Resolve Posted August 4, 2023 Author Share Posted August 4, 2023 Gold and Crude Oil: Long-Term Outlook Gold price could restart a steady increase above the $1,990 resistance. Crude oil price is rising and it could climb further higher toward $85. Important Takeaways for Gold and Oil Prices Analysis Today Gold price corrected lower from $2,080 and tested $1,900 against the US Dollar. A key bullish trend line is forming with support at $1,940 on the daily chart of gold at FXOpen. Crude oil prices are moving higher above the $76.75 resistance zone. There was a break above a key contracting triangle with resistance near $71.00 on the daily chart of XTI/USD at FXOpen. Gold Price Technical Analysis On the daily chart of Gold at FXOpen, the price started a downside correction from the $2,080 zone. The price traded below the $2,050 and $1,990 levels. Finally, the bulls appeared near the $1,900 level. A low was formed near $1,900 and the price is now attempting a fresh increase. There was a move above the 23.6% Fib retracement level of the downward move from the $2,080 swing high to the $1,900 low. The price is now trading above the 50-day simple moving average. There is also a key bullish trend line forming with support at $1,940. Immediate resistance is near the 50% Fib retracement level of the downward move from the $2,080 swing high to the $1,900 low at $1,990. The next major resistance is near $2,000. An upside break above $2,000 could send Gold price toward $2,050. Any more gains may perhaps set the pace for an increase toward the $2,080 level. Initial support on the downside is near the $1,940 level. The first major support is near $1,900. If there is a downside break below $1,900, the price might decline further. In the stated case, XAU/USD might drop toward $1,805. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 7, 2023 Author Share Posted August 7, 2023 Watch FXOpen's 30 July - 04 August Weekly Market Wrap Video Weekly Market Wrap With Gary Thomson: GBP/USD, US Credit Rating, Gold, AMD Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. The GBP/USD Exchange Rate Falls to a Month’s Minimum Fitch Downgrades US Credit Rating Gold Starts August with a Sell-Off despite Bullish Headline AMD Share Price on the Rise After Financial Statement Release Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen. Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions. FXOpen YouTube Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. #fxopen #fxopenyoutube #fxopenuk #weeklyvideo Link to comment Share on other sites More sharing options...
I_Yoda Posted August 7, 2023 Share Posted August 7, 2023 On 12/28/2020 at 11:24 AM, Resolve said: GBP/USD and GBP/JPY: British Pound Gains Bullish Momentum GBP/USD started a strong increase above the 1.3500 resistance zone. GBP/JPY also gained traction and it gained pace above the 140.00 resistance zone to move into a positive zone. Important Takeaways for GBP/USD and GBP/JPY The British Pound climbed higher above the 1.3500 and 1.3550 resistance levels. There is a key bullish trend line forming with support near 1.3555 on the hourly chart of GBP/USD. GBP/JPY also climbed higher steadily above the 139.50 and 140.00 resistance levels. There is a major bullish trend line forming with support near 140.30 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound saw a strong increase from the 1.3300 support zone against the US Dollar. The GBP/USD pair broke the 1.3500 resistance zone to move further into a positive zone. The upward move was such that the pair even broke the 1.3550 resistance and settled above the 50 hourly simple moving average. It traded as high as 1.3618 on FXOpen and it is currently consolidating gains. It corrected lower towards 1.3520 and traded as low as 1.3522. Recently, there was a minor increase above the 1.3540 level. The pair climbed above the 1.3550 level, and tested the 50% Fib retracement level of the recent decline from the 1.3618 high to 1.3522 low. The first major resistance is near the 1.3580 level. It is close to the 61.8% Fib retracement level of the recent decline from the 1.3618 high to 1.3522 low. On the upside, a clear break above the 1.3600 resistance level is needed for more upsides. The next major resistance is near the 1.3650 level, above which the pair could rise towards the 1.3680 and 1.3700 levels. On the downside, there is a key bullish trend line forming with support near 1.3555 on the hourly chart of GBP/USD. If there is a downside break below the trend line support, the pair could continue to move down towards the 1.3500 support level in the near term. GBP/JPY Technical Analysis The British Pound also climbed nicely from the 137.50 support level against the Japanese Yen. The GBP/JPY pair climbed above the 138.50 level to start a steady increase. It gained pace above the 139.20 resistance and settled above the 50 hourly simple moving average. It even spiked above the 141.00 level and traded as high as 141.21 before correcting lower. There was a break below the 140.50 support level. However, the pair remained stable above 140.00 and a low is formed near 140.07. The pair is currently rising and trading above the 23.6% Fib retracement level of the recent decline from the 141.21 high to 140.07 low. The pair is now facing hurdles near the 140.50 and 140.60 levels. The 50% Fib retracement level of the recent decline from the 141.21 high to 140.07 low is also near the 140.60 zone. A clear break above the 140.60 resistance could open the doors for a fresh increase. In the stated case, the pair could rise above the 141.00 and 141.20 resistance levels. On the downside, there is a major bullish trend line forming with support near 140.30 on the hourly chart. If there is a downside break below the trend line support, GBP/JPY could retest the 138.50 support level. FXOpen Blog Nice topic i like it Link to comment Share on other sites More sharing options...
Resolve Posted August 7, 2023 Author Share Posted August 7, 2023 GBP/USD Struggles While EUR/GBP Aims Higher GBP/USD is struggling to gain pace above the 1.2800 resistance. EUR/GBP is rising and might rise above the 0.8650 resistance. Important Takeaways for GBP/USD and EUR/GBP Analysis Today The British Pound is attempting a fresh increase above 1.2680. There was a break above a key bearish trend line with resistance near 1.2725 on the hourly chart of GBP/USD at FXOpen. EUR/GBP is rising and trading above the 0.8600 zone. There is a major bullish trend line forming with support near 0.8625 on the hourly chart at FXOpen. GBP/USD Technical Analysis On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2880 zone. As mentioned in the previous analysis, the British Pound extended losses below the 1.2800 pivot level against the US Dollar. The pair even tested the 1.2620 support zone. A low was formed near 1.2620 and the pair is now attempting a fresh increase. There was a move above the 1.2680 resistance zone. Besides, there was a break above a key bearish trend line with resistance near 1.2725. However, the pair struggled to clear the 1.2800 resistance zone. A high is formed near 1.2792 and the pair is now correcting gains. It is trading near the 50-hour simple moving average at 1.2725 and approaching the 50% Fib retracement level of the upward move from the 1.2620 swing low to the 1.2792 high. On the downside, there is a key support forming near 1.2680. It is close to the 61.8% Fib retracement level of the upward move from the 1.2620 swing low to the 1.2792 high. If there is a downside break below the 1.2680 support, the pair could accelerate lower. The next major support is near the 1.2620 zone, below which the pair could test 1.2550. Any more losses could lead the pair toward the 1.2500 support. On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2750. The next major resistance is near the 1.2800 zone. A close above the 1.2800 resistance zone could open the doors for a move toward 1.2880. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 8, 2023 Author Share Posted August 8, 2023 BTC/USD Price Analysis: ADX Indicator Falls to the Lowest Level of 2023 The latest news from the world of cryptocurrencies could be both bearish and bullish drivers: → PayPal launches a stablecoin that will be pegged to the dollar and backed by US Treasuries; → Cathie Wood believes that the SEC can approve several BTC ETFs at the same time; → the Central Bank of Brazil plans to launch its digital currency called DREX in 2024; → rumors about problems with the USDC stablecoin are spreading in the network; → the US Department of Justice is considering filing fraud charges against Binance. However, the BTC/USD rate has stabilized around USD 29,000 per coin since July 25th. The bitcoin market is showing unusually low volatility (except for the surge associated with news from the Fed). At the same time, the ADX indicator, which helps determine the presence of a trend, fell to its lowest level since 2023. Obviously, this indicates that the market is flat. But note the trend that followed in early 2023 as the ADX fell close to its current low. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 9, 2023 Author Share Posted August 9, 2023 The Price of Brent Oil Approaching the Highs of the Year The price is driven up by: → the policy of limiting oil production by OPEC+ countries. For example, Saudi Arabia last week announced a cut in production by 1 million barrels per day until the end of September, adding that the decision could be extended. Russia is also reducing production volumes. We wrote about the scenario of increasing growth in the price of Brent oil due to production cuts in a post dated July 7; → hopes/rumors that the Chinese authorities will stimulate the economy, which is not recovering enough after the lifting of COVID-related restrictions. Selling pressure is driven by: → raising rates by Western central banks to fight high inflation. Under the influence of these and other factors, the price of Brent oil rose close to the highs of the year around USD 87 per barrel, forming an upward channel. At the same time, in August, the price bounced strongly from its lower border twice, indicating the strength of demand. On the other hand, the progress of the bulls in the formation of the August high is very small, if you compare this peak with the previous one, set on the 2nd of August — a sign of the exhaustion of the bullish momentum. It is reasonable to assume that the market can find a balance at current levels, and the price will enter the consolidation range, as holders of long positions can take profits after the increase in the price of Brent oil by more than 14% since July 1. At the same time, false breakdowns of the high of the year are not ruled out. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 9, 2023 Author Share Posted August 9, 2023 EUR/USD Dips Again While USD/JPY Gains Traction EUR/USD started a fresh decline from 1.1040. USD/JPY is rising and might climb further toward the 145.00 resistance zone. Important Takeaways for EUR/USD and USD/JPY Analysis Today The Euro started a fresh decline from the 1.1040 resistance zone. There is a key bearish trend line forming with resistance near 1.0975 on the hourly chart of EUR/USD at FXOpen. USD/JPY climbed higher above the 142.50 and 143.00 levels. There is a major bullish trend line forming with support near 143.00 on the hourly chart at FXOpen. EUR/USD Technical Analysis On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1040 zone. The Euro declined below the 1.1015 support zone against the US Dollar. The pair even settled below the 1.1000 zone and the 50-hour simple moving average. A low is formed near 1.0929 and the pair is now correcting losses above the 23.6% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low. On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.0975 and a key bearish trend line. The next major resistance is near 1.1015. The 76.4% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low is also near 1.1015. The main resistance is still near 1.1040. An upside break above 1.1040 could set the pace for another increase. In the stated case, the pair might rise toward 1.1100. If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0930. The next key support is near 1.0910. If there is a downside break below 1.0910, the pair could drop toward 1.0880. The main support is near 1.0850, below which the pair could start a major decline. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 10, 2023 Author Share Posted August 10, 2023 XNGUSD: Natural Gas Price Hits 5-month High The hostilities in Ukraine have drastically changed the world's natural gas transportation routes, and yesterday's information about possible interruptions in the supply of liquefied gas from Australia due to the planned strikes of workers led to the fact that the XNG/USD quote jumped above the psychological level of USD 3.0. Citigroup analysts believe that gas prices in Europe could double by January if strikes in Australia, which is an important supplier of liquefied gas to Europe and Asia, drag on through the autumn. And the FT writes that yesterday's growth was accelerated due to the fact that traders closed short positions, thereby increasing demand. The XNG price chart shows that the extremes of summer are forming an ascending channel, and its upper limit has not yet been reached. The ability of the bulls to gain a foothold above the psychological level of USD 3.0 will indicate the strength of demand. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 10, 2023 Author Share Posted August 10, 2023 EURJPY Analysis: Highest Since Fall 2008 Yen Weakening Drivers: → rising prices for energy resources. After all, Japan is a major importer. → The inflation index CGPI (corporate goods price index) indicates a slowdown in inflation. Therefore, this raises the likelihood that the Bank of Japan will maintain an ultra-loose monetary policy. The growth of the euro against the yen is facilitated by the fact that the ECB is pursuing a tough policy. Market participants expect that another rate increase could be made in autumn. The EUR/JPY chart shows that the rate is in an uptrend. The market recovered quickly from the sharp decline on July 27, a testament to the strength of demand. Another piece of evidence is the amount of B→C retracement after A→B rises. It was only about 30% of the momentum. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 11, 2023 Author Share Posted August 11, 2023 AUD/USD and NZD/USD Could Extend Losses AUD/USD declined below the 0.6560 and 0.6540 support levels. NZD/USD is gaining bearish momentum below the 0.6030 support zone. Important Takeaways for AUD/USD and NZD/USD Analysis Today The Aussie Dollar started a fresh decline from well above the 0.6600 level against the US Dollar. There was a break below a key bullish trend line with support near 0.6540 on the hourly chart of AUD/USD at FXOpen. NZD/USD declined heavily from the 0.6120 resistance zone. There was a break below a major rising channel with support near 0.6060 on the hourly chart of NZD/USD at FXOpen. AUD/USD Technical Analysis On the hourly chart of AUD/USD at FXOpen, the pair struggled to stay above the 0.6600 level. The Aussie Dollar started a fresh decline below the 0.6560 support against the US Dollar. There was a break below a key bullish trend line with support near 0.6540. The pair even settled below 0.6540 and the 50-hour simple moving average. A low is formed near 0.6509 and the pair is now consolidating losses. Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6616 swing high to the 0.6509 low at 0.6540. The next major resistance is near the 50% Fib retracement level of the downward move from the 0.6616 swing high to the 0.6509 low at 0.6560, above which the price could rise toward 0.6600. Any more gains might send the pair toward 0.6615. A close above the 0.6615 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6650. On the downside, initial support is near the 0.6510 level. The next support could be the 0.6500 level. If there is a downside break below 0.6500, the pair could extend its decline toward the 0.6450 region. Any more losses might send the pair toward the 0.6420 support. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 11, 2023 Author Share Posted August 11, 2023 XAU/USD Price Analysis: Bears Approach Important Support Yesterday, fresh values of the CPI index were published, which testified to a moderate slowdown in inflation in the US. The actual value was 3.2% in annual terms (expected 3.3%, a month earlier = 3.0%, a year earlier = 9.1%). In reaction to the news, the price of gold fell from a daily high around USD 1,930 an ounce to renew the August low. Such behavior can be interpreted as a decrease in the value of the precious metal, as it loses its relevance as a protective asset against inflation. Earlier we wrote that August began for the gold market in a bearish way. The trend continues. Technical analysis of the XAU/USD chart on the 4-hour timeframe shows that: → the price develops dynamics within the descending channel, which has been operating since May of this year; → yesterday there was a test of resistance at the level of USD 1,930, which served as support in early August. This is a bearish sign; → the price of gold is approaching an important support at the psychological level of USD 1,900 per ounce; → a series of lower highs is formed on the chart; → the RSI indicator rose from the oversold zone, forming a bullish divergence pattern. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 12, 2023 Author Share Posted August 12, 2023 LTC/USD Analysis: Litecoin Price Declines after Halving On Wednesday, August 2, the planned halving took place in the Litecoin network. Now the reward of miners for each mined block has decreased by 2 times from 12.5 LTC to 6.25 LTC. Theoretically, this should make the cryptocurrency more scarce. On the eve of the halving, experts were bullish. Thus, financier David Cox voiced a forecast about a possible increase in LTC to USD 189.2. Analyst Michaël van de Poppe provided a bolder upside scenario to USD 200. Also positive statements were made by the creator of the Litecoin project Charlie Lee. However, in fact, we see that the LTC/USD rate fell after the halving. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 14, 2023 Author Share Posted August 14, 2023 GBP/USD Turns Red While USD/CAD Climbs Higher GBP/USD is showing bearish signs below 1.2700. USD/CAD is rising and might gain pace above the 1.3500 resistance zone. Important Takeaways for GBP/USD and USD/CAD Analysis Today The British Pound started a fresh decline from the 1.2800 resistance zone. There is a key bearish trend line forming with resistance near 1.2700 on the hourly chart of GBP/USD at FXOpen. USD/CAD is rising steadily from the 1.3400 support zone. There is a major bullish trend line forming with support near 1.3450 on the hourly chart at FXOpen. GBP/USD Technical Analysis On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2800 zone. The British Pound traded below the 1.2740 support to move into a bearish zone against the US Dollar. The pair even traded below 1.2700 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2665 level. A low is formed near 1.2665 and the pair is now consolidating losses. There is also a key bearish trend line forming with resistance near 1.2700. The trend line is near the 23.6% Fib retracement level of the downward move from the 1.2818 swing high to the 1.2665 low. The first major resistance on the GBP/USD chart is near 1.2740. The 50% Fib retracement level of the downward move from the 1.2818 swing high to the 1.2665 low is also near 1.2740. The next major resistance is near the 1.2800 level. Any more gains could lead the pair toward the 1.2880 resistance in the near term. Initial support sits near 1.2665. The next major support sits at 1.2650 or 1.2640, below which there is a risk of a sharp decline. In the stated case, the pair could drop toward 1.2550. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 14, 2023 Author Share Posted August 14, 2023 USDJPY Analysis: Rate Reaches Max of the Year The uptrend in 2023 is due to the difference in the monetary policy of the Bank of Japan and the US Federal Reserve. As the chart shows, USD/JPY hit 145.22 yen per US dollar today. The last time such a rate was relevant was in November 2022 after foreign exchange interventions (marked with arrows). Since the USD/JPY rate has again reached the level of 145 yen per US dollar, which is important for the Japanese authorities, traders expect official warnings regarding interventions, but there are none yet. Reuters reports the words of Joey Chu, head of Asian currency research at HSBC: "We believe that the Treasury will start moving in the 145-148 range." Bullish arguments: → The ability of the exchange rate to recover from a sharp fall in early July indicates the strength of demand in the market. → The chart shows that the rate has not yet reached the upper limit of the ascending channel. → B→C retracement after A→B advance was less than 50%. → Central bank monetary policy differentials are unlikely to change any time soon. Bearish arguments: → Presumably, traders may take profits from long positions, fearing currency interventions, which will slow down the current bullish trend. → This morning there was a false breakdown of June-July highs to force sellers to close positions and lure buyers in the wrong direction. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 15, 2023 Author Share Posted August 15, 2023 GBP/USD Analysis: The Pound Trying to Grow on News from Labor Market On Tuesday morning data from the UK market were published: → base wage rose at a record pace in the second quarter. It was 7.8% higher than a year earlier, representing the highest annual growth rate since 2001. → at the same time, the number of unemployed also increased. In July, 29k applications for unemployment benefits were submitted (expected - 19.2). The first reaction of the pound is growth. It is possible that market participants have increased fears that wage growth will give the Bank of England more grounds for a sharper increase in interest rates. At the same time, the bullish momentum faded quickly, in line with the bearish momentum that has dominated the GBP/USD market since mid-July (as shown by the black line) amid the formation of the SHS pattern. However, the situation may change. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 16, 2023 Author Share Posted August 16, 2023 EUR/USD Extends Losses While USD/CHF Eyes Upside Break EUR/USD started a fresh decline below the 1.0000 support. USD/CHF is rising and might aim a move toward the 0.8850 resistance. Important Takeaways for EUR/USD and USD/CHF Analysis Today The Euro struggled to clear the 1.1040 resistance against the US Dollar. There is a major bearish trend line forming with resistance near 1.0920 on the hourly chart of EUR/USD at FXOpen. USD/CHF is gaining pace above the 0.8745 resistance zone. There is a key bullish trend line forming with support near 0.8760 on the hourly chart at FXOpen. EUR/USD Technical Analysis On the hourly chart of EUR/USD at FXOpen, the pair failed to clear the 1.1040 resistance. The Euro started a fresh decline below the 1.0000 support against the US Dollar, as mentioned in the previous analysis. There was a move below the 50-hour simple moving average and 1.0970. The bears were able to push the pair below the 1.0900 pivot level. The pair traded as low as 1.0874 and is currently attempting an upside correction. There was a move above the 1.0900 level. Immediate resistance on the upside is near the 50-hour simple moving average at 1.0920. There is also a major bearish trend line forming with resistance near 1.0920. The trend line is close to the 23.6% Fib retracement level of the downward move from the1.1065 swing high to the 1.0874 low. The first major resistance is near the 50% Fib retracement level of the downward move from the1.1065 swing high to the 1.0874 low at 1.0970. An upside break above the 1.0970 level might send the pair toward the 1.1040 resistance. Any more gains might open the doors for a move toward the 1.1070 level. On the downside, immediate support on the EUR/USD chart is seen near 1.0900. The next major support is near the 1.0875 level. A downside break below the 1.0875 support could send the pair toward the 1.0800 level. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 17, 2023 Author Share Posted August 17, 2023 XRP/USD Price Rolls Back to Important Support July was marked by the end of the trial between the SEC regulator and Ripple Labs in favor of the latter, which led to a sharp increase in the XRP token to a price above USD 0.9, but then a rollback followed after the first emotional reaction. By the way, the trial is not completed yet. As it became known, the SEC intends to appeal the court's decision. Bearish arguments: → The price of the XRP token may fall after the SEC formally files an appeal. → The price of the XRP token has rolled back by more than 2/3 from the July rapid growth — this is too deep a size for a normal correction. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 18, 2023 Author Share Posted August 18, 2023 Gold Price and Crude Oil Price Signal Negative Trend Gold price is moving lower from the $1,930 resistance. Crude oil price is also declining and showing bearish signs below $80.00. Important Takeaways for Gold and Oil Prices Analysis Today Gold price failed to clear the 1,930 resistance and moved lower against the US Dollar. A major bearish trend line is forming with resistance near $1,895 on the hourly chart of gold at FXOpen. Crude oil prices are also moving lower below the $80.00 resistance zone. There is a key bearish trend line forming with resistance near $80.00 on the hourly chart of XTI/USD at FXOpen. Gold Price Technical Analysis On the hourly chart of Gold at FXOpen, the price struggled to settle above the $1,930 resistance. The price started a fresh decline below the $1,920 pivot level. The price traded below the $1,900 support and the 50-hour simple moving average. It tested the $1,885 zone. A low is formed near $1,885 and the price is now consolidating losses. It is now testing the 50% Fib retracement level of the downward move from the $1,903 swing high to the $1,885 low. There is also a major bearish trend line forming with resistance near $1,895 and the 50-hour simple moving average. The next major resistance is near the 76.4% Fib retracement level of the downward move from the $1,903 swing high to the $1,885 low at $1,900. An upside break above the $1,900 resistance could send Gold price toward $1,910. Any more gains may perhaps set the pace for an increase toward the $1,930 level. Initial support on the downside is near the $1,885 level. The first major support is near the $1,875 level. If there is a downside break below the $1,875 support, the price might decline further. In the stated case, the price might drop toward the $1,850 support. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 18, 2023 Author Share Posted August 18, 2023 BTC/USD price analysis: The Price of Bitcoin Collapses by about 8% in One Day This morning the BTC/USD price is near 26,500, the lowest price since mid-June. What is the reason for this? Among the drivers of the decline may be information that Elon Musk's SpaceX company intends to sell (or has already sold) USD 373 million worth of bitcoins. However, the collapse could have been influenced more by technical than by fundamental factors. On August 8, we wrote that the ADX indicator fell to a minimum since the beginning of the year — that is, the market was in a protracted flat. It was a vulnerable position for the birth of a new impulse. Note that the USD 30K psychological level acted as resistance in August — the price was not able to stay higher for long. It was logical to assume that the bears would try to take the initiative. And it happened this week — notice the widening bearish candles on August 15-16 as we approach the 28,800 support. The decline triggered a cascade of stop-losses (more than USD 1 billion worth of positions on cryptocurrency exchanges were liquidated), which intensified the selling wave. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
Resolve Posted August 21, 2023 Author Share Posted August 21, 2023 GBP/USD Consolidates While EUR/GBP Takes Hit GBP/USD is attempting a recovery wave above the 1.2700 resistance. EUR/GBP declined heavily below the 0.8600 and 0.8565 support levels. Important Takeaways for GBP/USD and EUR/GBP Analysis Today The British Pound is attempting a fresh increase above 1.2700. There is a key contracting triangle forming with resistance near 1.2740 on the hourly chart of GBP/USD at FXOpen. EUR/GBP is trading in a bearish zone below the 0.8565 pivot level. There is a major bearish trend line forming with resistance near 0.8545 on the hourly chart at FXOpen. GBP/USD Technical Analysis On the hourly chart of GBP/USD at FXOpen, the pair settled below the 1.2800 zone. As mentioned in the previous analysis, the British Pound turned red and extended losses below the 1.2700 pivot level against the US Dollar. Finally, the pair tested the 1.2620 zone and recently started a recovery wave. There was a decent increase above the 1.2700 pivot level. The pair is now consolidating near the 50-hour simple moving average at 1.2740. There is also a key contracting triangle forming with resistance near 1.2740. The triangle resistance coincides with the 50% Fib retracement level of the downward move from the 1.2787 swing high to the 1.2689 low. On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2740. The next major resistance is near the 76.4% Fib retracement level of the downward move from the 1.2787 swing high to the 1.2689 low at 1.2765. A close above the 1.2765 resistance zone could open the doors for a move toward 1.2800. Any more gains might send GBP/USD toward 1.2880. On the downside, there is a key support forming near 1.2700. If there is a downside break below 1.2700, the pair could accelerate lower. The next major support is near the 1.2665 zone, below which the pair could test 1.2620. Any more losses could lead the pair toward the 1.2550 support. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Link to comment Share on other sites More sharing options...
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