Daily analysis by FXOpen

Farabot

New Member
GBP/USD and GBP/JPY Reverse Gains, Bulls Struggle
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GBP/USD started a fresh decline from the 1.2600 resistance zone. GBP/JPY is declining and remains at a risk of more losses below 165.00.

Important Takeaways for GBP/USD and GBP/JPY
  • The British Pound started a fresh decline after it failed near 1.2600 against the US Dollar.
  • There was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD.
  • GBP/JPY is gaining bearish momentum below the key 166.50 support zone.
  • There was a break below a major bullish trend line with support near 167.35 on the hourly chart.
GBP/USD Technical Analysis

This past week, the British Pound attempted an upside break above the 1.2600 resistance against the US Dollar. The GBP/USD pair failed to gain bullish momentum and started a fresh decline from the 1.2580 zone.

There was a sharp decline below the 1.2500 support and the 50 hourly simple moving average. Besides, there was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD. The bears gained strength and the price declined below the 1.2350 support zone.

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GBP/USD Hourly Chart

A low is formed near 1.2262 on FXOpen and the pair is now consolidating losses. On the upside, the pair is facing resistance near the 1.2300 level. The next major hurdle is near the 1.2320 level. It is close to the 23.6% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low.

An upside break above 1.2320 could set the pace for a move towards the 1.2400 resistance zone. It is near the 50% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low.

If there is no upside break above 1.2320, the pair could start a fresh decline. An immediate support is near the 1.2260. The next major support is near the 1.2220 level. If there is a break below the 1.2220 support, the pair could test the 1.2150 support.

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Farabot

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WHAT TO INVEST IN DURING A BEAR MARKET

The S&P 500 has officially entered a bear market, falling more than 20%. There have been 17 bear markets in the US since World War II (the 18th has now begun). A possible recession will increase bearish sentiment so that the index could drop by 30-50% from its peak.

JP Morgan says there is now a 50% chance of a recession in the US economy. But according to a Financial Times poll, almost 70% of economists believe that the US economy will face a recession in 2023.

Larry Summers, former US Treasury Secretary, noted that with such high inflation and low unemployment, a recession almost always follows within two years.

What to invest in during bear markets?

Consider XLP, which is an ETF that includes more than 30 stocks of major consumer goods companies (like Procter & Gamble) as well as shares of large retail chains (like Walmart) where people go to buy these goods.

The chart shows that the XLP is more resilient to the downside, acting stronger than the S&P-500. To benefit from investing in XLP and other ETFs, consider enlisting the services of a reliable broker like FXOpen. (https://fxopen.com/en/)

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


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Farabot

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EUR/USD and EUR/JPY Eye Steady Recovery
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EUR/USD started a fresh decline and traded below 1.0500. EUR/JPY is recovering higher and might correct above the 141.20 resistance zone.

Important Takeaways for EUR/USD and EUR/JPY
  • The Euro started a major decline from the 1.0780 and 1.0800 resistance levels.
  • There is a key bearish trend line forming with resistance near 1.0445 on the hourly chart.
  • EUR/JPY formed a base near 139.40 and started an upside correction.
  • There is a major bearish trend line forming with resistance near 141.20 on the hourly chart.

EUR/USD Technical Analysis

The Euro failed to clear the 1.0780 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0650 and 1.0600 support levels.

There was a clear move below the 1.0550 level and the 50 hourly simple moving average. The pair even settled below the 1.0500 level. A low was formed near 1.0397 on FXOpen and the pair is now consolidating losses.

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EUR/USD Hourly Chart

On the upside, the pair is facing resistance near the 1.0445 level. There is also a key bearish trend line forming with resistance near 1.0445 on the hourly chart.

The next major resistance is near the 1.0485 level. It is near the 23.6% Fib retracement level of the downward move from the 1.0773 swing high to 1.0397 low. A clear break above the 1.0485 resistance could push EUR/USD towards 1.0540.

If the bulls remain in action, the pair could revisit the 1.0585 resistance zone in the near term. The 50% Fib retracement level of the downward move from the 1.0773 swing high to 1.0397 low is near the 1.0585 level.

On the downside, the pair might find support near the 1.0420 level. The next major support sits near the 1.0400 level. If there is a downside break below the 1.0400 support, the pair might accelerate lower in the coming sessions.


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Farabot

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ETHUSD and LTCUSD Technical Analysis – 16th JUNE, 2022
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ETHUSD – Bearish Doji Star Pattern Below $1834

Ethereum was unable to sustain its bullish momentum and after touching a high of 1834 on 16th June started to decline heavily against the US Dollar.

We can see a continued selloff in the markets which is keeping the prices of Ethereum below the $1200 handle in the European Trading session today.

We can see the formation of a Bearish Descending channel below the $1800 handle and now we are looking at $1100 and $1050 as the immediate targets.

The prices touched an Intraday Low of $1144 in the European Trading session and an Intraday High of $1254 in the Asian Trading session today.

We can clearly see a Bearish Doji Star Pattern Below the $1834 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase in the markets.

ETH is now trading below its Pivot levels of 1168 and is moving into a Strong Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1126 and Fibonacci support levels of 1158 after which the path towards 1100 will get cleared.

Relative Strength Index is at 50 indicating a NEUTRAL market and the shift towards the consolidation phase in the markets.

The STOCHRSI is indicating Oversold levels, which means that the prices are due to correct upwards in the short-term range.

ALL of the of the Technical indicators are giving a STRONG SELL market Signal.

Some of the Moving Averages are giving a SELL Signal and we are now looking at the levels of $1100 to $1050 in the short-term range.

ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages.
  • Ether Bearish Reversal seen Below the $1834 mark.
  • Short-term range appears to be Strongly BEARISH.
  • Bearish Harami Pattern seen in the 15minutes timeframe.
  • Average True Range is indicating LESS Market Volatility.
Ether Bearish Reversal Seen Below $1834
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ETHUSD is now moving into a Strong Bearish Channel with the prices trading below the $1200 handle in the European Trading session today.

We can see the formation of a Bullish crossover pattern of Adaptive Moving Average AMA 100 in the 30 minutes timeframe indicating the potential Bullish reversal.

After the recent decline in the prices of Ethereum some of the analysts have predicted that the bottom levels are reached and now the prices are due to correct upwards in the medium to long term range.

The key resistance levels to watch are $1208 and $1275 and the prices of ETHUSD need to cross these levels for the start of the Bullish reversal.

ETH has increased by 9.56% with a price change of 98$ in the past 24hrs and has a trading volume of 30.529 Billion USD.

We can see an Increase of 13.59% in the total trading volume in last 24 hrs. which is due to the heavy selling seen across the global markets.

The Week Ahead

The global investor sentiments continue to be weak leading to the massive slide in the prices of Ethereum this week.

The crash that we have seen is also due to the heavy selling by the Hedge Funds in the wake of the US Fed Rate Hike decision.

The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions.

In this week Ether is expected to move in a range between the $100 and $1200 and in the next week Ether is expected to enter into a Consolidation phase above the $1200 levels.

Technical Indicators:

Average Directional Change(14days): It is at 39.83 indicating a SELL.

Williams Percent Range: It is at -74.96 indicating a SELL.

Ultimate Oscillator: It is at 39.15 indicating a SELL.

Commodity Channel Index(14days): It is at -91.04 indicating a SELL.

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Farabot

New Member
AUD/USD and NZD/USD Could Eye Fresh Increase
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AUD/USD started a recovery wave above the 0.7000 resistance. NZD/USD is also showing a lot of positive signs above the 0.6300 level.


Important Takeaways for AUD/USD and NZD/USD
  • The Aussie Dollar started a fresh increase from the 0.6850 support zone against the US Dollar.
  • There was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD.
  • NZD/USD also started a decent increase after it cleared the 0.6250 resistance zone.
  • There was a move above a major bearish trend line with resistance near 0.6335 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

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

There was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD. The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low.

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AUD/USD Hourly Chart

The pair even settled above the 0.7000 level and the 50 hourly simple moving average. It is now consolidating gains above the 0.7000 level. On the downside, an initial support is near the 0.7000 level.

The next support could be the 0.6980 level and the 50 hourly simple moving average. The main support is near the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6850 level. Any more downsides might send the pair toward the 0.6780 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7050 level. The next major resistance is near the 0.7080 level. It is near the 61.8% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low.

A close above the 0.7080 level could start a steady increase in the near term. The next major resistance could be 0.7220.

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Farabot

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GBP/USD Faces Resistance While EUR/GBP Eyes More Gains

GBP/USD started a fresh increase above the 1.2150 resistance. EUR/GBP is showing positive signs above the 0.8550 resistance zone.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound started a decent increase above 1.2150 against the US Dollar.
  • There was a break below a key bullish trend line with support near 1.2220 on the hourly chart of GBP/USD.
  • EUR/GBP is holding the 0.8580 support but struggling above 0.8600.
  • There is a major bullish trend line forming with support near 0.8570 on the hourly chart.

GBP/USD Technical Analysis

The British Pound remained well bid above the 1.1920 zone against the US Dollar. The GBP/USD pair started a decent increase after it broke the 1.2000 resistance.

There was a clear move above the 1.2100 level and the 50 hourly simple moving average. The bulls were even able to clear the 1.2150 resistance. However, the pair struggled near the 1.2400 resistance and started a downside correction.

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GBP/USD Hourly Chart

There was a break below a key bullish trend line with support near 1.2220 on the hourly chart of GBP/USD. The pair traded below the 38.2% Fib retracement level of the upward move from the 1.1933 swing low to 1.2406 high (formed on FXOpen).

The pair tested the 50% Fib retracement level of the upward move from the 1.1933 swing low to 1.2406 high. It is now rising and trading above the 1.2240 level.

On the upside, an initial resistance is near the 1.2280 level. The next main resistance is near the 1.2320 zone. A clear upside break above the 1.2320 and 1.2330 resistance levels could open the doors for a steady increase in the near term. The next major resistance sits near the 1.2400 level.

If not, the pair might start a fresh decline below 1.2180. The next major support is near the 1.2150 level. Any more losses could lead the pair towards the 1.2050 support zone or even 1.2020.

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Farabot

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BTCUSD and XRPUSD Technical Analysis – 21st JUNE 2022

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BTCUSD – Rounding Bottom Pattern Above $17600

Bitcoin was unable to sustain its bearish momentum and after touching a low of 17678 on 18th June started to correct upwards and is now trading above $21000 handle in the European Trading session.

We can see that after touching an 18-month low the prices of Bitcoin have pulled back due to the buying seen at lower levels from the long-term investors.

Bitcoin entered into a Consolidation channel above the $18000 handle and continues to rise above these levels.

The Global demands for Bitcoin have improved now and the prices are expected to cross $22000 levels.

We can clearly see a Rounding Bottom Pattern Above the $17600 handle which is a Bullish reversal pattern because it signifies the end of a Downtrend and a shift towards an Uptrend.

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

Relative Strength Index is at 66 indicating a STRONGER demand for the Bitcoin at the current market levels.

Bitcoin is now moving Above its 100 hourly Simple Moving average and its 200 hourly Simple 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 22000 and 23500.

Average True Range is indicating LESS Market Volatility with a Strong Bullish Momentum.
  • Bitcoin Bullish Reversal seen Above $17600.
  • Williams Percent Range is Indicating OVERBOUGHT Levels.
  • The price is now trading just Above its Pivot Levels of $21263.
  • All of the Moving Averages are giving a STRONG BUY market signal.

Bitcoin Bullish Reversal Seen Above $17600

The prices of Bitcoin have entered into a consolidation channel above the $18000 handle and the pullback seen is expected to continue touching levels of $22000.

We can see the formation of a Rising Trend channel above the $18000 handle and now we are looking at the projected levels of $22000 and $24000.

The immediate short-term outlook for Bitcoin is Strong Bullish, Medium-term outlook has turned as Bullish, and the long-term outlook remains Neutral under present market conditions.

Bitcoin continues to consolidate above its important support levels of $21000 and further appreciation in its prices is expected in the US Trading session.

The price of BTCUSD is now facing its Classic resistance levels of 21486 and Fibonacci resistance levels of 21633 after which the path towards 22000 will get cleared.

In the last 24hrs BTCUSD has increased by 3.43% by 705$ and has a 24hr trading volume of USD 32.005 Billion. We can see a Decrease of 12.38% in the Trading volume as compared to yesterday, which is due to the buying by the long-term investors.

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The Week Ahead

The prices of Bitcoin are moving in a Strong Bullish momentum and the immediate targets are $22000 and $23500

The Daily RSI is printing at 31 which means that the medium range demand continues to be WEAK.

We can see that the prices of Bitcoin have stabilized above the $21000 handle and now we are looking at the important support levels of $21237 and $21305.

The prices of BTCUSD will need to remain above the important support levels of $21000 this week.

Weekly outlook is projected at $22500 with a consolidation zone of $21000.

Technical Indicators:

Moving Averages Convergence Divergence (12,26): It is at 279 indicating a BUY.

Ultimate Oscillator: It is at 64.37 indicating a BUY.

Rate of Price Change: It is at 5.69 indicating a BUY.

Commodity Channel Index(14days): It is at 171.10 indicating a BUY.

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Farabot

New Member
EUR/USD Could Rise, USD/JPY Remains In Strong Uptrend
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EUR/USD struggled near 1.0580 and corrected lower. USD/JPY is rising and might continue to gain pace towards the 138.00 resistance

Important Takeaways for EUR/USD and USD/JPY
  • The Euro started a downside correction after it failed to surpass 1.0580.
  • There is a key bullish trend line forming with support near 1.0505 on the hourly chart of EUR/USD.
  • USD/JPY gained pace after it broke the 135.00 resistance zone.
  • It surpassed a major bearish trend line with resistance near 135.35 on the hourly chart.
EUR/USD Technical Analysis

This past week, the Euro started a decent recovery wave above the 1.0500 level against the US Dollar. The EUR/USD pair cleared the 1.0520 and 1.0550 resistance levels.

However, the pair faced sellers near the 1.0580 level. A high was formed near 1.0582 on FXOpen and EUR/USD started a downside correction. There was a move below the 1.0520 support and the 50 hourly simple moving average.

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EUR/USD Hourly Chart

The pair even spiked below the 50% Fib retracement level of the upward move from the 1.0444 swing low to 1.0582 high. However, the bulls are now protecting the 1.0500 support zone.

There is also a key bullish trend line forming with support near 1.0505 on the hourly chart of EUR/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the 1.0444 swing low to 1.0582 high.

An immediate resistance on the upside is near the 1.0530 level the 50 hourly simple moving average. The next major resistance is near the 1.0550 level. The main resistance is near the 1.0580 level. An upside break above 1.0580 could set the pace for a steady increase.

If not, the pair might drop and test the 1.0480 support. The next major support is near 1.0450, below which the pair could drop to 1.0400 in the near term.

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Farabot

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ETHUSD and LTCUSD Technical Analysis – 23rd JUNE, 2022
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ETHUSD – Bullish Harami Pattern Above $936
Ethereum was unable to sustain its bearish momentum and after touching a low 893 on 18th June started to correct upwards against the US Dollar.

We can see that the prices have recovered from its lows and a pullback action is seen at levels below $1000.

We can see the formation of a Bullish Ascending channel below the $1000 handle and now we are looking at $1100 and $1250 as the immediate targets.

The prices touched an Intraday Low of $1046 in the Asian Trading session and an Intraday High of $1107 in the European Trading session today.

We can clearly see a Bullish Harami Pattern Above the $936 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 above its Pivot levels of 1096 and is moving into a Strong Bullish channel. The price of ETHUSD is now testing its Classic resistance levels of 1101 and Fibonacci resistance levels of 1110 after which the path towards 1200 will get cleared.

Relative Strength Index is at 52 indicating a NEUTRAL market and the shift towards the consolidation phase in the markets.

Both the STOCHRSI and Williams Percent Range are indicating Overbought levels, which means that the prices are due to correct downwards in the short-term range.

ALL of the of the Technical indicators are giving a STRONG BUY market Signal.

Most of the Moving Averages are giving a BUY Signal and we are now looking at the levels of $1100 to $1250 in the short-term range.

ETH is now trading Above its both the 100 Hourly Simple and Exponential Moving Averages.
  • Ether Bullish Reversal seen Above the $936 mark.
  • Short-term range appears to be Strongly BULLISH.
  • ETH is poised for an upwards Rally against the US Dollar.
  • Average True Range is indicating LESS Market Volatility.

Ether Bullish Reversal Seen Above $936
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ETHUSD is now moving into a Strong Bullish Channel with the prices trading above the $1100 handle in the European Trading session today.

The On Balance Volume is indicating that the demand from the buyers and sellers is in equilibrium, meaning that the present prices of Ether are moving into a consolidation phase.

Now we are looking at the possibility of a Rally into the markets which could push the prices of Ether above the $1500 levels soon.

The key resistance levels to watch are $1275 and $1300 and the prices of ETHUSD need to cross these levels for the continuation of the Bullish reversal.

ETH has increased by 1.50% with a price change of 16$ in the past 24hrs and has a trading volume of 14.913 Billion USD.

We can see an Increase of 3.86% in the total trading volume in last 24 hrs. which appears to be Normal.

The Week Ahead

The global investor sentiments have improved as we can see a recovery of almost 30% from a low of $893 to a high of $1189 reached yesterday.

The prices of Ethereum continue to remain above the important psychological support levels of $1000 and we can witness an upwards Rally into the markets in the next week.

The immediate short-term outlook for the Ether has turned as Strongly BULLISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions.

In this week Ether is expected to move in a range between the $1100 and $1250 and in the next week Ether is expected to enter into a Consolidation phase above the $1250 levels.

Technical Indicators:

STOCH (9,6): It is at 76.59 indicating a BUY.

Average Directional Change(14days): It is at 23.69 indicating a BUY.

Rate of Price Change: It is at 3.61 indicating a BUY.

Commodity Channel Index(14days): It is at 129.70 indicating a BUY.

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Farabot

New Member
Gold Price and Oil Price Could Extend Losses
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Gold price is struggling below the $1,850 resistance zone. Crude oil price is declining and might even trade below the $100 support zone.

Important Takeaways for Gold and Oil
  • Gold price struggled above $1,850 and corrected lower against the US Dollar.
  • There was a break below a key bullish trend line with support near $1,825 on the hourly chart of gold.
  • Crude oil price started a downside correction from the $116 and $118 resistance levels.
  • There is a major bearish trend line forming with resistance near $104.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price struggled to gain pace above the $1,850 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,840 pivot level.

There was a clear move below the $1,825 support zone and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $1,825 on the hourly chart of gold.

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Gold Price Hourly Chart

The price traded as low as $1,821 on FXOpen and the price is now consolidating losses. On the upside, the price is facing resistance near the $1,828 level.

The 23.6% Fib retracement level of the downward move from the $1,846 swing high to $1,821 low is also near the $1,828 zone to act as a resistance. The main resistance is now forming near the $1,830 level.

The 50% Fib retracement level of the downward move from the $1,846 swing high to $1,821 low is also near the $1,832 zone. A close above the $1,832 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,860 level.

On the downside, an initial support is near the $1,820 level. The next major support is near the $1,805 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,780 support zone.

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Farabot

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GBP/USD Eyes Upside Break While USD/CAD Is Diving
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GBP/USD could gain pace if it clears the 1.2320 resistance zone. USD/CAD is sliding and could extend losses below the 1.2870 level.

Important Takeaways for GBP/USD and USD/CAD
  • The British Pound is attempting an upside correction from the 1.2150 support zone.
  • There is a key bullish trend line forming with support near 1.2230 on the hourly chart of GBP/USD.
  • USD/CAD started a fresh decline from the 1.3020 resistance zone.
  • There was a break below a connecting bullish trend line with support near 1.2960 on the hourly chart.

GBP/USD Technical Analysis

After a downside break, the British Pound found support near the 1.2150 zone against the US Dollar. GBP/USD remained well bid above 1.2150 and recently corrected higher.

A low was formed near 1.2169 on FXOpen and the pair climbed above the 1.2200 resistance zone. There was a clear move above the 1.2250 resistance zone and the 50 hourly simple moving average. The pair even spiked above the 1.2300, but faced sellers near 1.2320.

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GBP/USD Hourly Chart

A high is formed near 1.2320 and the pair is now consolidating in a range. There was a test of the 38.2% Fib retracement level of the upward move from the 1.2169 swing low to 1.2320 high.

On the downside, an initial support is near the 1.2260 area. The first major support is near the 1.2240 level. It is near the 50% Fib retracement level of the upward move from the 1.2169 swing low to 1.2320 high.

There is also a key bullish trend line forming with support near 1.2230 on the hourly chart of GBP/USD. If there is a break below 1.2230, the pair could extend its decline. The next key support is near the 1.2180 level. Any more losses might call for a test of the 1.2120 support.

An immediate resistance is near the 1.2300 level. The next key resistance is near the 1.2320 level. If there is an upside break above the 1.2320 zone, the pair could rise towards 1.2400. The next key resistance could be 1.2450, above which the pair could gain strength.

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Farabot

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Euro makes a steady 0.3% gain overnight as Lagarde prepares inflation speech

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The Euro is making steady progress at the moment, and has risen by 0.3% during the course of the night, starting the day just above its 50-day moving average.

That represents a strong position for the Euro, which had a value of $1.0578 against the strong US Dollar this morning.

Inflation has been a subject which has dominated not only the news channels recently, but also the everyday lives of a large proportion of the public across both the American and European continents, and this week the matter of rising inflation is on the agenda for announcements from the governments within the important economic centers within the European Union.

On Wednesday this week, Germany will announce its inflation figures, followed by France on Thursday and the Euro Zone as a whole on Friday.

Despite these imminent announcements, the Euro has held its ground very well. The US Dollar has been notably a strong currency against Western majors recently, itself gaining slightly over the Australian Dollar and the Japanese Yen during today's Asian market trading session which takes place in the during the night and early hours of the morning European time. The US Dollar rose to $0.693 against the Australian Dollar and 135.37 Yen would buy 1 US Dollar by the end of the Asian session today, which is close to the seven-year high of 144.24 Yen to the US Dollar which arose las week.

Despite the Dollar's rising value against these two non-Western majors, the Euro still made its ground against the Dollar today, which is remarkable considering the inflation-related announcements which are imminent across Europe.

Of course, the United States is battling with inflation which is at its highest in 40 years, just as is the case across most of the Western world, therefore the announcements in Europe align to some extent with the situation across the Atlantic in the United States.

Today, Christine Lagarde, President of the European Central Bank is due to speak at the European Central Bank forum in Sintra, Portugal at 8.00am GMT, with the anticipated main subject to be inflation.

Interestingly, the Swiss Franc has risen to parity with the Euro this week, largely driven by an interest rate increase by the Swiss National Bank which took place earlier this month, however elsewhere in Europe, the United Kingdom and the United States, the inflation situation is having a profound effect on the buying habits of the public and lifestyle changes have been taking place meaning less spending, and therefore a shrinking economy.

The cost of living has rocketed, meaning that per-capita earnings are less than they were last year by a considerable margin, causing concerns by millions of people as well as analysts and economists over the medium term strength of the Western economy as a whole, therefore some degree of volatility between major currencies, especially the Euro, US Dollar and British Pound has taken place which has over recent years been relatively rare.

Interest rate rises are also making their presence felt as mortgage and loan payments have been increasing across these markets, signaling a potential recession.

There is no magic wand to wave, however listening to central bank announcements, despite their current similarity in tone and content, is a poignant measure of the current state of each sovereign currency.

Gary Thomson

Gary Thomson is the Chief Operating Officer at FXOpen UK. Having spent over 20 years of his career working in financial services, Gary is renowned for his expert market analysis and commentary.

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Farabot

New Member
Turkish Lira has week of volatility as government takes drastic action
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The Turkish Lira has been a currency that has held the international limelight for a few months now, largely due to the massive volatility that it has been experiencing as Turkey's national economy struggles with outlandish levels of inflation.

Over the last few months, Turkey has been battling inflation levels of approximately 70%, and the its national currency, the Lira, has been the subject of detailed analysis in that it has faced a severe crisis.

The Turkish Lira, although not a major currency, is widely traded against majors such as the Euro, US Dollar, Swiss Franc, Japanese Yen and British Pound and as a result of this status, it has been an important currency to monitor recently as the economic circumstances which the Turkish economy has faced impinge on its value.

This week, the Turkish government took drastic action by enforcing a ban on companies based in Turkey which have significant reserves of foreign currency from taking loans.

This resulted in an increase in the value of the Turkish Lira, however yesterday the Turkish Lira actually whipsawed against the US Dollar as the most interesting stage in a four-day rally in value by the Turkish currency.

Whipsawing is a term used by traders which describes a pattern in a volatile market in which a sharp price movement is suddenly followed by a sharp reversal.

In the case of the Turkish Lira, the currency rallied against the US Dollar on Friday last week, at one point surging by 5% against the US Dollar, which is the highest it has gained this year.

Overall on Friday, the Turkish Lira had traded up 2.5%, which is the biggest gain of any currency in the world against the US Dollar during Friday's trading session.

As this week has progressed, the upward trend continued for the Lira until yesterday, when it whipsawed.

By Monday morning this week, the Turkish Lira had gained an impressive 8% against the US Dollar, trading at 16.01 compared to Thursday's close of 17.35.

However, on Monday afternoon, late into the European trading session, the Turkish Lira whipsawed within the 16 to 17 Lira per US Dollar range.

These volatile movements reflected the varied opinions of investors regarding the new ban on loans to companies which hold reserves of non-Turkish currency.

The policy, which affects around 10,000 businesses in Turkey, means that if those companies wish to obtain commercial loans, they would have to sell a sufficient amount of their non-Turkish currency reserves on the Forex market and then buy Lira instead. The idea of this is to attempt to bolster the value of the embattled Turkish Lira which has lost half of its value in the past 12 months.

The new rule stipulates that all companies which hold the equivalent of 15 million Turkish Lira in non-Turkish currency, cannot borrow lira if their FX funds exceed 10% of their assets or yearly sales. 15 million Turkish Lira is approximately $910,000.

Smaller companies which cannot take loans in non-Turkish currency are exempt from this ruling as long as their FX position is net, and they are allowed to borrow in Lira.

The government's stringent action is indicative of the crisis which the Lira faces, as the inflation level reached 73% recently, removing the purchasing power of the vast majority of the nation's citizens and businesses.

The Lira is clearly now a volatile currency against majors and therefore one to watch.

Gary Thomson

Gary Thomson is the Chief Operating Officer at FXOpen UK. Having spent over 20 years of his career working in financial services, Gary is renowned for his expert market analysis and commentary.

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Farabot

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ETHUSD and LTCUSD Technical Analysis – 30th JUNE, 2022

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ETHUSD – Bearish Doji Star Pattern Below $1279

Ethereum was unable to sustain its bullish momentum and after touching a high of 1278 on 26th June started to decline heavily against the US Dollar.

We can see that the prices have fallen below the $1100 handle and now trading at $1052 in the European Trading session today.

We can see the formation of a Falling Trend Channel below the $1200 handle and now we are looking at $1050 and $1000 as the immediate targets.

The prices touched an Intraday Low of $1049 in the European Trading session and an Intraday High of $1117 in the Asian Trading session today.

We can clearly see a Bearish Doji Star Pattern Below the $1279 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase in the markets.

ETH is now trading below its Pivot levels of 1069 and is moving into a Strong Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1015 and Fibonacci support levels of 1057 after which the path towards 1000 will get cleared.

Relative Strength Index is at 24 indicating an OVERSOLD market and the shift towards the consolidation phase in the markets.

Both the STOCHRSI and Williams Percent Range are indicating Oversold levels, which means that the prices are due to correct upwards in the short-term range.

All of the 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 $1000 to $950 in the short-term range.

ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages.
  • Ether Bearish Reversal seen Below the $1279 mark.
  • Short-term range appears to be Strongly BEARISH.
  • ETH failed to clear its resistance of $1300.
  • Average True Range is indicating LESS Market Volatility.
Ether Bearish Reversal Seen Below $1279
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ETHUSD is now moving into a Strong Bearish Channel with the prices trading below the $1100 handle in the European Trading session today.

We have also detected the formation of a Bearish Harami pattern in the 15-minutes timeframe indicating weakness and the continuation of the downtrend.

The Commodity Channel Index is giving Oversold levels which means that the prices of Ethereum are due for an upwards correction.

The key support levels to watch are $1036 and $1015 and the prices of ETHUSD need to remain above these levels for any Bullish reversal.

ETH has decreased by 7.05% with a price change of 79$ in the past 24hrs and has a trading volume of 15.621 Billion USD.

We can see an Increase of 7.43% in the total trading volume in last 24 hrs. which appears to be Normal.

The Week Ahead

The global investor sentiments are weak due to the changing Geo-political situation in the Europe, amid the ongoing Russia-Ukraine conflict and meeting of NATO leaders in Madrid.

The prices of Ethereum continue to remain above the important psychological support levels of $1000 and most of the technical are now indicating a Neutral market.

The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions.

In this week Ether is expected to move in a range between the $1000 and $1150 and in the next week Ether is expected to enter into a Consolidation phase above the $1100 levels.

Technical Indicators:

STOCH (9,6): It is at 38.51 indicating a SELL.

Average Directional Change(14days): It is at 40.18 indicating a SELL.

Rate of Price Change: It is at -4.50 indicating a SELL.

Ultimate Oscillator: It is at 34.22 indicating a SELL.

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Farabot

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AUD/USD and NZD/USD Could Eye Fresh Increase
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AUD/USD started a fresh decline from the 0.6980 resistance. NZD/USD is also declining and might even trade below the 0.6150 support.

Important Takeaways for AUD/USD and NZD/USD
  • The Aussie Dollar started a fresh decline below the 0.6920 support zone against the US Dollar.
  • There is a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD.
  • NZD/USD also started a major decline from the 0.6330 resistance zone.
  • There is a major bearish trend line forming with resistance near 0.6215 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar attempted a fresh increase above the 0.6980 and 0.7000 levels against the US Dollar. However, the AUD/USD pair failed to continue higher above 0.6980 and started another decline.

There was a move below the 0.6950 and 0.6920 support levels. There was a close below the 0.6900 level and the 50 hourly simple moving average. The pair traded as low as 0.6821 and is currently showing a lot of bearish signs.

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AUD/USD Hourly Chart

On the downside, an initial support is near the 0.6800 level. The next support could be the 0.6780 level. The main support is near the 0.6720 level. If there is a downside break below the 0.6720 support, the pair could extend its decline towards the 0.6650 level.

Any more downsides might send the pair toward the 0.6600 level. On the upside, the AUD/USD pair is facing resistance near the 0.6845 level. It is near the 23.6% Fib retracement level of the downward move from the 0.6919 swing high to 0.6821 low.

The next major resistance is near the 0.6870 level. It is near the 50% Fib retracement level of the downward move from the 0.6919 swing high to 0.6821 low.

There is also a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD. A close above the 0.6880 level could start a steady increase in the near term. The next major resistance could be 0.6950.

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Farabot

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GBP/USD and GBP/JPY Face Uphill Task

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GBP/USD started a fresh decline from the 1.2320 resistance zone. GBP/JPY declined and remains at a risk of more losses below 162.00.


Important Takeaways for GBP/USD and GBP/JPY
  • The British Pound started a fresh decline after it failed near 1.2320 against the US Dollar.
  • There is a major bearish trend line forming with resistance near 1.2120 on the hourly chart of GBP/USD.
  • GBP/JPY declined steadily after it failed to clear the 167.00 resistance zone.
  • There is a key bearish trend line forming with resistance near 164.25 on the hourly chart.
GBP/USD Technical Analysis

This past week, the British Pound attempted an upside break above the 1.2320 resistance against the US Dollar. The GBP/USD pair failed to gain bullish momentum and started a fresh decline from the 1.2200 zone.

There was a sharp decline below the 1.2150 support and the 50 hourly simple moving average. The pair even traded below the 1.2000 support zone. A low was formed near 1.1975 on FXOpen before the pair started a recovery wave.

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GBP/USD Hourly Chart

The pair climbed above the 1.2050 resistance zone. It even broke the 50% Fib retracement level of the downward move from the 1.2188 swing high to 1.1975 low.

On the upside, the pair is facing resistance near the 1.2110 level. It is near the 61.8% Fib retracement level of the downward move from the 1.2188 swing high to 1.1975 low. There is also a major bearish trend line forming with resistance near 1.2120 on the hourly chart of GBP/USD.

An upside break above 1.2120 could set the pace for a move towards the 1.2200 resistance zone. If there is no upside break above 1.2120, the pair could start a fresh decline.

An immediate support is near the 1.2050. The next major support is near the 1.2000 level. If there is a break below the 1.2000 support, the pair could test the 1.1920 support.

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Farabot

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BTCUSD and XRPUSD Technical Analysis – 05th JULY 2022
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BTCUSD: Bullish Doji Star Pattern Above $18900

Bitcoin was unable to sustain its bullish momentum last week and started to decline against the US dollar touching a low of 18646 on 30th June, after which we can see some correction in its levels above the $19000 handle.

The prices of bitcoin started to reverse, confirming the bullish tone in the markets. We can see a shift towards the consolidation channel above the $19500 handle in the European trading session today.

We can clearly see a bullish doji star pattern above the $18900 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

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 56 indicating a STRONG demand for bitcoin at the current market levels.

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

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 20500 and 22000.

The average true range is indicating less market volatility with a bullish momentum.
  • Bitcoin: bullish reversal seen above $18900
  • The Williams percent range is indicating an overbought level
  • The price is now trading just below its pivot level of $20266
  • Some of the moving averages are giving a buy market signal
Bitcoin: Bullish Reversal Seen Above $18900
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The price of Bitcoin has entered into a consolidation channel above the $19000 handle and the continuation of the bullish momentum above the $19500 level.

The global sentiments continue to improve, and now the prices are forming an ascending channel above the $19000 level.

A bullish run is expected up to the level of $24821 as indicated by the simple MA 200, after which we will see some downwards correction.

The on-chain activity has increased which points to a potential bullish nature of the prevailing market conditions.

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

Bitcoin is finding support above the $18500 level as the prices continue to remain above these levels during the bearish phase of the markets.

The price of BTCUSD is now facing its classic resistance level of 20365 and Fibonacci resistance level of 20527 after which the path towards 21000 will get cleared.

In the last 24hrs, BTCUSD has increased by 3.89% by 745$ and has a 24hr trading volume of USD 24.759 billion. We can see an increase of 61.73% in the trading volume as compared to yesterday, which is due to the buying seen at lower levels by the medium-term Investors.

The Week Ahead

The price of bitcoin is moving in a bullish momentum, and the immediate targets are $20500 and $21500. The daily RSI is printing at 35 which means that the medium range demand continues to be weak.

We can see that the prices of bitcoin have stabilized above the $19000 handle, and now we are looking at the important support levels of $18847 and $19150.

The price of BTCUSD will need to remain above the important support level of $19000 this week.

The weekly outlook is projected at $22500 with a consolidation zone of $20500.

Technical Indicators:

The average directional change (14 days): at 33.00 indicating a BUY

The ultimate oscillator: at 51.57 indicating a BUY

The rate of price change: at 3.075 indicating a BUY

The commodity channel index (14 days): at 92.63 indicating a BUY

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Farabot

New Member
EUR/USD and EUR/JPY Remain In Downtrend
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EUR/USD started a fresh decline and traded below 1.0350. EUR/JPY is also diving and remains at a risk of more losses below 138.50.


Important Takeaways for EUR/USD and EUR/JPY
  • The Euro started a major decline from the 1.0500 and 1.0480 resistance levels.
  • There is a key bearish trend line forming with resistance near 1.0400 on the hourly chart.
  • EUR/JPY also started a major decline below the 140.50 and 140.00 support levels.
  • There is a major bearish trend line forming with resistance near 141.50 on the hourly chart.

EUR/USD Technical Analysis

The Euro failed to clear the 1.0500 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0450 and 1.0350 support levels.

There was a clear move below the 1.0320 level and the 50 hourly simple moving average. The pair even settled below the 1.0280 level. A low was formed near 1.0235 on FXOpen and the pair is now consolidating losses.

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EUR/USD Hourly Chart

On the upside, the pair is facing resistance near the 1.0290 level. It is near the 23.6% Fib retracement level of the downward move from the 1.0462 swing high to 1.0235 low.

The next major resistance is near the 1.0350 level. It is near the 50% Fib retracement level of the downward move from the 1.0462 swing high to 1.0235 low. Besides, there is a key bearish trend line forming with resistance near 1.0400 on the hourly chart.

A clear break above the 1.0400 resistance could push EUR/USD towards 1.0500. If the bulls remain in action, the pair could revisit the 1.0550 resistance zone in the near term.

On the downside, the pair might find support near the 1.0235 level. The next major support sits near the 1.0200 level. If there is a downside break below the 1.0200 support, the pair might accelerate lower in the coming sessions.

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Farabot

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ETHUSD and LTCUSD Technical Analysis – 07th JULY, 2022
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ETHUSD: Bullish Doji Star Pattern Above $1040

Ethereum has started its bullish momentum against the US dollar after moving into a consolidation channel last week and is now trading above the $1100 handle in the US trading session.

We can see a continued appreciation in the prices of Ethereum, mainly due to the buying seen at lower levels by the medium-term investors.

We can see the formation of a super trend in the 15-minute time frame above the $1100 handle, and now are looking at $1200 and $1250 as the immediate targets.

The prices touched an intraday low of $1155 in the Asian trading session and an intraday high of $1201 in the European trading session today.

We can clearly see a bullish doji star pattern above the $1040 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 above its pivot level of 1182 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1190 and Fibonacci resistance level of 1197 after which the path towards 1200 will get cleared.

The relative strength index is at 61 indicating a STRONG market and the continuation of the uptrend in the markets.

The STOCHRSI is indicating a NEUTRAL level, which means that the prices are expected to enter into a consolidation phase in the short-term range.

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

All of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $1200 to $1250 in the short-term range.

ETH is now trading above its 100 hourly simple and exponential MAs.
  • Ether: bullish continuation seen above the $1040 mark
  • The short-term range appears to be mildly BULLISH
  • ETH continues to remain above the $1100 level
  • The average true range is indicating LESS market volatility
Ether: Bullish Continuation Seen Above $1040

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ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1100 handle in the European trading session today.

We have also detected the formation of an ascending contraction triangle pattern in the hourly time frame indicating that the price is likely to climb higher crossing the $1200 level.

We can see that the price of Ethereum is slowly recovering against the US dollar and continues to gain traction today.

The current price action is positive for the markets, and the prices are expected to remain above the $1200 levels in the US trading session today.

The key support levels to watch are $1100 and $1159, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish trend.

ETH has decreased by 3.30% with a price change of 37$ in the past 24hrs and has a trading volume of 13.489 billion USD.

We can see a decrease of 20.16% in the total trading volume in the last 24 hrs. which appears to be normal.

The Week Ahead

The on-chain data shows that the number of ETH holders is increasing which suggests that the global user activity is at an all-time high leading to an increase in the global investor sentiment.

The prices of Ethereum continue to remain above the important psychological support level of $1100 and most of the technicals are now indicating a bullish market.

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

This week, Ether is expected to move in a range between $1100 and $1300, and next week, it is expected to enter into a consolidation phase above $1200.

Technical Indicators:

The moving averages convergence divergence (12,26): at 9.93 indicating a BUY

The average directional change (14 days): at 33.57 indicating a BUY

The rate of price change: at 2.59 indicating a BUY

The ultimate oscillator: at 56.07 indicating a BUY

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Farabot

New Member
Gold Price Turns Red, Crude Oil Price Faces Hurdle

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Gold price started a major decline below the $1,800 support zone. Crude oil price is attempting a recovery wave from the $93.20 zone.

Important Takeaways for Gold and Oil
  • Gold price struggled above $1,800 and declined against the US Dollar.
  • There is a key bearish trend line forming with resistance near $1,750 on the hourly chart of gold.
  • Crude oil price started a downside correction from the $109 and $110 resistance levels.
  • There is a major bearish trend line forming with resistance near $100.10 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price struggled to gain pace above the $1,815 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,800 pivot level.

There was a clear move below the $1,785 support zone and the 50 hourly simple moving average. The price even traded below the $1,750 level and formed a low near $1,732 on FXOpen. It is now consolidating losses above the $1,730 level.

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Gold Price Hourly Chart

On the upside, the price is facing resistance near the $1,750 level. There is also a key bearish trend line forming with resistance near $1,750 on the hourly chart of gold.

The trend line is near the 23.6% Fib retracement level of the downward move from the $1,814 swing high to $1,732 low. A clear upside break above the trend line and the 50 hourly simple moving average could send the price towards $1,762.

The main resistance is now forming near the $1,775 level. It is near the 50% Fib retracement level of the downward move from the $1,814 swing high to $1,732 low.

A close above the $1,775 level could open the doors for a steady increase towards $1,800. The next major resistance sits near the $1,815 level. On the downside, an initial support is near the $1,735 level. The next major support is near the $1,725 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,700 support zone.

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