J.J. Edwards’ Expert Market Analysis at FenzoFx

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WTI Crude Eyes Bullish Momentum Above $68.9

FenzoFx—WTI Crude Oil broke resistance at $68.9 in the last session, now trading near $70.6. This breakout supports a bullish shift.

Yet, RSI 14 and Stochastic indicate overbought conditions, suggesting possible consolidation. Support at $68.9 could offer a discounted entry if prices retreat.

Watch for bullish signs like candlestick formations and inverted FVG around the $68.9 support. 

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Gold Holds Trendline Amid Rising Momentum

FenzoFx—Gold remains above the ascending trendline, trading around $3,386.0. Technical indicators like RSI 14 and Stochastic show rising momentum, reinforcing the bullish bias. Immediate support lies at $3,347.0. If this holds, XAU/USD may climb toward the monthly VWAP at $3,412.0.

The bullish outlook is invalidated if Gold closes below $3,347.0, which opens the door for further downside toward the next support at $3,307.7.

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Nasdaq Finds Support at $23,305.0

FenzoFx—Nasdaq dipped yesterday and formed a bearish FVG. However, the selling pressure eased as soon as the price tested the ascending trendline.

The last day's low at $23,305.0 is the immediate support. That said, a close above the immediate resistance at $23,375.0 can trigger the uptrend, targeting the highs at $23,535.0.

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Crude Oil: Buying Pressure Strengthens

FenzoFx—Crude Oil maintained its bullish trend with an ideal dip for entry on July 25. Stochastic and RSI 14 indicate overbought conditions, suggesting intensified buying pressure. A breakout seen yesterday reinforces the bullish bias. 

Our projection remains optimistic, targeting a move toward the Fair Value Gap zone, extending to $73.8. However, if Oil closes below the $69.3 support, the bullish outlook will be invalidated.

[FenzoFx]

Bitcoin Cash Breaks Structure with Bullish Momentum

FenzoFx—Bitcoin Cash remains bullish, trading back above the VWAP from July 24 near $582.9. Today’s breakout above $572.6 featured a strong bullish engulfing pattern, leaving a fair value gap now under test. 

The outlook favors revisiting the $607.0 high, and with the trend still positive, it’s advisable to leave a runner open. A further rally toward $630.0 remains likely if momentum persists.

[FenzoFx]

USD/CHF: Order Block Rejection Signals Downtrend Continuation

FenzoFx—USD/CHF started a new bearish wave after it reached the order block at approximately 0.817. Today, the pair is filling the bearish fair value gap by approaching the immediate resistance at 0.8113.

From a technical perspective, if this level holds, USD/CHF will likely resume its bearish trajectory. In this scenario, the price has the potential to target the 'buy-side' liquidity zone at 0.7955.

Edited Monday at 08:14 AM by FenzoFx

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Gold: Key Support Zone Holds Bullish Potential

FenzoFx—Gold turned bullish after testing the order block at $3,267.0. Stochastic is overbought, suggesting possible consolidation. The bullish candle on August 1st created a fair value gap and broke structure, but no discount entry has formed yet.

Immediate support lies at $3,324, backed by weekly VWAP, FVG, and volume point of interest. Traders should wait for price to revisit this zone for a bullish setup. If support holds, momentum could push gold to $3,395.0. The setup offers a favorable risk-to-reward ratio of at least 1 to 6.

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AUD/USD Consolidates: Liquidity Sweep in Focus

FenzoFx—AUD/USD trades sideways between the order block with support at $0.641, and the bearish FVG with resistance at $0.649. The pair remains bearish during the long session, failing to break above the resistance.

The critical order block with support at $0.637 remained intact. This level is the previous monthly low, which hasn't been tested yet.

Market is keen to move from one liquidity zone to another. Since the monthly lows at $0.637 haven't been taken out, we expect the current downtick in momentum to extend to $0.637. Please note that the bearish outlook should be invalidated if AUD/USD closes at or above $0.649.

A trading hint: We suggest avoiding trading this pair until the price either breaks above the $0.649 resistance or bounces from the support at $0.637.

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EUR/USD Breaks Daily Lows as Consolidation Deepens

FenzoFx—EUR/USD consolidates after the impulsive bullish momentum. The uptrend initiated after the price swept below the monthly lows at $1.1400. In the current trading session, the price dipped below the previous day's low, meaning the consolidation period will likely extend to a lower support level.

The immediate resistance is at the previous day's high, the $1.159 resistance. From a technical perspective, we expect the currency pair to trade lower, near the support at $1.146, the bullish break of structure.

This level can provide a discounted price to join the dominant trend, which is bullish. We expect the Euro to rise toward $1.169 after the end of the consolidation period.