FxNews Posted October 3 Author Share Posted October 3 Watch EUR/USD's Critical $1.10 Support Level FxNews—The EUR/USD pair's trend turned bearish when sellers pushed the price below the $1.109 critical support level. Subsequently, the strong sell-off drove the Stochastic oscillator into the oversold territory, with the indicator depicting a value of 6. Forecast The market is saturated with selling pressure. Despite this, the EUR/USD price has the potential to dip toward $1.10, followed by the $1.095 support. Due to the Stochastic oversold signal, traders and investors should wait for EUR/USD to consolidate near the 100-period simple moving average (SMA). The $1.109 level, followed by the 100-SMA, provides a proper opportunity to join the bearish trend. Please note, the bear market should be invalidated if EUR/USD stabilizes above $1.109 or the 100-SMA. Link to comment Share on other sites More sharing options...
FxNews Posted October 3 Author Share Posted October 3 Silver Technical Analysis – Seeking New Highs FxNews—Silver trades in a bull market above the 50- and 100-period simple moving averages at approximately $31.6. Recently, the bears broke below the ascending trendline and the $31.4 support but failed to maintain the pressure. As a result, the silver price returned above $31.4. The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today's analysis. Technical Analysis The Awesome Oscillator histogram flipped above the signal line, indicating that the uptrend is strengthening and gaining momentum. Additionally, the Stochastic and Relative Strength Index (RSI) indicators depict values of 47 and 53, respectively, signifying that the market is bullish and not oversaturated with bids. However, the market is still trading below the Supertrend indicator, which suggests that the trend might shake and potentially reverse. Overall, the technical indicators suggest that the primary trend is bullish, and the silver price should increase. However, for the uptrend to resume, bulls need to surpass a specific resistance area. Forecast and Signal The immediate resistance lies at $31.8 (October 1st high). If bulls (buyers) can close and stabilize the price above $31.8, the uptrend will likely resume. If this scenario unfolds, the silver price could potentially revisit the September 2024 high at $32.7. Furthermore, if buying pressure pushes the price above $32.7, the bulls' path to the $35.0 psychological level could be paved. Please note that the bull market should be considered invalid if the XAG/USD conversion rate falls below the 100-period simple moving average or the $30.9 support. Bearish Scenario The critical support level that divides the bull market from the bear market is at $30.9, or the 100-period SMA. If bears (sellers) push the price below $30.9, a new bearish wave will likely emerge. If this scenario unfolds, the consolidation phase from $32.7 could potentially extend to the next critical supply zone at $30.2, the August 2024 high. Furthermore, if the XAG/USD price dips below $30.2, the next bearish target could be set at $29.6, the September 18 low. Support and Resistance Levels Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies as market conditions shift. Support: $31.4 / $30.9 / $30.2 / $29.6 Resistance: $31.8 / $32.7 / $35.0 Link to comment Share on other sites More sharing options...
FxNews Posted October 4 Author Share Posted October 4 What Ethereum's Current Retracement Means for Traders FxNews—Ethereum's price is experiencing a pullback from $2,310, having shifted above the 61.8% Fibonacci level, creating a bearish long-wick candlestick pattern. Meanwhile, the Awesome Oscillator and RSI (14) signal that the bear market is weakening. The pivot is at $2,435, as shown in green in the 4-hour chart above. This active resistance was identified using the Fibonacci cluster method with 50% and 61.8% retracement levels. Therefore, the ETH/USD primary trend remains bearish as long as the price stays below $2,435. Looking ahead, the Ethereum price is attempting to fill the FVG (fair value gap) area, indicating the price could potentially rise further before the downtrend resumes. Forecast & Signal Zooming into the 30-minute chart to find a trigger point for the bearish scenario, the Supertrend line at $2,352 serves as the trigger line. If the bears (sellers) close below $2,352, a new bearish wave will likely be triggered, which could result in Ethereum's price dipping further. In this scenario, the next bearish targets could be revisiting $2,310, followed by $2,250. The bearish scenario should be invalidated if the ETH/USD price crosses above the $2,435 pivot/resistance. Link to comment Share on other sites More sharing options...
FxNews Posted October 5 Author Share Posted October 5 (edited) Litecoin Technical Analysis – Bulls and the $63 Frontline FxNews—Litecoin trades bullish from $61.5, where the C wave began. In today’s trading session, it tested the %50 Fibonacci retracement level of the AB leg as resistance at $65. Despite Litecoin’s recent gains, the primary trend should be considered bearish because the price is below the 50- and 100-period simple moving averages. Read Full Article: Litecoin Technical Analysis – Bulls and the $63 Frontline Edited October 5 by FxNews Link to comment Share on other sites More sharing options...
FxNews Posted October 7 Author Share Posted October 7 Bitcoin Surges Past $63,200 as Bulls Eye $66,700 Target FxNews—Bitcoin broke the $63,200 pivot today, stabilizing above it. The Stochastic signals overbought conditions, meaning BTCUSD might consolidate before the uptrend resumes. If the 50-SMA holds, the next bullish target could be $66,700. Link to comment Share on other sites More sharing options...
FxNews Posted October 7 Author Share Posted October 7 Oversold EUR/USD Pair Testing Major $1.095 Support Zone FxNews—The EUR/USD pair is trading bearish, testing the $1.095 critical support in today's trading session. Meanwhile, the Stochastic and RSI (14) indicators hover in the oversold territory, signaling a market saturated with selling pressure. From a technical perspective, it is not advisable to join the bear market when it is oversold. Hence, retail traders and investors should wait patiently for the EUR/USD price to consolidate near the upper resistance level. In this scenario, the $1.102 demand zone could provide a decent entry point. Traders should monitor this level for bearish signals, such as a long-wick candlestick pattern or a bearish engulfing pattern. That said, the next bearish target will likely be $1.088 if the price dips below $1.095. Please note, the bear market should be invalidated if the EUR/USD price crosses above $1.109, supported by the 50% Fibonacci retracement level of the AB wave. Link to comment Share on other sites More sharing options...
FxNews Posted October 7 Author Share Posted October 7 USDMXN Bulls Eye 61.9 Fibonacci Above 19.41 FxNews—The USD/MXN pair has traded sideways since mid-September. It first crossed above the 100-period SMA, and later that month, it crossed below it, a sign of a range and low momentum market. As of this writing, the American currency trades at about 19.41 against the Mexican Peso, testing the 100-period simple moving average as resistance. Read Full Article: USDMXN Bulls Eye 61.9 Fibonacci Above 19.41 Link to comment Share on other sites More sharing options...
FxNews Posted October 7 Author Share Posted October 7 GBP/USD Shows Potential for Recovery as Bullish Momentum Builds FxNews—The GBP/USD pair is trading in a bear market. Meanwhile, the Stochastic Oscillator hovers below the 20 line, signaling that the market is oversold. However, the Awesome Oscillator shows signs of bullish momentum, with green bars approaching the signal line from below. Forecast The critical support level is at 1.304. If this level holds, the British pound could potentially erase some of its losses against the U.S. dollar. In this scenario, the GBP/USD price could rise and test the 1.326 resistance, supported by the 100-period simple moving average. Conversely, if the GBP/USD price falls below the immediate support, a new downtrend will likely be triggered. In this scenario, the bearish wave from 1.343 will likely extend to the next support area at 1.30. Link to comment Share on other sites More sharing options...
FxNews Posted October 8 Author Share Posted October 8 USD/JPY Face Key Resistance as Bearish Indicators Strengthen FxNews—The USD/JPY has been trading bullish from 139.5, but eased when the pair peaked at the 149.4 resistance. As of this writing, the pair is trading around 148.0, testing the broken trendline as support. The Awesome Oscillator histogram has turned red and is decreasing toward the signal line from above. Additionally, the Stochastic Oscillator and RSI (14) are dipping from overbought territory. This development in the technical indicators suggests that the bear market is strengthening. Forecast From a technical perspective, a new bearish wave will likely be initiated if the price falls below the immediate support at 146.8. In this scenario, the bearish momentum that began at 149.4 will likely extend to the next support level, backed by the 100-period simple moving average at 144.5. Conversely, if the bulls close and stabilize the price above the 149.4 resistance, the uptrend will be triggered again, and the bulls' path to the 151.0 resistance area will likely be paved. Link to comment Share on other sites More sharing options...
FxNews Posted October 8 Author Share Posted October 8 Silver Slides Below SMA: Bearish Trend Takes Hold FxNews—Silver prices have fallen below the 100-period simple moving average, indicating a shift from a bullish to a bearish trend. Currently, silver is testing the support at $30.9, with technical indicators suggesting further declines. Key Technical Indicators The Stochastic oscillator is at 18, suggesting Silver is oversold and might briefly recover before resuming its downtrend. The Awesome Oscillator has also moved below the signal line, reinforcing the bearish outlook. Near-Term Forecast If silver breaks below the $30.9 support, it could target the September 18 low of $30.2 and potentially reach the 61.8% Fibonacci retracement level at $29.7. Bullish Scenario A reversal above $31.4 or the 100-period SMA would invalidate the bearish trend, potentially pushing prices back to the September 2024 high of $32.7. Support: $30.9, $30.2, $29.7 Resistance: $31.4, $31.8, $32.7 Link to comment Share on other sites More sharing options...
FxNews Posted October 8 Author Share Posted October 8 Read Full Article: EURUSD Consolidates as US Trade Deficit Hits 5-Month Low In August 2024, the United States saw its trade deficit decrease to $70.4 billion, the smallest in the last five months. Initially, the deficit was higher at $78.9 billion in July, but this number was later adjusted. Experts had predicted the deficit would be around $70.6 billion, so the figure was slightly better than expected. Link to comment Share on other sites More sharing options...
FxNews Posted October 8 Author Share Posted October 8 WTI Crude Oil Price Analysis - 8-October-2024 FxNews—WTI crude oil prices fell from $78.4 due to an overbought market signaled by the Stochastic oscillator over 80. The price dipped to $73.3 before rebounding to around $74.4, currently facing resistance at the August 28 low. Despite a bearish indication from the Awesome oscillator and a downtrend signal from the Relative Strength Index falling below the median line, the overall trend remains bullish. This is supported by prices staying above the 50- and 100-period simple moving averages (SMA). Bullish Scenario: If the $73.3 resistance holds, an upward move could push prices over $74.8, targeting the $77.5 and possibly retesting the $78.5 highs. Bearish Scenario: A break below $73.3 could extend losses to the 100-period SMA near $71.4, and further selling might push prices down to the September 13 low of $70. Support: $73.3, $71.4, $70.0, $67.5 Resistance: $74.8, $77.5, $78.5, $80.0 Link to comment Share on other sites More sharing options...
FxNews Posted October 9 Author Share Posted October 9 USD/JPY Stuck in Tight Trading Range FxNews—The USD/JPY currency pair is consolidating in a narrow range, above the 146.8 support and below the 149.4 resistance. The primary trend is bullish because the U.S. dollar trades above the 50- and 100-period simple moving averages against the Japanese yen. However, the technical indicators show signs of bearish momentum. The Stochastic Oscillator is declining, while the Awesome Oscillator bars have turned red and are approaching the signal line from above. On the other hand, the Relative Strength Index (RSI) gives a mixed signal, with its value above the median line and rising. Forecast From a technical standpoint, 149.4 is a critical resistance level that has prevented the USD/JPY price from rising further. Therefore, the bulls must close and stabilize the price above 149.4 for the uptrend to resume. If this scenario unfolds, the next bullish target could be the 151.0 resistance area, backed by the daily 100-SMA. Conversely, a dip below the immediate support at 146.8 could trigger a new bearish wave. In this scenario, the recent bearish momentum could extend to the 144.5 supply zone, followed by 141.5. Link to comment Share on other sites More sharing options...
FxNews Posted October 9 Author Share Posted October 9 Bitcoin Tests Critical Fibonacci at $61700 FxNews—Bitcoin trades bearish from $64,280, testing the CD wave’s 61.8% Fibonacci retracement level at $61.700. The BTC/USD 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis. Read Full Article: Bitcoin Tests Critical Fibonacci at $61700 Link to comment Share on other sites More sharing options...
FxNews Posted October 9 Author Share Posted October 9 Gold Bears Eye New Targets Below $2,625 FxNews—Gold price fell below the $2,625 resistance as the Awesome Oscillator histogram turned red, signaling that the bearish trend may gain more momentum. As of this writing, XAU/USD bulls tested the $2,625 resistance, coinciding with the 100-period simple moving average, with the precious metal potentially initiating a new bearish wave. Forecast From a technical perspective, if the $2,625 level holds, the next bearish target could be $2,590. Furthermore, if the selling pressure exceeds $2,590, the decline could extend to the 61.8% Fibonacci retracement level of the AB bullish wave at $2,550. Please note that the bear market should be considered invalid if the gold price rises above the 100-period SMA. Link to comment Share on other sites More sharing options...
FxNews Posted October 9 Author Share Posted October 9 Bullish Butterfly Pattern Hints at Gold Market Reversal FxNews—Gold trades bearish from $2,685. The yellow metal crossed below the 100-period simple moving average, which neighbors the September 26 low ($2,625) this week. As of this writing, the XAU/USD pair tests yesterday’s low at $2,600 as resistance. Read The Article: Bullish Butterfly Pattern Hints at Gold Market Reversal Link to comment Share on other sites More sharing options...
FxNews Posted October 11 Author Share Posted October 11 Read Full Article: Ripple’s Fight to Maintain Key $0.507 Support Level FxNews—Ripple (XRP) trades sideways in a narrow range between the $0.507 immediate support and the $0.540 immediate resistance. As of this writing, the XRP/USD pair trades at approximately $0.533, trying to stabilize above the 50-period simple moving average. Link to comment Share on other sites More sharing options...
FxNews Posted October 11 Author Share Posted October 11 Bitcoin Dips but Holds $59,800 Support, Recovery Expected FxNews—Bitcoin pulled back after the bears failed to hold below the $59,800 active key support. Last day's dip in the BTC/USD price resulted in the Awesome Oscillator signaling divergence, meaning the digital gold has the potential to erase some of its recent losses. That said, the primary resistance is at $61,700, near the 50-period simple moving average. From a technical perspective, for the bull market to resume, buyers must close and stabilize the price above $61,700. The Bearish Scenario The downtrend from $64,280 will likely spread to the next support level at $57,765 if bears (sellers) push the price below the $59,800 key support area. Link to comment Share on other sites More sharing options...
FxNews Posted October 11 Author Share Posted October 11 (edited) USD/CHF Stabilizes above 50-SMA as Indicators Signal Shift FxNews—The USD/CHF currency pair consolidates above the 50-period SMA and the $0.854 resistance as expected since the Stochastic was signaling overbought conditions. Interestingly, the Awesome Oscillator histogram not only turned red but also flipped below the signal line, signaling divergence that could result in a trend reversal. Forecast The immediate resistance rests at $0.854. The Swiss Franc could erase some of its losses against the Greenback if bears push the price below the immediate resistance and the 50-period simple moving average. If this scenario unfolds, the next target will likely be the 100-SMA, which is near the 50% Fibonacci retracement level and the $0.85 mark. Bullish Scenario Conversely, the bearish outlook should be invalidated if the USD/CHF price exceeds $0.867. If this scenario unfolds, the path for the bulls to the next demand zone at $0.867 could be established. Edited October 11 by FxNews Link to comment Share on other sites More sharing options...
FxNews Posted October 14 Author Share Posted October 14 Bitcoin Hits $64,280, Now Overbought: Caution Advised FxNews—Bitcoin's rebound from $59,800 resulted in the bulls hitting $64,280. The robust buying pressure drove Stochastic into overbought territory, signaling that BTCUSD is overbought in the short term. Going long in an overbought market is not advisable; therefore, traders and investors should consider waiting patiently for the market to consolidate and fill previous gaps. That said, the price can potentially consolidate near $63,200 before the uptrend resumes. This level provides a solid entry point into the bull market. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now