Daily Market Analysis By FXOpen

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  1. #541
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    Daily Market Analysis By FXOpen
    BTCUSD and XRPUSD Technical Analysis 16th AUG 2022


    BTCUSD: Bearish Engulfing Pattern Below $25196

    Bitcoin was unable to sustain its bullish momentum and after touching a high of 25196 on 15th Aug started to decline against the US dollar, coming below the $24000 handle today in the Asian trading session.

    We can see that bitcoin failed to clear its resistance zone located at $25500 for the third time this month.

    After touching a high of $25196, we can see some downward correction in the price towards the $23776 level.

    We can clearly see a bearish engulfing pattern below the $25196 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

    Bitcoin touched an intraday high of 24250 in the Asian trading session and an intraday low of 23787 in the Asian trading session today.

    Both the STOCH and Williams percent range are indicating an overbought level which means that in the immediate short term, a decline in the prices is expected.

    The relative strength index is at 43 indicating a weak demand for bitcoin at the current market level and the continuation of the selling pressure in the markets.

    Bitcoin is now moving below its 100 hourly simple moving average and its 200 hourly simple moving average.

    Some of the major technical indicators are giving a sell signal, which means that in the immediate short term, we are expecting targets of 23500 and 23000.

    The average true range is indicating less market volatility with a mildly bearish momentum.

    1. Bitcoin: bearish reversal seen below $25196
    2. High/Lows is Indicating Neutral Levels
    3. The price is now trading just above its pivot level of $24017
    4. Most of the moving averages are giving a strong sell market signal


    Bitcoin: Bearish Reversal seen Below $25196


    The price of Bitcoin dipped to a low of 23828 after which we can see some buying support and a move towards the consolidation phase in the markets.

    The BTCUSD is attempting a downside break due to the formation of a contraction triangle below the 24804 level.

    We can see the formation of the Ichimoku bearish crossover pattern in the 4-hour time-frame indicating the underlying bearish nature of the markets.

    The immediate short-term outlook for bitcoin is bearish; the medium-term outlook has turned neutral; and the long-term outlook remains neutral under present market conditions.

    Bitcoins support zone is located at $23000, and the prices continue to remain above these levels for any potential bullish reversal in the markets.

    The price of BTCUSD is now facing its classic support level of 23873 and Fibonacci support level of 23982 after which the path towards 23000 will get cleared.

    In the last 24hrs, BTCUSD has increased by 0.22% by 53$, and has a 24hr trading volume of USD 29.478 billion. We can see a 2.30% decrease in the trading volume as compared to yesterday, which appears to be normal.

    The Week Ahead

    The prices of bitcoin are moving in a consolidation zone above the $24000 level. The on-chain analysis also suggests that the markets are having more bearish tendencies and as such a drop in the levels is expected.

    The daily RSI is printing at 58 which indicates a strong demand from the long-term investors.

    The trendline formation is seen from the $25196 level towards the $23069, and we are now looking for the continuation of this trend in the hourly time frame.

    The price of BTCUSD will need to remain above the important support level of $23000 this week.

    The weekly outlook is projected at $24000 with a consolidation zone of $23500.

    Technical Indicators:

    The rate of price change: at -1.38 indicating a SELL

    The ultimate oscillator: at 48.61 indicating a SELL

    The relative strength index (14): at 49.35 indicating a NEUTRAL

    The commodity channel index(14days): at -110.88 indicating a SELL

    VIEW FULL ANALYSIS VISIT - FXOpen Blog

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    EUR/USD and EUR/JPY Face Key Hurdles


    EUR/USD started a fresh decline and traded below 1.0200. EUR/JPY is attempting a recovery wave and might rally if it clears 137.00.

    Important Takeaways for EUR/USD and EUR/JPY

    • The Euro started a major below the 1.0220 and 1.0200 support levels.
    • There was a break above a key bearish trend line with resistance near 1.0165 on the hourly chart.
    • EUR/JPY started an upside correction from the 135.00 support zone.
    • There is a major bearish trend line forming with resistance near 136.60 on the hourly chart.


    EUR/USD Technical Analysis


    The Euro failed to clear the 1.0360 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0300 and 1.0250 support levels.

    There was a clear move below the 1.0220 level and the 50 hourly simple moving average. The pair even settled below the 1.0200 level. A low was formed near 1.0122 on FXOpen and the pair is now consolidating losses.

    The pair recovered above 1.0150 and tested the 23.6% Fib retracement level of the downward move from the 1.0364 swing high to 1.0122 low.

    Besides, there was a break above a key bearish trend line with resistance near 1.0165 on the hourly chart. On the upside, the pair is facing resistance near the 1.0180 level and the 50 hourly simple moving average.

    A clear move above the 1.0180 resistance might send the price towards 1.0220. The next major resistance is near the 1.0240 level. It is near the 50% Fib retracement level of the downward move from the 1.0364 swing high to 1.0122 low. If the bulls remain in action, the pair could revisit the 1.0300 resistance zone in the near term.

    On the downside, the pair might find support near the 1.0150 level. The next major support sits near the 1.0120 level. If there is a downside break below the 1.0120 support, the pair might accelerate lower in the coming sessions.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog

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  4. #544
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    ETHUSD and LTCUSD Technical Analysis 18th AUG, 2022


    ETHUSD: Shooting Star Pattern Below $2029

    Ethereum was unable to sustain its bullish momentum and after touching a high of 2029 on 14th Aug started to decline against the US dollar coming down below the $1900 handle in the European trading session today.

    We can see a continuous fall in the price of Ethereum due to the heavy selling pressure amid rising global inflation levels.

    We can clearly see a shooting star pattern below the $2029 handle which is a bearish pattern and signifies the end of a bullish phase and the start of a bearish phase in the markets.

    ETH is now trading just above its pivot levels of 1842 and moving into a strong bearish channel. The price of ETHUSD is now testing its classic support level of 1827 and Fibonacci support level of 1838 after which the path towards 1700 will get cleared.

    The relative strength index is at 43 indicating a weak market and the continuation of the downtrend in the markets.

    We can see the formation of a bearish engulfing line in the 15-minute time frame indicating the underlying bearish nature of the markets.

    Both the STOCH and STOCHRSI are indicating a neutral market, which means that the prices are expected to remain in a consolidation phase.

    Most of the technical indicators are giving a strong sell market signal.

    All of the moving averages are giving a strong sell signal, and we are now looking at the levels of $1800 to $1700 in the short-term range.

    ETH is now trading below both the 100 hourly simple and exponential moving averages.

    • Ether: bearish reversal seen below the $2029 mark
    • Short-term range appears to be strongly BEARISH
    • ETH continues to remain below the $1900 level
    • The average true range is indicating LESS market volatility


    Ether: Bearish Reversal Seen Below $2029


    ETHUSD is now moving into a strong bearish channel with the price trading below the $1900 handle in the European trading session today.

    ETH touched an intraday high of 1865 and an intraday low of 1821 in the Asian trading session today.

    We can see the adaptive moving average AMA20 and AMA50 bearish crossover pattern in the 2-hour time frame.

    We have also detected the formation of a bearish harami pattern in the weekly time frame.

    The commodity channel index is indicating a neutral market level, and the continuation of the consolidation phase in the markets.

    The key support levels to watch are $1800 and $1820, and the prices of ETHUSD need to remain above these levels for any potential bullish reversal in the markets.

    ETH has decreased by 2.47% with a price change of 46$ in the past 24hrs and has a trading volume of 17.646 billion USD.

    We can see an increase of 0.58% in the total trading volume in the last 24 hrs which appears to be normal.

    The Week Ahead

    We can see a continuous progression of a bearish trendline formation from 2029 towards the 1821 level.

    The price of Ethereum is now testing its support zone located at $1800, and we are likely to see a more decline in the price once it touches these levels.

    The immediate short-term outlook for Ether has turned strongly bearish; the medium-term outlook has turned bearish; and the long-term outlook for Ether is neutral in present market conditions.

    The price of ETHUSD will need to remain above the important support level of $1800 this week.

    The weekly outlook is projected at $1850 with a consolidation zone of $1800.

    Technical Indicators:

    The relative strength index (14): at 43.31 indicating a SELL

    The moving averages convergence divergence (12,26): at -7.90 indicating a SELL

    The rate of price change: at -0.68 indicating a SELL

    The ultimate oscillator: at 37.67 indicating a SELL

    VIEW FULL ANALYSIS VISIT - FXOpen Blog

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    Gold Price Slides While Crude Oil Price Aims Higher


    Gold price started a fresh decline below the $1,780 support zone. Crude oil price is rising and might aim more gains above the $90 resistance.

    Important Takeaways for Gold and Oil

    • Gold price started a fresh decline after it failed to stay above $1,800 against the US Dollar.
    • There is a key bearish trend line forming with resistance near $1,763 on the hourly chart of gold.
    • Crude oil price started a fresh increase from the $85.50 support zone.
    • There is a major bullish trend line forming with support near $89.10 on the hourly chart of XTI/USD.


    Gold Price Technical Analysis

    Gold price attempted to settle above the $1,800 resistance zone against the US Dollar. However, the price failed to stay above $1,800 and started a fresh decline.

    There was a clear move below the $1,780 support zone and the 50 hourly simple moving average. The price declined below the $1,765 level to move into a short-term bearish zone. The decline gained pace below the $1,760 level.

    Gold Price Hourly Chart


    The price traded as low as $1,753 and is currently consolidating losses. On the upside, the price is facing resistance near the $1,760 level. It is near the 38.2% Fib retracement level of the downward move from the $1,772 swing high to $1,753 low.

    The main resistance is now forming near the $1,765 level. There is also a key bearish trend line forming with resistance near $1,763 on the hourly chart of gold.

    The trend line is near the 50% Fib retracement level of the downward move from the $1,772 swing high to $1,753 low. A close above the $1,765 level could open the doors for a steady increase towards $1,780. A clear upside break above the $1,780 resistance could send the price towards $1,800.

    An immediate support on the downside is near the $1,752 level. The next major support is near the $1,750 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,730 support zone.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog

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    GBP/USD Nosedives, EUR/GBP Could Climb Higher


    GBP/USD started a fresh decline from well above the 1.2000 zone. EUR/GBP is rising and might climb further higher above the 0.8500 resistance.

    Important Takeaways for GBP/USD and EUR/GBP

    • The British Pound started a fresh decline from the 1.2200 zone against the US Dollar.
    • There is a key bearish trend line forming with resistance near 1.1850 on the hourly chart of GBP/USD.
    • EUR/GBP climbed higher above the 0.8420 and 0.8450 resistance levels.
    • There is a major bullish trend line forming with support near 0.8480 on the hourly chart.


    GBP/USD Technical Analysis

    The British Pound struggled to clear the 1.2250 and 1.2200 resistance levels against the US Dollar. The GBP/USD pair started a decline and there was a move below the 1.2120 support zone.

    There was a sharp decline below the 1.2000 support and the 50 hourly simple moving average. The bears were able to push the pair below the 1.1920 level. A low was formed near 1.1791 on FXOpen and the pair is now consolidating losses.

    GBP/USD Hourly Chart


    On the upside, an initial resistance is near the 1.1850 level. There is also a key bearish trend line forming with resistance near 1.1850 on the hourly chart of GBP/USD.

    The trend line is near the 23.6% Fib retracement level of the downward move from the 1.2138 swing high to 1.1791 low. The next main resistance is near the 1.1910 zone and the 50 hourly simple moving average.

    The key hurdle is near the 1.1950 and 1.1965 levels. It is near the 50% Fib retracement level of the downward move from the 1.2138 swing high to 1.1791 low. A clear upside break above the 1.1950 and 1.1965 resistance levels could open the doors for a steady increase in the near term. The next major resistance sits near the 1.2000 level.

    On the downside, an initial support is near the 1.1800 level. The next major support is near the 1.1750 level. Any more losses could lead the pair towards the 1.1680 support zone or even 1.1620.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog

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    British Pound collapses against EUR and USD, despite 'Bidenomics' data


    It has been a catastrophic few days for the British Pound.

    Looking at the graph this morning which shows the Pound absolutely crashing against the US Dollar makes for somewhat alarming reading, as it lost further ground on the European market open this morning having begun its downward spiral on Friday last week.

    In fact, the British Pound has now arrived at a value of 1.18 against the US Dollar, which is its lowest value in over a year, and although the downturn has been gradual over the past few weeks, the sudden further drop which began on Friday and continued this morning is a clear indicator of tanking value.

    It's almost the same situation when looking at the British Pound against the Euro. The Pound tanked to a low of 1.18 (same value as its standing against the Dollar today) on Friday, giving clear indication that despite the Eurozone's economic woes, confidence suddenly left the building when it comes to the Pound at the end of last week.

    Yes, the United Kingdom's economy has been shattered by the current government having blown hundreds of billions of Pounds over the past two years with carefree abandon, and now expect the public to pay for it with increasing costs in energy, fuel taxation and interest rates as well as the effect of a delinquent economy crippled by government-imposed lockdowns, furlough schemes, misappropriated government-backed loans, multi-billion pound contracts handed to invested parties on the grounds of 'Covid', and subsequently Prime Minister Boris Johnson who is soon to leave office continually nailing his colors to the mast with Ukraine flags adorning his office and continually demonstrating vocal opponency toward Russia and its industry base.

    This has exacerbated an already existing fiscal problem and now the piper has to be paid.

    Inflation is at a 40 year high, and the cost of living crisis in the United Kingdom is not just media propaganda - it is real. Anyone walking the streets of provincial towns will see the food banks and charity dependence in full view.

    Yes, the United States also pandered to the narratives of recent agendas, but its economy is not teetering despite its high inflation. Industrial production is still high and the nation appears to be fairing quite well despite tremendous challenges, hence the US Dollar's surprising strength over recent months.

    After a year marked by Democrats internal dysfunction, Congress has over the last few weeks suddenly delivered a raft of legislation that will help form the core of President Bidens economic record before lawmakers face voters in the 2022 midterm elections.

    Beyond the economic rescue package and bipartisan infrastructure law passed last year, Congress this month alone also approved a $280 billion measure to expand veterans health care, a $280 billion law to counter Chinas economic rise, and the Inflation Reduction Act centered on addressing the climate crisis, lowering health-care costs and raising taxes on large corporations.

    That appears to be straight out of the socialist instruction manual, which would usually be enough to frighten investors, but the pragmatic minds in the markets have been viewing the dire situation in Europe and weighing it up against a relatively productive situation in the United States.

    Yes, President Biden has garnered poor confidence from investment-savvy professionals and individuals, and his anti-Russia stance is almost as strong as Boris Johnson's (although Boris Johnson takes the accolade for being the most vocal). Biden has sent billions of Dollars to Ukraine, but still the economy is building itself up.

    Right now, the British Pound's low point is a serious matter for the currency markets.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog

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