Daily Market Analysis By FXOpen

**FXOpen Trader** · 05-24-2023, 07:45 AM

EUR/USD Turns Red, USD/CHF Bulls in Control

EUR/USD started a fresh decline from the 1.0830 resistance. USD/CHF is rising and might aim a move toward the 0.9060 resistance.

Important Takeaways for EUR/USD and USD/CHF Analysis Today

The Euro struggled to clear the 1.0845 resistance against the US Dollar.
There is a major bearish trend line forming with resistance near 1.0800 on the hourly chart of EUR/USD at FXOpen.
USD/CHF is gaining pace above the 0.9000 resistance zone.
There is a key bearish trend line forming with resistance near 0.9020 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair faced rejection near 1.0830. The Euro started a fresh decline from the 1.0828 swing high against the US Dollar.

There was a move below the 50-hour simple moving average at 1.0800. The pair tested the 1.0765 support. A low is formed near 1.0760 and the pair is now correcting losses. It is slowly moving higher above the 23.6% Fib retracement level of the recent decline from the 1.0828 swing high to the 1.0760 low.

Immediate resistance on the upside is near the 50-hour simple moving average at 1.0790. It is close to the 50% Fib retracement level of the recent decline from the 1.0828 swing high to the 1.0760 low.

The first major resistance is a major bearish trend line at 1.0810. An upside break above the 1.0810 level might send the pair toward the 1.0845 resistance. The next major resistance is near the 1.0900 level. Any more gains might open the doors for a move toward the 1.0920 level.

If there is no move above 1.0810 and RSI stays below 50, the pair might start a fresh decline. On the downside, immediate support on the EUR/USD chart is seen near 1.0765.

The next major support is near the 1.0750 level. A downside break below the 1.0750 support could send the pair toward the 1.0720 level.

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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 Trader** · 05-25-2023, 02:36 PM

ETHUSD Analysis: Bearish Harami Pattern below $1,871

Bulls couldn’t take control of the market, and after touching a high of $1,871 on 23 May, the ETH/USD pair is moving in a bearish trend, touching a low of $1,762 today in the early Asian trading session.

The short-term outlook for Ethereum has turned mildly bearish.

On the hourly chart:

ETHUSD is under bearish pressure after a decline below the $1,800 handle with immediate targets of $1,750 and $1,700.
The bearish harami pattern is below the $1,871 handle, signifying the end of a bullish phase.
The relative strength index is at 40.11, indicating weak demand for Ether and a continuation of the selling pressure in the market.
The CCI is giving a neutral signal, meaning that the Ethereum price is expected to remain in the consolidation phase in the short-term range.
ETH price is now trading below the 100-hour simple and 200-hour exponential moving averages.
The Ethereum price opened bearish this week.
The average true range indicates low market volatility.

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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 Trader** · 05-25-2023, 02:39 PM

LTCUSD Analysis: Black Marubozu Pattern below $93.46

Bulls couldn’t take control of the market, and after touching a high of $93.46 on 23 May, the LTC/USD pair started moving in a bearish trend, touching a low of $82.60 today in the early Asian trading session.

The short-term outlook for Litecoin has turned mildly bearish.

On the hourly chart:

There is a black Marubozu candle below the $93.46 handle. It signifies the start of a bearish phase in the market.
Litecoin price is trading below its 100-hour simple moving average, 200-hour exponential moving average, and its pivot level of $84.49.
The relative strength index is at 38.28, indicating weak demand for Litecoin and a shift towards the bearish phase in the markets.
Litecoin remains below most of the moving averages, which are giving a bearish signal at current market levels of $84.49.
Some of the technical indicators are neutral.
The average true range indicates low market volatility.

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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 Trader** · 05-26-2023, 10:04 AM

Gold and Crude Oil At Risk of More Losses

Gold price is struggling below the $1,967 support level. Crude oil price is also declining and remains at a risk of more losses below $70.75.

Important Takeaways for Gold and Oil Prices Analysis Today

Gold price failed to clear the $1,982 resistance and trimmed gains against the US Dollar.
It is now following a short-term declining channel with resistance near $1,948 on the hourly chart of gold at FXOpen.
Crude oil prices are also moving lower below $72.80 and $72.00 levels.
There was a break below a major bullish trend line with support near $73.50 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 start a fresh increase above the $1,982 resistance. The price started a fresh decline below the $1,967 support.

There was a close below the 50-hour simple moving average and $1,950. The price tested the $1,938 support zone. A low is formed at $1,936.68, and the price is now consolidating losses. It is following a short-term declining channel with resistance near $1,948.

The channel resistance is near the 23.6% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low. The next major resistance is near the $1,950 level.

If the breakout occurs, the price will target resistance of $1,960 near the 50% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low and the 50-hour simple moving average. An upside break above $1,960 could send the Gold price toward $1,967. Any more gains may perhaps set the pace for an increase toward the $1,982 level.

Initial support on the downside is near the $1,938 level. The first major support is near the $1,932 level. The next support sits near the $1,920 level. If there is a downside break below $1,920, the price might decline heavily towards $1,900, below which the bulls could aim for a test of $1,880.

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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 Trader** · 05-26-2023, 10:07 AM

EUR/USD Approaches Important Support

Yesterday, EUR/USD hit new May’s lows. This week’s latest news contributed to the decline:

→ Germany's GDP in Q1 2023 decreased by 0.3% compared to the previous three months. German media write about the official start of the recession.

→ The US economy in Q1 grew by 1.3% in annual terms.

→ Worrying opinions are spreading about a possible crisis due to the situation in the US housing market. According to JPMorgan analysts, the next shock to the US banking system could be loans for commercial real estate.

→ Traders see the dollar as a reliable asset in the face of the not yet raised US government debt ceiling.

The EUR/USD chart shows that the rate has already fallen by 3.3% from the peaks of May. The rate is approaching the psychological mark of USD 1.07 per euro, which may support the market.

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.

**FXOpen Trader** · Yesterday, 11:16 AM

Watch FXOpen's May 22 - 26 Weekly Market Wrap Video

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AMD share price breaks August 2022 high. How can the price of Advanced Micro Devices stock change?
What about the default? GBP dips to its lowest point against the USD in a week.
FTSE drops rapidly to April lows. Will Bank of England raise interest rates at its next meeting?
Dow Jones hits May lows. Analysts say the probability of a default at the moment is 25% and is increasing every day.

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

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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.

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