Daily analysis by FXOpen

[Farabot]

BTCUSD and XRPUSD Technical Analysis – 03rd JAN 2023

BTCUSD: Bullish Engulfing Pattern Above $16372

Bitcoin was unable to sustain its bearish momentum and after touching a low of $16372 on 30th Dec, the prices started to correct upwards against the US dollar and are now ranging above the $16600 handle in the European trading session today.

The price of bitcoin is ranging near the support of the channel in the weekly time frame indicating a bullish trend.

We can clearly see a bullish engulfing pattern above the $16372 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday low of 16655 and an intraday high of 16781 in the Asian trading session today.

The price is forming an ascending channel with the current support of $16690 at which the price crosses the 9-day moving average.

Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected.

The relative strength index is at 58.47 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets.

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

Some of the major technical Indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17500 and 18500.

The average true range is indicating HIGH market volatility with a mild bullish momentum.

• Bitcoin: bullish reversal seen above $16372
• The average directional index is indicating a NEUTRAL level
• The price is now trading just below its pivot level of $16752
• The short term range is mildly bullish

Bitcoin: Bullish Reversal Seen Above $16372

We can now see that the price of bitcoin is moving in the correction phase after the recent decline below the $16500 level. The immediate targets are $17500 and $18500 in the short-term range.

Once the price of bitcoin will touch $18000, we are expecting a rally into the markets towards the $20000 level.

We can see the formation of the bullish trend reversal pattern with the adaptive moving average AMA50 and AMA100 in the 1-hour time frame.

Any dips from the current levels remain well supported above the $16500 handle as the bitcoin price continues to gain traction against the US dollar.

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

Bitcoin’s support zone is located at $16662 which is a pivot point, and at $16723 which is a 3-10 day MACD oscillator stalls.

The price of BTCUSD is now facing its classic resistance level of 16765 and Fibonacci resistance level of 16773 after which the path towards 17000 will get cleared.

In the last 24hrs, BTCUSD has increased by 0.08% by 13.10$ and has a 24hr trading volume of USD 11.564 billion. We can see an increase of 5.89% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin’s price is expected to enter into a consolidation phase below the $17000 level. As the market liquidity increases, we will see the price upticking towards the $18000 handle.

As of now, the moves are expected to be in a narrow range between the $16000 and $17500 levels.

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

The price of BTCUSD is now facing its resistance zone at $17096 which is a 38.2% retracement from a 4-week low, and at $17333 which is a 14-3 day raw stochastic at 50%.

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

Technical Indicators:

The MACD (12,26): is at 20.50 indicating a BUY

The commodity channel index, CCI (14): is at 73.18 indicating a BUY

The rate of price change, ROC: is at 0.048 indicating a BUYBull/bear power (13): is at 31.92 indicating a BUY

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[Farabot]

EUR/USD and USD/CHF 2023 Chart Outlook

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

Important Takeaways for EUR/USD and USD/CHF

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

EUR/USD Technical Analysis

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

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

EUR/USD Daily Chart

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

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

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

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

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[Farabot]

#MarketNews #Gold #Silver

A RARE DIVERGENCE IN THE GOLD AND SILVER MARKETS

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

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

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

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

To take advantage of rising and falling prices for metals, oil and gas, consider enlisting the services of a reliable broker like FXOpen.

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

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


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[Farabot]

AUD/USD and NZD/USD 2023 Chart Outlook

AUD/USD started a decent increase in Oct 2022 and climbed above 0.6500. Similarly, NZD/USD was able to clear the 0.6000 resistance zone.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar gained pace above the 0.6400 and 0.6500 levels against the US Dollar.
  
• There is a crucial bearish trend line forming with resistance near 0.6840 on the daily chart of AUD/USD.
  
• NZD/USD also started a steady increase above the 0.6000 and 0.6200 levels.
  
• There was a clear move above a key bearish trend line with resistance near 0.6270 on the daily chart.

AUD/USD Technical Analysis

In Oct 2022, the Aussie Dollar found support near 0.6200 zone against the US Dollar. The AUD/USD pair remained well bid and started a fresh increase above the 0.6400 resistance zone.

The pair climbed higher steadily above the 0.6500 level, but it remained below the 50-day simple moving average. There was a clear move above the 50% Fibonacci retracement level of the last major decline from the 0.7145 high to 0.6170 swing low.

AUD/USD Daily Chart

However, there are many resistances forming on the upside near the 0.6830 and 0.6850 levels. More importantly, the 50-day simple moving average is positioned near the 0.6850 level.

There is also a crucial bearish trend line forming with resistance near 0.6840 on the daily chart of AUD/USD. Only a successful daily close above 0.6850 might start a strong recovery towards the 0.7150 level.

The 76.4% Fibonacci retracement level of the last major decline from the 0.7145 high to 0.6170 swing low is also near the 0.7150 level. Any more gains might send the pair towards the 0.7200 level.

On the downside, the key supports are 0.6720 and 0.6680, below which the pair may perhaps decline extend its decline towards the 0.6600 and 0.6550 levels. Any more losses might call for a move towards the 0.6400 level.

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[Farabot]

GBP/USD dan GBP/JPY Menuju Lebih Tinggi

GBP/USD mendapatkan kecepatan di atas zona 1,2100. GBP/JPY juga naik dan mungkin mendapatkan kecepatan jika menembus zona resistensi 160,20.

Catatan Penting untuk GBP/USD dan GBP/JPY

• British Pound menunjukkan tanda-tanda positif di atas 1,2000 terhadap Dolar AS.
  
• Terjadi penembusan di atas garis tren bearish utama dengan resistance di dekat 1.2065 pada grafik per jam GBP/USD.
  
• GBP/JPY memulai kenaikan baru di atas zona resistensi 158,50.
  
• Ada segitiga penciutan utama yang terbentuk dengan resistance di dekat 160.00 pada grafik per jam.

Analisis Teknis GBP/USD

Seminggu terakhir ini, Pound Inggris menemukan support di dekat zona 1,1840 terhadap Dolar AS. Pasangan GBP/USD membentuk basis dan memulai gelombang pemulihan stabil di atas level 1,2000.

Ada pergerakan yang jelas di atas resistensi 1,2050 dan rata-rata pergerakan sederhana 50 jam. Selama kenaikan, terjadi penembusan di atas garis tren bearish utama dengan resistance di dekat 1,2065 pada grafik per jam GBP/USD.

Grafik Per Jam GBP/USD

Pasangan ini bahkan melewati resistensi 1,2100. Tinggi terbentuk di dekat 1,2136 di FXOpen dan pasangan ini memulai fase konsolidasi.

Resisten terdekat di sisi atas dekat level 1,2140. Resisten utama berikutnya berada di dekat level 1,2200, di atasnya pasangan ini dapat memulai kenaikan stabil menuju 1,2250. Penembusan sisi atas di atas 1,2250 mungkin memulai kenaikan baru menuju 1,2320. Kenaikan lebih lanjut mungkin memerlukan pergerakan menuju 1,2400 atau bahkan 1,2500.

Support langsung berada di dekat 1,2080. Support utama berikutnya berada di dekat level 1,2065. Itu dekat level retracement Fib 23,6% dari pergerakan ke atas dari swing low 1,1841 ke high 1,2136.

Jika ada penembusan di bawah support 1.2065, pasangan ini bisa menguji support 1.2050. Itu mendekati level retracement Fib 50% dari pergerakan ke atas dari swing low 1,1841 ke high 1,2136. Penurunan lebih lanjut dapat mengirim GBP/USD menuju 1,1820.


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[Farabot]

BTCUSD and XRPUSD Technical Analysis – 10th JAN 2023

BTCUSD: Three Inside UP Pattern Above $16608

Bitcoin was unable to sustain its bearish momentum and after touching a low of $16608 on 03rd Jan, the price started to correct upwards against the US dollar and is ranging above the $17200 handle in the European trading session today.

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

We can clearly see a three inside up pattern above the $16608 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday low of 17133 in the Asian trading session and an intraday high of 17277 in the European trading session today.

The price of bitcoin is back over the pivot point in the daily time frame.

The ichimoku is indicating a bullish crossover with tenkan and kijun in the daily time frame.

Both the STOCH and STOCHRSI are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected.

The relative strength index is at 55.92 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets.

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

Most of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17500 and 18500.

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

• Bitcoin: bullish reversal seen above $16608
• The average directional index is indicating a NEUTRAL level
• The price is now trading just below its pivot level of $17261
• The short-term range is strongly bullish

Bitcoin: Bullish Reversal Seen Above $16608

The price of bitcoin continues to rise above the $17000 handle and after some consolidation we are expecting the immediate targets of $18000 and $19000.

There is an ascending channel forming with the current support at $16521 at which the price crosses 9-day moving average stalls.

The Williams percent indicator is back over -50 indicating a bullish tone present in the markets.

We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 1-hour time frame.

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

Bitcoin’s support zone is located at $16802 at which the price crosses 18-day moving average, and $16926 which is a 1st Support point of the pivot point.

The price of BTCUSD is now facing its classic resistance level of 17271 and Fibonacci resistance level of 17289 after which the path towards 18000 will get cleared.

In the last 24hrs, BTCUSD has decreased by 0.08% by 14.08$ and has a 24hr trading volume of USD 15.993 billion. We can see an increase of 10.97% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin’s price is expected to enter a super bullish zone after crossing the $18000 level with the next upwards targets located at $19000 and $20000.

The daily RSI is printing at 60.20 which indicates a STRONG demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

The price of BTCUSD is now facing its resistance zone located at $17429 which is a 3-10 day MACD oscillator stalls, and $17789 which is a 38.2% retracement from a 13-week low.

The weekly outlook is projected at $18500 with a consolidation zone of $18000.

Technical Indicators:

The MACD (12,26): is at 25.00 indicating a BUY

The commodity channel index, CCI (14): is at 135.50 indicating a BUY

The rate of price change, ROC: is at 0.232 indicating a BUY

Bull/Bear power (13): is at 24.49 indicating a BUY

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

 

[Farabot]

EUR/USD and EUR/JPY Could Climb Further Higher

EUR/USD is eyeing an upside break above the 1.0750 resistance zone. EUR/JPY is rising and might climb further higher above the 142.50 resistance.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a fresh increase above the 1.0650 resistance zone.
  
• There is a key contracting triangle forming with resistance near 1.0745 on the hourly chart.
  
• EUR/JPY started a strong increase and settled above the 142.00 support zone.
• There is a major bullish trend line forming with support at 141.20 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a base above the 1.0500 zone and started a decent increase against the US Dollar. The EUR/USD pair was able to clear the 1.0550 and 1.0580 resistance levels.

There was a clear move above the 1.0650 level and the 50 hourly simple moving average. The pair even climbed above 1.0700 and traded as high as 1.0760 on FXOpen. Recently, there was a downside correction below the 1.0750 support zone.

EUR/USD Hourly Chart

On the downside, the pair might find support near the 1.0720 level. The next major support sits near the 1.0695 level. The 23.6% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high is also near 1.0695, below which the pair could even test the 1.0650 support zone.

If there is a downside break below the 1.0650 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0620 or the 50% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high.

On the upside, an immediate resistance is near the 1.0750 level. There is also a key contracting triangle forming with resistance near 1.0745 on the hourly chart.

The next major resistance is near the 1.0780 level. A clear move above the 1.0780 resistance might send the price towards 1.0850. If the bulls remain in action, the pair could visit the 1.0950 resistance zone in the near term.

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[Farabot]

ETHUSD and LTCUSD Technical Analysis – 12th JAN, 2023

ETHUSD: Bullish Harami Pattern Above $1237

Ethereum was unable to sustain its bearish momentum and after touching a low of 1237 on 06th Jan, the price started to correct upwards against the US dollar crossing the $1400 handle today in the European trading session.

The prices are ranging near a new record high of 1 month.

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

We can clearly see a bullish harami pattern above the $1237 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 1398 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1401 and Fibonacci resistance level of 1403 after which the path towards 1500 will get cleared.

We have also seen the formation of an upside gap in the 15-minute time frame indicating the bullish nature of the markets.

The relative strength index is at 70.66 indicating a strong demand for Ether and the continuation of the buying pressure in the markets.

The Williams percent range is indicating an overbought market, which means that the price is expected to decline in the short-term range.

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

Most of the moving averages are giving a STRONG BUY signal at the current market levels of $1399.

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

• Ether: bullish reversal seen above the $1237 mark
• The short-term range appears to be strongly bullish
• ETH continues to remain above the $1350 level
• The average true range is indicating HIGH market volatility

Ether: Bullish Reversal Seen Above $1237

ETHUSD continues to trade higher against the US dollar and bitcoin. The price of Ethereum remains supported above the $1300 level and now we are testing the break of the $1500 handle.

The momentum Indicator is back over zero in the weekly time frame.

We can see the formation of a bullish price crossover pattern with moving average MA20 in the weekly time frame.

The resistance of the channel is broken in the daily time frame indicating bullish trends.

ETHUSD touched an intraday low of 1341 in the Asian trading session and an intraday high of 1417 in the European trading session today.

The daily RSI is printing at 75.77 indicating a STRONG demand for Ether in the long-term range.

The key support levels to watch are $1275 at which the price crosses 9-day moving average and at $1313 which is a 38.2% retracement from a 4-week high.

ETH has increased by 4.62% with a price change of 61.65$ in the past 24hrs and has a trading volume of 9.607 billion USD.

We can see an increase of 74.76% in the total trading volume in the last 24 hrs which is due to the heavy buying pressure seen in the global markets.

The Week Ahead

ETH has already made a successful attempt at crossing the $1400 level and the next targets are located at $1500 and $1600 levels in the medium-term.

We can see the formation of an ascending channel from $1237 towards $1421.

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

The resistance zone is located at $1413 which is a 1-month high, and at $1442 which is a 38.2% retracement from a 13-week high.

The weekly outlook is projected at $1550 with a consolidation zone of $1500.

Technical Indicators:

The STOCH (9,6): is at 57.42 indicating a BUY

The MACD (12,26): is at 16.00 indicating a BUY

The ultimate oscillator: is at 51.75 indicating a BUY

The rate of price change: is at 4.24 indicating a BUY

Read more...

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

 

[Farabot]

Gold Price and Crude Oil Price Extend Gains

Gold price is gaining pace above the $1,870 level. Crude oil price is also rising and might clear the $80 resistance zone in the near term.

Important Takeaways for Gold and Oil

• Gold price started a strong increase and tested $1,900 against the US Dollar.
  
• There is a key bullish trend line forming with support near $1,885 on the hourly chart of gold.
  
• Crude oil price started a fresh increase from the $74.00 support zone.
  
• There is a major bullish trend line forming with support near $75.40 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,820 level against the US Dollar. The price started a strong increase above the $1,840 and $1,850 resistance levels to move into a positive zone.

The bulls even pumped the price above the $1,880 and the 50 hourly simple moving average. The price even tested the $1,900 level. A high is formed near $1,901 on FXOpen and the price is now consolidating gains.

Gold Price Hourly Chart

An immediate support on the downside is near the $1,894 level. It is close the 23.6% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.

The next major support is near the $1,885 level. There is also a key bullish trend line forming with support near $1,885 on the hourly chart of gold. The trend line is near the 50% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.

The next major support is near $1,882, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,865 support zone.

On the upside, the first major resistance is near the $1,900 level. The next key hurdle is near the $1,912 level, above which it could even test $1,925. A clear upside break above the $1,925 resistance could send the price towards $1,950.

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[Farabot]

Watch FXOpen's January 9 - 13 Weekly Market Wrap Video

In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

• Major events of the coming days
• GBP/USD and GBP/JPY aim higher
• FTSE 100 rockets to 1 year high! Will it reach 8,000?
• The financial market is preparing for a shake-up

Watch our short and informative video, and stay updated with FXOpen.




FXOpen YouTube


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

 

[Farabot]

GBP/USD Gains Pace While EUR/GBP Corrects Lower

GBP/USD started a fresh increase above the 1.2200 resistance zone. EUR/GBP is slowly moving lower below the 0.8880 support zone.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound started a fresh increase above the 1.2200 resistance against the US Dollar.
  
• There is a key bullish trend line forming with support near 1.2220 on the hourly chart of GBP/USD.
  
• EUR/GBP started a downside correction below the 0.8880 support zone.
  
• There was a break below a connecting bullish trend line with support near 0.8860 on the hourly chart.

GBP/USD Technical Analysis

The British Pound remained well bid above the 1.2120 level against the US Dollar. The GBP/USD pair gained pace above the 1.2200 level to move into a positive zone.

There was a clear move above the 1.2220 level and the 50 hourly simple moving average. The bulls seem to be in control and a high is formed near 1.2287 on FXOpen. It is now consolidating gains and showing positive signs above the 1.2250 level.

GBP/USD Hourly Chart

On the upside, an initial resistance is near the 1.2300 level. The first major resistance is near the 1.2320 level. A clear move above the 1.2320 level could spark a decent increase.

The next major resistance sits near the 1.2200 level. Any more gains might send the pair towards the 1.2400 resistance zone. On the downside, an initial support is near the 1.2250 level or the 23.6% Fib retracement level of the upward move from the 1.2150 swing low to 1.2287 high.

The next major support is near the 1.2220 level. There is also a key bullish tend line forming with support near 1.2220 on the hourly chart of GBP/USD.

The trend line is near the 50% Fib retracement level of the upward move from the 1.2150 swing low to 1.2287 high. Any more losses could lead the pair towards the 1.2150 support zone.

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[Farabot]

BTCUSD and XRPUSD Technical Analysis – 17th JAN 2023

BTCUSD: Three Inside Up Pattern Above $17323

Bitcoin continues its bullish momentum from last week and after touching a low of $17323 on 11th Jan, the price started to correct upwards against the US Dollar and is now ranging above the $21000 handle in the European trading session today.

We can see an upwards rally in the BTCUSD which managed to touch the level of $21390 on 16th Jan.

We can clearly see a three inside up pattern above the $17323 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday high of 21288 and an intraday low of 20952 in the Asian trading session today.

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

The ichimoku is indicating a bullish crossover with tenkan and kijun in the 30-minute time frame.

Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected.

The resistance of the channel is broken in the 15-minute time frame indicating bullish trends.

The relative strength index is at 72.09 indicating a very strong demand for bitcoin, and the continuation of the buying pressure in the markets.

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

Most of the major technical indicators are giving a buy signal, which means that in the immediate short term, we are expecting targets of 22000 and 23500.

The average true range is indicating less market volatility with a strong bullish momentum.

• Bitcoin: bullish continuation seen above $17323
• The STOCHRSI is indicating an OVERSOLD level
• The price is now trading just below its pivot level of $21167
• The short term range is strongly bullish

Bitcoin: Bullish Continuation Seen Above $17323

The price of Bitcoin witnessed a rally after crossing the $18000 levels, and now we can see some market consolidation above the $21000 levels.

After the consolidation phase is over, we are expecting upside moves in the range of $22000 to $24000 levels.

There is an ascending channel forming with the current support at $17379 which is a 14-3 day raw stochastic at 20%.

We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 15-minute time frame.

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

Bitcoin’s support zone is located at $18865 which is a 50% retracement from a 4-week high/low and at $19892 which is a 14-3 day raw stochastic at 70%.

The price of BTCUSD is now facing its classic resistance level of 21263 and Fibonacci resistance level of 21320 after which the path towards 22000 will get cleared.

In the last 24hrs BTCUSD has increased by 1.28% by 266.18$ and has a 24hr trading volume of USD 22.330 billion. We can see a decrease of 4.90% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin’s price rocketed higher recently and moved to a 2-month high crossing the $21000 levels. We are now looking for the next upwards move towards the $22000 and $24000 levels.

The daily RSI is printing at 86.91 which indicates a very STRONG demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

We can see the formation of a bullish trend line from $17323 towards the $21324 level.

The price of BTCUSD is now facing its resistance zone located at $21466 which is a 13-week high and $22981 which is a 3-10 day MACD oscillator stalls.

The weekly outlook is projected at $23000 with a consolidation zone of $22000.

Technical Indicators:

The MACD (12,26): is at 689.90 indicating a BUY

The commodity channel index, CCI (14): is at 86.32 indicating a BUY

The rate of price change, ROC: is at 1.60 indicating a BUY

Bull/bear power (13): is at 593.30 indicating a BUY

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[Farabot]

EUR/USD Could Correct Lower While USD/JPY Starts Fresh Increase

EUR/USD is correcting lower and trading below 1.0820. USD/JPY could gain bullish momentum if there is a clear move above the 130.80 resistance.

Important Takeaways for EUR/USD and USD/JPY

• The Euro started a downside correction from the 1.0870 resistance zone.
  
• There was a break below a key bullish trend line with support near 1.0800 on the hourly chart of EUR/USD.
  
• USD/JPY is attempting a fresh increase above the 130.00 support zone.
  
• There was a break above a major bearish trend line with resistance near 129.20 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro found support near the 1.0700 zone against the US Dollar. The EUR/USD pair started a steady upward move above the 1.0750 and 1.0800 resistance levels.

There was a clear increase above the 1.0820 resistance zone and the 50 hourly simple moving average. The pair even climbed towards the 1.0850 resistance zone. A high was formed near 1.0874 on FXOpen and the pair is now correcting gains.

EUR/USD Hourly Chart

There was a move below the 1.0820 support zone. The bears pushed the pair below the 50% Fib retracement level of the upward move from the 1.0730 swing low to 1.0874 high.

Besides, there was a break below a key bullish trend line with support near 1.0800 on the hourly chart of EUR/USD. The pair is now showing bearish signs near 1.0785.

It is consolidating near the 61.8% Fib retracement level of the upward move from the 1.0730 swing low to 1.0874 high. An initial support on the downside is near the 1.0775 level. The first major support is near the 1.0750 level.

The main support sits near the 1.0720 zone, below which the pair could start a major decline. In the stated case, the pair might dive towards the 1.0650 support zone.

On the upside, an immediate resistance is near the 1.0820 level. The next major resistance is near the 1.0850 level. An upside break above 1.0850 could set the pace for another increase. In the stated case, the pair might visit 1.0920. Any more gains might send the pair towards 1.0980.

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[Farabot]

#MarketNews

THE PROBABILITY OF A REVERSAL OF THE DOLLAR INDEX IS GROWING

As the chart on the left shows, the dollar index futures fell to the level (1) of a 50% pullback from the amount of growth that began in 2021 and ended in the fall of 2022. Technically, this means that the price of the contract has reached the expected support level.

The chart on the right shows a pin bar (2) with a long lower shadow, which is interpreted as a bullish signal. Thus, technical analysts receive confirmation that the 50% level is taking effect.

The reason for the formation of the pin-bar is weak data on the US economy. Yesterday it became known that retail sales decreased by 1.1%. It also pulled the stock markets down. It looks like recession fears are growing and the “cash is king” idea that dominated 2022 is making a comeback.

To take advantage of trends in the financial markets, consider enlisting the services of a reliable broker like FXOpen. (http://fxopen.com/)

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

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[Farabot]

AUD/USD and NZD/USD At Risk of Additional Losses

AUD/USD declined below the 0.7000 and 0.6950 support levels. NZD/USD also declined towards 0.6365 and is currently attempting a recovery wave.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh decline from well above the 0.7000 level against the US Dollar.
  
• There was a break below a key bullish trend line with support near 0.6960 on the hourly chart of AUD/USD.
  
• NZD/USD declined heavily below the 0.6450 support zone and tested 0.6365.
  
• There was a break below a major bullish trend line with support near 0.6405 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar started a fresh decline from the 0.7065 zone against the US Dollar. The AUD/USD pair remained in a bearish zone below the 0.7000 level.

There was a clear move below the 0.6950 support and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near 0.6960 on the hourly chart of AUD/USD.

AUD/USD Hourly Chart

The pair traded as low as 0.6871 FXOpen and is currently correcting higher. It surpassed the 23.6% Fib retracement level of the downward move from the 0.7063 swing high to 0.6871 low.

On the upside, the AUD/USD pair is facing resistance near the 0.6940 level and the 50 hourly simple moving average. The next major resistance is near the 0.6970 level. It is near the 50% Fib retracement level of the downward move from the 0.7063 swing high to 0.6871 low.

A close above the 0.6970 level could start another steady increase in the near term. The next major resistance could be 0.7040.

On the downside, an initial support is near the 0.6890 level. The next support could be the 0.6870 level. If there is a downside break below the 0.6870 support, the pair could extend its decline towards the 0.6820 level. Any more losses might send the pair towards the 0.6750 support.

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[Farabot]

GBP/USD Rallies Above 1.2400, USD/CAD Could Extend Losses

GBP/USD started a major increase and traded above 1.2400. USD/CAD is declining and might even trade below the 1.3350 support.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound was able to move above the 1.2300 and 1.2350 resistance levels.
  
• There was a break above a key contracting triangle with resistance near 1.2380 on the hourly chart of GBP/USD.
  
• USD/CAD declined below the 1.3450 and 1.3400 support levels.
  
• It traded below a major bullish trend line with support near 1.3382 on the hourly chart.

GBP/USD Technical Analysis

After forming a base above the 1.2100, the British Pound started a steady increase against the US Dollar. GBP/USD gained pace for a move above the 1.2250 and 1.2300 resistance levels.

There was a move above the 1.2350 resistance and the 50 hourly simple moving average. The pair even moved above the 1.2400 level and traded as high as 1.2447 on FXOpen. During the increase, there was a break above a key contracting triangle with resistance near 1.2380 on the hourly chart of GBP/USD.

GBP/USD Hourly Chart

It is now correcting gains and trading near the 1.2440 level. However, it is trading well above 1.2350 and the 50 hourly simple moving average.

On the downside, an initial support is near the 1.2240 area. It is near the 23.6% Fib retracement level of the upward move from the 1.2335 swing low to 1.2447 high.

The next major support is near the 1.2400 level or the 50% Fib retracement level of the upward move from the 1.2335 swing low to 1.2447 high. If there is a break below 1.2390, the pair could extend its decline.

The next key support is near the 1.2320 level. Any more losses might call for a test of the 1.2250 support. An immediate resistance is near the 1.2450 level.

The next resistance is near the 1.2500 level. If there is an upside break above the 1.2500 zone, the pair could rise towards 1.2620. The next key resistance could be 1.2750.

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[Farabot]

BTCUSD and XRPUSD Technical Analysis – 24th JAN 2023

BTCUSD: Inverted Hammer Pattern Above $20671

Bitcoin continues its bullish momentum from last week and after touching a low of $20671on 19th Jan we can see a bull run which managed to push the prices of BTCUSD above the $23000 handle today in the early Asian trading session.

After touching a high of $23159 we can see that the prices are declining due to profit taking by the medium term investors.

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

We can clearly see an inverted hammer pattern above the $20671 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday high of 23159 in the Asian trading session and an intraday low of 22858 in the European trading session today.

Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected.

The relative strength index is at 63.63 indicating a strong demand for bitcoin, and the continuation of the buying pressure in the markets.

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

Most of the major technical indicators are giving a strong buy signal, which means that in the immediate short term, we are expecting targets of 23000 and 24500.

The average true range is indicating less market volatility with a strongly bullish momentum.

• Bitcoin: bullish continuation seen above $20671
• The STOCHRSI range is indicating oversold levels
• The price is now trading below its pivot level of $23066
• All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Continuation Seen Above $20671

We can now see that the price of Bitcoin is moving in a correction phase after which the market consolidation will start above the $22500 handle.

The Aroon indicator is giving a bullish trend in the 1-hour time frame.

The momentum indicator is back over zero in the 30-minute time frame.

We can see the formation of the bullish harami cross pattern in the 15-minute time frame indicating bullish trends.

We have also detected a bullish price crossover pattern with the adaptive moving average AMA100 in the 15-minute time frame.

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

Bitcoin’s support zones are located at $21017 at which the price crosses 9-day moving average, and at $21976 which is a 14-3 day raw stochastic at 80%.

The price of BTCUSD is now facing its classic resistance level of 23200 and Fibonacci resistance level of 23288 after which the path towards 24000 will get cleared.

In the last 24hrs BTCUSD has increased by 0.47% by 107$ and has a 24hr trading volume of USD 27.839 billion. We can see an increase of 15.92% in the trading volume compared to yesterday, which is due to the heavy buying pressure seen in the global markets.

The Week Ahead

The price of bitcoin has already entered into a super bullish zone above the $22000 and further upsides are located at $24000 and $25000 in the medium-term.

Bitcoin’s resistance zone is located at $23309 which is a 13-week high and at $24778 which is a 3-10 day MACD oscillator stalls.

There is an ascending channel forming with the current support located at $19977 which is a 14-3 day raw stochastic at 50%.

The weekly outlook is projected at $24500 with a consolidation zone of $24000.

Technical Indicators:

The moving averages convergence divergence, MACD (12, 26): is at 359.30 indicating a BUY

The commodity channel index, CCI (14): is at 56.65 indicating a BUY

The relative strength index, RSI (14): is at 63.63 indicating a BUY

Bull/bear power (13): is at 594.12 indicating a BUY

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

 

[Farabot]

EUR/USD Resumes Increase While USD/CHF Could Breakdown

EUR/USD gained pace above the 1.0850 resistance zone. USD/CHF is declining and remains at a risk of more losses below the 0.9220 support.

Important Takeaways for EUR/USD and USD/CHF

• The Euro started a fresh increase above the 1.0850 resistance against the US Dollar.
  
• There is a key bullish trend line forming with support near 1.0845 on the hourly chart of EUR/USD.
  
• USD/CHF started a fresh decline below the 0.9260 and 0.9250 support levels.
  
• There is a major bullish trend line forming with support near 0.9220 on the hourly chart.

EUR/USD Technical Analysis

In the past few days, the Euro started a steady increase from the 1.0780 zone against the US Dollar. The EUR/USD pair gained pace above the 1.0820 level to move into a bullish zone.

The pair even climbed above the 1.0850 resistance and settled above the 50 hourly simple moving average. It traded as high as 1.0927 on FXOpen and recently started a downside correction. There was a move below the 1.0880 level.

EUR/USD Hourly Chart

The pair traded as low as 1.0835 and is currently rising. There was a clear move above the 50% Fib retracement level of the recent decline from the 1.0927 swing high to 1.0835 low.

An immediate resistance is near the 1.0900 level. It is near the 76.4% Fib retracement level of the recent decline from the 1.0927 swing high to 1.0835 low. The next major resistance is near the 1.0920 level.

A clear move above the 1.0920 resistance zone could set the pace for a larger increase towards 1.0965. The next major resistance is near the 1.1000 zone. On the downside, an immediate support is near the 1.0880 level.

The next major support is near the 1.0850 level. There is also a key bullish trend line forming with support near 1.0845 on the hourly chart of EUR/USD. A downside break below the 1.0850 support could start another decline.

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[Farabot]

ETHUSD and LTCUSD Technical Analysis – 26th JAN, 2023

ETHUSD: Three Inside Up Pattern Above $1518

Ethereum was unable to sustain its bearish momentum and after touching a low of 1518 on 25th Jan, the price started to correct upwards against the US dollar crossing the $1600 handle today in the European trading session.

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

We can clearly see a three inside up pattern above the $1518 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just below its pivot level of 1607 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1610 and Fibonacci resistance level of 1613 after which the path towards 1700 will get cleared.

The relative strength index is at 56.75 indicating a STRONG demand for Ether and the continuation of the bullish phase in the markets.

The price of Ethereum is ranging near the horizontal support in the 1-hour time frame indicating bullish trends.

Both the STOCH and CCI are indicating a neutral market, which means that the prices are expected to remain in a consolidation phase.

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

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

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

• Ether: bullish reversal seen above the $1518 mark
• The short-term range appears to be mildly bullish
• ETH continues to remain above the $1600 level
• The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1518

ETHUSD is now moving into a mildly bullish channel with the price trading above the $1600 handle in the European trading session today.

ETH touched an intraday high of 1625 in the Asian trading session and an intraday low of 1600 in the European trading session today.

We can see the formation of a bullish price crossover pattern with adaptive moving average AMA20 in the 30-minute time frame.

The Aroon indicator is giving a bullish trend in the 4-hour time frame.

We have also detected the formation of moving average bullish crossovers: MA50 & MA100 in the daily time frame.

Ethereum’s price is rising sharply against the US dollar and nitcoin and is now eyeing to cross the $1700 level soon.

The daily RSI is printing at 65.97 indicating a STRONG demand for Ether in the medium-term range.

The key support levels to watch are $1489 which is a 38.2% Retracement from a 4-week high, and $1536 which is a 3-10-16 day MACD moving average stalls.

ETH has increased by 3.98% with a price change of 61.50$ in the past 24hrs and has a trading volume of 10.232 billion USD.

We can see an increase of 10.64% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH price continues to remain in a bullish zone against the US dollar and bitcoin. ETHUSD is expected to move higher towards the $11650 and $1700 levels this week.

On the upside we are now looking at the immediate targets of 1677 which is a 13-week high, and $1685 which is a pivot point 2nd level resistance.

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

The price of ETHUSD will need to remain above the important support level of $1588 which is a pivot point.

The weekly outlook is projected at $1700 with a consolidation zone of $1650.

Technical Indicators:

The average directional index, ADX (14): is at 45.27 indicating a BUY

The rate of price change: is at 2.735 indicating a BUY

Bull/bear power (13): is at 7.52 indicating a BUY

The Williams percent range : is at -44.41 indicating a BUY

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