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ETHUSD and LTCUSD Technical Analysis – 03rd NOV, 2022



ETHUSD: Bullish Engulfing Pattern Above $1483

Ethereum was unable to sustain its bearish momentum and after touching a low of 1488 on 28th Oct, the prices started to correct upwards against the US dollar. The prices of Ethereum touched a high of 1642 on 29th Oct after which we can see a shift towards the consolidation phase in the markets.

We can see that the MACD indicator is giving a bullish divergence signal in the 4-hour time frame

We can clearly see a bullish engulfing pattern above the $1483 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 1544 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance levels of 1548 and Fibonacci resistance level of 1552 after which the path towards 1600 will get cleared.

The relative strength index is at 48 indicating a neutral market and the shift towards a correction and consolidation phase in the markets.

We can see that the commodity channel index is giving a neutral signal which indicates a range bound movement for some time in the markets.

The STOCHRSI is indicating an overbought market, which means that the prices are expected to decline in the short-term range.

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

Some of the moving averages are giving a BUY signal and we are now looking at the levels of $1650 to $1700 in the short-term range.

ETH is now trading below both its 100 & 200 hourly simple and exponential moving averages.

• Ether: bullish reversal seen above the $1483 mark
• The short-term range appears to be mildly bullish
• ETH continues to remain above the $1500 levels
• The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1254



ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1500 handle in the European trading session today.

ETH touched an intraday low of 1502 in the Asian trading session and an intraday low of 1558 in the European trading session today.

The RSI indicator is back over 50 indicating a bullish scenario.

We can see a bullish price crossover pattern with moving averages MA20 and MA100.

We can also see the formation of a bullish harami pattern in both the 2-hour and 4-hour time frames.

The MA20 is also indicating a bullish trend reversal signal in the weekly timeframe.

The daily RSI is printing at 60 indicating a strong demand for Ether in the long-term range.

The key support level to watch is $1427 which is a 50% retracement from a 4-week high/low and 1482 which is a 38.2% retracement from 4 week high/low.

ETH has decreased by 0.70% with a price change of 11.14$ in the past 24hrs and has a trading volume of 22.835 billion USD.

We can see an increase of 53.42% in the total trading volume in the last 24 hrs which is due to the continued buying seen at lower levels.

The Week Ahead

ETH price continues to remain in a bullish zone against the US dollar and bitcoin. ETHUSD is expected to move higher towards the $1600 and $1700 levels this week.

We can see the formation of a major bullish trendline in place from $1483 towards $1640 level.

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

The prices of ETHUSD will need to remain above the important support level of $1513 which is a 38.2% retracement from 13-week low.

Weekly outlook is projected at $1750 with a consolidation zone of $1650.

Technical Indicators:

The STOCH (9,6): is at 77.85 indicating a BUY.

The rate of price change: is at 0.983 indicating a BUY.

The bull/bear power (13): is at 4.55 indicating a BUY.

High/lows(14): is at 9.01 indicating a BUY.

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

[whiteking]

Gold Price Recovers While Crude Oil Price Aims Upside Break



Gold price started an upside correction from the $1,615 zone. Crude oil price is rising and might clear the $90 resistance zone.

Takeaways for Gold and Oil

• Gold price found support near the $1,616 level and corrected higher against the US Dollar.
  
• There is a key bearish trend line forming with resistance near $1,650 on the hourly chart of gold.
  
• Crude oil price is showing positive signs above the $87.20 support zone.
  
• There was a break below a connecting bullish trend line with support near $88.30 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price failed to gain strength for a move above the $1,665 resistance against the US Dollar. The price started a fresh decline and traded below the $1,650 support level.

There was a clear move below the $1,635 support zone and the 50 hourly simple moving average. The price traded as low as $1,616 on FXOpen and recently there was a recovery wave. The price was able to clear the $1,630 resistance zone.



Gold Price Hourly Chart

The price even climbed above the 38.2% Fib retracement level of the downward move from the $1,669 swing high to $1,616 low. It is now facing resistance near the $1,640 level and the 50 hourly simple moving average.

The first major resistance is near the $1,644 level. It is near the 50% Fib retracement level of the downward move from the $1,669 swing high to $1,616 low.

There is also a key bearish trend line forming with resistance near $1,650 on the hourly chart of gold. The main resistance is now forming near the $1,655 level, above which it could even test $1,670. A clear upside break above the $1,670 resistance could send the price towards $1,700.

An immediate support on the downside is near the $1,630 level. The next major support is near the $1,620 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,600 support zone.

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

[whiteking]

GBP/USD and GBP/JPY Eye Key Upside Break



GBP/USD started a decent recovery wave above the 1.1250 resistance. GBP/JPY is also rising and might climb further higher above the 167.00 zone.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound started a recovery wave above the 1.1250 resistance against the US Dollar.
  
• There is a key bearish trend line forming with resistance near 1.1395 on the hourly chart of GBP/USD.
  
• GBP/JPY declined heavily before it found support near the 165.00 zone.
  
• There is a major bearish trend line forming with resistance near 167.00 on the hourly chart.

GBP/USD Technical Analysis
This past week, the British Pound found support near the 1.1150 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.1200 level.

There was a clear move above the 1.1250 resistance and the 50 hourly simple moving average. The pair even traded above the 38.2% Fib retracement level of the main decline from the 1.1564 swing high to 1.1146 low (formed on FXOpen).



GBP/USD Hourly Chart

An immediate resistance on the upside is near the 1.1355 level. It is near the 50% Fib retracement level of the main decline from the 1.1564 swing high to 1.1146 low.

The next major resistance is near the 1.1380 level. There is also a key bearish trend line forming with resistance near 1.1395 on the hourly chart of GBP/USD, above which the pair could start a steady increase towards 1.1450.

An upside break above 1.1450 might start a fresh increase towards 1.1550. Any more gains might call for a move towards 1.1600 or even 1.1640.

An immediate support is near the 1.1300. The next major support is near the 1.1270 level and the 50 hourly simple moving average. If there is a break below the 1.1270 support, the pair could test the 1.1200 support. Any more losses might send GBP/USD towards 1.1150.

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

[whiteking]

BTCUSD and XRPUSD Technical Analysis – 08th NOV 2022



BTCUSD: Shooting Star Pattern Below $21470

Bitcoin was unable to sustain its bullish momentum and after touching a high of 21470 on 05th Nov, the price started to correct lower against the US dollar and is now trading below the $20000 handle in the European trading session.

We can see that the price is declining due to heavy selling pressure seen across the global crypto markets, and the price of bitcoin is expected to break below the $19000 handle this week.

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

We can see the formation of bearish engulfing lines in the 1-hour time frame.

The price of bitcoin is below the pivot point and camarilla S3 support level, indicating the bearish trends present in the market.

We can clearly see a shooting star pattern below the $21470 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 20666 and an intraday low of 19413 in the Asian trading session today.

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 relative strength index is at 27 indicating a VERY WEAK demand for bitcoin, and the continuation of selling pressure in the markets.

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

Most of the major technical indicators are giving a STRONG SELL signal, which means that in the immediate short term, we are expecting targets of 19000 and 18500.

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

• Bitcoin: bearish reversal seen below $21470
• The STOCHRSI range is indicating an oversold level
• The price is now trading below its pivot level of $19818
• Most of the moving averages are giving a STRONG SELL market signal

Bitcoin: Bearish Reversal Seen Below $21470



We can now see that the price of bitcoin failed to clear the $22000 handle and is now moving towards the $19000 level.

The MACD has crossed down its moving average in the daily time frame indicating a bearish trend.

The parabolic SAR indicator is giving a bearish reversal signal in the daily time frame.

We can see the formation of a bearish price crossover pattern with adaptive moving average AMA20 and AMA50 in the daily time frame.

We have also seen a black evening star in the weekly 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 $19475 which is a 38.2% retracement from a 4 week low, and the price needs to remain above these levels for any potential bullish reversal in the markets.

The price of BTCUSD is now facing its classic support level of 19646 and Fibonacci resistance level of 19700 after which the path towards 19000 will get cleared.

In the last 24hrs, BTCUSD has decreased by 4.68% by 970$ and has a 24hr trading volume of USD 66.898 billion. We can see an increase of 51.65% in the trading volume compared to yesterday, which is due to the heavy selling pressure seen in the global markets.

The Week Ahead

The price of Bitcoin is moving in a strongly bearish zone below the $20000 level. Further downsides are projected at $19000 and $18500 as the immediate targets.

Now we are aiming for $19385which is an 18-day moving average.

The daily RSI is printing at 45 which indicates a neutral demand for bitcoin and a shift towards the consolidation phase in the markets.

The price of BTCUSD has already crossed below $19855 which is a 50% retracement from a 4-week high/low.

The weekly outlook is projected at $19000 with a consolidation zone of $19250.

Technical Indicators:

The moving averages convergence divergence MACD (12, 26): is at -303.10 indicating a SELL

The commodity channel index CCI (14): is at -107.49 indicating a SELL

The rate of price change ROC: is at -4.53 indicating a SELL

The bull/bear power (13): is at -775.38 indicating a SELL


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

[whiteking]

EUR/USD and EUR/JPY Aim More Upsides



EUR/USD is gaining pace above the 1.0000 resistance. EUR/JPY is also rising and might climb further higher above the 147.00 zone.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a fresh increase and was able to clear the 0.9950 resistance zone.
  
• There is a key bullish trend line forming with support near 1.0040 on the hourly chart.
  
• EUR/JPY started a strong increase and settled well above the 146.00 zone.
  
• There is a major bearish trend line forming with resistance near 146.65 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a base above the 0.9740 zone and started recovery wave against the US Dollar. The EUR/USD pair was able to clear the 0.9820 and 0.9900 resistance levels.

There was a clear move above the 0.9950 level and the 50 hourly simple moving average. The pair even climbed above 1.0000 and traded as high as 1.0096 on FXOpen. It is now consolidating gains near the 1.0080 zone.



EUR/USD Hourly Chart

On the downside, the pair might find support near the 1.0050 level. Besides, there is a key bullish trend line forming with support near 1.0040 on the hourly chart. The trend line is near the 50% Fib retracement level of the upward move from the 0.9972 swing low to 1.0096 high.

The next major support sits near the 1.0020 level and the 50 hourly simple moving average, below which the pair could even test the 76.4% Fib retracement level of the upward move from the 0.9972 swing low to 1.0096 high.

If there is a downside break below the 1.0000 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 0.9920.

On the upside, an immediate resistance is near the 1.0095 level. The next major resistance is near the 1.0125 level. The main resistance is near the 1.0150 level. A clear move above the 1.0150 resistance might send the price towards 1.1200. If the bulls remain in action, the pair could revisit the 1.1320 resistance zone in the near term.

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

[whiteking]

ETHUSD and LTCUSD Technical Analysis – 10th NOV, 2022



ETHUSD: Hammer Pattern Above $1072

Ethereum was unable to sustain its bullish momentum, and after touching a high of 1654 on 05th Nov, the price started to decline against the US dollar touching a low of 1079 on 10th Nov, 2022.

Today we can see some upwards correction in the price of Ethereum which has touched $1200 handle in the European trading session.

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

We can clearly see a hammer pattern above the $1072 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 below its pivot level of 1203 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1230 and Fibonacci resistance level of 1246 after which the path towards 1300 will get cleared.

The relative strength index is at 47 indicating a neutral market and a shift towards the correction and consolidation phase in the markets.

We can see that the price is back over the pivot point indicating a bullish scenario in the daily time frame.

The STOCHRSI is indicating an overbought market, which means that the prices are expected to decline in the short-term range.

Most of the technical indicators are giving a BUY market signal.

Some of the moving averages are giving a BUY signal and we are now looking at the levels of $1350 to $1400 in the short-term range.

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

• Ether: bullish reversal seen above the $1072 mark
• Short-term range appears to be mildly bullish
• ETH continues to remain above the $1100 level
• The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1072



ETHUSD is now moving into a mildly bullish channel with the price trading above the $1150 handle in the European trading session today.

ETH touched an intraday low of 1127 in the Asian trading session and an intraday high of 1217 in the European trading session today.

We can see a bullish trend reversal signal with moving average MA50 in the 15-minute time frame.

Some of the technical indicators still continue to give bearish signals including the rate of price change.

The price of Ethereum is marching towards a nullish zone against the US dollar and bitcoin. ETHUSD could continue to move higher back towards the $1400 level.

The daily RSI is printing at 36 indicating a very weak demand for Ether in the long-term range.

The key support levels to watch are $1077 which is a 1-month low, and 1184 which is a pivot point.

ETH has increased by 1.79% with a price change of 20.91$ in the past 24hrs and has a trading volume of 36.854 billion USD.

We can see a decrease of 13.76% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

The price of ETH continues to remain in a bullish zone against the US dollar and bitcoin. ETHUSD is expected to move higher towards the $1300 and $1400 levels this week.

On the upside, we are now looking at the immediate targets of 1303 which is a 38.2% retracement from a 4-week low, and 1372 which is a 50% retracement from 4-week high/low.

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

The price of ETHUSD will need to remain above the important support levels of $1188 which is the last support point.

The weekly outlook is projected at $1450 with a consolidation zone of $1350.

Technical Indicators:

The average directional index ADX (14): is at 37.20 indicating a BUY

The rate of price change: is at 3.057 indicating a BUY

The bull/bear power (13): is at 37.90 indicating a BUY

High/lows (14): is at 25.17 indicating a BUY

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

[whiteking]

AUD/USD and NZD/USD Eye Additional Gains


AUD/USD is moving higher and showing positive signs above 0.6550. NZD/USD is also rising and might aim more upsides above 0.6050.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a decent increase above the 0.6450 and 0.6500 levels against the US Dollar.
  
• There was a break above a key bearish trend line with resistance near 0.6455 on the hourly chart of AUD/USD.
  
• NZD/USD is showing a lot of bullish signs above the 0.5950 support zone.
  
• There was a break above a major bearish trend line with resistance near 0.5880 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar formed a base above the 0.6380 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace above the 0.6450 level to move into a positive zone.

There was a clear move above the 0.6500 level and the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near 0.6455 on the hourly chart of AUD/USD.



AUD/USD Hourly Chart

The pair even climbed above the 0.6550 level and traded as high as 0.6631. It is now correcting gains and trading below the 0.6610 level. On the downside, an initial support is near the 0.6375 level. It is near the 23.6% Fib retracement level of the upward move from the 0.6386 swing low to 0.6631 high.

The next support could be the 0.6550 level. If there is a downside break below the 0.6550 support, the pair could extend its decline towards the 0.6500 level. It is near the 50% Fib retracement level of the upward move from the 0.6386 swing low to 0.6631 high.

On the upside, the AUD/USD pair is facing resistance near the 0.6640 level. The next major resistance is near the 0.6660 level. A close above the 0.6660 level could start a steady increase in the near term. The next major resistance could be 0.6750.

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

[whiteking]

GBP/USD Climbs Higher, EUR/GBP Eyes Upside Break



GBP/USD started a recovery wave and climbed above the 1.1750 resistance. EUR/GBP is trading above the 0.8700 support and might eye a fresh increase.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound started a fresh increase after it broke the 1.1550 resistance against the US Dollar.
  
• There is a key bullish trend line forming with support near 1.1780 on the hourly chart of GBP/USD.
  
• EUR/GBP started a decent increase and remained well bid above the 0.8700 support.
  
• There is a major bearish trend line forming with resistance near 0.8765 on the hourly chart.

GBP/USD Technical Analysis

The British Pound found support near the 1.1350 zone against the US Dollar. The GBP/USD pair started a recovery wave and was able to clear the 1.1550 resistance zone.

There was a decent increase above the 1.1650 level and the 50 hourly simple moving average. The pair even climbed above the 1.1750 level. A high was formed near 1.1852 on FXOpen and the pair is now consolidating gains.



GBP/USD Hourly Chart

On the downside, an initial support is near the 1.1780 level. There is also a key bullish trend line forming with support near 1.1780 on the hourly chart of GBP/USD, below which it could test the 23.6% Fib retracement level of the upward move from the 1.1334 swing low to 1.1852 high.

The next major support is near the 1.1650 level and the 50 hourly simple moving average. Any more losses could lead the pair towards the 1.1600 support zone or the 50% Fib retracement level of the upward move from the 1.1334 swing low to 1.1852 high.

On the upside, an initial resistance is near the 1.1820 level. The next main resistance is near the 1.1850 zone. A clear upside break above the 1.1820 and 1.1850 resistance levels could open the doors for a steady increase in the near term. The next major resistance sits near the 1.2000 level.


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

[whiteking]

#MarketNews

G20 LEADERS SEEK PEACE, DOLLAR FINDS SUPPORT LINE

G20 Leaders Summit in Indonesia is taking place these days:
-> Biden and Xi signal desire to improve relations despite Taiwan tensions;
-> Xi Jinping and Macron at the G20 called for the resumption of negotiations on Ukraine. G20 members will adopt a communiqué condemning the fighting in Ukraine;
-> Zelensky, speaking via video, proposed a formula for peace.

It is not uncommon that financial markets are weakly sensitive to such geopolitical summits. Note that in the next 2 days new values of PPI (change in prices for finished goods and services), as well as Retail Sales in the USA, will be published. This data is highly likely to cause bursts of volatility in the markets.

Note that the futures on the dollar index on the daily chart has reached the level (1) of support from the parallel channel — it is possible that we will see a rebound against the background of the upcoming news (accordingly, the strengthening of the dollar index will lead to a decrease in the value of other currencies against USD).

To take advantage of trends in the financial markets, consider enlisting the services of a reliable broker like FXOpen.



Disclaimer: 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.

Source: FXOpen Telegram channel

[whiteking]

EUR/USD Rallies While USD/JPY Takes A Major Hit



EUR/USD started a strong increase above the 1.0200 resistance zone. USD/JPY started a major decline below the 143.50 support zone.

Important Takeaways for EUR/USD and USD/JPY

• The Euro formed a base and started a strong upward move above the 1.0200 zone.
  
• There is a key bullish trend line forming with support near 1.0290 on the hourly chart of EUR/USD.
  
• USD/JPY declined sharply after it traded below the 145.60 support zone.
  
• There is a major bearish trend line forming with resistance near 143.55 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro found support near the 0.9950 zone against the US Dollar. The EUR/USD pair started a steady upward move above the 1.0100 and 1.0200 resistance levels.

There was a steady increase above the 1.0350 resistance zone and the 50 hourly simple moving average. The pair even climbed above the 1.0400 resistance zone. A high was formed near 1.0479 on FXOpen and the pair is now consolidating gains.



EUR/USD Hourly Chart

An immediate resistance on the upside is near the 1.0380 level. It is near the 50% Fib retracement level of the recent decline from the 1.0479 swing high to 1.0277 low.

The next major resistance is near the 1.0430 level. It is close to the 76.4% Fib retracement level of the recent decline from the 1.0479 swing high to 1.0277 low. An upside break above 1.0430 could set the pace for another increase.

In the stated case, the pair might revisit 1.0480. Any more gains might send the pair towards 1.0550. An initial support on the downside is near the 1.0340 level.

The first major support is near the 1.0300 level. There is also a major bearish trend line forming with resistance near 143.55 on the hourly chart. The main support sits near the 1.0250 zone, below which the pair could start a major decline.

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