Resolve Posted February 12, 2021 Author Share Posted February 12, 2021 Gold Price Starts Fresh Decline, Oil Price Correcting Gains Gold price failed to clear the $1,855 resistance and started a fresh decline. Crude oil price is correcting gains and it might test the $57.00 support zone. Important Takeaways for Gold and Oil Gold price started a fresh increase, but it failed near $1,855 and $1,860 resistance levels against the US Dollar. There was a break below a major bullish trend line with support near $1,838 on the hourly chart of gold. Crude oil price traded to a new multi-month high near $58.75 before correcting lower. There was a break below a key bullish trend line with support near $58.20 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price started a decent recovery wave from the $1,785 zone against the US Dollar. The price climbed above the $1,820 and $1,840 resistance levels. However, the price struggled to clear the $1,855 and $1,860 resistance levels. A high was formed near $1,855 before the price started a fresh decline. There was a break below the $1,840 level and the 50 hourly simple moving average. The price traded below the 38.2% Fib retracement level of the upward move from the $1,784 swing low to $1,855 high. There was also a break below a major bullish trend line with support near $1,838 on the hourly chart of gold. The price is now approaching the $1,820 support zone. The 50% Fib retracement level of the upward move from the $1,784 swing low to $1,855 high is also near the $1,820 level. If there is a downside break below the $1,820 support level, the price might continue to move down towards the $1,800 level. Any more losses could lead the price towards the $1,784 swing low. On the upside, the price is likely to face resistance near the $1,830 level. The next major resistance is probably forming near the $1,840 level and the 50 hourly simple moving average. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 15, 2021 Author Share Posted February 15, 2021 GBP/USD and EUR/GBP: British Pound Gains Momentum GBP/USD is gaining bullish momentum above the 1.3800 and 1.3840 resistance levels. EUR/GBP is declining and it broke a major support at 0.8745. Important Takeaways for GBP/USD and EUR/GBP The British Pound started a strong increase above the 1.3800 resistance zone. There was a break above a major contracting triangle with resistance near 1.3790 on the hourly chart of GBP/USD. EUR/GBP started a fresh decline after it failed to clear the main 0.8800 resistance zone. There was a break below a key bullish trend line with support near 0.8760 on the hourly chart. GBP/USD Technical Analysis After forming a base above the 1.3750 and 1.3780, there was a fresh increase in the British Pound against the US Dollar. The GBP/USD pair broke the 1.3800 and 1.3840 resistance levels to move further into a positive zone. Moreover, there was a break above a major contracting triangle with resistance near 1.3790 on the hourly chart of GBP/USD. The pair strength and it was able to clear the 1.3850 resistance level. There was also a break above the 1.3880 level and the pair settled nicely above the 50 hourly simple moving average. A new multi-month high is formed near 1.3901 on FXOpen and the pair is currently consolidating gains. An initial support on the downside is near the 1.3880 level. The first key support is near the 1.3870 level. It is close to the 23.6% Fib retracement level of the upward move from the 1.3775 low to 1.3901 high. The next key support is near the 1.3850 level. Any more losses may possibly lead the pair towards the 1.3840 level. It coincides with the 50% Fib retracement level of the upward move from the 1.3775 low to 1.3901 high. On the upside, the 1.3900 level is a short-term resistance. A close above the 1.3900 level will most likely set the pace for a move towards the 1.4000 level in the near term. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 15, 2021 Author Share Posted February 15, 2021 Equity Indices Remain Bid as America Awaits New Fiscal Stimulus Last week brought little or no movements on the financial markets. The VIX index, which measures volatility, dropped to levels not seen so far during the pandemic. The lack of important economic data contributed to this environment. With a few exceptions, like the CPI or the inflation data in the United States, all other data was second- or third-tier. Effectively, it means that the focus was on the stock market’s price action. This week will likely be the same as it starts with a holiday (i.e., Presidents’ Day in the United States) and no important data until next Friday when the European PMIs are released. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 16, 2021 Author Share Posted February 16, 2021 BTC and XRP – New highs expected BTC/USD The price of Bitcoin has continued its upward trajectory from last Monday and came up from $37,691 at its lowest point to $49,808 at its highest point on Sunday which was an increase of 32.15%. From Sunday’s high, we have seen a pullback to the $46,000 zone but the price is now once again in an upward trajectory. Currently, it is sitting just slightly above $49,000 mark and is testing its horizontal resistance. On the hourly chart, you can see that this rise is the next developing 5th wave from the higher degree impulse and from the lower degree one as well. This is why further upside would be expected but is most likely the ending wave from the rise that started on the 27th of January. The price has been forming an ascending triangle from the 9th of February when the 3rd impulse wave was formed out of the lower degree. Now as the price has reached the apex of the triangle and then retraced back it appears that it made the completion of the 4th wave corrective structure. If this is true now another impulse to the upside has started with the price leading towards a new all-time high, potentially above $52,000. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 17, 2021 Author Share Posted February 17, 2021 EUR/USD and EUR/JPY: Euro Holding Key Supports EUR/USD declined from the 1.2170 zone, but it is holding the 1.2080 support. EUR/JPY climbed higher towards 128.50 and it is currently correcting gains. Important Takeaways for EUR/USD and EUR/JPY The Euro spiked above the 1.2150 resistance, but it struggled to clear 1.2170. There was a break below a connecting bullish trend line with support near 1.2135 on the hourly chart of EUR/USD. EUR/JPY started a strong increase above the 126.50 and 127.80 resistance levels. There is a major bullish trend line forming with support near 127.70 on the hourly chart. EUR/USD Technical Analysis In the past few days, the Euro remained stable above the 1.2050 and 1.2080 support levels against the US Dollar. The EUR/USD pair even made an attempt to gain strength above the 1.2150 resistance level. The pair spiked above 1.2150 and settled above the 50 hourly simple moving average. However, it failed to continue higher above the 1.2170 level. A high was formed near 1.2169 on FXOpen before the pair started a fresh decline. There was a break below a connecting bullish trend line with support near 1.2135 on the hourly chart of EUR/USD. The pair even broke the 1.2100 support and the 50 hourly simple moving average. It found support near the 1.2080 zone and traded as low as 1.2083. It is currently consolidating losses above the 1.2080 support level. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the 1.2169 high to 1.2083 low at 1.2100. The next major resistance is near the 1.2125 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.2169 high to 1.2083 low. Any more gains could open the doors for a fresh increase above 1.2150. If EUR/USD fails to recover, it could break the 1.2080 support level. The next major support is near the 1.2050 level, below which the pair could dive towards the 1.2000 support level. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 18, 2021 Author Share Posted February 18, 2021 LTC and EOS – Correction soon to come? LTC/USD The price of Litecoin continued increasing since last week. From its lowest point last Thursday when it was sitting at $175.78 we have seen an increase of 36.57% measured to its highest point today at $240. Currently, it is being traded just below $230, but the price is in an upward trajectory overall. Looking at the hourly chart, you can see that the price of Litecoin was in an upward trajectory from the 27th of January when it made the second test of the horizontal support level which was the lower level of the descending triangle in which it was correcting. As a breakout was made in early February it set the price for a higher high than in January. This is the development of the next five-wave move to the upside. There is still more room to go before the end of this five-wave impulse but it is still unclear where the price increase could end. If the 3rd wave ended on the $194.31 level then currently we are seeing the development of the final wave’s 3rd sub-wave. In that case, another leg up would be expected of the lower degree. But if the 3rd wave of the higher degree count ended on yesterday’s high, then the price of Litecoin has more increasing potential. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 19, 2021 Author Share Posted February 19, 2021 Gold Price Extends Decline, Oil Price Trimming Gains Gold price struggled to clear $1,850 and started a fresh decline below $1,800. Crude oil price traded to a new multi-month high at $62.21 before starting a downside correction. Important Takeaways for Gold and Oil Gold price failed to gain momentum and declined below $1,800 against the US Dollar. There is a key bearish trend line forming with resistance near $1,795 on the hourly chart of gold. Crude oil price traded to a new multi-month high near $62.21 before correcting lower. There was a break below a major bullish trend line with support near $61.20 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price failed to clear the $1,850 and $1,855 resistance levels against the US Dollar. As a result, there was a fresh decline below the $1,825 and $1,820 support levels. The price gained bearish momentum below the $1,800 support and it even settled well below the 50 hourly simple moving average. It traded as low as $1,760 on FXOpen and it is currently consolidating losses. An initial resistance on the upside is near the $1,775 level. It is close to the 23.6% Fib retracement level of the recent decline from the $1,826 swing high to $1,760 low. The first major resistance is near the $1,780 level or the 50 hourly simple moving average. The next major resistance is near the $1,795 level. There is also a key bearish trend line forming with resistance near $1,795 on the hourly chart of gold. The trend line resistance is close to the 50% Fib retracement level of the recent decline from the $1,826 swing high to $1,760 low. Therefore, the price might struggle to clear the $1,795 and $1,800 resistance levels in the near term. On the downside, the first major support is near the $1,760 level. The next major support is near the $1,750 level. Any more losses might call for a move towards the $1,720 support level. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 22, 2021 Author Share Posted February 22, 2021 GBP/USD Climbs above 1.4000, USD/CAD Turns Red GBP/USD gained momentum above the 1.3900 resistance and it even broke 1.4000. USD/CAD is declining and it traded below the 1.2650 support zone. Important Takeaways for GBP/USD and USD/CAD The British Pound started a steady increase above the 1.3950 and 1.4000 resistance levels. There is a key rising channel forming with support near 1.4000 on the hourly chart of GBP/USD. USD/CAD started a steady decline below the 1.2700 and 1.2650 support levels. There is a major bearish trend line forming with resistance near 1.2710 on the hourly chart. GBP/USD Technical Analysis After forming a base above the 1.3800 level, the British Pound extended its increase against the US Dollar. The GBP/USD pair broke the 1.3900 resistance level to move further into a positive zone. The bulls gained pace above the 1.3920 level and the 50 hourly simple moving average. As a result, there was a clear break above the key 1.4000 resistance level. The pair traded to a new yearly high at 1.4051 on FXOpen and it is currently correcting lower. There was a break below the 1.4020 support level. The pair traded below the 23.6% Fib retracement level of the recent wave from the 1.3952 swing low to 1.4051 high. On the downside, the first key support is near the 1.4000 area. There is also a key rising channel forming with support near 1.4000 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent wave from the 1.3952 swing low to 1.4051 high. If there is a break below 1.4010 and 1.4000, the pair could decline towards the 1.3980 support zone or the 50 hourly simple moving average. Any more losses might call for a test of 1.3920. On the upside, an initial resistance is near the 1.4040 level. The main resistance is now near the 1.4050 zone, above which the pair is likely to accelerate higher towards the 1.4100 and 1.4120 levels. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 22, 2021 Author Share Posted February 22, 2021 Bitcoin Surge Continues as More Institutional Investors Turn to Digital Assets The price of Bitcoin reached $57,000 over the weekend. The extent of the current bull run is so aggressive that earlier forecasts that Bitcoin will reach 200k and more in less than a year do not sound improbable anymore. If that is going to be the case, it remains to be seen. What is important now is that the price of Bitcoin is disconnected completely from reality in the sense that the technology itself has no use and that the asset is purely speculative. Why Do People Turn to Cryptocurrencies? Distrust in the financial system appears to be the main reason. People are sick-entire of the same old “medicine” applied to broken economies (i.e., printing more money to solve for either excessive debt or economic recessions. And they are right. Unfortunately, so are the policymakers. No one wished for two economic recessions less than ten years apart, but here we are. Moreover, the current one is far more impactful when compared to the 2008-2009 Great Financial Crisis for the simple reason that the health crisis affected the entire world and not just parts of it. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 23, 2021 Author Share Posted February 23, 2021 BTC and XRP – Correction or the end of the increase altogether? BTC/USD From its all-time high at $58,360, the price of Bitcoin has made a decrease of 22.8% today as it fell to $45,058 at its lowest spike. Currently, it is being traded at $47,251 and the price is in a steep downward trajectory. Looking at the hourly chart, we can see that the price ended its 3rd wave out of the impulse that started on the 27th of January. This is why the seen decrease is still considered correctional in nature but is still unclear where this downfall could end. If this is the developing 4th wave would have seen its first sub-wave which is why now a short-term recovery would be expected. But after a short-term recovery, we can see its 3rd sub-wave making a lower low, potentially somewhere around its all-time high of $40,000. But if the price goes to those levels it could indicate the possibility that the upward move has ended altogether. If this is true then we have seen the completion of the five-wave impulse at the $58,000 area in which case now a longer-term correction could play out. For the signs of confirmation, we are going to look at what happens at the current levels as if this is the 4th wave the price should start an immediate recovery. But if it continues moving to the downside further in a straight line the second scenario would look more likely. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 24, 2021 Author Share Posted February 24, 2021 EUR/USD and USD/CHF Showing Signs of More Upsides EUR/USD settled above 1.2100 and it is now facing hurdles near 1.2200. USD/CHF is rising and it is likely to accelerate higher above 0.9065. Important Takeaways for EUR/USD and USD/CHF The Euro started a fresh increase above the 1.2100 and 1.2120 resistance levels against the US Dollar. There is a key bullish trend line forming with support near 1.2140 on the hourly chart of EUR/USD. USD/CHF started a steady increase and climbed above the 0.9000 resistance zone. There was a break above a major rising channel with resistance near 0.9045 on the hourly chart. EUR/USD Technical Analysis The Euro remained stable above the 1.2000 support and it started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.2100 and 1.2120 resistance levels to move into a positive zone. The pair even broke the 1.2150 resistance and settled above the 50 hourly simple moving average. It traded as high as 1.2179 on FXOpen and it is currently consolidating gains. It corrected below 23.6% Fib retracement level of the recent wave from the 1.2091 low to 1.2179 high. However, the pair found a strong support near the 1.2135 level. It coincides with the 50% Fib retracement level of the recent wave from the 1.2091 low to 1.2179 high. There is also a key bullish trend line forming with support near 1.2140 on the hourly chart of EUR/USD. The pair is now trading nicely above 1.2140 and the 50 hourly simple moving average. If there is a downside break below the trend line support, there could be a sharp decline below 1.2120. The next key support is near the 1.2100 level, below which EUR/USD could decline towards the 1.2040 support. Conversely, the pair could rise further above 1.2180. A successful break above the 1.2180 and 1.2200 resistance levels could lead the pair towards the 1.2250 and 1.2280 levels in the near term. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 25, 2021 Author Share Posted February 25, 2021 LTC and EOS – Further downside more likely LTC/USD The price of Litecoin has been in a decline from Saturday’s high when it came up to $247. From there we have seen a downfall of 35.8% measured to its lowest point of the week made on Tuesday at $158.56. We have seen a minor recovery as the price made a rise to the $190 area but has since pulled back again and is currently sitting just below $180. Looking at the hourly chart, you can see that the price of Litecoin has fallen back to the 0.236 Fib level which was the horizontal resistance point of the prior high made on the 10th of January. It dipped below it which could serve as an early indication that the previous uptrend ended, but it managed to go back above it and is currently testing it for support. If the support gets validated at these levels we could see further uptrend continuation of the impulse wave that started on the 27th of January. However, if the price continues moving to the downside again and makes it into the lower range it would be a stronger indication that the price of Litecoin has ended its previous impulsive move and is now headed towards a correction of the higher degree out of which the downfall from last Saturday was only its 1st sub-wave. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted February 26, 2021 Author Share Posted February 26, 2021 EUR/JPY and GBP/JPY Approaching Important Supports The Euro and British Pound started a steady increase in the past few days against the Japanese Yen. Both EUR/JPY and GBP/JPY are correcting gains, but approaching important supports. Important Takeaways for EUR/JPY and GBP/JPY The Euro gained pace above 129.00 before correcting lower against the Japanese Yen. There was a break below a connecting bullish trend line with support at 129.10 on the hourly chart of EUR/JPY. GBP/JPY spiked above the main 150.00 resistance before correcting lower. There was a break below a major bullish trend line with support at 148.75 on the hourly chart. EUR/JPY Technical Analysis After forming a base above the 127.50 level, the Euro started a steady increase against the Japanese Yen. The EUR/JPY pair broke many hurdles near the 128.50 level to move into a positive zone. There was also a break above a key contracting triangle with resistance near 128.00 on the hourly chart of EUR/JPY. The pair surged above the 129.00 level and the 50 hourly simple moving average. It traded to a new monthly high at 129.97 on FXOpen and it is currently correcting gains. There was a break below the 129.50 support. The pair broke the 38.2% Fib retracement level of the upward move from the 127.70 swing low to 129.97 high. There was also a break below a connecting bullish trend line with support at 129.10 on the same chart. The pair is now approaching the 128.80 support level and the 50 hourly simple moving average. The 50% Fib retracement level of the upward move from the 127.70 swing low to 129.97 high is also near the 128.82 level. If there is a downside break below the 128.80 support, the pair could continue to move down towards the 128.40 support. Conversely, it might start a fresh increase from 128.80. An initial resistance on the upside is near the 129.20 level. The main resistance sits at 129.50, above which the pair could rise towards the 130.00 level. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
broforex51 Posted February 28, 2021 Share Posted February 28, 2021 AUDJPY today as we see here, the big trend is strong bearish, so the best choice for you is to sell it, you can sell it now at 82.006 with potential target up to 50 pips below Link to comment Share on other sites More sharing options...
Resolve Posted March 1, 2021 Author Share Posted March 1, 2021 GBP/USD and EUR/GBP: British Pound Corrects Gains GBP/USD rallied above the 1.4200 level before correcting lower. EUR/GBP is declining, but it is might find bids near the 0.8635 zone in the near term. Important Takeaways for GBP/USD and EUR/GBP The British Pound surged above the 1.4200 level and recently corrected lower. There was a break below a major bullish trend line with support at 1.4140 on the hourly chart of GBP/USD. EUR/GBP climbed above the 0.8700 level before it faced sellers and corrected lower. There was a break below a key bullish trend line with support near 0.8660 on the hourly chart. GBP/USD Technical Analysis After a successful close above the 1.4000 level, the British Pound started a strong increase against the US Dollar. The GBP/USD pair a few key hurdles near 1.4080 and 1.4100 to move further into a positive zone. The pair climbed above the 1.4200 level and traded close to 1.4240 on FXOpen. Recently, there was a downside correction, and the pair declined below the 1.4100 support zone and the 50 hourly simple moving average. There was also a break below a major bullish trend line with support at 1.4140 on the hourly chart of GBP/USD. The pair even broke the 1.4000 support and traded as low as 1.3887. It is currently consolidating and trading above the 1.3950 level. There was a break above the 23.6% Fib retracement level of the downward move from the 1.4181 high to 1.3887 low. The first major resistance on the upside is near the 1.4040 level and the 50 hourly simple moving average. The 50% Fib retracement level of the downward move from the 1.4181 high to 1.3887 low is also near the 1.4040 level. A successful break above the 1.4040 level and the 50 hourly SMA could open the doors for a fresh increase. In the stated case, the pair could revisit the 1.4150 level. On the downside, the 1.3950 level is a decent support. The next major support sits near the 1.3900 level, below which the pair could slide towards the 1.3820 level. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted March 1, 2021 Author Share Posted March 1, 2021 Rising Yields Spark Dollar’s Rally Financial market participants were taken by surprise last week. The US dollar, on a steady decline since April of last year, has pared losses and started to rally. It gained across the board, trading higher against the euro, the pound, or the Australian dollar. The move higher in the dollar comes against all forecasts at the end of last year. Investment banks across the world forecasted a lower dollar to be the theme for the entire 2021, but that trend lasted only for the first two months of the year. The move higher in the dollar was sparked by a dramatic increase in the US 10y yields. The Treasury yield is already at the end-2021 forecast, with only two months ended in the trading year. Higher Yields, Higher Dollar The rising yields pose a threat to the reflation theme and the risk-on environment. Whenever yields are rising, the rise brings an unwanted tightening in financial conditions. At this point, investors are speculating that the tightening of financial conditions during a pandemic will trigger more action from some central banks. However, the Fed looks trapped due to higher inflation and the Treasury issuance plan. Therefore, the chances are that other central banks, in particular the ECB and the RBA, will likely ease, further fueling the move higher in the dollar. The EURUSD and the AUDUSD pairs lows over two big figures last week, and the trend lower continues. At the time of writing this article, the EURUSD traded close to 1.20, after only last Thursday it was as high as 1.2240. The move lower is almost vertical, and the same is seen on the AUDUSD pair. In other words, this is a higher dollar move triggered by financial tightening and the risk-on environment changed. Should we see, yields continuing to rise, the dollar’s strength will continue as well. This is the NFP week, and trading is tricky until the jobs data is released next Friday. However, this time the release may not be so relevant for markets unless the yields give away some of the recent games. Also, investors will focus on what the RBA will do tomorrow, as well as the signals from the ECB. Any signs of further easing should trigger a new leg lower in the EURUSD and AUDUSD pairs. FXOpen Blog Link to comment Share on other sites More sharing options...
Resolve Posted March 2, 2021 Author Share Posted March 2, 2021 BTC and XRP – Breakout seen but first resistance encountered BTC/USD From Sunday’s low at around $43,070, the price of Bitcoin came up $49,579 at its highest point today which was a recovery of 15%. Since today’s high, we have seen a minor pullback but the price is still in an upward trajectory overall. This recovery of 15% was a breakout from the descending triangle that formed from the 25th of February and was the 3rd sub-wave from the correctional move that started on the 21st. The price found support on the 0.5 Fib level on Sunday which led to the price increase and ultimately to a breakout but now new resistance has been encountered above the prior local high at the significant horizontal level. We could have seen the completion of the 4th corrective wave from the higher degree count with the wave structure implying that the descending triangle from which it broke was the C wave from the lower degree count. If this is true, then the current rise is the next starting impulse that is going to push the price of Bitcoin above its prior all-time high onto the next one. But first, there must be a validation which would come in a form of a breakout from the currently interacted horizontal resistance level. This is why now the pullback might continue to the 0.382 Fib level where if the price finds support, further uptrend continuation would be expected. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted March 3, 2021 Author Share Posted March 3, 2021 EUR/USD Facing Hurdles, USD/JPY Gains Bullish Momentum EUR/USD declined towards 1.2000 before recovering higher. USD/JPY is following a strong uptrend and it even broke the 106.50 resistance zone. Important Takeaways for EUR/USD and USD/JPY The Euro tested the 1.2000 support zone and it is now recovering higher. There was a break above a steep bearish trend line with resistance near 1.2020 on the hourly chart of EUR/USD. USD/JPY climbed above the 106.00 and 106.50 resistance levels. There is a major bullish trend line forming with support at 106.70 on the hourly chart. EUR/USD Technical Analysis This past week, the Euro topped near the 1.2245 before starting a fresh decline against the US Dollar. The EUR/USD pair broke the 1.2150 and 1.2120 support levels to move into a bearish zone. The pair even broke the 1.2080 support level and the 50 hourly simple moving average. Finally, there was a spike below the 1.2000 support and the pair traded as low as 1.1991 on FXOpen. Recently, the pair started an upside correction above 1.2020. There was a break above a steep bearish trend line with resistance near 1.2020 on the hourly chart of EUR/USD. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2245 swing high to 1.1991 low. It is now trading above the 1.2060 level and the 50 hourly simple moving average. An immediate resistance is near the 1.2100 level. The first key resistance is near the 1.2120 level. It is close to the 50% Fib retracement level of the downward move from the 1.2245 swing high to 1.1991 low. A clear break above the 1.2100 and 1.2120 levels could open the doors for a move towards the 1.2200 level. Conversely, the pair could start a fresh decline below the 1.2060 support. The first major support is near the 1.2050 level and the 50 hourly simple moving average. If there is a downside break below the 50 hourly simple moving average, the pair could dive towards the 1.2000 support in the near term. Any more losses might call for a retest of the 1.1965 support level. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted March 4, 2021 Author Share Posted March 4, 2021 LTC and EOS – Looking for support LTC/USD The price of Litecoin has been on the rise since the start of the month and came up from $154 to $197.24 at its highest point so far which was an increase of 28%. Since yesterday’s high we have seen a pullback to the $182 level above which it is currently being traded. On the hourly chart, you can see that the price of Litecoin is making an interaction with the 0.5 Fib level measured from the 27th of January until the 20th of February which was the five-wave impulse to the upside that developed after a prolonged correction in January. The price made another minor breakout from the start of March from the descending trendline and is now inside another ascending channel. If the previous upside impulse was the next five-wave impulse to the upside, the price has made a corrective decrease afterward. This would bring the current rise as the next sub-wave of the upward impusle that is set to exceed February’s high of $246. But another possibility could be that the higher degree impulse ended in February with the seen five-wave move in which case the currently seen rise is the 2nd sub-wave of the higher degree correction. This is why now depending on the wave structure behind the move we are going to see which scenario is in play. If the price makes another three-wave move it would mean that the rise since the start of the month is corrective, but if it continues moving to the upside in a five-wave manner that would be an early indication that we are going to see a further uptrend continuation and new yearly highs for the price of Litecoin above the February’s one. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
Resolve Posted March 5, 2021 Author Share Posted March 5, 2021 Gold Price Slides Below $1,700, Oil Price Approaches $65 Gold price started a fresh decline below the $1,750 and $1,720 support levels. Crude oil price is still in a positive zone and it is approaching the $65.00 resistance. Important Takeaways for Gold and Oil Gold price started a steady decline and it even broke the $1,700 support against the US Dollar. There is a major declining channel forming with resistance near $1,715 on the hourly chart of gold. Crude oil price traded to a new multi-month high near $64.96. There was a break above a key bearish trend line with resistance near $61.50 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price struggled to stay above the $1,750 support and started a strong decline against the US Dollar. As a result, there was a break below the $1,720 and $1,715 support levels. The price even declined below the $1,700 support and settled below the 50 hourly simple moving average. It traded as low as $1,687 on FXOpen and it is currently consolidating losses. An initial resistance on the upside is near the $1,700 level. It is close to the 38.2% Fib retracement level of the recent decline from the $1,722 swing high to $1,687 low. The first major resistance is near the $1,710 level. An intermediate resistance is near $1,705. It is close to the 50% Fib retracement level of the recent decline from the $1,722 swing high to $1,687 low. There is also a major declining channel forming with resistance near $1,715 on the hourly chart of gold. The trend line is close to the 50 hourly simple moving average at $1,716. A close above the trend line resistance and a follow up move above $1,720 is needed for a fresh surge. On the downside, the first major support is near the $1,688 level. The next major support is near the $1,675 level. Any more losses might call for a move towards the $1,650 support level. Read Full on FXOpen Company Blog... Link to comment Share on other sites More sharing options...
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