J.J. Edwards’ Expert Market Analysis at FenzoFx

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NZD/USD: Market Structure Shifts in Favor of Bulls

FenzoFx—NZD/USD broke above the 0.597 immediate resistance, signaling a market structure shift. We expect the uptick in momentum to resume toward the middle line of the bullish channel.

However, for a low-risk entry, waiting for the price to near the FVG at 0.595 is recommended.

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Solana Pullback May Offer Discounted Bull Entry

FenzoFx—Solana exceeded the previous month's high at 187.7, while momentum indicators warn of an overbought market. The trend is bullish, but we expect a consolidation toward $168.6. This level can offer a discount price to join the bull market.

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Bullish Momentum Builds Above $1.3475 for GBP/USD

FenzoFx—GBP/USD is testing the descending trendline as resistance. The primary trend is bullish, and if bulls close and stabilize above $1.3475, the uptrend will likely resume.

If this scenario unfolds, the next bullish target could be the resistance at $1.3525. Please note that the bullish outlook should be invalidated if GBP/USD closes and stabilizes below $1.3369. 

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USD/JPY Faces Rejection at 148.6, Bearish Setup Emerges

FenzoFx—USD/JPY began a bearish wave after the 148.6 resistance rejected the price. As of this writing, the currency pair flipped below the ascending trendline and formed a bearish FVG at 147.9.

A pullback toward the FVG can provide a premium price to go short on USD/JPY, targeting 146.9, followed by 145.7.

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Oil Bulls Watch $67.0 for Breakout Confirmation

FenzoFx—Crude Oil trades slightly above the bullish FVG at $66.5, showing sideways momentum on the 1-hour chart. The $65.5 support is backed by volume interest and could drive prices higher.

If this level holds, bulls may target a retest of the descending trendline. For confirmation, a close above the $67.0 resistance is needed. 

Please note that a close below $66.5 would invalidate the bullish outlook.

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EUR/USD Eyes $1.179 If Resistance Breaks

FenzoFx—EUR/USD is testing the 100-day moving average as resistance, a supply zone backed by VWAP at $1.171. The Stochastic Oscillator depicts 81.0 in the description, meaning the Euro is overpriced in the short term.

Therefore, we expect the pair to test the $1.160 demand zone before the uptrend resumes. Furthermore, the bullish outlook remains valid above $1.155, and a break above resistance at $1.171 can trigger the uptrend, targeting $1.179.

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ETH Eyes Consolidation from Overbought Zone

FenzoFx—Ethereum pulled back from the daily bearish FVG. The recent candle closed with a long wick and flat body, reflecting market uncertainty. Momentum indicators remain in overbought territory, signaling a possible consolidation phase. 

If resistance at $3,848.0 holds, the price may decline toward support at $3,461. However, the bullish outlook stays valid as long as ETH/USD holds above $3,848.0.

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Eye These Levels to Go Long on Gold

FenzoFx—Gold remains bullish but eased at $3,419.0 resistance. The Stochastic at 85.0 suggests a pullback may follow. 

Traders can watch support at $3,389.0 for short-term scalping. Swing entries may emerge near $3,351.0 if bullish signals appear, such as candlestick patterns, structure breaks, or fair value gaps. Updates will follow if price reacts to these levels.

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BCH/USD: Bullish Momentum Builds Near Key Volume Zone

FenzoFx—Bitcoin Cash is testing last week's volume point of interest, with bullish long-wick candlesticks signaling buyer strength on the 4-hour chart. 

As long as BCH/USD holds above the ascending trendline, the price may rise toward the bearish FVG at $539.6, then target the previous high at $553.5. If the trendline fails, downside momentum could extend to $469.1

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USD/JPY: Bearish Setup Looms Below VWAP Zone

FenzoFx—USD/JPY dipped as expected, currently testing the VWAP as support while Stochastic signals the Yen is overpriced in the short term.

Resistance is at 147.6, backed by the bearish VWAP. It is likely the pair will rise and test this level. Furthermore, a new bearish wave can potentially emerge if 147.6 holds. In this scenario, the next target could be the support at 145.8 followed by 144.2.

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Litecoin Retests $112.3 Support Amid Bullish Momentum

FenzoFx—Litecoin remains bullish above the 50-day SMA, supported by an ascending trendline. As of now, LTC trades near $113.0, retesting this area as support. A sustained hold above the trendline could initiate another bullish leg, targeting resistance at $130.3. 

However, a close and stabilization below the trendline would invalidate this outlook and suggest increased selling pressure.

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Gold Tests Bullish Zone Near $3,380.0

FenzoFx—Gold dipped from $3,451.0 and is now testing a bullish FVG near $3,380.0, supported by the 50-period SMA and anchored VWAP. 

Immediate resistance sits at $3,389.0. A close and hold above this level may trigger a move back to $3,451.0. Conversely, a break below VWAP could extend the downtrend toward $3,337.0, backed by the ascending trendline.

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Litecoin Rebounds Off Trendline in Bullish Continuation Setup

FenzoFx—Litecoin rebounded from the ascending trendline, a demand zone supported by the VWAP from July 25th. At the time of writing, LTC trades near $112.4.

Immediate resistance stands at $114.3. A close above this level may resume the bullish trend, potentially targeting previous highs near $114.3.

Edited July 24 by FenzoFx

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Bitcoin: The Key Buying Level Near $112K Liquidity Zone

FenzoFx—Bitcoin consolidation extended into the bullish FVG, trading near $115,470.0. The 4-hour chart shows an indecisive candle, while the 200-day MA points upward, signaling bullish control. This dip may attract bids to join the broader uptrend.

The bullish outlook remains intact if price holds above the critical $112,000.0 support. However, current bearish momentum may drag price toward this level, potentially filling nearby FVGs.

Traders should monitor $112,000.0 for bullish setups, including break of structure and long-wick bullish candles.

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XRP Confronts Daily SMA Resistance

FenzoFx—XRP remains bearish, trading below the 50-period daily SMA at around $3.18. The SMA acts as resistance. Immediate support lies at $2.96. A break below this level may trigger further downside toward the $2.66 demand zone.

On the upside, a close and stabilization above $3.27 would invalidate the bearish outlook. In that case, momentum could push prices toward the previous highs at $3.65.

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Gold: $3,348.0 Resistance in Focus for Bulls

FenzoFx—Gold's decline reached the ascending trendline near $3,314.0. The bullish trend remains intact while price holds above the trendline. 

Immediate resistance is $3,348.0, and a close above this level could lift the market toward $3,389.0 and potentially $3,451.0, aligning with recent higher-lows.

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GBP/USD Weakens Below Trendline

FenzoFx—GBP/USD broke below the ascending trendline and currently trades slightly below the VWAP at $1.322. Immediate resistance is at $1.357. From a technical perspective, the downtrend will likely extend to $1.313 if this level holds.

The bearish outlook should be invalidated if GBP/USD closes and stabilizes above $1.357.

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Litecoin: VWAP and Oversold Signal Potential Bounce

FenzoFx—Litecoin formed a double top at $116.4, causing a price dip. Currently, LTC trades near $110.1 after forming a double bottom. The Stochastic Oscillator is in oversold territory, suggesting a potential bounce, supported by VWAP from July 15.

Technically, if LTC holds above $110.1 and key support at $104.0, the uptrend could resume. In this scenario, the bullish targets would be $116.4 and $112.3.

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XRP: Support at $2.960 Holds the Bullish Setup

FenzoFx—XRP dipped from $3.666 but stabilized near the monthly anchored VWAP at $2.960. Immediate resistance lies at $3.332, aligned with the descending trendline. A close above this level may propel XRP to $3.432. Strong buying could extend gains to the recent high of $3.666.

The bullish outlook stands while XRP/USD holds above key support at $2.960. A drop below this level would invalidate the bullish scenario.

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EUR/USD at Discount Level: Bullish Setup in Focus

FenzoFx—EUR/USD bearish momentum extended to $1.154, the lower line of the flag. This is a support area backed by the Bullish FVG.

The immediate resistance is at $1.157. From a technical perspective, a close above this level can trigger an uptrend, targeting the bearish FVG at approximately $1.170 to $1.175.

Please note that the bullish outlook should be invalidated if EUR/USD falls below the main support level at $1.145.

Edited July 29 by FenzoFx