Before I am thank you for admin if allowed to create a thread on everything else sub-forum about forex because I am still active in forex trading.
Later I will try to keep updating daily trading analysis by FXOpen broker where I choose this broker already more than eight years.
If the thread is permitted to continue, I will update later, inshaallah. but if not allowed, you can delete the thread.
Thank you
FXOpen Daily Analytics forex and crypto trading
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
GBP/USD Faces Hurdle, USD/CAD Remains In Uptrend
GBP/USD is attempting a recovery wave from the 1.3280 zone. USD/CAD is rising and is showing positive signs above the 1.2700 support.
Important Takeaways for GBP/USD and USD/CAD
After a major decline, the British Pound found support above 1.3250 against the US Dollar. GBP/USD traded as low as 1.3278 on FXOpen and recently started an upside correction.
The pair broke the 1.3320 resistance to move into a short-term positive zone. There was a break above the 23.6% Fib retracement level of the downward move from the 1.3512 swing high to 1.3278 low. Besides, there a break above a key bearish trend line with resistance near 1.3330 on the hourly chart of GBP/USD.
It is now trading above the 1.3330 level and the 50 hourly simple moving average. An immediate resistance is near the 1.3370 level.
The first major resistance is near the 1.3400 level. It is near the 50% Fib retracement level of the downward move from the 1.3512 swing high to 1.3278 low. If there is an upside break above the 1.3400 zone, the pair could rise towards 1.3500.
The next key resistance could be 1.3550, above which the pair could gain strength. On the downside, the first key support is near the 1.3320 area.
If there is a break below 1.3320, the pair could decline extend its decline. The next key support is near the 1.3280 level. Any more losses might call for a test of the 1.3200 support.
Read more...
GBP/USD is attempting a recovery wave from the 1.3280 zone. USD/CAD is rising and is showing positive signs above the 1.2700 support.
Important Takeaways for GBP/USD and USD/CAD
- The British Pound found support near 1.3280 and started an upside correction.
- There was a break above a key bearish trend line with resistance near 1.3330 on the hourly chart of GBP/USD.
- USD/CAD started a major increase above the 1.2650 and 1.2700 resistance levels.
- There is a crucial rising channel forming with support near 1.2685 on the hourly chart.
After a major decline, the British Pound found support above 1.3250 against the US Dollar. GBP/USD traded as low as 1.3278 on FXOpen and recently started an upside correction.
The pair broke the 1.3320 resistance to move into a short-term positive zone. There was a break above the 23.6% Fib retracement level of the downward move from the 1.3512 swing high to 1.3278 low. Besides, there a break above a key bearish trend line with resistance near 1.3330 on the hourly chart of GBP/USD.
It is now trading above the 1.3330 level and the 50 hourly simple moving average. An immediate resistance is near the 1.3370 level.
The first major resistance is near the 1.3400 level. It is near the 50% Fib retracement level of the downward move from the 1.3512 swing high to 1.3278 low. If there is an upside break above the 1.3400 zone, the pair could rise towards 1.3500.
The next key resistance could be 1.3550, above which the pair could gain strength. On the downside, the first key support is near the 1.3320 area.
If there is a break below 1.3320, the pair could decline extend its decline. The next key support is near the 1.3280 level. Any more losses might call for a test of the 1.3200 support.
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
BTCUSD and XRPUSD Technical Analysis – 30th NOV, 2021
BTCUSD: Double Bottom Pattern Above $53,000
Bitcoin suffered heavy losses at the end of last week when it touched a low of $53,700 and remained in the bearish trend.
At the start of this week, bitcoin had a major bullish correction after it recovered from its last-week losses and gained more than 6%, touching the $57,000 handle.
This week, bitcoin is moving in continuation of a mild bullish trend and giving mixed signals. At present, BTCUSD is trading above the $56,000 handle in the European trading session.
We can clearly see a double bottom pattern above the $53,000 handle, which is a bullish reversal pattern signifying the end of the downtrend and a shift towards an uptrend.
Yesterday, we saw BTCUSD touching an intraday high of $57,635 after which the prices started to decline and, today, touched an intraday low of $56,795.
The immediate short-term outlook for bitcoin has turned NEUTRAL and we will have to wait till the clear market signals are visible.
Williams percent range is overbought which signifies that more selling is expected today in the US trading session, pushing the prices of BTCUSD below the $56,000 handle.
Bitcoin is now moving above its 100 hourly simple and exponential moving averages.
The average true range is indicating less market volatility which means that markets are due to enter into a consolidation phase soon.
BTCUSD is now trading above its important support level of $56,500 and needs to remain above this level for the bullish trend to continue today.
Some of the major technical indicators are giving a STRONG SELL signal, which means that the prices can also get a downward correction before reaching the level of $60,000.
The price of BTCUSD is trading below its classic resistance level of $57,363 and Fibonacci resistance level of $57,478 in the European trading session.
In the last 24hrs BTCUSD has gone DOWN by -1.19% with a price change of -682$ and has a 24hr trading volume of USD 31.536 billion. We can see an increase of 7.64% in the trading volume as compared to yesterday.
The Week Ahead
We can see that bitcoin has recovered from its losses and is on its way towards the $58,000 handle this week.
The medium to long term outlook remains BULLISH for bitcoin with the target of $65,000. At present, the markets are giving a SELL signal so it would be better to wait before entering the long positions in bitcoin.
The relative strength index of 46 is indicating a NEUTRAL market and fresh buying is expected in the market at any time.
It is also possible for bitcoin to remain in a sub-consolidation phase below the $57,000 handle this week and start its bullish move next week.
Technical Indicators:
Stoch (9,6): at 97.13 indicating an OVERBOUGHT level
Average directional change (14-day): at 30.35 indicating a SELL
Rate of price change: at -0.288 indicating a SELL
Ultimate oscillator: at 39.55 indicating a SELL
Read more...
BTCUSD: Double Bottom Pattern Above $53,000
Bitcoin suffered heavy losses at the end of last week when it touched a low of $53,700 and remained in the bearish trend.
At the start of this week, bitcoin had a major bullish correction after it recovered from its last-week losses and gained more than 6%, touching the $57,000 handle.
This week, bitcoin is moving in continuation of a mild bullish trend and giving mixed signals. At present, BTCUSD is trading above the $56,000 handle in the European trading session.
We can clearly see a double bottom pattern above the $53,000 handle, which is a bullish reversal pattern signifying the end of the downtrend and a shift towards an uptrend.
Yesterday, we saw BTCUSD touching an intraday high of $57,635 after which the prices started to decline and, today, touched an intraday low of $56,795.
The immediate short-term outlook for bitcoin has turned NEUTRAL and we will have to wait till the clear market signals are visible.
Williams percent range is overbought which signifies that more selling is expected today in the US trading session, pushing the prices of BTCUSD below the $56,000 handle.
Bitcoin is now moving above its 100 hourly simple and exponential moving averages.
The average true range is indicating less market volatility which means that markets are due to enter into a consolidation phase soon.
- Bitcoin trend reversal is seen above $53,000
- Stoch is indicating OVERBOUGHT levels
- The price is now trading just below its pivot level of $57,213
- All the moving averages are giving a NEUTRAL signal at current market level of $56,820
BTCUSD is now trading above its important support level of $56,500 and needs to remain above this level for the bullish trend to continue today.
Some of the major technical indicators are giving a STRONG SELL signal, which means that the prices can also get a downward correction before reaching the level of $60,000.
The price of BTCUSD is trading below its classic resistance level of $57,363 and Fibonacci resistance level of $57,478 in the European trading session.
In the last 24hrs BTCUSD has gone DOWN by -1.19% with a price change of -682$ and has a 24hr trading volume of USD 31.536 billion. We can see an increase of 7.64% in the trading volume as compared to yesterday.
The Week Ahead
We can see that bitcoin has recovered from its losses and is on its way towards the $58,000 handle this week.
The medium to long term outlook remains BULLISH for bitcoin with the target of $65,000. At present, the markets are giving a SELL signal so it would be better to wait before entering the long positions in bitcoin.
The relative strength index of 46 is indicating a NEUTRAL market and fresh buying is expected in the market at any time.
It is also possible for bitcoin to remain in a sub-consolidation phase below the $57,000 handle this week and start its bullish move next week.
Technical Indicators:
Stoch (9,6): at 97.13 indicating an OVERBOUGHT level
Average directional change (14-day): at 30.35 indicating a SELL
Rate of price change: at -0.288 indicating a SELL
Ultimate oscillator: at 39.55 indicating a SELL
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
EUR/USD Starts Fresh Increase, USD/JPY Bears Remain In Action
EUR/USD started a fresh increase above the 1.1300 resistance. USD/JPY is declining and might accelerate lower below the 113.00 support.
Important Takeaways for EUR/USD and USD/JPY
This week, the Euro started a steady increase above the 1.1280 resistance against the US Dollar. The EUR/USD pair gained pace for a move above the 1.1300 resistance.
The pair even broke the 1.1320 level and settled above the 50 hourly simple moving average. A high was formed near 1.1382 and there was a downside correction. A low was formed near 1.1235 on FXOpen and the pair is now rising.
IIt broke the 50% Fib retracement level of the recent decline from the 1.1382 swing high to 1.1235 low. An immediate resistance on the upside is near the 1.1340 level.
The next major resistance is near the 1.1360 level. It is near the 76.4% Fib retracement level of the recent decline from the 1.1382 swing high to 1.1235 low. The main resistance is near the 1.1380 level, above which the pair could accelerate higher.
If there is no break above 1.1360, the pair might start a downside correction. An immediate support is near the 1.1280. The next major support is near 1.1270.
There is also a major bullish trend line forming with support near 1.1270 on the hourly chart of EUR/USD. Any more losses might push the EUR/USD pair towards the 1.1220 support in the near term.
Read more...
EUR/USD started a fresh increase above the 1.1300 resistance. USD/JPY is declining and might accelerate lower below the 113.00 support.
Important Takeaways for EUR/USD and USD/JPY
- The Euro started a steady increase above the 1.1280 and 1.1300 resistance levels.
- There is a major bullish trend line forming with support near 1.1270 on the hourly chart of EUR/USD.
- USD/JPY started a fresh decline from well above the 114.50 level.
- There is a key bearish trend line forming with resistance near 113.55 on the hourly chart.
This week, the Euro started a steady increase above the 1.1280 resistance against the US Dollar. The EUR/USD pair gained pace for a move above the 1.1300 resistance.
The pair even broke the 1.1320 level and settled above the 50 hourly simple moving average. A high was formed near 1.1382 and there was a downside correction. A low was formed near 1.1235 on FXOpen and the pair is now rising.
IIt broke the 50% Fib retracement level of the recent decline from the 1.1382 swing high to 1.1235 low. An immediate resistance on the upside is near the 1.1340 level.
The next major resistance is near the 1.1360 level. It is near the 76.4% Fib retracement level of the recent decline from the 1.1382 swing high to 1.1235 low. The main resistance is near the 1.1380 level, above which the pair could accelerate higher.
If there is no break above 1.1360, the pair might start a downside correction. An immediate support is near the 1.1280. The next major support is near 1.1270.
There is also a major bullish trend line forming with support near 1.1270 on the hourly chart of EUR/USD. Any more losses might push the EUR/USD pair towards the 1.1220 support in the near term.
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
ETHUSD and LTCUSD Technical Analysis – 02nd DEC, 2021
ETHUSD: Bullish Engulfing Pattern Above $4,400
Ethereum had a major bearish correction last week when it declined towards the $4,000 handle after touching a high of $4,551.
ETHUSD started this week in a consolidation phase after which it had a bullish reversal towards $4,700 and touched an intraday high of $4,776 in today’s Asian trading session.
We can clearly see a bullish engulfing pattern above $4,400 which signifies a trend reversal, and ETHUSD crossing $4,700.
Ethereum price has retracted from its highs due to some profit-taking, but the bullish channel continues, and this week, we are aiming for the upsides of $4,700 and $4,900.
ETH is now trading above its pivot level of $4,524 and moving in a mild bullish momentum. The price of ETHUSD has already broken its classic resistance level of $4,545, its Fibonacci resistance level of $4,555, and is now aiming towards the $4,600 handle in the US trading session.
[bMoving averages are giving a NEUTRAL signal..[/b]
ETH is now trading above both its 100 hourly and 200 hourly simple moving averages.
ETHUSD is consolidating its gains above $4,500 in the European trading session and we can clearly see that the bullish channel is back.
We are now aiming for the upsides of $4,600 to $4,700 in today’s US trading session. The retracement from $4,000 was very strong, which suggests that there is more room for upsides in Ethereum this month, and $5,500 is the next target.
At present, technical indicators are giving a SELL signal which means that in the immediate short-term we will see a decline before the continuation of a bullish channel.
ETH has declined by -4.26% with a price change of -202.85$ in the past 24hrs and has a trading volume of 26.670 billion USD.
We can see a decrease of 11% in the trading volume as compared to yesterday, which means that new buyers are not entering the markets and waiting for further correction in the levels of Ethereum.
Ethereum Gains in 2021
We have seen the prices of Ethereum increasing continuously throughout 2021. Starting from $730 on 1st Jan 2021, Ether is currently trading at $4,568, yielding a gain of 625% to its investors — more than Bitcoin during the same period of time.
Ethereum’s performance in 2021 is commendable. The current market valuation of this second-largest cryptocurrency stands at 540.52 billon USD.
A number of leading crypto analysts have also predicted that in the next 5 years, Ethereum could outperform bitcoin and become the topmost cryptocurrency in the world.
The Week Ahead
Ether is printing above $4,500 today, and this week, we could $4,700 to $4,900.
The medium to long-term outlook for Ether in December remains bullish with targets of above $5,000.
Ether has already broken its major resistance level of $4,580 and is now facing the next resistance level of $4,800.
Technical indicator
Commodity channel index (14-day): indicating a NEUTRAL market
Moving averages convergence divergence (14-day): at -27.11 indicating a SELL
Average directional change (14-day): indicating a NEUTRAL market
Rate of price change: at -2.386 indicating a SELL
Read more...
ETHUSD: Bullish Engulfing Pattern Above $4,400
Ethereum had a major bearish correction last week when it declined towards the $4,000 handle after touching a high of $4,551.
ETHUSD started this week in a consolidation phase after which it had a bullish reversal towards $4,700 and touched an intraday high of $4,776 in today’s Asian trading session.
We can clearly see a bullish engulfing pattern above $4,400 which signifies a trend reversal, and ETHUSD crossing $4,700.
Ethereum price has retracted from its highs due to some profit-taking, but the bullish channel continues, and this week, we are aiming for the upsides of $4,700 and $4,900.
ETH is now trading above its pivot level of $4,524 and moving in a mild bullish momentum. The price of ETHUSD has already broken its classic resistance level of $4,545, its Fibonacci resistance level of $4,555, and is now aiming towards the $4,600 handle in the US trading session.
[bMoving averages are giving a NEUTRAL signal..[/b]
ETH is now trading above both its 100 hourly and 200 hourly simple moving averages.
- Ethereum is in a mild bullish channel
- Short-term trend reversal seen above $4,400
- All the major technical Indicators are giving NEUTRAL to SELL signals
- Average true range is indicating LESS market volatility
ETHUSD is consolidating its gains above $4,500 in the European trading session and we can clearly see that the bullish channel is back.
We are now aiming for the upsides of $4,600 to $4,700 in today’s US trading session. The retracement from $4,000 was very strong, which suggests that there is more room for upsides in Ethereum this month, and $5,500 is the next target.
At present, technical indicators are giving a SELL signal which means that in the immediate short-term we will see a decline before the continuation of a bullish channel.
ETH has declined by -4.26% with a price change of -202.85$ in the past 24hrs and has a trading volume of 26.670 billion USD.
We can see a decrease of 11% in the trading volume as compared to yesterday, which means that new buyers are not entering the markets and waiting for further correction in the levels of Ethereum.
Ethereum Gains in 2021
We have seen the prices of Ethereum increasing continuously throughout 2021. Starting from $730 on 1st Jan 2021, Ether is currently trading at $4,568, yielding a gain of 625% to its investors — more than Bitcoin during the same period of time.
Ethereum’s performance in 2021 is commendable. The current market valuation of this second-largest cryptocurrency stands at 540.52 billon USD.
A number of leading crypto analysts have also predicted that in the next 5 years, Ethereum could outperform bitcoin and become the topmost cryptocurrency in the world.
The Week Ahead
Ether is printing above $4,500 today, and this week, we could $4,700 to $4,900.
The medium to long-term outlook for Ether in December remains bullish with targets of above $5,000.
Ether has already broken its major resistance level of $4,580 and is now facing the next resistance level of $4,800.
Technical indicator
Commodity channel index (14-day): indicating a NEUTRAL market
Moving averages convergence divergence (14-day): at -27.11 indicating a SELL
Average directional change (14-day): indicating a NEUTRAL market
Rate of price change: at -2.386 indicating a SELL
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
Gold Price and Crude Oil Price Aim Fresh Increase
Gold price is attempting a fresh increase above the $1,780 resistance zone. Crude oil price could gain pace if there is a clear move above the $68.00 level.
Important Takeaways for Gold and Oil
Gold price started a fresh decline from well above the $1,820 pivot level against the US Dollar. The price declined heavily and it even broke the $1,800 support zone.
The price even settled below the $1,800 level and the 50 hourly simple moving average. Finally, there was a break below the $1,780 support zone. A low was formed near $1,761 on FXOpen and the price is now correcting higher.
Gold Price Hourly Chart
There was a recovery wave above the $1,770 level. The price surpassed the 23.6% Fib retracement level of the recent decline from the $1,795 swing high to $1,761 high.
An immediate resistance on the upside is near the $1,775 level. There is also a key bearish trend line forming with resistance near $1,775 on the hourly chart of gold. The next major resistance is near the $1,780 level.
The 50% Fib retracement level of the recent decline from the $1,795 swing high to $1,761 high is also near $1,780. The main resistance is near the $1,800 level. A close above the $1,800 level could open the doors for a steady increase towards $1,820.
The next major resistance sits near the $1,840 level. On the downside, an initial support is near the $1,765 level. The first major support is near the $1,760 level. A downside break below the $1,760 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,720 support.
Read more...
Gold price is attempting a fresh increase above the $1,780 resistance zone. Crude oil price could gain pace if there is a clear move above the $68.00 level.
Important Takeaways for Gold and Oil
- Gold price started a fresh decline from well above the $1,800 zone against the US Dollar.
- There is a key bearish trend line forming with resistance near $1,775 on the hourly chart of gold.
- HCrude oil price declined sharply below $72.00 and $70.00 levels.
- There was a break above a major declining channel with resistance near $66.50 on the hourly chart of XTI/USD.
Gold price started a fresh decline from well above the $1,820 pivot level against the US Dollar. The price declined heavily and it even broke the $1,800 support zone.
The price even settled below the $1,800 level and the 50 hourly simple moving average. Finally, there was a break below the $1,780 support zone. A low was formed near $1,761 on FXOpen and the price is now correcting higher.
Gold Price Hourly Chart
There was a recovery wave above the $1,770 level. The price surpassed the 23.6% Fib retracement level of the recent decline from the $1,795 swing high to $1,761 high.
An immediate resistance on the upside is near the $1,775 level. There is also a key bearish trend line forming with resistance near $1,775 on the hourly chart of gold. The next major resistance is near the $1,780 level.
The 50% Fib retracement level of the recent decline from the $1,795 swing high to $1,761 high is also near $1,780. The main resistance is near the $1,800 level. A close above the $1,800 level could open the doors for a steady increase towards $1,820.
The next major resistance sits near the $1,840 level. On the downside, an initial support is near the $1,765 level. The first major support is near the $1,760 level. A downside break below the $1,760 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,720 support.
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
GBP/USD and GBP/JPY At Risk of More Downsides
GBP/USD started a fresh decline and traded below the 1.3300 support zone. GBP/JPY is also trading in a bearish zone and is facing hurdles near 150.00.
Important Takeaways for GBP/USD and GBP/JPY
This past week, the British Pound started a fresh decline after it failed near 1.3360 against the US Dollar. The GBP/USD pair broke the 1.3320 and 1.3300 support levels to enter a bearish zone.
There was also a break below the 1.3260 support zone and the 50 hourly simple moving average. It traded as low as 1.3207 on FXOpen and is currently consolidating losses. It recovered a few points above the 1.3230 level.
GBP/USD Hourly Chart
There was a break above the 23.6% Fib retracement level of the recent decline from the 1.3308 swing high to 1.3207 low.
The pair is now facing resistance near the 1.3260 level. It is close to the 50% Fib retracement level of the recent decline from the 1.3308 swing high to 1.3207 low. There is also a major bearish trend line forming with resistance near 1.3280 on the hourly chart of GBP/USD.
A close above the 1.3280 level could open the doors for more gains. The next major hurdle is near 1.3315 and the 50 hourly SMA, above which the pair could surge towards 1.3350.
On the downside, an immediate support is near the 1.3220 level. The next major support is near the 1.3200 level. If there is a break below the 1.3200 support, the pair could test the 1.3150 support. If there are additional losses, the pair could decline towards the 1.3050 level.
Read more...
GBP/USD started a fresh decline and traded below the 1.3300 support zone. GBP/JPY is also trading in a bearish zone and is facing hurdles near 150.00.
Important Takeaways for GBP/USD and GBP/JPY
- The British Pound started a fresh decline after it faced sellers near 1.3360 against the US Dollar.
- There is a major bearish trend line forming with resistance near 1.3280 on the hourly chart of GBP/USD.
- GBP/JPY also declined heavily below the 150.00 and 150.00 support levels.
- There is a key bearish trend line forming with resistance near 150.65 on the hourly chart.
This past week, the British Pound started a fresh decline after it failed near 1.3360 against the US Dollar. The GBP/USD pair broke the 1.3320 and 1.3300 support levels to enter a bearish zone.
There was also a break below the 1.3260 support zone and the 50 hourly simple moving average. It traded as low as 1.3207 on FXOpen and is currently consolidating losses. It recovered a few points above the 1.3230 level.
GBP/USD Hourly Chart
There was a break above the 23.6% Fib retracement level of the recent decline from the 1.3308 swing high to 1.3207 low.
The pair is now facing resistance near the 1.3260 level. It is close to the 50% Fib retracement level of the recent decline from the 1.3308 swing high to 1.3207 low. There is also a major bearish trend line forming with resistance near 1.3280 on the hourly chart of GBP/USD.
A close above the 1.3280 level could open the doors for more gains. The next major hurdle is near 1.3315 and the 50 hourly SMA, above which the pair could surge towards 1.3350.
On the downside, an immediate support is near the 1.3220 level. The next major support is near the 1.3200 level. If there is a break below the 1.3200 support, the pair could test the 1.3150 support. If there are additional losses, the pair could decline towards the 1.3050 level.
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
BTCUSD and XRPUSD Technical Analysis – 07th DEC, 2021
BTCUSD: Rounding Bottom Pattern Above $46,000
Bitcoin suffered heavy losses on Dec 4th, which was primarily driven by liquidation of the holdings from the long-term investors in the markets.
Additionally, the Dec 4th bitcoin plunge occurred due to the Omicron coronavirus variant which saw BTC touching a low of $45,000.
We saw BTCUSD touch a high of $59,157 on 30th Nov, and form a bullish momentum before entering a consolidation channel above $55,000.
Today, bitcoin is back in the bullish channel and trading above the $50,000 handle in the European trading session.
We can clearly see a rounding bottom pattern above the $46,000 handle which signifies that the markets have entered into a bullish uptrend.
In the US Trading session, bitcoin is trading in a consolidation phase and is expected to continue doing so.
The short-term outlook for bitcoin has turned MILDLY BULLISH.
Both the Stoch and StochRSI are indicating an OVERBOUGHT level, which means that in the immediate short-term, a decline in the price is expected.
Bitcoin is now moving above its 100 hourly simple and exponential moving averages.
The average true range is indicating lesser market volatility which means that markets will enter a consolidation phase soon.
BTCUSD has already recovered its losses from last week and is now trading above the important psychological support level of $50,000.
We will need to see a confirmation of the uptrend once the prices hit the $52,000 handle some time later today.
Some of the major technical indicators are giving a STRONG SELL signal, which means that the prices can also get a downward correction before reaching the level of $60,000.
The price of BTCUSD is trading below its classic resistance level of $51,345 and Fibonacci resistance level of $51,478 in the European trading session.
In the last 24hrs, BTCUSD has gone UP by 6.62% with a price change of $3,170 and a 24hr trading volume of USD 37.942 billion. We can see an increase of 12.54% in trading volume as compared to yesterday.
The Week Ahead
We can see that bitcoin has recovered from last week’s losses and is on its way towards reaching the $58,000 handle this week.
The medium to long-term outlook remains BULLISH for bitcoin with the target of $62,000. At present, the markets are giving a BUY signal, so it would be best to enter long positions in bitcoin.
The relative strength index of 65 is indicating a BULLISH channel, and fresh buying is expected in the markets at any time.
We can see that the fears related to Omicron are vanishing, and new investors are coming back to the markets which also explains the increased market volatility today.
Technical Indicators:
toch (9,6): at 99.04 indicating an OVERBOUGHT level
Average directional change (14-day): at 50.66 indicating a BUY
Rate of price change: at 4.047 indicating a BUY
Moving averages convergence divergence (12,26): at 553.80 indicating a BUY
Read more...
BTCUSD: Rounding Bottom Pattern Above $46,000
Bitcoin suffered heavy losses on Dec 4th, which was primarily driven by liquidation of the holdings from the long-term investors in the markets.
Additionally, the Dec 4th bitcoin plunge occurred due to the Omicron coronavirus variant which saw BTC touching a low of $45,000.
We saw BTCUSD touch a high of $59,157 on 30th Nov, and form a bullish momentum before entering a consolidation channel above $55,000.
Today, bitcoin is back in the bullish channel and trading above the $50,000 handle in the European trading session.
We can clearly see a rounding bottom pattern above the $46,000 handle which signifies that the markets have entered into a bullish uptrend.
In the US Trading session, bitcoin is trading in a consolidation phase and is expected to continue doing so.
The short-term outlook for bitcoin has turned MILDLY BULLISH.
Both the Stoch and StochRSI are indicating an OVERBOUGHT level, which means that in the immediate short-term, a decline in the price is expected.
Bitcoin is now moving above its 100 hourly simple and exponential moving averages.
The average true range is indicating lesser market volatility which means that markets will enter a consolidation phase soon.
- Bitcoin trend reversal is seen above $46,000
- Stoch is indicating an OVERBOUGHT level
- The price is now trading just below its pivot level of $51,140
- All the moving averages are giving a BUY signal at current market level of $51,027
BTCUSD has already recovered its losses from last week and is now trading above the important psychological support level of $50,000.
We will need to see a confirmation of the uptrend once the prices hit the $52,000 handle some time later today.
Some of the major technical indicators are giving a STRONG SELL signal, which means that the prices can also get a downward correction before reaching the level of $60,000.
The price of BTCUSD is trading below its classic resistance level of $51,345 and Fibonacci resistance level of $51,478 in the European trading session.
In the last 24hrs, BTCUSD has gone UP by 6.62% with a price change of $3,170 and a 24hr trading volume of USD 37.942 billion. We can see an increase of 12.54% in trading volume as compared to yesterday.
The Week Ahead
We can see that bitcoin has recovered from last week’s losses and is on its way towards reaching the $58,000 handle this week.
The medium to long-term outlook remains BULLISH for bitcoin with the target of $62,000. At present, the markets are giving a BUY signal, so it would be best to enter long positions in bitcoin.
The relative strength index of 65 is indicating a BULLISH channel, and fresh buying is expected in the markets at any time.
We can see that the fears related to Omicron are vanishing, and new investors are coming back to the markets which also explains the increased market volatility today.
Technical Indicators:
toch (9,6): at 99.04 indicating an OVERBOUGHT level
Average directional change (14-day): at 50.66 indicating a BUY
Rate of price change: at 4.047 indicating a BUY
Moving averages convergence divergence (12,26): at 553.80 indicating a BUY
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
EUR/USD and EUR/JPY: Euro Eyes Fresh Increase
EUR/USD is attempting a fresh increase from the 1.1220 support zone. EUR/JPY is rising, but it is facing hurdles near 128.30 and 128.50.
Important Takeaways for EUR/USD and EUR/JPY
The Euro started a major decline after it struggled to clear the 1.1350 resistance against the US Dollar. The EUR/USD pair broke the 1.1300 support zone to move into a bearish zone.
The pair even traded below the 1.1250 support and settled below the 50 hourly simple moving average. A low was formed near 1.1227 on FXOpen and the pair is now correcting losses. There was a break above the 1.1260 level.
EUR/USD Hourly Chart
The pair even spiked above the 1.1285 resistance level. There was a clear move above a major bearish trend line with resistance near 1.1280 on the hourly chart.
It is now facing resistance near the 1.1300 zone and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the 1.1357 swing high to 1.1227 low. The next major resistance is near the 1.1315 level.
It is close to the 61.8% Fib retracement level of the downward move from the 1.1357 swing high to 1.1227 low. The main resistance is forming near the 1.1320 and 1.1335 levels. A clear break above the 1.1335 resistance could push EUR/USD towards 1.1400.
On the downside, the 1.1250 level is a major support. Any more losses might lead EUR/USD towards the 1.1200 support zone in the near term. The next major support sits near the 1.1150 level.
Read more...
EUR/USD is attempting a fresh increase from the 1.1220 support zone. EUR/JPY is rising, but it is facing hurdles near 128.30 and 128.50.
Important Takeaways for EUR/USD and EUR/JPY
- The Euro gained bearish momentum below 1.1350 and 1.1300.
- TThere was a break above a major bearish trend line with resistance near 1.1280 on the hourly chart.
- EUR/JPY is attempting a recovery wave above the 128.00 resistance level.
- · There is a key bullish trend line forming with support near 127.85 on the hourly chart.
The Euro started a major decline after it struggled to clear the 1.1350 resistance against the US Dollar. The EUR/USD pair broke the 1.1300 support zone to move into a bearish zone.
The pair even traded below the 1.1250 support and settled below the 50 hourly simple moving average. A low was formed near 1.1227 on FXOpen and the pair is now correcting losses. There was a break above the 1.1260 level.
EUR/USD Hourly Chart
The pair even spiked above the 1.1285 resistance level. There was a clear move above a major bearish trend line with resistance near 1.1280 on the hourly chart.
It is now facing resistance near the 1.1300 zone and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the 1.1357 swing high to 1.1227 low. The next major resistance is near the 1.1315 level.
It is close to the 61.8% Fib retracement level of the downward move from the 1.1357 swing high to 1.1227 low. The main resistance is forming near the 1.1320 and 1.1335 levels. A clear break above the 1.1335 resistance could push EUR/USD towards 1.1400.
On the downside, the 1.1250 level is a major support. Any more losses might lead EUR/USD towards the 1.1200 support zone in the near term. The next major support sits near the 1.1150 level.
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
Gold Price Faces Hurdles While Crude Oil Price Is Recovering
Gold price is attempting a fresh increase above the $1,785 resistance zone. Crude oil price is recovering and could gain pace if there is a clear move above the $73.20 level.
Important Takeaways for Gold and Oil
Gold price started a fresh decline from well above the $1,800 zone against the US Dollar. The price declined heavily, and it even broke the $1,780 support zone.
The price even settled below the $1,800 level and the 50 hourly simple moving average. Finally, there was a break below the $1,770 level. A low was formed near $1,761 on FXOpen before there was a recovery wave.
Gold price hourly chart
The price climbed above $1,780, but it stayed below $1,800. A high was formed near $1,792 and the price corrected lower. There was a break below the $1,785 level and the $1,780 support.
The price even traded below the 50% Fib retracement level of the upward move from the $1,761 swing low to $1,792 high. There was also a break below a key bullish trend line with support near $1,784 on the hourly chart of gold.
However, the bulls remained active near $1,774. The price is also stable above the 61.8% Fib retracement level of the upward move from the $1,761 swing low to $1,792 high.
An immediate resistance on the upside is near the $1,780 level and the 50 hourly simple moving average. The main resistance is near the $1,785 level. A close above the $1,785 level could open the doors for a steady increase towards $1,800.
The next major resistance sits near the $1,820 level. On the downside, an initial support is near the $1,774 level.
The first major support is near the $1,760 level. A downside break below the $1,760 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,740 support.
Read more...
Gold price is attempting a fresh increase above the $1,785 resistance zone. Crude oil price is recovering and could gain pace if there is a clear move above the $73.20 level.
Important Takeaways for Gold and Oil
- Gold price is showing a few bearish signs below the $1,800 zone against the US Dollar.
- There was a break below a key bullish trend line with support near $1,784 on the hourly chart of gold.
- Crude oil price started a recovery wave above the $70.00 and $72.00 levels.
- There was a break below a major bullish trend line with support near $72.30 on the hourly chart of XTI/USD.
Gold price started a fresh decline from well above the $1,800 zone against the US Dollar. The price declined heavily, and it even broke the $1,780 support zone.
The price even settled below the $1,800 level and the 50 hourly simple moving average. Finally, there was a break below the $1,770 level. A low was formed near $1,761 on FXOpen before there was a recovery wave.
Gold price hourly chart
The price climbed above $1,780, but it stayed below $1,800. A high was formed near $1,792 and the price corrected lower. There was a break below the $1,785 level and the $1,780 support.
The price even traded below the 50% Fib retracement level of the upward move from the $1,761 swing low to $1,792 high. There was also a break below a key bullish trend line with support near $1,784 on the hourly chart of gold.
However, the bulls remained active near $1,774. The price is also stable above the 61.8% Fib retracement level of the upward move from the $1,761 swing low to $1,792 high.
An immediate resistance on the upside is near the $1,780 level and the 50 hourly simple moving average. The main resistance is near the $1,785 level. A close above the $1,785 level could open the doors for a steady increase towards $1,800.
The next major resistance sits near the $1,820 level. On the downside, an initial support is near the $1,774 level.
The first major support is near the $1,760 level. A downside break below the $1,760 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,740 support.
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
GBP/USD Aims Recovery While EUR/GBP Is Sliding
GBP/USD is attempting a recovery wave above the 1.3220 resistance. EUR/GBP is declining and is gaining pace below the 0.8550 level.
Important Takeaways for GBP/USD and EUR/GBP
The British Pound declined heavily below the 1.3300 level against the US Dollar. The GBP/USD pair formed a base above the 1.3265 level and recently started an upside correction.
The pair recovered above the 1.3200 resistance level. There was a break above the 50% Fib retracement level of the downward move from the 1.3289 high to 1.3163 low (formed on FXOpen). Besides, there was a break above a major bearish trend line with resistance near 1.3240 on the hourly chart of GBP/USD.
The pair is now trading near the 1.3250 level and the 50 hourly simple moving average. It is close to the 76.4% Fib retracement level of the downward move from the 1.3289 high to 1.3163 low.
On the upside, an initial resistance is near the 1.3265 level. If there is an upside break above the 1.3450 resistance and the 50 hourly SMA, the price could surpass 1.3280. The main resistance is near the 1.3300 zone.
Therefore, a proper break above the 1.3300 resistance could open the doors for a steady increase. The next major resistance for the bulls could be 1.3350. If not, the pair could start a fresh decline below 1.3220. An immediate support is near the 1.3200 level.
The first key support is near the 1.3180 level. Any more losses could lead the pair towards the 1.3150 support zone. The next major support sits near the 1.3080 level.
Read more...
GBP/USD is attempting a recovery wave above the 1.3220 resistance. EUR/GBP is declining and is gaining pace below the 0.8550 level.
Important Takeaways for GBP/USD and EUR/GBP
- The British Pound is facing resistance near the 1.3280 and 1.3300 levels.
- There was a break above a major bearish trend line with resistance near 1.3240 on the hourly chart of GBP/USD..
- EUR/GBP started a fresh decline from well above the 0.8580 support level.
- There is a major bearish trend line forming with resistance near 0.8540 on the hourly chart.
The British Pound declined heavily below the 1.3300 level against the US Dollar. The GBP/USD pair formed a base above the 1.3265 level and recently started an upside correction.
The pair recovered above the 1.3200 resistance level. There was a break above the 50% Fib retracement level of the downward move from the 1.3289 high to 1.3163 low (formed on FXOpen). Besides, there was a break above a major bearish trend line with resistance near 1.3240 on the hourly chart of GBP/USD.
The pair is now trading near the 1.3250 level and the 50 hourly simple moving average. It is close to the 76.4% Fib retracement level of the downward move from the 1.3289 high to 1.3163 low.
On the upside, an initial resistance is near the 1.3265 level. If there is an upside break above the 1.3450 resistance and the 50 hourly SMA, the price could surpass 1.3280. The main resistance is near the 1.3300 zone.
Therefore, a proper break above the 1.3300 resistance could open the doors for a steady increase. The next major resistance for the bulls could be 1.3350. If not, the pair could start a fresh decline below 1.3220. An immediate support is near the 1.3200 level.
The first key support is near the 1.3180 level. Any more losses could lead the pair towards the 1.3150 support zone. The next major support sits near the 1.3080 level.
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
BTCUSD and XRPUSD Technical Analysis – 14th DEC, 2021
BTCUSD: Head and Shoulders Pattern Below $50,000
Bitcoin was unable to sustain its bullish momentum on 12th Dec and declined after having touched a high of $50,701. We can observe a continuous fall since it touched its all-time high of $59,119 on 30th Nov.
This fall in BTCUSD can also be attributed to the broad-based December selling in crypto markets; this is a time when global investors seem to withdraw their profits and investments due to the upcoming Christmas and New Year holiday season.
In today’s European trading session, bitcoin is again back in the bearish channel, trading below the $50,000 handle.
We can clearly see a head-and-shoulders pattern below the $50,000 handle which signifies a fall in the price of Bitcoin and a continuation of the bearish downtrend.
At present, the price of bitcoin has entered a consolidation phase below the $48,000, and this is expected to continue in the US trading session.
Both the Stoch and StochRSI are indicating an OVERBOUGHT level, which means that in the immediate short-term, a decline in the price is expected.
Bitcoin is moving below its both 100 hourly simple and exponential moving averages.
The average true range is indicating a lesser market volatility, which means that markets will be entering a consolidation phase soon.
BTCUSD is struggling to keep itself above the $50,000 mark, and we can see a mild bullish channel which suggests that a further decline can be expected.
Some of the major technical indicators are giving a SELL signal, which means that the price will fall below $45,000 soon.
In the European trading session, the price of BTCUSD is trading above its classic support level of $46,708 and Fibonacci support level of $46,594.
In the last 24hrs, BTCUSD has gone DOWN by 3.74% with a price change of $1,830, and has a 24hr trading volume of USD 33.547 billion. Compared to yesterday, there was a 41.25% increase in the trading volume. This increase happened thanks to the increased selling pressure, as well as liquidation of bitcoin holdings by investors.
The Week Ahead
Bitcoin continues tumbling down from its Nov 30th all-time high of $59,119. A further decline will push it below the $45,000 handle.
The medium to long-term outlook remains BULLISH for bitcoin, with a target of $55,000. At present, the markets are giving a SELL signal, so it would be best to enter into short positions.
The relative strength index of 42 is indicating a bearish channel, and fresh selling is expected in the markets at any time. This is also due to the renewed fears related to the Omicron coronavirus variant, and many countries shutting down their international borders.
Technical Indicators:
Stoch (9,6): at 98.95 indicating an OVERBOUGHT level
Average directional change (14-day): at 42.60 indicating a SELL
Rate of price change: at -0.837 indicating a SELL
Moving averages convergence divergence (12,26): at -447.70 indicating a SELL
Read more...
BTCUSD: Head and Shoulders Pattern Below $50,000
Bitcoin was unable to sustain its bullish momentum on 12th Dec and declined after having touched a high of $50,701. We can observe a continuous fall since it touched its all-time high of $59,119 on 30th Nov.
This fall in BTCUSD can also be attributed to the broad-based December selling in crypto markets; this is a time when global investors seem to withdraw their profits and investments due to the upcoming Christmas and New Year holiday season.
In today’s European trading session, bitcoin is again back in the bearish channel, trading below the $50,000 handle.
We can clearly see a head-and-shoulders pattern below the $50,000 handle which signifies a fall in the price of Bitcoin and a continuation of the bearish downtrend.
At present, the price of bitcoin has entered a consolidation phase below the $48,000, and this is expected to continue in the US trading session.
Both the Stoch and StochRSI are indicating an OVERBOUGHT level, which means that in the immediate short-term, a decline in the price is expected.
Bitcoin is moving below its both 100 hourly simple and exponential moving averages.
The average true range is indicating a lesser market volatility, which means that markets will be entering a consolidation phase soon.
- Bitcoin trend reversal is seen below $50,000
- Stoch is indicating an OVERBOUGHT level
- The price is now trading just above its pivot level of $46,895
- All the moving averages are giving a SELL signal at current market level of $47,146
BTCUSD is struggling to keep itself above the $50,000 mark, and we can see a mild bullish channel which suggests that a further decline can be expected.
Some of the major technical indicators are giving a SELL signal, which means that the price will fall below $45,000 soon.
In the European trading session, the price of BTCUSD is trading above its classic support level of $46,708 and Fibonacci support level of $46,594.
In the last 24hrs, BTCUSD has gone DOWN by 3.74% with a price change of $1,830, and has a 24hr trading volume of USD 33.547 billion. Compared to yesterday, there was a 41.25% increase in the trading volume. This increase happened thanks to the increased selling pressure, as well as liquidation of bitcoin holdings by investors.
The Week Ahead
Bitcoin continues tumbling down from its Nov 30th all-time high of $59,119. A further decline will push it below the $45,000 handle.
The medium to long-term outlook remains BULLISH for bitcoin, with a target of $55,000. At present, the markets are giving a SELL signal, so it would be best to enter into short positions.
The relative strength index of 42 is indicating a bearish channel, and fresh selling is expected in the markets at any time. This is also due to the renewed fears related to the Omicron coronavirus variant, and many countries shutting down their international borders.
Technical Indicators:
Stoch (9,6): at 98.95 indicating an OVERBOUGHT level
Average directional change (14-day): at 42.60 indicating a SELL
Rate of price change: at -0.837 indicating a SELL
Moving averages convergence divergence (12,26): at -447.70 indicating a SELL
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
EUR/USD and USD/CHF: Dollar Could Gains Momentum
EUR/USD is struggling to gain momentum above the 1.1300 zone. USD/CHF is rising, and it might extend gains above the 0.9250 level.
Important Takeaways for EUR/USD and USD/CHF
The Euro attempted an upside break above the 1.1325 resistance zone against the US Dollar. The EUR/USD pair failed to gain strength above 1.1325 and started a fresh decline.
There was a clear break below the 1.1300 and 1.1280 support levels. Besides, there was a break below a key bullish trend line with support near 1.1270 on the hourly chart of EUR/USD. The pair even broke the 1.1260 support and the 50 hourly simple moving average.
EUR/USD Hourly Chart
It traded as low as 1.1250 on FXOpen and is consolidating losses. On the upside, an initial resistance is near the 1.1272 level. The 23.6% Fib retracement level of the recent decline from the 1.1326 swing high to 1.1250 low is also near 1.1272.
The next major resistance is near the 1.1285 zone. It is near the 50% Fib retracement level of the recent decline from the 1.1326 swing high to 1.1250 low. A clear upside break above the 1.1300 zone could open the doors for a steady move.
The next major resistance sits near the 1.1325 level. On the downside, an immediate support is near the 1.1250 level. The next major support is near the 1.1220 level.
A downside break below the 1.1220 support could start another decline. The next major support sits near 1.1150.
Read more...
EUR/USD is struggling to gain momentum above the 1.1300 zone. USD/CHF is rising, and it might extend gains above the 0.9250 level.
Important Takeaways for EUR/USD and USD/CHF
- The Euro failed to gain strength and declined below 1.1300 against the US Dollar.
- There was a break below a key bullish trend line with support near 1.1270 on the hourly chart of EUR/USD.
- USD/CHF started a decent increase from the 0.9200 support zone.
- There is a major bearish trend line forming with resistance near 0.9250 on the hourly chart.
The Euro attempted an upside break above the 1.1325 resistance zone against the US Dollar. The EUR/USD pair failed to gain strength above 1.1325 and started a fresh decline.
There was a clear break below the 1.1300 and 1.1280 support levels. Besides, there was a break below a key bullish trend line with support near 1.1270 on the hourly chart of EUR/USD. The pair even broke the 1.1260 support and the 50 hourly simple moving average.
EUR/USD Hourly Chart
It traded as low as 1.1250 on FXOpen and is consolidating losses. On the upside, an initial resistance is near the 1.1272 level. The 23.6% Fib retracement level of the recent decline from the 1.1326 swing high to 1.1250 low is also near 1.1272.
The next major resistance is near the 1.1285 zone. It is near the 50% Fib retracement level of the recent decline from the 1.1326 swing high to 1.1250 low. A clear upside break above the 1.1300 zone could open the doors for a steady move.
The next major resistance sits near the 1.1325 level. On the downside, an immediate support is near the 1.1250 level. The next major support is near the 1.1220 level.
A downside break below the 1.1220 support could start another decline. The next major support sits near 1.1150.
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
ETHUSD and LTCUSD Technical Analysis – 16th DEC, 2021
ETHUSD: Double Bottom Pattern Above $3,600
Ethereum started this week on a mild bullish tone by touching a high of $4,169 after which the decline started pushing its prices below the $4,000 handle.
We saw Ethereum touching an intraday low of $3,654 yesterday, after which fresh buying in the market pushed its prices all the way above the $4000 mark. The recovery was also backed by the Three Arrows Capital hedge fund purchasing $56 million worth of Ether.
ETHUSD is slowly preparing itself for its next move against the US dollar.
We can clearly see a double bottom pattern above $3,600, which signifies the end of a downtrend and a shift towards an uptrend.
ETH is now trading just above its pivot level of $3,998 and moving in a bullish ascending channel. The price of ETHUSD is about to break its classic resistance level of $4,048, its Fibonacci resistance level of $4,035, and is now aiming towards the $4,200 handle in the US trading session.
All the major technical indicators are giving a STRONG BUY signal.
ETH is now trading above its 100 hourly and below its 200 hourly simple moving averages.
ETHUSD has recovered from its losses and is now moving in the consolidation phase below the $4,200 handle in the European trading session.
Stoch and average directional change are indicating a NEUTRAL market.
We can see a 34.50% increase in the trading volume as compared to yesterday, because the market was in a consolidation phase, and today, new buyers have entered as the bullish pattern is clearly visible.
ETH has gained +4.58% with a price change of +176.90$ in the past 24hrs and has a trading volume of 26.810 billion USD.
The Week Ahead
Ether is now waiting for its next move against the US dollar. We can see that the price continues to hold above the important psychological support level of $4,000.
The medium to long-term outlook for Ether remains bullish with targets of $4,500 to $5,000 in January 2022.
This is also a time when long-term investors tend to liquidate their holdings and withdraw the profits. Because of the coming end-of-year Christmas and New Year holidays, the liquidity will remain low and the advances limited.
We have detected an MA5 crossover pattern which signifies a bullish trend in the coming days. A bullish crossover pattern is also seen in the MA100.
Technical Indicators:
Ultimate oscillator: at 54.75 indicating a BUY
Moving averages convergence divergence (14-day): at 54.07 indicating a BUY
Commodity channel index (14days): at 34.51 indicating a NEUTRAL market
Rate of price change: at 8.161 indicating a BUY
Read more...
ETHUSD: Double Bottom Pattern Above $3,600
Ethereum started this week on a mild bullish tone by touching a high of $4,169 after which the decline started pushing its prices below the $4,000 handle.
We saw Ethereum touching an intraday low of $3,654 yesterday, after which fresh buying in the market pushed its prices all the way above the $4000 mark. The recovery was also backed by the Three Arrows Capital hedge fund purchasing $56 million worth of Ether.
ETHUSD is slowly preparing itself for its next move against the US dollar.
We can clearly see a double bottom pattern above $3,600, which signifies the end of a downtrend and a shift towards an uptrend.
ETH is now trading just above its pivot level of $3,998 and moving in a bullish ascending channel. The price of ETHUSD is about to break its classic resistance level of $4,048, its Fibonacci resistance level of $4,035, and is now aiming towards the $4,200 handle in the US trading session.
All the major technical indicators are giving a STRONG BUY signal.
ETH is now trading above its 100 hourly and below its 200 hourly simple moving averages.
- Ethereum trend reversal seen above $3,600
- Short-term range appears to be bullish for ETHUSD
- All the moving averages are giving a BUY signal
- Average true range is indicating LESS market volatility
ETHUSD has recovered from its losses and is now moving in the consolidation phase below the $4,200 handle in the European trading session.
Stoch and average directional change are indicating a NEUTRAL market.
We can see a 34.50% increase in the trading volume as compared to yesterday, because the market was in a consolidation phase, and today, new buyers have entered as the bullish pattern is clearly visible.
ETH has gained +4.58% with a price change of +176.90$ in the past 24hrs and has a trading volume of 26.810 billion USD.
The Week Ahead
Ether is now waiting for its next move against the US dollar. We can see that the price continues to hold above the important psychological support level of $4,000.
The medium to long-term outlook for Ether remains bullish with targets of $4,500 to $5,000 in January 2022.
This is also a time when long-term investors tend to liquidate their holdings and withdraw the profits. Because of the coming end-of-year Christmas and New Year holidays, the liquidity will remain low and the advances limited.
We have detected an MA5 crossover pattern which signifies a bullish trend in the coming days. A bullish crossover pattern is also seen in the MA100.
Technical Indicators:
Ultimate oscillator: at 54.75 indicating a BUY
Moving averages convergence divergence (14-day): at 54.07 indicating a BUY
Commodity channel index (14days): at 34.51 indicating a NEUTRAL market
Rate of price change: at 8.161 indicating a BUY
Read more...
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fxoday
- Posts: 150
- Joined: Fri Nov 05, 2021 4:42 pm
Re: FXOpen Daily Analytics forex and crypto trading
AUD/USD and NZD/USD Remains Supported On Dips
AUD/USD gained pace after there was a clear move above 0.7200. NZD/USD is correcting gains, but dips might be limited below the 0.6750 support.
Important Takeaways for AUD/USD and NZD/USD
- The Aussie Dollar started a steady rise above the 0.7200 resistance against the US Dollar.
- There is a key bullish trend line forming with support near 0.7135 on the hourly chart of AUD/USD..
- NZD/USD rallied towards the 0.6840 level before there was a downside correction.
- There was a break above a major bearish trend line with resistance near 0.6765 on the hourly chart of NZD/USD.
The Aussie Dollar started a major increase after it formed a base above the 0.7100 level against the US Dollar. The AUD/USD pair gained pace for a move above the 0.7200 for sustained upward move.
The pair even broke the 0.7220 resistance zone and the 50 hourly simple moving average. It traded as high as 0.7223 on FXOpen before it started a downside correction. There was a move below the 0.7210 and 0.7200
AUD/USD Hourly Chart
The pair traded below the 23.6% Fib retracement level of the upward move from the 0.7093 swing low to 0.7223 high. The pair is now testing the 0.7155 level and the 50 hourly simple moving average.
It is finding bids near the 50% Fib retracement level of the upward move from the 0.7093 swing low to 0.7223 high. There is also a key bullish trend line forming with support near 0.7135 on the hourly chart of AUD/USD.
If there is a downside break below the 0.7135 support, the pair could extend its decline towards the 0.7100 level. On the upside, an immediate resistance is near the 0.7180 level.
The next major resistance is near the 0.7200 level. A close above the 0.7200 level could start a steady increase in the near term. The next major resistance could be 0.7250.
Read more...
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