above the 0.6250 resistance zone.
  • There was a clear move above a key bearish trend line with resistance near 0.6265 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near 0.6620 and started a decent increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6650 resistance.

The pair even moved above the 0.6685 level and the 50 hourly simple moving average. There was a break above a major bearish trend line with resistance near 0.6692 on the hourly chart of AUD/USD. The bulls were able to pump the pair above 0.6720 and the 50 hourly simple moving average.

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AUD/USD Hourly Chart
A high is formed near 0.6737 on FXOpen and the pair is now consolidating gains. On the downside, an initial support is near the 0.6720 level. It is near the 23.6% Fib retracement level of the recent increase from the 0.6661 swing low to 0.6737 high.

The next support could be the 0.6700 level or the 50 hourly simple moving average or the 50% Fib retracement level of the recent increase from the 0.6661 swing low to 0.6737 high.

If there is a downside break below the 0.6700 support, the pair could extend its decline towards the 0.6650 level. On the upside, the AUD/USD pair is facing resistance near the 0.6740 level. The next major resistance is near the 0.6780 level.

A close above the 0.6780 level could start another steady increase in the near term. The next major resistance could be 0.6850.

Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
I trade at FXOpen

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Re: Daily analysis from FXOpen

Postby whiteking » Mon Apr 03, 2023 6:19 am

GBP/USD And GBP/JPY Aims More Upsides
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GBP/USD climbed higher above the 1.2200 resistance zone. GBP/JPY could rise further if there is a clear move above the 165.70 resistance.

Important Takeaways for GBP/USD and GBP/JPY
  • The British Pound is moving higher above 1.2300 against the US Dollar.
  • There was a break above a major bearish trend line with resistance near 1.2180 on the daily chart of GBP/USD.
  • GBP/JPY is showing a lot of bullish signs above the 162.50 support.
  • There was a break above a key contracting triangle with resistance near 162.65 on the daily chart.

GBP/USD Technical Analysis

This past week, the British Pound formed a base above the 1.1800 zone against the US Dollar. The GBP/USD pair started a steady increase above the 1.2000 resistance zone.

There was a clear move above the 1.2120 resistance zone and the 50-day simple moving average. The pair even climbed above the 1.2200 resistance. There was a was a break above a major bearish trend line with resistance near 1.2180 on the daily chart of GBP/USD.

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GBP/USD Daily Chart

The pair even broke the 1.2350 level. A high is formed near 1.2420 on FXOpen and the pair is now consolidating gains.

An immediate support is near the 1.2180. It is near the 38.2% Fib retracement level of the upward move from the 1.1802 swing low to 1.2418 high. The next major support is near the 1.2120 and 1.2100 levels.

The 50% Fib retracement level of the upward move from the 1.1802 swing low to 1.2418 high is also near the 1.2100 zone. If there is a break below the 1.2100 support, the pair could test the 1.2000 support.

Any more losses might send GBP/USD towards 1.1920. An immediate resistance on the upside is near the 1.2440 level. The next major resistance is near the 1.2500 level, above which the pair could start a steady increase towards 1.2750.

An upside break above 1.2750 might start a fresh increase towards 1.2800. Any more gains might call for a move towards 1.2880 or even 1.2950.

Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
I trade at FXOpen

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Re: Daily analysis from FXOpen

Postby whiteking » Tue Apr 04, 2023 3:05 pm

#MarketNews #Cryptocurrency

ELON MUSK CHANGES TWITTER ICON

Quite unexpectedly, but now on the twitter.com website, instead of the usual blue bird, a dog flaunts — a symbol of the Dogecoin cryptocurrency, to which Musk has long been partial.

Not surprisingly, the DOGEUSD rate soared by 30%, but the rest of the coins reacted sluggishly. The chart of capitalization of all cryptocurrencies shows that its current values are near the descending parallel channel line (1), which technically should serve as resistance. Which is confirmed by the dynamics of the candles, because after a stormy rally in mid-March, the prices of cryptocurrencies stabilized just on the way to this line. Apparently, in order to overcome it, the bulls need more weighty arguments than changing the icon on the social network.

Image

CFDs are complex instruments and come with a high risk of losing your money.

This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

Cryptocurrency CFDs are not available to Retail clients in the UK.


Source: FXOpen Telegram channel

Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
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Re: Daily analysis from FXOpen

Postby whiteking » Wed Apr 05, 2023 2:09 pm

GBP soars against the Japanese Yen despite low rates remaining in place
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Japan's economy has been regarded ever since the 1960s as an absolute lesson in socio-economic advancement to the extent that the entire world views Japanese products, cuisine, intellect and culture among the most enviable globally.

One particular Japanese motor manufacturer has used the slogan "The relentless pursuit of perfection" in its marketing to Western customers, and Japan's contribution to science, technology and consumer lifestyle trappings has been enormous for over six decades now.

Japan is in the top 3 economies by nominal GDP, after the United States and China, and the fourth-largest economy by PPP (purchasing power parity). In 2020, Japan was ranked eighth among the countries with the largest labour force, having 66.5 million workers.

The Yen, Japan's sovereign currency, may have experienced a lot of volatility over recent times, and there is no doubt that it has faced competition from even larger nations such as China and India, which are rapidly becoming huge tours de force in their own right, China's economy being by very far the largest in the world, and neighbouring nations in the Asia Pacific region such as Thailand and South Korea being homes to some very high volume manufacturing of everything from televisions and kitchen appliances to motor vehicles.

Japan remains utterly focused on its core industries, and its export market is as buoyant as ever; however, there have been a lot of metrics that show lower capacity and a country that has struggled with high costs compared to that of its neighbours.

On April 5th, the central bank of Japan published data reflecting that the country's economic output was below full capacity for the 11th consecutive quarter from October to December 2022, so the BOJ will unlikely end its ultra-low interest rates policy.

The British Pound rose considerably against the Yen late last week in the advent of such figures, showing that investors and traders expected such an outcome.

This morning, the depreciation of the Yen against western majors, including the Pound, has slowed, and the Pound is trading at 164.10 to the Yen.

Image

However, looking at the Yen value in the latter part of last month, things were quite different. On March 24th, the Pound was trading at 159.8 against the Yen, so today's value still represents a high point against the Yen for the British Pound.

According to the BOJ, in Q4 2022, the country's output gap widened from -0.08% in July-September and reached -0.43%.

Japan soldiers on, and its reputation as a bastion of quality, combined with social and cultural sophistication, is unblemished. Its industry is as high quality as ever; however, there are clearly some items with regard to monetary policy and fending off stiff competition in the region which are of concern and are continuing to cause the Yen to be volatile.

Gary Thomson

Gary Thomson is the Chief Operating Officer at FXOpen UK. Having spent over 20 years of his career working in financial services, Gary is renowned for his expert market analysis and commentary.


Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
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Re: Daily analysis from FXOpen

Postby whiteking » Thu Apr 06, 2023 3:23 pm

LTCUSD Technical Analysis – 06th APR, 2023
Image

LTCUSD – Bullish Harami Pattern Is Above $86.64


Image

Bears couldn't pull the market further down last week, and after touching a low of $86.64 on 30th March, the prices started to correct upwards against the US Dollar, touching a high of $94.91 on 03rd April.

We have seen a bullish opening of the markets this week.

We can see a bullish harami pattern above the $86.64 handle. It signifies the end of a bearish phase and the start of a bullish phase in the market.

The price of Litecoin is near the channel's support, indicating upcoming bullish movement. Also, Litecoin is trading above its 100-hour simple moving average and 100-hour exponential moving average, and it's above the pivot level of $92.93.

The relative strength index is at $52.50, indicating a neutral demand for Litecoin and a shift towards the market consolidation phase.

The prices of Litecoin continue to remain above some of the moving averages, which are giving a bullish signal at current market levels of $90.65

Both the Williams percent range and commodity channel index are signalling neutral market conditions, which means that the price is expected to remain in a consolidation phase in the short-term range.

The short-term outlook for Litecoin has turned mildly bullish.
  • Some of the technical indicators are giving a bullish signal.
  • Litecoin bullish reversal is seen above the $86.64 level.
  • The RSI gives a neutral signal.
  • The average true range indicates low market volatility.


Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
I trade at FXOpen

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Re: Daily analysis from FXOpen

Postby whiteking » Fri Apr 07, 2023 8:27 am

GBP/USD And GBP/JPY Could Aim for Another Increase

Image

GBP/USD started a downside correction from the 1.2520 resistance zone. GBP/JPY is rising and might aim for more upsides above the 164.00 resistance.


Important Takeaways for GBP/USD and GBP/JPY
  • The British Pound failed to break above the 1.2520 resistance and corrected lower against the US Dollar.
  • There is a key bearish trend line forming with resistance near 1.2460 on the hourly chart of GBP/USD.
  • GBP/JPY is slowly moving higher from the 163.00 zone.
  • There is a key rising channel forming with support near 163.75 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound formed a base above the 1.2400 line against the US Dollar. The GBP/USD pair started a steady increase above the 1.2425 resistance.

There was a move above the 50-hour simple moving average at 1.2460. It resulted in a break above the 1.2500 level. However, the bears were active near the 1.2520 resistance zone. A high was formed near 1.2525, and the pair started a downside correction.
Image
There was a break below the 23.6% Fib retracement level of the upward move from the 1.2274 swing low to the 1.2525 high. GBP/USD even settled below the 50-hour simple moving average.

The previous resistance at 1.2425 is now acting as a support. The next major support is near the 1.2400 level, which coincides with the 50% Fib retracement level of the upward move from the 1.2274 swing low to the 1.2525 high.

If there is a break below the 1.2400 support, the pair will substantially decline. In the stated case, there is a risk of a drop toward the 1.2330 level or the 1.2274 low in the coming days.

Conversely, the pair might attempt a fresh increase from the 1.2425 support. Resistance on the upside is near the 50-hour simple moving average at 1.2455. There is also a key bearish trend line forming with resistance near 1.2460 on the hourly chart of GBP/USD.

A close above the trend line resistance could stage a fresh increase. The hourly RSI is also moving higher and approaching 50, above which it might signal a decent increase. The next major resistance is near the 1.2500 level, above which the pair could revisit the 1.2520 resistance region. Any more gains might call for a move toward 1.2600.

Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
I trade at FXOpen

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