Daily analysis from FXOpen

[whiteking]

GBP/USD and GBP/JPY Could Extend Downsides



GBP/USD started a downside correction from the 1.2445 resistance. GBP/JPY declined and remains at a risk of more losses below the 165.25 zone.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound struggled to clear the 1.2445 resistance zone against the US Dollar.
  
• There was a break below a key bullish trend line with support near 1.2320 on the hourly chart of GBP/USD.
  
• GBP/JPY started a fresh decline from the 168.80 resistance zone.
  
• There was a break below a major bullish trend line with support near 167.20 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound found support near the 1.2150 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.2320 level.

There was a clear move above the 1.2400 resistance and the 50 hourly simple moving average. However, the pair struggled to clear the 1.2445 resistance zone. A high was formed near 1.2446 on FXOpen and the pair started a downside correction.



GBP/USD Hourly Chart

There was a move below the 1.2350 support and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near 1.2320 on the hourly chart of GBP/USD.

The pair traded as low as 1.2119 and recently corrected losses. It tested the 23.6% Fib retracement level of the downward move from the 1.2446 swing high to 1.2119 low. An immediate resistance on the upside is near the 1.2240 level.

The next major resistance is near the 1.2265 level or the 50% Fib retracement level of the downward move from the 1.2446 swing high to 1.2119 low, above which the pair could start a steady increase towards 1.2320.

An upside break above 1.2320 might start a fresh increase towards 1.2400. Any more gains might call for a move towards 1.2445 or even 1.2500.

An immediate support is near the 1.2150. The next major support is near the 1.2120 level. If there is a break below the 1.2120 support, the pair could test the 1.2050 support. Any more losses might send GBP/USD towards 1.2000.

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

[whiteking]

USDJPY AT 4-MONTH LOW

Today it became known that the Bank of Japan has made adjustments to its policy on the government bond market.

Bank of Japan Governor Haruhiko Kuroda said the move is a fine-tuning of the current ultra-loose monetary policy, not a stimulus cut.

"Overseas market volatility has heightened from around spring ... [T]his has caused some distortions in the shape of the yield curve. We, therefore, decided that now was the appropriate timing to correct such distortions and enhance market functions."

In response to the decisions of the Bank of Japan, the yen rose sharply. The USDJPY fell to mid-August levels, breaking through the December support.

Note that the USDJPY chart shows an important trend curve (1) that has been in effect for most of the year. And she, too, has already been pierced by the bears. From a technical point of view, there is reason to believe that this line may now act as resistance.



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 Approaches Breakout While EUR/JPY Takes A Hit



EUR/USD is consolidating below the 1.0650 resistance zone. EUR/JPY declined heavily below 143.00 and is currently attempting a recovery wave.


Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a downside correction from the 1.0735 resistance zone.
  
• There is a key contracting triangle forming with support near 1.0600 on the hourly chart.
  
• EUR/JPY started a strong decline and settled below the 142.50 support zone.
  
• There was a break below two bullish trend lines with support at 145.80 and 145.55 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a base above the 1.0550 zone and started a decent increase against the US Dollar. The EUR/USD pair was able to clear the 1.0650 and 1.0680 resistance levels.

There was a clear move above the 1.0700 level and the 50 hourly simple moving average. The pair even climbed above 1.0720 and traded as high as 1.0735 on FXOpen. Recently, there was a downside correction below the 1.0650 support zone.



EUR/USD Hourly Chart

The pair even tested the 1.0580 level and started a consolidation phase. On the upside, an immediate resistance is near the 1.0635 level. It is near the 38.2% Fib retracement level of the downward move from the 1.0735 swing high to 1.0575 low.

The next major resistance is near the 1.0650 level. There is also a key contracting triangle forming with support near 1.0600 on the hourly chart.

The 50% Fib retracement level of the downward move from the 1.0735 swing high to 1.0575 low also sits near 1.0655. A clear move above the 1.0655 resistance might send the price towards 1.0700. If the bulls remain in action, the pair could visit the 1.0750 resistance zone in the near term.

On the downside, the pair might find support near the 1.0600 level. The next major support sits near the 1.0585 level, below which the pair could even test the 1.0520 support zone.

If there is a downside break below the 1.0520 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0425.

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

[whiteking]

ETHUSD and LTCUSD Technical Analysis – 22nd DEC, 2022



ETHUSD: Bullish Harami Pattern Above $1152

Ethereum was unable to sustain its bearish momentum and after touching a low of 1152 on 20th Dec, the price started to correct upwards against the US dollar crossing the $1200 handle today in the European trading session.

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

We can clearly see a bullish harami pattern above the $1152 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 1217 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1221 and Fibonacci resistance level of 1224 after which the path towards 1300 will get cleared.

The relative strength index is at 59 indicating a strong demand for Ether and the continuation of the bullish phase in the markets.

We can see the formation of bullish engulfing lines in the 4-hour time frame.

Both the STOCHRSI and Williams percent range are 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.

Most 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 above its 100 & 200 hourly simple and exponential moving averages.

• Ether: bullish reversal seen above the $1152 mark
• Short-term range appears to be mildly bullish
• ETH continues to remain above the $1200 level
• The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1152



ETHUSD is now moving into a mildly bullish channel with the price trading above the $1200 handle in the European trading session today.

ETH touched an intraday low of 1209 in the Asian trading session and an intraday high of 1220 in the European trading session today.

We can see that the price is back over the pivot point in the 4-hour time frame.

The parabolic SAR indicator is giving a bullish reversal signal in the 2-hour time frame.

The Ichimoku price is over the cloud in the 2-hour time frame indicating a bullish tone of the markets.

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

The daily RSI is printing at 47 indicating a NEUTRAL demand for Ether in the medium-term range.

The key support levels to watch are $1184 which is a 3-10 day MACD oscillator stalls, and $1191 which is a 14-3 day raw stochastic at 20%.

ETH has increased by 0.20% with a price change of 2.43$ in the past 24hrs and has a trading volume of 37.617 billion USD.

We can see a decrease of 29.77% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH’s price 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 13-week low, and 1372 which is a 50% retracement from 13-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 level of $1172 at which the price crosses 18-day moving average stalls.

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

Technical Indicators:

The average directional index, ADX (14): is at 33.73 indicating a BUY

The rate of price change: is at 0.694 indicating a BUY

Bull/bear power (13): is at 9.48 indicating a BUY

High/lows (14): is at 2.49 indicating a BUY

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

[whiteking]

AUD/USD and NZD/USD Could Struggle To Recover Losses



AUD/USD declined below the 0.6750 and 0.6720 support levels. NZD/USD also declined towards 0.6230 and is currently attempting a recovery wave.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh decline from well above the 0.6800 level against the US Dollar.
  
• There was a break below a connecting bullish trend line with support near 0.6720 on the hourly chart of AUD/USD.
  
• NZD/USD declined heavily below the 0.6350 support zone and tested 0.6230.
  
• There is a major bearish trend line forming with resistance near 0.6295 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar started a fresh decline from the 0.6800 zone against the US Dollar. The AUD/USD pair remained in a bearish zone below the 0.6750 level.

There was a clear move below the 0.6720 support and the 50 hourly simple moving average. Besides, there was a break below a connecting bullish trend line with support near 0.6720 on the hourly chart of AUD/USD.



AUD/USD Hourly Chart

The pair traded as low as 0.6650 FXOpen and is currently correcting higher. It surpassed the 23.6% Fib retracement level of the downward move from the 0.6767 swing high to 0.6650 low.

On the upside, the AUD/USD pair is facing resistance near the 0.6700 level and the 50 hourly simple moving average. The next major resistance is near the 0.6710 level. It is near the 50% Fib retracement level of the downward move from the 0.6767 swing high to 0.6650 low.

A close above the 0.6710 level could start another steady increase in the near term. The next major resistance could be 0.6765.

On the downside, an initial support is near the 0.6650 level. The next support could be the 0.6620 level. If there is a downside break below the 0.6620 support, the pair could extend its decline towards the 0.6580 level. Any more losses might send the pair towards the 0.6550 support.


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

[whiteking]

GBP/USD Corrects Gains, EUR/GBP Remains Elevated



GBP/USD started a downside correction from the 1.2400 zone. EUR/GBP climbed higher above the 0.8750 and 0.8780 resistance levels.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound started a fresh decline from the 1.2400 resistance against the US Dollar.
  
• There is a key bearish trend line forming with resistance near 1.2090 on the hourly chart of GBP/USD.
  
• EUR/GBP started a decent increase above the 0.8720 and 0.8750 resistance levels.
  
• There is a connecting bullish trend line forming with support near 0.8765 on the hourly chart.

GBP/USD Technical Analysis

The British Pound faced a strong selling interest near the 1.2400 zone against the US Dollar. The GBP/USD pair formed a short-term top near 1.2400 and started a downside correction.

There was a clear move below the 1.2320 and 1.2280 support levels. The pair even declined below the 1.2120 level and the 50 hourly simple moving average. It traded as low as 1.1991 on FXOpen and is currently correcting losses.



GBP/USD Hourly Chart

Recently, there was a minor upside correction above the 1.2040 level. There was a clear move above the 1.2050 level. It is now approaching the 50% Fib retracement level of the downward move from the 1.2147 swing high to 1.1991 low.

On the upside, an initial resistance is near the 1.2080 level. There is also a key bearish trend line forming with resistance near 1.2090 on the hourly chart of GBP/USD.

The trend line is near the 61.8% Fib retracement level of the downward move from the 1.2147 swing high to 1.1991 low. The next main resistance is near the 1.2100 zone. A clear upside break above the 1.2100 and 1.2120 resistance levels could open the doors for a steady increase in the near term.

The next major resistance sits near the 1.2200 level. On the downside, an initial support is near the 1.2020 level, below which it could test the 1.2000 support.

The next major support is near the 1.1960 level. Any more losses could lead the pair towards the 1.1900 support zone.

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

[whiteking]

BTCUSD and XRPUSD Technical Analysis – 27th DEC 2022P



BTCUSD: Three White Soldiers Pattern Above $16323

Bitcoin was unable to sustain its bearish momentum and after touching a low of $16387 on 20th Dec, the prices started to correct upwards against the US dollar and are now ranging above the $16500 handle in the European trading session.

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

We can clearly see a three white soldiers pattern above the $16323 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday low of 16826 and an intraday high of 16970 in the Asian trading session today.

The prices are ranging near the support of the channel in the 1-hour time frame indicating a bullish tone of the markets.

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 51 indicating a NEUTRAL level for bitcoin, and the shift towards the consolidation phase in the markets.

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

Some of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17000 and 18000.

The average true range is indicating LESS market volatility with a mildly bullish momentum.

• Bitcoin: bullish reversal seen above $16323
• The STOCHRSI is indicating an oversold level
• The price is now trading just below its pivot level of $16881
• The short term range is mildly bullish

Bitcoin: Bullish Reversal Seen Above $16323



We can now see that the price of bitcoin is moving in a mildly bullish momentum and we are expecting moves towards the $17000 level before any market consolidation this week.

Some of the technical indicators are also giving a neutral tone of the markets.

We are now waiting for the next upwards leg above the $17000 handle which will push the price towards the $18000 levels.

We can see the formation of the bullish trend reversal pattern with adaptive moving averages AMA20 and AMA50 in the 30-minute time frame.

The price of bitcoin is ranging near the support of the triangle in the 1-hour time frame indicating a bullish trend.

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

Bitcoin’s support zone is located at $16374 which is a 3-10 day MACD oscillator stalls.

The price of BTCUSD is now facing its classic resistance level of 16902 and Fibonacci resistance level of 16912 after which the path towards 17000 will get cleared.

In the last 24hrs, BTCUSD has increased by 0.08% by 14.24$ and has a 24hr trading volume of USD 12.985 billion. We can see an increase of 3.96% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin’s price is expected to remain in a consolidation phase before any major moves upwards due to the start of the holiday season, and trading volumes remain thin across the major cryptocurrency exchanges.

We are now looking for an upwards rally in the markets in 2023 with major targets at $20000 and $25000 levels.

The daily RSI is printing at 47 which indicates a NEUTRAL demand for bitcoin and the possibility of a shift towards the consolidation/correction phase for a short term in the markets.

The price of BTCUSD is now facing its resistance zone at $17175 which is a 50% retracement from a 4-week high/low and at $17765 at which the price crosses the 9-day moving average stalls.

The weekly outlook is projected at $17500 with a consolidation zone of $17000.

Technical Indicators:

The MACD (12,26): is at 6.40 indicating a BUY

The commodity channel index, CCI (14): is at -29.45 indicating a NEUTRAL

The rate of price change, ROC: is at 0.077 indicating a BUY

Bull/bear power (13): is at 2.02 indicating a BUY]

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

[whiteking]

EUR/USD Faces Hurdle While USD/JPY Aims Recovery



EUR/USD is stable above the 1.0600 support zone. USD/JPY could gain bullish momentum if there is a clear move above the 135.00 resistance.

Important Takeaways for EUR/USD and USD/JPY

• The Euro started a downside correction from the 1.0670 resistance zone.
  
• There is a key bullish trend line forming with support near 1.0635 on the hourly chart of EUR/USD.
  
• USD/JPY is attempting a recovery wave from the 130.60 support zone.
  
• Earlier, there was a break below a rising channel with support near 135.00 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro found support near the 1.0570 zone against the US Dollar. The EUR/USD pair started a steady upward move above the 1.0600 and 1.0620 resistance levels.

There was a clear increase above the 1.0650 resistance zone and the 50 hourly simple moving average. The pair even climbed towards the 1.0670 resistance zone. A high was formed near 1.0669 on FXOpen and the pair is now correcting gains.



EUR/USD Hourly Chart

There was a move below the 1.0650 support zone, but the pair remained stable above the 50 hourly simple moving average. A low is formed near 1.0611 and the pair is now rising.

There was a move towards the 1.0640 level. It tested the 50% Fib retracement level of the downward move from the 1.0669 swing high to 1.0611 low. On the upside, an immediate resistance is near the 1.0650 level.

The next major resistance is near the 1.0670 level. An upside break above 1.0670 could set the pace for another increase. In the stated case, the pair might visit 1.0720. Any more gains might send the pair towards 1.0780.

An initial support on the downside is near the 1.0635 level. There is also a key bullish trend line forming with support near 1.0635 on the hourly chart of EUR/USD.

The first major support is near the 1.0625 level. The main support sits near the 1.0600 zone, below which the pair could start a major decline. In the stated case, the pair might dive towards the 1.0550 support zone.

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

[whiteking]

EUR/USD and USD/CHF 2023 Chart Outlook



EUR/USD gained pace above the 1.0200 resistance zone. USD/CHF is declining and remains at a risk of more losses below the 0.9200 support.

Important Takeaways for EUR/USD and USD/CHF

• The Euro started a fresh increase above the 1.0200 resistance against the US Dollar.
  
• There was a break above a major bearish trend line with resistance near 0.9880 on the daily chart of EUR/USD.
  
• USD/CHF started a fresh decline below the 0.9750 and 0.9400 support levels.
  
• There was a break below a key rising channel with support near 0.9840 on the daily chart.

EUR/USD Technical Analysis

This week, the Euro started a steady increase from the 0.9600 zone against the US Dollar. The EUR/USD pair gained pace above the 1.0000 level to move into a bullish zone.

The pair even climbed above the 1.0200 resistance and settled above the 50-day simple moving average. During the increase, there was a break above a major bearish trend line with resistance near 0.9880 on the daily chart of EUR/USD.


EUR/USD Daily Chart

Moreover, there was a move above the 1.0500 level. It traded as high as 1.0735 on FXOpen and is currently consolidating gains. There was a move below the 1.0650 level. The pair traded below the 23.6% Fib retracement level of the upward move from the 1.0223 swing low to 1.0735 high.

On the downside, an immediate support is near the 1.0500 level. The 50% Fib retracement level of the upward move from the 1.0223 swing low to 1.0735 high is also near the 1.0500 zone.

The next major support is near the 1.0220 level. A downside break below the 1.0220 support could start another decline towards the 1.0000 handle.

An immediate resistance is near the 1.0750 level. The next major resistance is near the 1.0800 level. A clear move above the 1.0800 resistance zone could set the pace for a larger increase towards 1.1000. The next major resistance is near the 1.1200 zone.

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

[whiteking]

#MarketNews #Gold #Silver

A RARE DIVERGENCE IN THE GOLD AND SILVER MARKETS

Investors are evaluating yesterday's minutes of the Fed's December meeting, which showed that officials agree that the pace of aggressive interest rate hikes should be slowed down.

Financial markets are reacting moderately — the stock index rose slightly, the dollar index fell slightly.

But in the futures market of gold and silver at the beginning of the year there was a curious situation:
→ Silver is turning down from the December resistance level (1);
→ Gold has broken through the December resistance (2), and is trying to gain a foothold above it.

Despite the fact that the prices of precious metals have a stable correlation with each other, such a discrepancy sometimes happens. It can be rationally expected that after price divergence, price convergence will follow.



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