Daily analysis by FXOpen

Farabot

New Member
GBP/USD Remains At Risk, USD/CAD Eyes More Gains
GBPUSD-British-Pound.jpg


GBP/USD started a major decline below the 1.2300 support. USD/CAD is showing positive signs and gaining pace above the 1.2950 level.


Important Takeaways for GBP/USD and USD/CAD
  • The British Pound started a fresh decline from the 1.2400 resistance zone.
  • There was a break above a short-term bearish trend line with resistance near 1.2220 on the hourly chart of GBP/USD.
  • USD/CAD started a fresh increase from well below the 1.2650 zone.
  • There was a break above a key bearish trend line with resistance near 1.2965 on the hourly chart.

GBP/USD Technical Analysis

After struggling to clear the 1.2400 resistance zone, the British Pound found started a fresh decline against the US Dollar. GBP/USD traded below the 1.2300 support level to move into a bearish zone.

The bears gained strength for a move below the 1.2200 level and the 50 hourly simple moving average. The pair even spiked below the 1.2180 level and traded as low as 1.2155 on FXOpen. Recently, there was an upside correction above the 1.2200 level.

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GBP/USD Hourly Chart

There was a break above a short-term bearish trend line with resistance near 1.2220 on the hourly chart of GBP/USD. The pair even spiked above the 50% Fib retracement level of the downward move from the 1.2399 swing high to 1.2155 low.

An immediate resistance is near the 1.2295 level. The next key resistance is near the 1.2305 level. It is near the 61.8% Fib retracement level of the downward move from the 1.2399 swing high to 1.2155 low.

If there is an upside break above the 1.2305 zone, the pair could rise towards 1.2400. The next key resistance could be 1.2450, above which the pair could gain strength.

On the downside, an initial support is near the 1.2220 area. The first major support is near the 1.2200 level. If there is a break below 1.2200, the pair could extend its decline. The next key support is near the 1.2150 level. Any more losses might call for a test of the 1.2040 support.

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Farabot

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IS THE DOLLAR THAT STRONG?

The Wall Street Journal published the article The Dollar Is Winning in a Messy Global Economy—and That Matters in the Fight Against Inflation. The article argues that the strengthening of the US currency can help the Federal Reserve to contain the cost of imported goods.

Bloomberg also writes about a stronger dollar, noting that the euro could fall to the level of 1:1 against the dollar, because the risk of shutting down Russian gas and oil is likely to lead to a sharp recession on the European continent, and investors cannot confidently bet on recovery soon.

However, the chart is sending signals that the dollar index, which is at its highest level since 2002, seems to have run out of steam to continue rising.

This is indicated by a bearish reversal (1) after the breakout of the multi-year resistance level (2), as well as the inability of the price of contracts to reach (3) the upper limit of the short-term upward AB channel.

Therefore, traders should be more cold-blooded in assessing the actual market sentiment for the dollar index, which may soon make a bearish breakout of the AB channel and demonstrate an unsuccessful attempt at a bullish breakout of the resistance line (2).

To benefit from movements in the currency markets, consider the services of a reliable broker like FXOpen. (https://www.fxopen.com/en/)

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


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Farabot

New Member
EUR/USD Recovers Ground, USD/CHF Could Extend Losses

Euro-EURUSD.jpg


EUR/USD started a decent increase from the 1.0350 zone. USD/CHF is sliding and might extend losses below the 0.9900 support zone.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro started a recovery wave from the 1.0350 support zone against the US Dollar.
  • There was a break above a major bearish trend line with resistance near 1.0515 on the hourly chart of EUR/USD.
  • USD/CHF topped near the 1.0060 zone and started a downside correction.
  • There was a break below a connecting bullish trend line with support near 1.0020 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a base above the 1.0350 zone and started a decent increase against the US Dollar. The EUR/USD pair climbed above the 1.0420 resistance zone to move into a bullish zone.

There was a steady increase above the 1.0500 resistance zone and the 50 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near 1.0515 on the hourly chart of EUR/USD.

FXOpen-blog.png


EUR/USD Hourly Chart

There was a clear move above the 50% Fib retracement level of the key decline from the 1.0592 swing high (formed on FXOpen) to 1.0350 low.

It is now consolidating near the 1.0550 level and the 61.8% Fib retracement level of the key decline from the 1.0592 swing high to 1.0350 low. On the upside, an initial resistance is near the 1.0550 level. The next major resistance is near the 1.0580 level.

A clear move above the 1.0580 resistance zone could set the pace for a larger increase towards 1.0650. The next major resistance is near the 1.0750 zone.

On the downside, an immediate support is near the 1.0500 level. The next major support is near the 1.0480 level. A downside break below the 1.0480 support could start another decline.

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Farabot

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#MarketNews

THE WORST DAY FOR THE US STOCK MARKET SINCE JUNE 2020

In the S&P 500, only 7 stocks closed higher.

The decline could have been triggered by a series of negative company reports. Investors were greatly disappointed by the financial statements of Walmart (shares showed the worst dynamics since 1987), Target, and other companies.

More and more experts agree that global markets are in a recession. Among the influencing factors are Covid-19, the war in Ukraine, high inflation, and tough Fed policy.

Wells Fargo now expects the recession to be moderate. According to their estimates, US GDP in 2022 will grow by 1.5%, and in 2023 it will decrease by 0.5%. And taking into account inflation at the level of 7.7%, the growth of nominal US GDP will be “absorbed” by it. JPMorgan analysts also downgraded forecasts for economic growth.

According to Elon Musk, the good thing about a recession is that it puts things in their right place. The "rain of fool's money" is over, and the story of misallocation of capital is also coming to an end. Products that have value to society are still being created, and what society doesn't really need is dying out.

The chart shows that the bear market may continue because yesterday the S&P 500 contract price fell (1) on increasing volumes (a sign of selling pressure) after volumes were low for several days of (2) cautious growth (a sign of weak demand).

To benefit from trends in the stock markets, consider enlisting the services of a reliable broker like FXOpen. (https://www.fxopen.com/en/)

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


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Farabot

New Member
AUD/USD and NZD/USD Might Regain Bullish Momentum
AUD-2.jpg


AUD/USD traded higher but faced sellers near 0.7075. NZD/USD is correcting gains and approaching a key support zone near the 0.6350 level.


Important Takeaways for AUD/USD and NZD/USD
  • The Aussie Dollar started a fresh increase from the 0.6850 support zone against the US Dollar.
  • There is a key bullish trend line forming with support near 0.7000 on the hourly chart of AUD/USD.
  • NZD/USD also started a decent increase after it cleared the 0.6300 resistance zone.
  • There was a move above a major contracting triangle with resistance near 0.6355 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar formed a base above the 0.6850 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6950 resistance zone.

There was a clear move above the 0.7000 resistance zone and the 50 hourly simple moving average. The pair traded as high as 0.7072 on FXOpen and is currently correcting gains. There was a move below the 0.7025 support zone.

FXOpen-blog.png


AUD/USD Hourly Chart

The pair is now trading near the 50% Fib retracement level of the upward move from the 0.6949 swing low to 0.7072 high. On the downside, an initial support is near the 0.7000 level.

There is also a key bullish trend line forming with support near 0.7000 on the hourly chart of AUD/USD. The trend line is near the 61.8% Fib retracement level of the upward move from the 0.6949 swing low to 0.7072 high.

The next support could be the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6900 level. Any more downsides might send the pair toward the 0.6850 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7040 level. The next major resistance is near the 0.7075 level. A close above the 0.7075 level could start a steady increase in the near term. The next major resistance could be 0.7150.

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Farabot

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The rise of the petro-ruble exposes unstable US Dollar
FXOpen-blog.jpg


Emerging economies with developed and diversified industry bases are beginning to look toward joining the economic and trade blocs which are not aligned with Europe or the United States, as Argentina becomes the latest to explore joining the BRICS (Brasil, Russia, India, China, South Africa) economic group.

Argentina is home to an inflationary currency, and has a long history of unstable government, however it is a large producer of a diverse range of products for export all the way from mass-produced food to cars and trucks.

President Alberto Fernandez said that if Argentina was to join the BRICS group, it would help to foment a "new world order based on development".

Right now, the currencies of the West are beginning to demonstrate the full effect of the political movements of the past two years as inflation rages rampant across Europe and North America following lockdowns, and the cost of raw materials and energy products head for the stratosphere due to the all-encompassing sanctions on Russia led by Europe and the United States.

Meanwhile, the emerging nations are looking at India, China and Russia as economic forces which are growing and the union between those three being ever stronger.

Add the inflation in Europe and North America to the dollar and euro now having less importance as commodities settlement currencies, and there is a notcable movement upwards for outlying currencies.

The ruble is on the rise again this morning and is currently at 58 rubles to the US Dollar, which is a five-year high for the Russian currency.

Western customers of Russian oil and gas companies having to settle transactions in rubles has tied the ruble to valuable consumable commodities, and the oil and gas prices are also high at the moment, making this an advantageous situation for the ruble.

There was some talk in the middle of last decade about a potential emergence of the 'petro-ruble' but that subsided and the majors continued to reign supreme, however nowadays there is a distinct case for the petro-ruble as its value responded immediately to the legislation which determined that all Western nations must pay for energy materials from Russian companies in rubles.

Just 2 months ago, the ruble was at 134 to the US dollar, and now it is at 58.

That is volatility, and it is volatility driven by a strong raw materials and commodities market across the OPEC countries and a weakening Western economy dogged by inflation and political wrangling.

There are even some commentators who believe that once the US Dollar is no longer viewed as the global 'petro-currency', we could see even more volatility in the currency, commodity and US stock markets.

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.

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Farabot

New Member
EUR/USD and EUR/JPY Eye Additional Gains
Euro-EUR-USD.jpg



EUR/USD started a fresh increase from the 1.0350 zone. EUR/JPY is also rising and might gain pace if it clears the 136.80 resistance zone.


Important Takeaways for EUR/USD and EUR/JPY

  • The Euro started a steady increase above the 1.0480 and 1.0500 resistance levels.
  • There is a key bullish trend line forming with support near 1.0625 on the hourly chart.
  • EUR/JPY gained pace for a move above the 135.50 resistance zone.
  • It cleared a major bearish trend line with resistance near 135.40 on the hourly chart.

EUR/USD Technical Analysis

The Euro found support and started a fresh increase above the 1.0400 level against the US Dollar. The EUR/USD pair gained strength for a move above the 1.0500 resistance zone.

There was a clear move above the 1.0550 level and the 50 hourly simple moving average. Besides, the pair surpassed the 1.0620 level and traded as high as 1.0697 on FXOpen. It is now consolidating gains above the 1.0650.

FXOpen-blog.png


EUR/USD Hourly Chart

The pair is trading above the 23.6% Fib retracement level of the upward move from the 1.0532 swing low to 1.0697 high. On the downside, the pair might find support near the 1.0640 level.

There is also a key bullish trend line forming with support near 1.0625 on the hourly chart. The next major support sits near the 1.0615 level or the 50% Fib retracement level of the upward move from the 1.0532 swing low to 1.0697 high.

If there is a downside break below the 1.0615 support, the pair might accelerate lower. On the upside, the pair is facing resistance near the 1.0695 level. The next major resistance is near the 1.0700 level.

A clear break above the 1.0700 resistance could push EUR/USD towards 1.0750. If the bulls remain in action, the pair could revisit the 1.0820 resistance zone in the near term.


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Farabot

New Member
#MarketNews #Cryptocurrency #Btc

BITCOIN: $8K PREDICTIONS

Scott Minerd, Guggenheim chief investment officer, in an interview with CNBC at the World Economic Forum in Davos suggested that bitcoin could nosedive to $8,000 from current levels.

"I think we have a lot more room to the downside, especially with the Fed being restrictive,” Minerd said.

In his opinion:

->the current situation with cryptocurrencies is comparable to the dot-com bubble of the early 2000s;
->most currencies are not currencies, they are rubbish;
->bitcoin and Ether will survive.

FXOpen-telegram.png


How realistic is the fall to 8k?

The possibility of such a scenario cannot be ruled out. The chances that it will materialize will increase if we witness a false bullish breakout of the balanced triangle. There were already three such patterns on the daily chart (false breakouts are indicated by red circles), and each time the price accelerated the decline after they formed.

To benefit from trends in the crypto markets, consider enlisting the services of a reliable broker like FXOpen (https://www.fxopen.com/en/).


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


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Farabot

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#MarketNews #Stocks #TSLA

TSLA SHARES ARE FALLING

Elon Musk left the $200 Billion Rich Club.

The reason is the decline in the value of Tesla shares. From a peak of around $1,225 per share on November 4, 2021, TSLA's value is now down nearly 50%. In recent days, trading has been around $650 per share. Recall that when Tesla was added to the S&P 500 index in December 2020, the cost was $695.

Among the factors negatively affecting the price of TSLA shares are:

->general bearish mood prevailing in the stock markets;
->exclusion of TSLA from the S&P ESG index;
->concerns about Musk's purchase of Twitter: Musk is said to be under pressure to allow more free speech on Twitter.

On May 2, we said that the price of TSLA could reach the lower line of the bearish AB channel, which turned out to be true. From the point of view of technical analysis, the price in the short term can slow down the pace of decline and even bounce.

Bloomberg writes that Cathie Wood funds are using the current share price decline to buy them up. You, too, can take advantage of TSLA stock price fluctuations to take advantage. To do this, consider enlisting the services of a reliable broker like FXOpen. (https://www.fxopen.com/en/)

FXOpen-telegram.jpg


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


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Farabot

New Member
Gold Price and Oil Price Eye More Upsides
Gold-price-oil-price-2.jpg


Gold price started a fresh increase from the $1,810 level. Crude oil price is rising and might gain pace above the $113.75 resistance.

Important Takeaways for Gold and Oil

[*]Gold price started a decent increase after it formed a base above $1,810 against the US Dollar.

[*]There is a key bullish trend line forming with support near $1,845 on the hourly chart of gold.

[*]Crude oil price gained pace after it broke the $108 and $110 resistance levels.

[*]There is a major bullish trend line forming with support near $111.10 on the hourly chart of XTI/USD.
[/list]

Gold Price Technical Analysis

Gold price formed a base above the $1,800 and $1,810 levels against the US Dollar. The price started a fresh increase after it broke the $1,825 resistance zone.

There was a clear move above the $1,840 level and the 50 hourly simple moving average. The price even cleared the $1,850 level and traded as high as $1,869 on FXOpen. Recently, there was a downside correction below $1,850, but the bulls protected $1,840.


FXOpen-blog.png


Gold Price Hourly Chart'

A low is formed near $1,840 and the price is now rising. There was a move above the 50% Fib retracement level of the downward move from the $1,869 swing high to $1,840 low.

On the upside, the price is facing resistance near the $1,858 level. It is near the 61.8% Fib retracement level of the downward move from the $1,869 swing high to $1,840 low. The main resistance is now forming near the $1,870 level.

A close above the $1,870 level could open the doors for a steady increase towards $1,880. The next major resistance sits near the $1,900 level.

On the downside, an initial support is near the $1,850 level. The next major support is near the $1,845 level. There is also a key bullish trend line forming with support near $1,845 on the hourly chart of gold, below which there is a risk of a larger decline.

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Farabot

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GBP/USD Gains Pace While EUR/GBP Faces Key Hurdle
FXOpen-blog.jpg


GBP/USD started a decent increase above the 1.2550 resistance. EUR/GBP is struggling to clear the 0.8500 and 0.8520 resistance levels.

Important Takeaways for GBP/USD and EUR/GBP
  • The British Pound started a decent increase above 1.2550 against the US Dollar.
  • There was a break above a key contracting triangle with resistance near 1.2640 on the hourly chart of GBP/USD.
  • EUR/GBP is holding the 0.8480 support but struggling above 0.8500.
  • here was a break above a major bearish trend line with resistance near 0.8500 on the hourly chart.

GBP/USD Technical Analysis

The British Pound remained well bid above the 1.2400 zone against the US Dollar. The GBP/USD pair started a decent increase after it broke the 1.2500 resistance.

There was a clear move above the 1.2550 level and the 50 hourly simple moving average. The bulls were even able to clear the 1.2600 resistance. Recently, there was a break above a key contracting triangle with resistance near 1.2640 on the hourly chart of GBP/USD.

FXOpen-blog.png


GBP/USD Hourly Chart

The pair traded as high as 1.2663 and is currently consolidating above the 50% Fib retracement level of the recent decline from the 1.2663 swing high to 1.2585 low.

On the upside, an initial resistance is near the 1.2650 level. It is near the 76.4% Fib retracement level of the recent decline from the 1.2663 swing high to 1.2585 low. The next main resistance is near the 1.2665 zone.

A clear upside break above the 1.2665 and 1.2680 resistance levels could open the doors for a steady increase in the near term. The next major resistance sits near the 1.2750 level.

If not, the pair might start a downside correction below 1.2620. The next major support is near the 1.2600 level. Any more losses could lead the pair towards the 1.2550 support zone or even 1.2520.

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Farabot

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#MarketNews #Banks

REVIEW OF INVESTMENT BANKING EXPERT RECOMMENDATIONS

On Tuesday morning, futures for global stock indices are cautiously lowering as investors fear negative signals about high inflation in Germany.

What are the investment experts' pieces of wisdom?

Bank of America: The market has entered an extended fundamental downtrend. It is possible that the S&P 500 index will fall to the levels of 3,800 and 3,500.

Deutsche Bank: considering the view that the global economy is in a state of stagflation. Under such conditions, it makes sense to buy assets of the energy and agricultural sectors, precious metals.

Barclays: notes that hedge funds were actively selling shares in May, in particular tech/growth, and buying shares of the energy sector.

The opinion of JPMorgan experts looks the most positive of all: they pay attention to the fact that corporate insiders are actively buying back shares, believing that the market is forming a bottom.

But the chart shows that from the point of view of technical analysis, the S&P 500 is at an important resistance level (1), which had previously served as support but since has been broken. Therefore, the progress made by the bulls in recent days can be adjusted.

To benefit from trends in the financial markets, consider enlisting the services of a reliable broker like FXOpen. (https://www.fxopen.com/en/)

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


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Farabot

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EUR/USD Could Dip While USD/JPY Aims More Gains
FXOpen-blog-1.jpg


EUR/USD struggled near 1.0785 and corrected lower. USD/JPY is rising and might continue to gain pace towards the 130.20 resistance

Important Takeaways for EUR/USD and USD/JPY
  • The Euro started a downside correction after it failed to surpass 1.0785.
  • There is a key bearish trend line forming with resistance near 1.0725 on the hourly chart of EUR/USD.
  • USD/JPY gained pace after it broke the 127.50 resistance zone.
  • It surpassed a major bearish trend line with resistance near 127.55 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro started a decent recovery wave above the 1.0680 level against the US Dollar. The EUR/USD pair cleared the 1.0720 and 1.0740 resistance levels.

However, the pair faced sellers near the 1.0785 level. A high was formed near 1.0786 on FXOpen and EUR/USD started a downside correction. There was a move below the 1.0740 support and the 50 hourly simple moving average.

FXOpen-blog.png


EUR/USD Hourly Chart

A low was formed near 1.0679 and the pair is now correcting higher. There was a move above the 1.0700 resistance level. It even spiked above the 50% Fib retracement level of the downward move from the 1.0786 swing high to 1.0679 low.

However, the pair failed to gain pace above the 1.0740 level. It failed near the 61.8% Fib retracement level of the downward move from the 1.0786 swing high to 1.0679 low.

There is also a key bearish trend line forming with resistance near 1.0725 on the hourly chart of EUR/USD. It is now moving lower and trading below 1.0710. An immediate resistance on the upside is near the 1.0725 level.

The next major resistance is near the 1.0740 level. The main resistance is near the 1.0785 level. An upside break above 1.0785 could set the pace for a steady increase.

If not, the pair might drop and test the 1.0675 support. The next major support is near 1.0650, below which the pair could drop to 1.0580 in the near term.

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Farabot

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#MarketNews #Stock

PROSPECTS FOR THE CHINESE STOCK MARKET

Shanghai and other major cities have lifted restrictions that lasted 2 months, having been introduced due to new cases of COVID-19. The authorities have presented a package of measures to support the economy, but not all investors are looking at the Chinese stock market with hope.

"I'm not sure [growth] concerns have waned all that much. There is a lot of doubt that this (relaxing curbs in Shanghai) marks the end of China's problems with COVID-19 and lockdowns," said Rob Carnell, head of research and chief economist for the Asia Pacific at ING.

The daily chart of the HSI shows that although the downtrend (marked in gray) is still in place, the market is in a state of consolidation (marked in green). This is a positive sign, which gives reason to believe that the bulls can keep the market from falling further, which means that attempts to break through the resistance lines and start an uptrend should not be ruled out.

To benefit from trends in the financial markets, consider enlisting the services of a reliable broker like FXOpen. (https://fxopen.com/en/)

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


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Farabot

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AUD/USD and NZD/USD Remain Supported for More Gains
AUD-2.jpg


AUD/USD extended increase above the 0.7200 resistance. NZD/USD is also showing a lot of positive signs above the 0.6500 level.

Important Takeaways for AUD/USD and NZD/USD
  • The Aussie Dollar started a fresh increase from the 0.7150 support zone against the US Dollar.
  • There was a break above a short-term contracting triangle with resistance near 0.7162 on the hourly chart of AUD/USD.
  • NZD/USD also started a decent increase after it cleared the 0.6500 resistance zone.
  • There was a move above a major bearish trend line with resistance near 0.6520 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar formed a base above the 0.7150 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.7185 resistance zone.

There was a break above a short-term contracting triangle with resistance near 0.7162 on the hourly chart of AUD/USD. The pair even settled above the 0.7240 level and the 50 hourly simple moving average.

FXOpen-blog.png


AUD/USD Hourly Chart

It traded as high as 0.7282 on FXOpen and is currently correcting gains. There was a move below the 0.7270 support zone.

However, the pair is still above the 23.6% Fib retracement level of the upward move from the 0.7140 swing low to 0.7282 high. On the downside, an initial support is near the 0.7250 level.

The next support could be the 0.7230 level. The main support is near the 0.7210 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the 0.7140 swing low to 0.7282 high.

If there is a downside break below the 0.7210 support, the pair could extend its decline towards the 0.7150 level. Any more downsides might send the pair toward the 0.7080 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7280 level. The next major resistance is near the 0.7320 level. A close above the 0.7320 level could start a steady increase in the near term. The next major resistance could be 0.7450

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Farabot

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GBP/USD and USD/CAD At Risk of More Losses
GBPUSD-Sterling-1.jpg


GBP/USD started a fresh decline below the 1.2560 support. USD/CAD is also moving lower and might extend losses below the 1.2550 support.

Important Takeaways for GBP/USD and USD/CAD
  • The British Pound started a fresh decline from the 1.2655 resistance zone.
  • There is a major bearish trend line forming with resistance near 1.2540 on the hourly chart of GBP/USD.
  • USD/CAD also started a fresh increase from well below the 1.2800 zone.
  • There is a key bearish trend line forming with resistance near 1.2610 on the hourly chart.

GBP/USD Technical Analysis


After struggling to clear the 1.2655 resistance zone, the British Pound found started a fresh decline against the US Dollar. GBP/USD traded below the 1.2550 support level to move into a bearish zone.

The bears gained strength for a move below the 1.2500 level and the 50 hourly simple moving average. The pair even spiked below the 1.2480 level and traded as low as 1.2477 on FXOpen. The pair is now consolidating losses above the 1.2480 level.

fxopen-blog-1.png

GBP/USD Hourly Chart

An immediate resistance is near the 1.2505 level. It is near the 23.6% Fib retracement level of the downward move from the 1.2589 swing high to 1.2477 low.

The next key resistance is near the 1.2535 level. It is near the 50% Fib retracement level of the downward move from the 1.2589 swing high to 1.2477 low. There is also a major bearish trend line forming with resistance near 1.2540 on the hourly chart of GBP/USD.

If there is an upside break above the 1.2540 zone, the pair could rise towards 1.2600. The next key resistance could be 1.2655, above which the pair could gain strength.

On the downside, an initial support is near the 1.2475 area. The first major support is near the 1.2450 level. If there is a break below 1.2450, the pair could extend its decline. The next key support is near the 1.2400 level. Any more losses might call for a test of the 1.2320 support.

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Farabot

New Member
BTCUSD and XRPUSD Technical Analysis – 07th JUNE 2022
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BTCUSD: Bearish Doji Star Pattern Below $31,750

Bitcoin was not able to sustain its bullish momentum this week and after touching a high of 31,730 on 06th June, started to decline against the US dollar.

Bitcoin entered into a bearish trend channel below the $31,750 handle and continues to decline touching a low of 29,217 in the European trading session today.

We can see a weak demand for bitcoin in the medium-term range, and the prices are expected to fall further towards the $25,000 level.

We can clearly see a bearish doji star pattern below the $31,750 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

Both the Stoch and Williams percent range are indicating an overbought level which means that in the immediate short term a decline in the prices is expected.

The relative strength index is at 29 indicating a WEAK demand for Bitcoin at the current market levels.

Bitcoin is now moving below its 100 hourly and 200 hourly simple MAs.

All of the major technical Indicators are giving a STRONG SELL signal, which means that in the immediate short term we are expecting targets of 28,000 and 27,500.

The average true range is indicating LESS market volatility with a strong bearish momentum.
  • Bitcoin: bearish reversal seen below $31,750
  • The StochRSI is indicating an OVERSOLD level
  • The price is now trading just below its pivot level of $29,643
  • All of the moving averages are giving a STRONG SELL market signal

Bitcoin: Bearish Reversal Seen Below $31,750
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Bitcoin continues to move into a consolidation channel above the $29,500 handle in the European trading session today.

We can see the formation of a falling trend channel below the $30,000 handle and now we are looking at the projected levels of $28,000 and $25,000.

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 continues to consolidate above its important support level of $29,000 and further decline in its price is expected in the US trading session.

The price of BTCUSD is now facing its classic support level of 29,361 and Fibonacci support level of 29,571 after which the path towards 28,000 will get cleared.

In the last 24hrs, BTCUSD has declined by 5.64% with a price change of 17,71$ and has a 24hr trading volume of USD 35.441 billion. We can see an Increase of 31.14 % in the trading volume as compared to yesterday, which is due to selling by the medium-term investors.

The Week Ahead

The price of bitcoin is moving in a strongly bearish momentum, and the immediate targets are $28,000 and $27,500.

The daily RSI is printing at 44 which means that the medium-range demand continues to be NEUTRAL.

The price of bitcoin is moving in an uncertain range-bound movement between the $28,000 and $32,000 over the past few weeks. We will have to wait till a clear trend is visible in the medium-term range.

The prices of BTCUSD will need to remain above the important support level of $29,000 this week.

The weekly outlook is projected at $29,500 with a consolidation zone of $28,000.

Technical Indicators:

Moving averages convergence divergence (12,26): at -344 indicating a SELL

The ultimate oscillator: at 44.88 indicating a SELL

The rate of price change: at -5.92 indicating a SELL

The commodity channel index (14 days): at -52.34 indicating a SELL

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Farabot

New Member
EUR/USD Might Drop, USD/CHF Gains Bullish Momentum
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EUR/USD is slowly moving lower below 1.0750. USD/CHF is rising and might accelerate further higher above 0.9720 resistance zone.


Important Takeaways for EUR/USD and USD/CHF
  • The Euro failed to gain pace for a move above the 1.0780 resistance zone against the US Dollar.
  • There is a major bearish trend line forming with resistance near 1.0720 on the hourly chart of EUR/USD.
  • USD/CHF gained pace and was able to clear the 0.9700 resistance zone.
  • There is a key bullish trend line forming with support near 0.9730 on the hourly chart.

EUR/USD Technical Analysis

The Euro gained pace above the 1.0700 resistance zone against the US Dollar. The EUR/USD pair climbed above the 1.0720 resistance zone to move into a bullish zone.

The pair attempted a clear move above the 1.0750 resistance, but the bears remained active. The recent high was formed near 1.0751 before the pair started a fresh decline. The price declined below the 1.0700 level and traded as low as 1.0651 on FXOpen.

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EUR/USD Hourly Chart

There was a recovery wave above the 1.0680 level. It cleared the 50% Fib retracement level of the recent decline from the 1.0751 swing high to 1.0651 low.

However, the pair faced sellers near the 1.0710 level and the 50 hourly simple moving average. Besides, there is a major bearish trend line forming with resistance near 1.0720 on the hourly chart of EUR/USD. The 61.8% Fib retracement level of the recent decline from the 1.0751 swing high to 1.0651 low is also acting as a resistance.

The next major resistance is near the 1.0750 level. A clear move above the 1.0750 resistance zone could set the pace for a larger increase towards 1.0850. The next major resistance is near the 1.0920 zone.

On the downside, an immediate support is near the 1.0650 level. The next major support is near the 1.0620 level. A downside break below the 1.0620 support could start another decline.

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Farabot

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ETHUSD and LTCUSD Technical Analysis – 09th JUNE, 2022
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ETHUSD: Double Bottom Pattern Above $1,725

Ethereum was unable to sustain its bearish momentum this week and after touching a low of 1,725 on 07th June started to correct upwards against the US dollar.

We can see a strong pullback action in the markets which is keeping the prices of Ethereum above the $1,800 handle in the European trading session today.

We can see the formation of a bullish ascending channel above the $1,800 handle, and now we are looking at $1,900 and $2,050 as the immediate targets.

The prices touched an intraday low of $1,777 in the Asian trading session, and an intraday high of $1,821 in the European trading session today.

We can clearly see a double bottom pattern above the $1,725 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 1,814 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1,820 and Fibonacci resistance level of 1,825, after which the path towards 1,900 will get cleared.

The relative strength index is at 58 indicating a strong market and the continuation of the uptrend this week.

The StochRSI and Williams percent range are indicating an oversold level which means that the price is due to correct upwards in the short-term range.

All of the technical indicators are giving a strong buy market signal. All of the moving averages are giving a strong buy signal, and we are now looking at the levels of $1,900 to $2,000 in the short-term range.

ETH is now trading above the 100 hourly and exponential MAs.
  • A bullish reversal seen above the $1,725 mark
  • The short-term range appears to be strongly bullish
  • The parabolic SAR is indicating a bullish reversal in the hourly time frame
  • The average true range is indicating less market volatility

Ether: Bullish Reversal Seen Above $1,725
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ETHUSD is moving in a strongly bullish channel with the prices trading above the $1,800 handle in the European trading session today.

We can see the formation of a bullish harami cross pattern in the 15-minute time frame indicating the potential bullish nature of the present markets.

The prices of Ethereum may continue to move upwards against the US dollar, as the medium-term investors are coming back into the markets.

The key resistance levels to watch are $1,907 and $2,077, and the price of ETHUSD needs to cross these levels for the continuation of the bullish reversal.

ETH has declined by 0.90% with a price change of 16$ in the past 24hrs and has a trading volume of 13.881 billion USD.

We can see a decrease of 37.41% in the total trading volume in the last 24 hrs which is due to the uncertain nature of the global markets.

The Week Ahead

The global investor sentiments have improved leading to a pullback action in the markets, and now we are looking at $1,900 and $2,050 as the immediate targets.

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

This week, Ether is expected to move in a range between $1,800 and $2,000, and next week, it is expected to enter into a consolidation phase above $2,000.

Technical Indicators:

STOCH (9,6): at 65.83 indicating a BUY

The moving averages convergence divergence (12,26): at 3.66 indicating a BUY

The ultimate oscillator: at 68.27 indicating a BUY

The rate of price change: at 1.82 indicating a BUY

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Farabot

New Member
Gold Price Remains At Risk and Oil Price Aims More Gains
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Gold price is struggling to clear the $1,855 resistance zone. Crude oil price is rising and might continue to gain pace above the $120.00 resistance.

Important Takeaways for Gold and Oil
  • Gold price struggled above $1,860 and corrected lower against the US Dollar.
  • There was a break below a key bullish trend line with support near $1,850 on the hourly chart of gold.
  • Crude oil price gained pace after it broke the $118 and $120 resistance levels.
  • There is a major bullish trend line forming with support near $118.50 on the hourly chart of XTI/USD.
Gold Price Technical Analysis

Gold price formed a base above the $1,830 and $1,835 levels against the US Dollar. The price started a fresh increase after it broke the $1,840 resistance zone.

There was a clear move above the $1,850 level and the 50 hourly simple moving average. The price even cleared the $1,855 level and traded as high as $1,859 on FXOpen. Recently, there was a downside correction below $1,855.

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Gold Price Hourly Chart

The price declined below the 50% Fib retracement level of the upward move from the $1,837 swing low to $1,859 high. There was also a break below a key bullish trend line with support near $1,850 on the hourly chart of gold.

The price also tested the 76.4% Fib retracement level of the upward move from the $1,837 swing low to $1,859 high. On the downside, an initial support is near the $1,840 level.

The next major support is near the $1,835 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,810 support zone. On the upside, the price is facing resistance near the $1,850 level.

The main resistance is now forming near the $1,860 level. A close above the $1,860 level could open the doors for a steady increase towards $1,875. The next major resistance sits near the $1,888 level.

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