Daily analysis by FXOpen

[Farabot]

ETHUSD and LTCUSD Technical Analysis – 17th FEB, 2022

ETHUSD: Bullish Engulfing Pattern Above $2,800


Ethereum tidak dapat mempertahankan momentum Bullishnya minggu lalu, dan setelah menyentuh level tertinggi $3.280 pada 10 Februari, Ethereum mulai menurun dengan level terendah $2.837 pada 13 Februari.

Penjualan yang kami lihat di ETHUSD terjadi karena likuidasi aset secara luas ke dalam USD menyusul kekhawatiran (yang sekarang tampaknya telah mereda) perang antara Rusia dan Ukraina.

ETHUSD terus mempertahankan konsolidasinya di atas $3.000 dan saat ini diperdagangkan pada $3.126 di sesi perdagangan Eropa.

Kita dapat dengan jelas melihat pola bullish engulfing di atas level $2.800 yang menandakan kelanjutan bullish dan pembentukan tren naik.

ETH sekarang diperdagangkan tepat di atas level pivot $3.100 dan bergerak dalam saluran konsolidasi. Harga ETHUSD sekarang menguji level resistance klasiknya di $3,119, dan level resistance Fibonacci di $3,130 setelah itu jalan menuju $3,300 akan dibersihkan.

Indeks kekuatan relatif berada di 52 menunjukkan sentimen pasar NETRAL yang diperkirakan akan bergeser ke arah sentimen bullish.

Beberapa indikator teknis memberikan sinyal pasar BELI, dengan beberapa rata-rata bergerak memberikan sinyal BELI juga, dan kita sekarang melihat level $3.300 hingga $3.500 dalam kisaran jangka pendek.

Ethereum was unable to sustain its Bullish momentum last week, and after touching a high of $3,280 on February 10, it started to decline with a low of $2,837 on February 13.

The selling we saw in ETHUSD occurred due to a broad-based liquidation of the assets into the USD following the fears (which now seem to have subsided) of a war between Russia and Ukraine.

ETHUSD continues to maintain its consolidation above $3,000 and is currently trading at $3,126 in the European trading session.

We can clearly see a bullish engulfing pattern above the $2,800 handle which signifies a bullish continuation and formation of an uptrend.

ETH is now trading just above its pivot level of $3,100 and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance level of $3,119, and Fibonacci resistance level of $3,130 after which the path towards $3,300 will get cleared.

The relative strength index is at 52 indicating a NEUTRAL market sentiment which is expected to shift towards a bullish sentiment.

Some of the technical indicators are giving a BUY market signal, with some of the moving averages giving a BUY signal as well, and we are now looking at the levels of $3,300 to $3,500 in the short-term range.

ETH is now trading above its 100 hourly and 200 hourly simple moving averages.

• Ether’s bullish reversal seen above the $2,800 mark
• Short-term range appears to be Mild BULLISH
• High/ Lows is indicating a NEUTRAL market
• Average True Range is indicating LESS Market Volatility

Ether: Bullish Reversal Seen Above $2,800[./b]

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[Farabot]

AUD/USD and NZD/USD Target Additional Gains

AUD/USD started a fresh increase from the 0.7085 zone. NZD/USD is also rising and there was a clear move above the 0.6680 resistance.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase after it cleared 0.7100 against the US Dollar.
  
• There is a key bullish trend line forming with support near 0.7180 on the hourly chart of AUD/USD.
  
• NZD/USD also climbed higher after forming a base above the 0.6600 level.
  
• There is a major bullish trend line forming with support near 0.6695 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.7080 zone against the US Dollar. The AUD/USD pair traded as low as 0.7086 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7100 and 0.7120 resistance levels. The pair surged above the 0.7180 level and the 50 hourly simple moving average. During the increase, there was a clear move above the 50% Fib retracement level of the downward move from the 0.7248 swing high to 0.7086 low.

AUD/USD Hourly Chart

Besides, there is a key bullish trend line forming with support near 0.7180 on the hourly chart of AUD/USD. The pair is now facing resistance near the 0.7210 level.

The 76.4% Fib retracement level of the downward move from the 0.7248 swing high to 0.7086 low is also near the 0.7210 level. The next major resistance is near the 0.7250 level. A close above the 0.7250 level could start a steady increase in the near term.

The next major resistance could be 0.7300. On the downside, an initial support is near the 0.7180 level and the 50 hourly simple moving average.

The next support is near the 0.7165. If there is a downside break below the 0.7165 support, the pair could extend its decline towards the 0.7120 level. Any more downsides might send the pair toward the 0.7080 level.


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[Farabot]

GBP/USD and USD/CAD Could Extend Gains

GBP/USD started a steady increase and surpassed the 1.3600 resistance. USD/CAD is holding gains above 1.2700 and eyeing more gains.


Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a fresh increase from the 1.3500 support zone.
  
• There is a key bullish trend line forming with support near 1.3590 on the hourly chart of GBP/USD.
  
• USD/CAD seems to be facing resistance near the 1.2760 and 1.2780 resistance levels.
  
• There is a major bearish trend line forming with resistance near 1.2755 on the hourly chart..

GBP/USD Technical Analysis

The British Pound formed a strong support base above the 1.3500 level against the US Dollar. As a result, the GBP/USD pair started a decent increase and it broke many hurdles near 1.3550.

The pair gained pace above the 1.3580 level and the 50 hourly simple moving average. The pair even spiked above the 1.3600 resistance zone. A high is formed near 1.3642 on FXOpen and the pair is now consolidating gains.

GBP/USD Hourly Chart

There was a move below the 23.6% Fib retracement level of the upward move from the 1.3486 swing low to 1.3642 high. An initial support on the downside is near the 1.3605 level and the 50 hourly simple moving average.

The main support is now forming near the 1.3590 level. There is also a key bullish trend line forming with support near 1.3590 on the hourly chart of GBP/USD.

The trend line is also above the 50% Fib retracement level of the upward move from the 1.3486 swing low to 1.3642 high. If there is a downside break, GBP/USD might test the 1.3520 support.

On the upside, the pair must settle above the 1.3630 level. The next major resistance is near the 1.3650 level. Any more gains could lead the pair towards the 1.3800 barrier in the near term. An intermediate resistance could be 1.3740.

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[Farabot]

Close-Only Mode for All RUB Pairs

Dear Traders,

Due to the escalating Russia-Ukraine tensions, FXOpen has set trading on the Russian ruble pairs to Close-Only mode. The changes are already in effect.

We are taking these steps to mitigate risks stemming from heightened volatility, price spikes, and price flow disruptions that may arise under the aforementioned circumstances.

Please consider this information as you plan your trading.

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FXOpen Customer Service

E-mail: support@fxopen.com

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[Farabot]

EUR/USD Struggle Continues, USD/CHF Shows Positive Signs

EUR/USD is facing resistance near the 1.1350 and 1.1360 levels. USD/CHF is rising, but struggling to clear the 0.9225 resistance zone.

Important Takeaways for EUR/USD and USD/CHF

• The Euro started an upside correction above the 1.1320 resistance zone against the US Dollar.
  
• There is a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD.
  
• USD/CHF gained pace after it cleared the 0.9200 resistance zone.
  
• There was a break above a key bearish trend line with resistance near 0.9192 on the hourly chart.

EUR/USD Technical Analysis

The Euro attempted an upside break above the 1.1400 level against the US Dollar. However, the EUR/USD pair failed to surpass 1.1400 and started a fresh decline.

The recent high was formed near 1.1366 on FXOpen before the pair dipped. There was a move below the 1.1340 level. The pair even declined below the 50% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high.

EUR/USD Hourly Chart

It is now trading below the 1.1335 level and the 50 hourly simple moving average. On the downside, an immediate support is near the 1.1320 level.

The 61.8% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high is also near the 1.1320 zone. The next major support is near the 1.1285 level. A downside break below the 1.1285 support could start another decline.

On the upside, an initial resistance is near the 1.1340 level. The next major resistance is near the 1.1350 zone. There is also a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD.

A clear upside break above the 1.1350 zone could open the doors for a steady move. The next major resistance sits near the 1.1400 level.

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[Farabot]

ETHUSD and LTCUSD Technical Analysis – 24th FEB, 2022

ETHUSD: Bearish Engulfing Pattern Below $2,900

Ethereum failed to clear its resistance level of $3,200 last week and started moving into a bearish channel which continues today, pushing the price below the $2,500 handle in the European trading session.

Ethereum markets are witnessing a strong bearish phase with the investors selling their holdings in the wake of Russia attacking Ukraine.

We have seen that the safe haven status of the USD holds, which continues to push down the prices of ETHUSD in the medium-term scenario.

We can clearly see a bearish engulfing pattern below the $2,900 handle, which signifies the end of a bullish phase and the start of a bearish phase in the markets.

ETH is now trading just above its pivot level of $2,352 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,235 and Fibonacci resistance level of $2,320 after which the path towards $2,100 will get cleared.

The relative strength index is at 27 indicating a WEAKER demand for Ethereum and the continuation of selling pressure in the markets.

All of the technical indicators are giving a STRONG SELL market signal.

All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $2,200 to $2,100 in the short-term range.

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

• A bearish reversal seen below the $2,900 mark
• The short-term range appears to be strongly BEARISH
• The daily RSI is below 50 at 32 indicating a BEARISH market
• The average true range is indicating LESS market volatility

Ether: Strong Bearish Momentum Seen Below $2,900

ETHUSD is now moving into a strong bearish momentum with the prices trading below the $2,400 handle in the European trading session today.

Both the Williams percent range (daily) and StochRSI (daily) is indicating an OVERSOLD market, which means that a pullback in the level of Ethereum is expected soon.

We can see that the bearish trend line has extended, and now a move below $2,200 is expected in the short-term.

The prices of ETHUSD need to remain above the $2,100 handle for any bullish reversal in the markets.

At present, we are looking for immediate targets of $2,200 after which it is expected to enter into a consolidation and correction phase.

The key support level to watch is $2,100, and the key resistance level is $2,500 for this week.

ETH has declined -12.29% with a price change of -332.72$ in the past 24hrs, and has a trading volume of 20.564 billion USD.

We can see an increase of 36.99% in the total trading volume in the last 24 hrs due to the broad-based selling in the crypto markets globally.

The Week Ahead

Ethereum is now moving into a consolidating level above $2,200 which if completed will give the buyers a chance to pull back its level towards an important resistance zone located at $2,500.

The ongoing Russia-Ukraine war crisis is also affecting the global cryptocurrency markets including Ethereum because the investors are unwilling to hold Ethereum in view of the market liquidity crunch in Europe and Russia.

If the prices of ETHUSD continue to remain above the $2,000 handle as seen today, it will start the next leg of its bullish move towards $2,500 handle next week.

The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook for Ether is BULLISH towards the $3,000 handle.

This week, Ether is expected to move in a range between the $2,000 and $2,500, to trade at levels above $2,500 next week.

Technical Indicators:

The moving averages convergence divergence (12,26): at -71.42 indicating a SELL

The commodity channel index (14-day): at -82.77 indicating a SELL

The rate of price change: at -9.82 indicating a SELL

The Stoch (9,6): at 20.89 indicating a SELL

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[Farabot]

Gold Price and Crude Oil Price Could Rally Further

Gold price gained bullish momentum above $1,950 before correcting lower. Crude oil price is holding the $92.00 support and might start a fresh increase.

Important Takeaways for Gold and Oil

• Gold price started a major increase above the $1,900 and $1,920 levels against the US Dollar.
  
• There was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold.
  
• Crude oil price corrected lower, but it found support near $91.00
  
• There is a major bullish trend line forming with support near $92.10 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a support base near $1,850 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,900 level to move into a positive zone.

There was a clear move above the $1,920 level and the 50 hourly simple moving average. The price even climbed above the $1,950 resistance level. A high was formed near $1,974 on FXOpen before the price started a downside correction.

Gold Price Hourly Chart

There was a break below the $1,950 level. Besides, there was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold.

The price even spiked below the $1,900 level, but it found support near $1,880. A low is formed near $1,878 and the price is rising again. There was a move above the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low.

On the upside, the price is facing resistance near the $1,915 level and the 50 hourly simple moving average. The main resistance is now forming near the $1,935 level.

The 50% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low is also near $1,935. A close above the $1,935 level could open the doors for a steady increase towards $1,950. The next major resistance sits near the $1,975 level.

On the downside, an initial support is near the $1,900 level. The first major support is near the $1,880 level. If there is a downside break below the $1,880 level, the price could decline to $1,850.

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[Farabot]

GBP/USD and GBP/JPY Could Resume Decline

GBP/USD started a fresh decline from well above 1.3640 and traded below 1.3400. GBP/JPY is also declining and trading below 135.00.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound started a fresh decline from well above 1.3600 against the US Dollar.
  
• There is a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD.
  
• GBP/JPY also started a fresh decline after it failed to clear the 156.75 resistance.
  
• There was a break below a short-term contracting triangle with support near 154.65 on the hourly chart.

GBP/USD Technical Analysis

After facing resistance near 1.3620, the British Pound found started a fresh decline against the US Dollar. The GBP/USD pair gained pace below the 1.3500 support zone to enter a bearish zone.

There was also a break below the 1.3450 zone and the 50 hourly simple moving average. It traded as high as 1.3269 on FXOpen and is currently correcting losses. There was a minor recovery wave above the 1.3350 level.

GBP/USD Hourly Chart

The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low.

However, the pair faced a strong resistance near the 1.3450 level. There is also a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD. The trend line is near the 50% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low.

The next major hurdle is near 1.3500, above which the pair could surge towards 1.3550 in the near term. If there is no upside break, the pair could correct lower below 1.3320.

The next major support is near the 1.3300 level. If there is a break below the 1.3300 support, the pair could test the 1.3250 support. If there are additional losses, the pair could decline towards the 1.3200 level.

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[Farabot]

BTCUSD and XRPUSD Technical Analysis – 1st MAR 2022

BTCUSD – Double Bottom Pattern Above $34000

Bitcoin has ended its bearish phase after touching a low of 34393 on 24th February and continues to move upwards after the consolidation phase above the 38000 levels.

The Bullish momentum we see today is the result of the increased buying demands from the global markets after the recent sanctions imposed on the Russian banking systems and the use of the Bitcoin for converting the Russian Rubles into the desired currencies like the US Dollar and the Euros.

The propagation of the Bullish trend continues with the prices of Bitcoin trading above the $43000 mark in the European Trading session today.

The sharp rise that we see in the levels of Bitcoin is due to the fresh demands coming from the residents of Ukraine who are moving out and liquidating their assets and converting them into Bitcoins for safety.

We can clearly see a Double Bottom Pattern above the $34000 handle which is a Bullish reversal pattern because it signifies the end of a downtrend and a shift towards an Uptrend.

STOCH and Williams Percent Range are indicating OVERBOUGHT levels which means that in the immediate short term a decline in the prices is expected.

Relative Strength Index is at 76 indicating a Very STRONG demand for the Bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly Simple Moving average and below its 200 hourly Exponential Moving averages.

All of the Major Technical Indicators are giving a STRONG BUY Signal, which means that in the immediate short term we are expecting targets of 45000 and 48000.

Average True Range is indicating Less Market Volatility with a Strong Bullish momentum.

• Williams Percent Range is Indicating OVERBOUGHT Levels.
  
• The price is now trading just Below its Pivot Levels of $43470.
  
• All of the Moving Averages are giving a STRONG BUY market signal.

Bitcoin Bullish Momentum Seen Above $34000

Bitcoin continues to move in a Strong Bullish momentum with an upside projection towards levels of 45000 in the European Trading session today.

In the immediate term we are expecting a continuation of this bullish trend with the prices of Bitcoin ranging between the levels of $41000 and $46000 as it is due to enter into a consolidation phase now.

After crossing the horizontal levels of 42000 the appreciation in the prices of Bitcoin we see will results in a Rally towards the $50000 handle.

The immediate short-term outlook for Bitcoin is Strong Bullish, Medium-term outlook is Bullish, and the long-term outlook remains Bullish.

The price of BTCUSD is now facing its Classic resistance levels of 43622 and Fibonacci resistance levels of 43740 after which the path towards 48000 will get cleared.

We can see that the daily RSI is also printing at 59 which indicates that in the medium-term prices are expected to appreciate further.

In the last 24hrs BTCUSD is UP by 13.70% by 5243$ and has a 24hr trading volume of USD 38.490 Billion. We can see an Increase of 46.69% in the Trading volume as compared to yesterday, due to increased selling buying pressure in the Global cryptocurrency markets.

The Week Ahead

The prices of Bitcoin are due to enter into a consolidation phase above the $42000 levels. We can see some range bounded movements in its levels between $42000 to $46000.

The prices of Bitcoin are appreciating as an alternative source of cross border payments after the recent sanctions that tare being imposed on Russia by the SWIFT network.

In the immediate short term, Bitcoin Bullish momentum is expected to continue pushing its levels above the $46000 handle this week.

In the event of a pullback the upside projection is at the 100-day SMA of $44992.

The prices of BTCUSD will need to remain above the important support levels of $40000 this week.

Weekly outlook is projected at $41000 with a consolidation zone of $44000.

Technical Indicators:

Relative Strength Index (14days): It is at 74.64 indicating a BUY.

Average Directional Change (14days): It is at 51.70 indicating a BUY.

Rate of Price Change: It is at 5.19 indicating a BUY.

Moving Averages Convergence Divergence (12,26): It is at 1043.80 indicating a BUY.

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[Farabot]

EUR/USD and EUR/JPY At Risk of More Downsides

EUR/USD started a fresh decline from the 1.1280 resistance. EUR/JPY is also declining and facing a string resistance near the 128.60 level.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a fresh decline after it failed to stay above 1.1320.
  
• There is key bearish trend line forming with resistance near 1.1180 on the hourly chart.
  
• EUR/JPY gained bearish momentum after it broke the 128.80 support zone.
  
• There is a major bearish trend line forming with resistance near 128.30 on the hourly chart.

EUR/USD Technical Analysis

The Euro faced sellers near the 1.1350 zone against the US Dollar. The EUR/USD pair started a fresh decline below the 1.1320 and 1.1300 support levels.

The pair traded below the 1.1280 pivot level and the 50 hourly simple moving average. Finally, the pair traded as low as 1.1089 On FXOpen and is currently consolidating gains. It corrected above the 23.6% Fib retracement level of the recent decline from the 1.1232 high to 1.1089 low..

EUR/USD Hourly Chart

On the upside, the pair is facing resistance near the 1.1150 level. It is near the 50% Fib retracement level of the recent decline from the 1.1232 high to 1.1089 low.

The next major resistance is near the 1.1180 level. There is also a key bearish trend line forming with resistance near 1.1180 on the hourly chart. A clear break above the 1.1180 resistance could push EUR/USD towards 1.1220.

If the bulls remain in action, the pair could rise above the 1.1220 resistance zone in the near term. On the downside, the pair might find support near the 1.1080 level.

If there is a downside break below the 1.1080 support, the pair might accelerate lower. The next major support sits near the 1.1020 level, below which there is a risk of a larger decline.

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[Farabot]

ETHUSD and LTCUSD Technical Analysis – 03rd MAR, 2022

ETHUSD: Bullish Engulfing Pattern above $2,550

Ethereum had a major bearish correction last month when it declined below the $3,000 handle after touching a high of $3,268 on February 9th.

This week, ETHUSD started in the consolidation phase after which it had a bullish reversal towards the $2,700 handle and touched an intraday high of $2,982 in today’s Asian trading session.

We can clearly see a bullish engulfing pattern above $2,550 which signifies a trend reversal, and we have already seen ETHUSD crossing the level of $2,700.

We saw the price of Ethereum retracting from its highs due to some profit taking, but the bullish channel continues now, and we are aiming for the upside of $2,900 and $3,100 in this week.

ETH is now trading just below its pivot level of $2,967 and moving in a mildly bullish momentum. The price of ETHUSD is now facing its classic resistance level of $3,020 and its Fibonacci resistance level of $3,094, and is now aiming towards the $3,100 handle in the US trading session.

The moving averages are giving a BUY signal.

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

• Ethereum is in a mildly bullish channel
• A short-term trend reversal seen above $2,550
• All the major technical indicators are giving NEUTRAL-to-BUY signals
• The average true range is indicating LESSER market volatility

Ether: Bullish Channel Towards $3,000 Confirmed

ETHUSD is consolidating its gains above $2,700 in the European trading session, and we can clearly see that the bullish channel is back.

We are now aiming for the upsides of $2,900 to $3,100 today in the US trading session today. The retracement from $2,300 was very strong — which suggests that there is more room for the upsides in Ethereum this month, and the level of $3,500 is the next target.

We can see the MA crossover pattern above the level of $2,850 which means that in the immediate short-term, we will see the continuation of the bullish channel.

ETH has declined -3.47% with a price change of -103.91$ in the past 24hrs, and has a trading volume of 14.424 billion USD.

We can see a decrease of 26% in the trading volume as compared to yesterday, which means that new buyers are now entering the markets and waiting for further correction in Ethereum.

The Week Ahead

Ether is printing above $2,800 today, and we can see levels of $3,000 to $3,200 this week.

The medium-to-long term outlook for Ether remains Bullish with targets of above $3m500 in March, 2021.

Ether has already broken its major resistance level of $2,800, and is now facing the next resistance level of $3,000.

Technical Indicators:

The commodity channel index (14-day): at 94.58 indicating a BUY

The moving averages convergence divergence (14-day): at 3.79 indicating a BUY

The ultimate oscillator: at 53.45 indicating a BUY

The rate of price change: at 0.052 indicating a BUY

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[Farabot]

AUD/USD and NZD/USD Aim Upside Break

AUD/USD started a fresh increase from the 0.7100 zone. NZD/USD is also rising and there was a clear move above the 0.6950 resistance.


Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase after it cleared 0.7150 against the US Dollar.
  
• There is a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD.
  
• NZD/USD also climbed higher after forming a base above the 0.6650 level.
  
• There is a major bullish trend line forming with support near 0.6795 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.7100 zone against the US Dollar. The AUD/USD pair traded as low as 0.7094 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7120 and 0.7200 resistance levels. The pair surged above the 0.7250 level and the 50 hourly simple moving average. The pair even broke the 0.7300 resistance zone and traded as high as 0.7347.

AUD/USD Hourly Chart

It is now consolidating gains below 0.7350. On the downside, an initial support is near the 0.7310 level. There is also a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD.

The next support could be the 50 hourly simple moving average or the 23.6% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high. If there is a downside break below the 0.7285 support, the pair could extend its decline towards the 0.7220 level.

The 50% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high is also near the 0.7220 zone. Any more downsides might send the pair toward the 0.7180 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7350 level. The next major resistance is near the 0.7380 level. A close above the 0.7380 level could start a steady increase in the near term. The next major resistance could be 0.7450.


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[Farabot]

GBP/USD and EUR/GBP Could Extend Decline

GBP/USD started a fresh decline from well above the 1.3350 level. EUR/GBP is also declining and trading below the 0.8250 support zone.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound started a fresh decline from well above 1.3350 against the US Dollar..
  
• There was a break below a connecting bullish trend line with support near 1.3325 on the hourly chart of GBP/USD.
  
• EUR/GBP failed to stay above 0.8300 and started a fresh decline.
  
• There is a major bearish trend line forming with resistance near 0.8250 on the hourly chart.

·
GBP/USD Technical Analysis

The British Pound struggled to settle above the 1.3400 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3350 support zone.

There was a clear move below the 1.3280 level and the 50 hourly simple moving average. The bears pushed the pair below the 1.3200 level. A low is formed near 1.3185 on FXOpen and the pair is now consolidating losses.

GBP/USD Hourly Chart

On the upside, an initial resistance is near the 1.3240 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.3417 swing high to 1.3185 low.

The next main resistance is near the 1.3280 zone (the previous support). If there is an upside break above the 1.3280 resistance, the price could test 1.3300 or the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.3417 swing high to 1.3185 low.

If there is no upside break, the pair could extend losses below the 1.3185 low. The first key support is near the 1.3150 level. Any more losses could lead the pair towards the 1.3120 support zone. The next major support sits near the 1.3050 level.

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[Farabot]

#MarketNews #Stocks

US STOCKS DECLINING DESPITE POSITIVE LABOR MARKET DATA

The euro approached the level of $1.08 per dollar, a new 22-month low. Investors are wary of Europe's economic prospects which depend on Russia's energy resources.

The euro fell below the 1.0 level against the Swiss franc, prompting the Swiss National Bank board members to say they are ready to intervene to stop the rapid strengthening of the franc.

The war in Eastern Europe is driving up the prices of wheat, copper, gold, palladium, oil, and also negatively affecting the value of US stocks. Nasdaq 100 (as well as other indexes) is declining despite positive data from the labor market.

Friday's job report for February was indeed strong. The number of employed individuals (minus the agricultural sector) increased by 678k (against the 423k forecast), while unemployment fell to 3.8%. The report indicates the biggest increase in the labor market since July last year.

Let’s have a look at the chart. Nasdaq index’s futures broke through the multi-month ascending channel, including the parallel line (highlighted in blue). The low volumes on March 1-3 (#1) can be interpreted as a shortage of demand, as the decline on March 7 occurred on rising volumes (#2). This is a sign of a bear market — where going long is risky.

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

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


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[Farabot]

EUR/USD Could Recover, USD/JPY Eyes More Upsides

EUR/USD declined heavily to 1.0800 before it started an upside correction. USD/JPY surged above 115.50 and now consolidating gains.

Important Takeaways for EUR/USD and USD/JPY

• The Euro declined heavily below 1.1200 before it found support near 1.0800.
  
• There was a break above a key bearish trend line with resistance near 1.0900 on the hourly chart of EUR/USD.
  
• USD/JPY started a strong upward move above the 115.20 and 115.50 resistance levels.
  
• There is a major bullish trend line forming with support near 115.70 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro started a major decline from well above 1.1200 against the US Dollar. The EUR/USD pair declined heavily below the 1.1120 support zone.

The pair even broke the 1.0980 level and settled below the 50 hourly simple moving average. A low was formed near 1.0805 on FXOpen and the pair is now correcting higher. There was a move above the 23.6% Fib retracement level of the key decline from the 1.1232 swing high to 1.0805 low.

EUR/USD Hourly Chart

There was also a break above a key bearish trend line with resistance near 1.0900 on the hourly chart of EUR/USD. An immediate resistance on the upside is near the 1.0935 level.

The next major resistance is near the 1.0970 level. The main resistance is near the 1.1020 level. It is near the 50% Fib retracement level of the key decline from the 1.1232 swing high to 1.0805 low. An upside break above 1.1020 could set the pace for a steady increase.

If there is no break above 1.0935, the pair might start a fresh decline. An immediate support is near the 1.0880 and the 50 hourly simple moving average. The next major support is near 1.0820, below which the pair could drop to 1.0750 in the near term.

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[Farabot]

ETHUSD and LTCUSD Technical Analysis – 10th MAR, 2022

ETHUSD: Head and Shoulders Pattern Below $2,700

Ethereum continued to move in a bearish phase last week, having touched a low of $2,448 on March 7th, after which the prices started to consolidate above the level of $2,500.

We can see ETHUSD moving in a bearish momentum because of the Russia-Ukraine war and its effects on the global investor sentiments.

Despite the fact that some correction was seen in the USD, the medium-term outlook for Ethereum remains bearish with a downside projection of $2,200.

We can clearly see a head-and-shoulders pattern below the $2,700 handle which is a bearish pattern signifying the end of a bullish phase and the start of a bearish phase in the markets.

ETH is now trading just below its pivot level of $2,588 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,558, and Fibonacci support level of $2,580 after which the path towards $2,300 will get cleared.

The relative strength index is at 34 indicating a WEAKER demand for Ethereum, as well as the continuation of the selling pressure in the markets.

All of the technical indicators are giving a STRONG SELL market signal.

All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $2300 to $2200 in the short-term range.

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

• A bearish reversal seen below the $2700 mark in Eth
• Short-term range appears to be strongly BEARISH
• The daily RSI is below 50 at 44 indicating a BEARISH market
• The average true range is indicating LESSER market volatility
  • 
    Ether: Bearish Momentum Continues Below $2,700
    
    
    
    
    
    ETHUSD is now moving in a strongly bearish momentum, with the prices trading below the $2,600 handle in the European trading session today.
    
    Both the Stoch and StochRSI are indicating an OVERSOLD market, which means that a pullback in the levels of Ethereum is expected soon.
    
    The Ethereum bulls have retracted, and we can see that the selling pressure has resumed which is expected to push down the prices below the $2,500 handle.
    
    The prices of ETHUSD need to remain above $2,200 for any bullish reversal in the markets.
    
    At present, we are looking for the immediate target of $2,300 after which it is expected to enter into a consolidation and correction phase.
    
    This week, the key support level to watch is $2,200, and the key resistance level is $2,700.
    
    ETH has declined -5.24% with a price change of -143.26$ in the past 24hrs, and has a trading volume of 13.621 billion USD.
    
    We can see an Increase of 16.69% in the total trading volume in the last 24 hrs, which appears to be normal.
    
    The Week Ahead
    
    Ethereum has already exhausted its consolidation channel and is now moving into its next bearish phase towards the level of $2,300.
    
    The ongoing Russia-Ukraine war crisis is continuing to affect the prices of Ethereum, as new investors are not willing to enter into the market because of the global crisis scenario and the waning demand in the global cryptocurrency markets.
    
    If the prices of ETHUSD continue to remain above $2,200 this week, we can expect a bullish reversal next week.
    
    The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned bearish; and the long-term outlook for Ether is NEUTRAL in present market conditions.
    
    This week. Ether is expected to move in a range between $2,200 and $2,700, and next week, it is expected to enter into a consolidation phase above $2,500.
    
    Technical Indicators:
    
    The moving averages convergence divergence (12,26): at -16.78 indicating a SELL
    
    The commodity channel index (14-day): at -117.12 indicating a SELL
    
    The rate of price change: at -4.37 indicating a SELL
    
    The average directional change (14-day): at 45.85 indicating a SELL
    
    Read more...

 

[Farabot]

Gold Price and Crude Oil Price At Risk of Downside Break

Gold price is correcting lower and trading below $2,000. Crude oil price is facing an increase in selling pressure below $105.

Important Takeaways for Gold and Oil

• Gold price started a downside correction after a strong rally to $2,070 against the US Dollar.
  
• There is a key bullish trend line forming with support near $1,985 on the hourly chart of gold.
  
• Crude oil price corrected lower, but it found support near $100.00.
  
• There was a break below a short-term ascending channel with support near $108.10 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a support base near $1,950 and started a fresh increase against the US Dollar. The price gained pace for a move above the $2,000 level to move into a positive zone.

There was a clear move above the $2,020 level and the 50 hourly simple moving average. The price even climbed above the $2,050 resistance level. A high was formed near $2,070 on FXOpen before the price started a downside correction.

Gold Price Hourly Chart

There was a break below the $2,000 level. The price even spiked below the $1,980 level, but it found support near $1,970. A low is formed near $1,970 and the price is now consolidating.

There was a move above the 23.6% Fib retracement level of the recent decline from the $2,070 swing high to $1,970 low. On the upside, the price is facing resistance near the $2,000 level and the 50 hourly simple moving average.

The main resistance is now forming near the $2,020 level. The 50% Fib retracement level of the recent decline from the $2,070 swing high to $1,970 low is also near $2,020. A close above the $2,020 level could open the doors for a steady increase towards $2,050. The next major resistance sits near the $2,070 level.

On the downside, an initial support is near the $1,985 level. There is also key bullish trend line forming with support near $1,985 on the hourly chart of gold. If there is a downside break below the $1,985 level, the price could decline to $1,920.

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[Farabot]

GBP/USD Turns Red, USD/CAD Faces Key Resistance

GBP/USD started a major decline below 1.3200. USD/CAD is rising, but facing a major resistance near the 1.2800 zone.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a fresh decline from the 1.3300 resistance zone.
  
• There is a key bearish trend line forming with resistance near 1.3055 on the hourly chart of GBP/USD.
  
• USD/CAD is rising and showing positive signs above the 1.2750 level.
  
• There are two key bearish trend lines forming with resistance near 1.2790 and 1.2820 on the hourly chart..

GBP/USD Technical Analysis

The British Pound started a strong decline from well above 1.3300 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.3200 support.

The pair even broke the 1.3120 support level and the 50 hourly simple moving average. Finally, there was a move below the 1.3050 support. A low is formed near 1.3011 on FXOpen and the pair is now consolidating losses.

GBP/USD Hourly Chart

On the upside, an initial resistance is near the 1.3050 level. There is also a key bearish trend line forming with resistance near 1.3055 on the hourly chart of GBP/USD. The trend line is close to the 23.6% Fib retracement level of the recent decline from the 1.3194 swing high to 1.3011 low.

The next major resistance is near the 1.3100 level. It is near the 50% Fib retracement level of the recent decline from the 1.3194 swing high to 1.3011 low.

Any more gains could lead the pair towards the 1.3200 barrier in the near term. If not, the pair could continue to move down and might even break the 1.3000 support. If there is a downside break, GBP/USD might test the 1.2950 support. The next major support sits at 1.2880.

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S&P 500 Posts 4th Worst Start To A Year In History

After two years of the pandemic dictating the price action in financial markets, another event has triggered market volatility: the Russia-Ukraine war. The wave of sanctions that the Western nations have so far imposed on Russia, the invader, is unprecedented.

It is hardly possible to foresee the long-term effects, and thus, uncertainty reigns. Whenever uncertainty is in the driving seat, financial markets’ volatility increases. Moreover, investors typically pull funds out of risky assets, such as the stock market, in the search for other, more stable ones.

So far, the S&P 500 index has gone down -11.8% in 2022. This is a midterm year in the United States, and corrections are not unusual. However, this is the 4th worst start to a year in history, and investors have all the reasons to be worried. The pandemic has yet to subside, there is a war going on in Europe, and Russia is being isolated from the rest of the world. Plus, inflation is rising in advanced economies.

History Tells Us Stocks Will Likely Rally In H2

While the picture looks bearish, and many investors are fleeing the stock market, there is still space for some good news. If history has taught us anything, a strong comeback might be in the cards.

Here’s why.

Prior to 2022, the top five years with such a negative performance were 2009 (-16.9%), 2020 (-15.1%), 1935 (-14.1%), 1933 (-11.6%), and 1982 (-10.8%). All these saw a strong rebound after the first 49 days of the year, no exception.

Therefore, investors would likely buy the dip, at least according to what historical data tells us.

On Wednesday, the Federal Reserve of the United States is expected to start a new tightening cycle. The market expects the Fed to raise the federal funds rate by 0.25%, and the move is highly priced in.

While higher rates are not good for stocks, it is not the first time when stocks perform in a tightening cycle. The way the Fed delivers the rate hike is as important as the hike itself. If it maintains a dovish bias due to uncertainty in the global geopolitics, the market may simply discount the hike.

All in all, these are turbulent times for financial markets, but history tells investors to be patient. One thing is for sure, though: volatility is here to stay.

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[Farabot]

EUR/USD and EUR/JPY Eye Steady Increase

EUR/USD started a recovery wave from the 1.0850 zone. EUR/JPY climbed higher steadily and might rise further above 130.00.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro is attempting an upside correction above the 1.0950 level.
  
• There is a key bullish trend line forming with support near 1.0940 on the hourly chart.
  
• EUR/JPY gained bullish momentum after it broke the 127.50 resistance zone.
  
• There is a major bullish trend line forming with support near 129.55 on the hourly chart.

EUR/USD Technical Analysis

The Euro found support near the 1.0850 zone against the US Dollar. The EUR/USD pair started a recovery wave and was able to climb above the 1.0900 level.

The pair even cleared the 1.0950 level and the 50 hourly simple moving average. Finally, the pair traded spiked to 1.1019 before it corrected gains. A low is formed near 1.0926 on FXOpen and the pair is now moving higher.

EUR/USD Hourly Chart

t moved above the 1.0950 level and tested the 50% Fib retracement level of the recent decline from the 1.1016 high to 1.0926 low.

On the upside, the pair is facing resistance near the 1.1000 level. It is near the 76.4% Fib retracement level of the recent decline from the 1.1016 high to 1.0926 low. The next major resistance is near the 1.1020 level.

A clear break above the 1.1020 resistance could push EUR/USD towards 1.1050. If the bulls remain in action, the pair could rise above the 1.1100 resistance zone in the near term.

On the downside, the pair might find support near the 1.0950 level. There is also a key bullish trend line forming with support near 1.0940 on the hourly chart. If there is a downside break below the 1.0940 support, the pair might accelerate lower. The next major support sits near the 1.0925 level, below which there is a risk of a larger decline.

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