Daily Market Analysis By FXOpen

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BTCUSD and XRPUSD Technical Analysis – 02nd AUG 2022


BTCUSD: Evening Star Pattern Below $24607

Bitcoin was unable to sustain its bullish momentum and after touching a high of 24597 on 30th July started to decline against the US dollar dropping below the $2300 handle in the European trading session today.

We can see that after this decline the prices have entered into a consolidation zone above the $22500 handle.

The prices have started to move in a descending trend channel due to the decrease in the demand and the continued selling across the global crypto markets.

We can clearly see a bearish evening star pattern below the $24607 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 23438 in the Asian trading session and an intraday low of 22670 in the European trading session today.

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

The relative strength index is at 37 indicating a weaker demand for bitcoin at the current market levels 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 averages.

Most of the major technical indicators are giving a strong sell signal, which means that in the immediate short term, we are expecting targets of 22000 and 21500.

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

• Bitcoin: bearish reversal seen below $24607
• STOCHRSI is indicating an oversold level
• The price is now trading just above its pivot level of $22747
• All of the moving averages are giving a strong sell market signal

Bitcoin: Bearish Reversal Seen Below $24607


The price of bitcoin continues to decline below the $23000 handle, and we are now testing the important support level of $22000 in the European trading session.

The global sentiments continue to remain weak and we can see more downwards correction this week towards the $21500 level.

Bitcoin was unable to clear its resistance zone located at $25000, and now we can see a progression of the bearish bias in the markets.

We can see the formation of a bearish harami pattern in the weekly 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.

Bitcoin’s support zone is located at $21000, 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 22500 and Fibonacci resistance levels of 22687 after which the path towards 2000 will get cleared.

In the last 24hrs, BTCUSD has declined by 1.70% by 394$, and has a 24hr trading volume of USD 27.922 billion. We can see an increase of 20.09% in the trading volume as compared to yesterday, which is due to the selling seen by the short-term investors.

The Week Ahead

The price of bitcoin is moving in a mildly bearish momentum, and the immediate targets are $22000 and $21500

The daily RSI is printing at 52 which indicates a neutral market and the move towards the consolidation channel.

The trendline formation is seen from the $24600 level towards $22600 indicating that if this bearish trend line gets exhausted, we may see an upwards correction in the prices.

Bitcoin’s price may continue to remain in a range-bound movement between the $22000 and $23000 levels this week.

The prices of BTCUSD will need to remain above the important support level of $21000 this week.

The weekly outlook is projected at $22000 with a consolidation zone of $21000.

Technical Indicators:

The average directional change (14 days): at 27.18 indicating a SELL

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

The relative strength index (14): at 38.82 indicating a SELL

The commodity channel index (14 days): at -91.53 indicating a SELL

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EUR/USD and USD/JPY At Risk of Additional Losses


EUR/USD started another decline from the 1.0300 resistance. USD/JPY is declining and might continue to move down below 137.00.

Important Takeaways for EUR/USD and USD/JPY

• The Euro started a fresh decline and even traded below the 1.0200 support.
• There was a break below a key bullish trend line with support near 1.0205 on the hourly chart of EUR/USD.
• USD/JPY declined heavily from the 139.00 resistance zone.
• There was a break below a major bullish trend line with support near 136.30 on the hourly chart.

EUR/USD Technical Analysis

This week, the Euro started a fresh decline from well above the 1.0280 level against the US Dollar. The EUR/USD pair declined below the 1.0250 and 1.0220 support levels.

The bears even pushed the pair below the 1.0200 level. There was a close below 1.0200 and the 50 hourly simple moving average. The bears pushed the pair below the 50% Fib retracement level of the upward move from the 1.0097 swing low to 1.0293 high.

EUR/USD Hourly Chart


Besides, there was a break below a key bullish trend line with support near 1.0205 on the hourly chart of EUR/USD. An immediate resistance on the upside is near the 1.0200 level.

The next major resistance is near the 1.0225 level and the 50 hourly simple moving average. An upside break above 1.0225 could set the pace for a steady increase. In the stated case, the pair might revisit 1.0280.

If not, the pair might drop and test the 1.0165 support. The next major support is near 1.0145 or the 76.4% Fib retracement level of the upward move from the 1.0097 swing low to 1.0293 high, below which the pair could drop to 1.0100 in the near term.

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Turkish Lira crisis hits corporate borrowers


The ongoing crisis that has been affecting the Turkish Lira for several months is showing no sign of giving way, and the country's astonishing inflation rate of over 70% is testimony to the dire situation that the nation's economy is facing.

Turkey is an industrial and commercial powerhouse in the Middle East, and is home to the most developed and diversified industry base in the region, however whilst the productivity and quality of product are both high, and the work ethic is still being clearly demonstrated in a nation which has been open for business during times when others were less so, the Lira and its inflationary backdrop are a massive bugbear.

The US Dollar, along with all other major currencies, has continued to rise significantly against the Turkish Lira, and today's value for the USDTRY is 17.94.

Turkish companies which conduct business on an international basis have been faced with the volatility of Forex transactions when settling accounts with their partners and clients, and the continued decline in value of the Turkish Lira has landed them with a conundrum.

Yesterday the Turkish media reported that companies are borrowing in Lira partly to pay off their debts in foreign currency, and many companies in Turkey have used an average of around 30 Lira out of every 100 Lira borrowed from banks to settle their debts in US Dollars and Euros.

The sustained losses that the Turkish Lira has made against all major currencies over the past year has caused a dramatic increase in servicing the repayments of foreign debt for Turkish businesses, and this is how it is being addressed.

At the end of June, the Turkish government announced a ban on loans in Lira to companies holding what it deemed to be too much foreign currency.

This caused the Lira to whipsaw, a term referring to price movements in a volatile market when a stock or currency price will suddenly switch direction.

By June 27 the Lira made an unusual gain of approximately 8% gain in two days, trading at 16.01 to the US Dollar, up from the day before the announcement where it closed at 17.35.

But by late afternoon on the following Monday, it had pared some of those gains, decreasing slightly to 16.5 against the dollar, after whipsawing within the 16 to 17 lira per dollar range.

Clearly volatility is still rampant, however the switch toward using Lira to repay debt in overseas currencies could be a potential method of circulating the Lira more vigorously which may go some way toward helping it slow its downward spiral.

Currently, however, it is an uncertain market with an almost year-long record of a downward spiral.

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ETHUSD and LTCUSD Technical Analysis – 04th AUG, 2022


ETHUSD – Three Inside Down Pattern Below $1783

Ethereum was unable to sustain its bullish momentum and after touching a high of 1762 on 30th July started to decline against the US Dollar coming down below the $1600 handle on 02nd Aug.
The selloff that we saw was due to the strength of the US Dollar and its subsequent effect on the prices of the ETHUSD.
We can clearly see a Three Inside Down Pattern Below the $1783 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 1619 and is moving into a Mild Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1591 and Fibonacci support levels of 1612 after which the path towards 1600 will get cleared.

Relative Strength Index is at 40 indicating a WEAK market and the continuation of the Downtrend in the markets.
We can see that Aroon Indicator is giving the Bearish signal in the 2 hourly timeframe.
Both the STOCHRSI and Williams Percent Range are indicating an Oversold market, which means that the prices are due for an Upwards correction.
All 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 $1600 to $1550 in the short-term range.
ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages.

•   Ether Bearish Reversal seen Below the $1783 mark.
•   Short-term range appears to be Mild BEARISH.
•   ETH continues to remain above the $1600 levels.
•   Average True Range is indicating LESS Market Volatility.

Ether Bearish Reversal Seen Below $1783

 
ETHUSD is now moving into a Mild Bearish Channel with the prices trading above the $1600 handle in the European Trading session today.
We have also detected the formation of the Adaptive Moving Average 20 and 50 Crossover pattern in the 2 hourly time-frame indicating that the price is likely to descend in the short-term range.
We can see the formation of a Major contraction triangle below the $1700 levels in the 1-hour timeframe.

The key support levels to watch are $1595 and $1506 and the prices of ETHUSD need to remain above these levels for any potential Bullish reversal in the markets.

ETH has decreased by 1.93% with a price change of 31$ in the past 24hrs and has a trading volume of 15.964 Billion USD.
We can see a Decrease of 14.86% in the total trading volume in last 24 hrs. which appears to be Normal.
 

The Week Ahead

We can see that ETH failed to clear its Major resistance zone located at $1800 levels and is now preparing to enter into a consolidation phase above the $1600 levels.
The prices of Ethereum are slowly recovering against the US Dollar and we can see some range bound moves in the short-term range.
The immediate short-term outlook for the Ether has turned as Mild BEARISH, the medium-term outlook remains NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions.
The prices of ETHUSD will need to remain above the important support levels of $1500 this week.
Weekly outlook is projected at $1650 with a consolidation zone of $1500.

Technical Indicators:

Relative Strength Index (14): It is at 40.99 indicating a SELL.
Moving Averages Convergence Divergence (12,26): It is at -1.66 indicating a SELL.
Rate of Price Change: It is at -2.17 indicating a SELL.
Ultimate Oscillator: It is at 31.86 indicating a SELL.


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Gold Price Rallies While Crude Oil Price Takes Hit


Gold price started a fresh increase above the $1,750 resistance zone. Crude oil price is sliding and remains at a risk of more losses below $90.

Important Takeaways for Gold and Oil

• Gold price gained pace after it cleared the $1,750 resistance against the US Dollar.
• Recently, there was a break above a key bearish trend line with resistance near $1,762 on the hourly chart of gold.
• Crude oil price started a fresh decline from the $96.00 and $96.50 resistance levels.
• There is a crucial bearish trend line forming with resistance near $91.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,700 level and started a fresh increase against the US Dollar. The price broke the $1,720 resistance to move into a positive zone.

There was a clear move above the $1,750 resistance and the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near $1,762 on the hourly chart of gold.

The price traded as high as $1,794 on FXOpen and the price is now consolidating gains. An immediate support on the downside is near the $1,788 level.

The price even traded below the $1,700 level and formed a low near $1,680 on FXOpen. It is now correcting losses above the $1,695 level. On the downside, an initial support is near the $1,785 level. It is near the 23.6% Fib retracement level of the upward move from the $1,754 swing low to $1,794 high.

The next major support is near the $1,774 level or the 50% Fib retracement level of the upward move from the $1,754 swing low to $1,794 high, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,750 support zone.

On the upside, the price is facing resistance near the $1,795 level. A clear upside break above the $1,795 resistance could send the price towards $1,812. The main resistance is now forming near the $1,820 level. A close above the $1,820 level could open the doors for a steady increase towards $1,840.


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FXOpen’s TOP-10 July 2022 PAMM Accounts


The better part of the summer has already passed, but the PAMM trading process goes non-stop, delighting investors with new positive results. We would like to focus on those accounts that are still stable and profitable for their subscribers.

As of August 1, 2022, 141 active accounts have been opened at FXOpen, and 2’427’960.00 USD of subscribers’ funds have been invested, according to Investflow monitoring statistics.

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GBP/USD Faces Resistance While USD/CAD Is Surging


GBP/USD could gain pace if it clears the 1.2100 resistance zone. USD/CAD is surging and could continue to rise above the 1.3000 resistance zone.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound is attempting an upside break above the 1.2100 resistance zone.
• There is a key bearish trend line forming with resistance near 1.2100 on the hourly chart of GBP/USD.
• USD/CAD started a fresh increase above the 1.2920 resistance zone.
• There was a break above a declining channel with resistance near the 1.2865 on the hourly chart.

GBP/USD Technical Analysis


After facing sellers near 1.2280, the British Pound started a fresh decline against the US Dollar. GBP/USD declined heavily below the 1.2200 support zone.

There was a move below the 1.2100 support zone and the 50 hourly simple moving average. The pair traded as low as 1.2004 and is currently correcting higher. There was a clear move above the 1.2030 resistance zone.

The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2168 swing high to 1.2004 low. An immediate resistance is near the 1.2080 level.

There is also a key bearish trend line forming with resistance near 1.2100 on the hourly chart of GBP/USD. The next key resistance is near the 1.2105 level. It is near the 50% Fib retracement level of the downward move from the 1.2168 swing high to 1.2004 low.

If there is an upside break above the 1.2100 zone, the pair could rise towards 1.2150. The next key resistance could be 1.2200, above which the pair could gain strength.

On the downside, an initial support is near the 1.2040 area. The first major support is near the 1.2000 level. If there is a break below 1.2000, the pair could extend its decline. The next key support is near the 1.1960 level. Any more losses might call for a test of the 1.1850 support.


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The Roaring 20s! How trading the markets has advanced in just a few years


The 2020s is an exciting time to be trading the global markets.

In the previous decade, the electronic markets went through a revolutionary period. We witnessed the invention and uprising of cryptocurrencies, the 'influencer' generation beginning to move into the financial markets with memes and internet-based trends, and we saw the entire existing framework change in dramatic restructures in the trading methods of financial products traded on the electronic markets in the wake of the 2008/2009 financial crises.

European and American authorities began to make major changes which have fomented the sustainability of the electronic derivatives trading markets where traditional asset classes such as Forex, commodities and equities are concerned, and a whole host of decentralized asset classes have joined them along the way.

As the last exciting decade of revolutionary technological and regulatory development came to an end, the 2020s became a period of limitless innovation, in which FinTech, cryptocurrency and multi-asset trading has been embraced.

Along with the community-driven cryptocurrency revolution and its entry into the mainstream, came various geopolitical milestones that are unprecedented.


Lockdowns, inflation and a volatile commodities market, as well as a myriad of new traders who had switched their ambitions from working for a company prior to the lockdowns to seeking their own financial independence from the convenience of their own laptop or smartphone by trading the markets. We have entered the age of the analytical, pragmatic and goal-orientated trader.

Despite the cryptocurrency revolution and the massive number of people getting involved in investing in Bitcoin, Ethereum and all manner of new native tokens that are now hot property, the commodities market is the hot topic of the decade, and to be more specific: Oil.

Just as the oil market is as traditional as the actual fossil fuel itself, the modern stock market is the absolute opposite! A new era has come about, born out of the minds of mavericks and entrepreneurs seeking to build a community-driven marketplace where influencers are beginning to become market makers in their own right.


The ever-changing and ever increasingly innovative markets are at your fingertips. These are the times when your financial destiny is in your hands.

FXOpen Blog

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BTCUSD and XRPUSD Technical Analysis – 09th AUG 2022


BTCUSD: Bullish Engulfing Pattern Above $22425

Bitcoin was unable to sustain its bearish momentum and after touching a low of 22431 on 04th Aug started to correct upwards against the US dollar crossing the $24000 handle on 08th Aug.

We can see that bitcoin failed to clear its resistance zone located at $25000 for the second time this month.

After touching a high of $24230 we can see some downwards correction in the prices towards the $23800 level.

We can clearly see a bullish engulfing pattern above the $22425 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday high of 23922 in the Asian trading session and an intraday low of 23639 in the Asian trading session today.

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

The relative strength index is at 50 indicating a NEUTRAL demand for bitcoin at the current market levels and the continuation of the consolidation phase in the markets.

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

Some of the major technical indicators are giving a buy signal, which means that in the immediate short term, we are expecting targets of 24000 and 24500.

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

• Bitcoin: bullish reversal seen above $22425
• The STOCHRSI is indicating an oversold level
• The price is now trading just below its pivot levels of $23858
• Some of the moving averages are giving a buy market signal

Bitcoin: Bullish Reversal Seen Above $22425


The price of bitcoin is struggling to move above the $24000 handle after it entered into a consolidation zone below the $24000 level.

The overall scenario of the markets is neutral at present; we will have to wait till some clear signals emerge for the medium-term range.

We can see that Ichimoku price is under the cloud in the 15-minute time frame indicating the underlying bearish nature of the markets.

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

Bitcoin’s support zone is located at $22000 and the prices continue to remain above these levels for the continuation of the bullish reversal in the markets.

The price of BTCUSD is now facing its classic resistance level of 23899 and Fibonacci resistance level of 23932 after which the path towards 24000 will get cleared.

In the last 24hrs, BTCUSD has declined by 0.32% by 76$ and has a 24hr trading volume of USD 28.827 billion. We can see an increase of 50.20% in the trading volume as compared to yesterday, which is due to the buying seen by the short-term investors.

The Week Ahead

The price of bitcoin is moving in a consolidation zone under the $24000 level. The price is expected to remain moving into a narrow range between the $23000 and $24000 before any potential breakouts.

The daily RSI is printing at 59 which indicates a bullish market and the move towards the $25000 level.

The trendline formation is seen from the $22400 levels towards the $24000, 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 $22000 this week.

The weekly outlook is projected at $24000 with a consolidation zone of $23000.

Technical Indicators:

The average directional change (14 days): at 15.10 indicating a neutral

The ultimate oscillator: at 68.29 indicating a BUY

The relative strength index (14): at 52.53 indicating a neutral

The commodity channel index (14 days): at -19.17 indicating a neutral

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Inflation in the UK: Cash withdrawals indicate faith in pound but not in economy



Throughout post-industrial history, when economic woes are abound, a large proportion of the public tend to revert to reliance on carrying items of physical value.

For the past two years, national economies in many Western nations have been turned on their heads, and faith in the traditional economic system has waned dramatically.

During times of rising inflation, it has been common for many people to invest in physical commodities such as gold, and to keep liquid assets at home or on their person.

Throughout many periods in the 20th century, that has been the case. The Great Depression which began in the late 1920s in the United States, the aftermath of World War Two in Europe, and the end of the Cold War in the late 1980s are three notable examples.

During those events, people who had a lot to lose generally bought gold and kept it in a safe place, often under their homes or in the walls.

The long period of stability which ensued has not necessitated such action, however these days, there are many geopolitical events that have once again generated a wave of instability, and have caused a once-trusting population to distrust the government and the system in many countries worldwide.

Inflation which is at 40-year highs in parts of Europe and the United States, along with forced closures of businesses, interruption of supply chains and siding with Ukraine which has caused havoc on the energy markets and cast doubt into the minds of citizens that their own governments actually represent their wellbeing has brought into being an overall level of self-reliance and movement away from trust in the existing economic structure.

The British Pound and its standing as a store of value is very interesting over recent times.

For over 50 years, no currency in the world has been backed by commodities, therefore it has been rare for any currency to be used as a store of value in times of economic uncertainty, but the British Pound is showing signs of being used as exactly that!

The Post Office, which offers banking services as well as mail has recorded a significant upturn in the number of cash withdrawals recently.

It is possible to withdraw cash from any bank account held with any bank via the Post Office, and therefore this is a good measure of the overall behavior of the public with regard to withdrawals of cash.

Britain’s Post Office, which offers banking services as well as mail, handled a record £801 million ($967 million) in personal cash withdrawals in July.

In total, more than £3.3 billion in cash was withdrawn and deposited over the Post Office’s counters, which the first time the amount has crossed the £3.3 billion threshold in the entire 360 years that the Post Office has been established.

Personal cash withdrawals were up almost 8% month on month at £744 in June, and up over 20% from a year ago to £665 million in July.

The Bank of England expects inflation to be at around 13.3% in October and to remain at elevated levels throughout much of 2023, which is alarming to say the least.

Resorting to holding cash appears to be a method being used to attempt to budget more carefully during these times of high inflation, and the Post Office has also been processing government support for energy bills, an indicator that there are serious problems affording daily bills.

The British Pound remains relatively non-volatile, and certainly it will be interesting to see how long this trend lasts during a period at which many firms are attempting to do away with the use of cash entirely.

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EUR/USD Aims Upside Break While USD/CHF Signals More Downsides


EUR/USD is struggling to clear the 1.0250 resistance zone. USD/CHF is declining and remains at a risk of a more losses below the 0.9520 level.

Important Takeaways for EUR/USD and USD/CHF

• The Euro is facing a strong resistance near the 1.0250 zone against the US Dollar.
• There is a key bullish trend line forming with support near 1.0200 on the hourly chart of EUR/USD.
• USD/CHF started a fresh decline after it failed to clear the 0.9650 resistance zone.
• There was a break below a connecting bullish trend line with support near 0.9565 on the hourly chart.

EUR/USD Technical Analysis


This past week, the Euro struggled to gain pace for a move above the 1.0250 level against the US Dollar. The EUR/USD pair formed a short-term top and reacted to the downside.

There was a break below the 1.0200 support, but the bulls were active near the 1.0150 level. A low was formed near 1.0141 on FXOpen and the pair is now recovering higher. There was a move above the 1.0180 resistance zone.

The pair climbed above the 1.0200 level and the 50 hourly simple moving average. The pair traded above the 50% Fib retracement level of the downward move from the 1.0253 swing high to 1.0141 low.

It is now trading above the 61.8% Fib retracement level of the downward move from the 1.0253 swing high to 1.0141 low. An immediate resistance is near the 1.0240 level. The next major resistance is near the 1.0250 level.

A clear move above the 1.0250 resistance zone could set the pace for a larger increase towards 1.0320. The next major resistance is near the 1.0350 zone.

On the downside, an immediate support is near the 1.0200 level. There is also a key bullish trend line forming with support near 1.0200 on the hourly chart of EUR/USD. The next major support is near the 1.0150 level. A downside break below the 1.0150 support could start another decline.

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The end of the road for computer hardware as US indices dive


Those who have worked within any large company in a technical capacity will likely recall the sudden way in which computer hardware simply disappeared seamingly overnight.

Back in the 1990s, huge server farms and arrays of switches adorned massive rooms in most offices worldwide, and stacks of beige plastic desktop PCs whirred away all day.

Cabling was everywhere, and lights flashed as data was carried around the office, and IT professionals observed and controlled these gargantuan operations.

Suddenly, around 15 years ago, it all disappeared.

Server rooms gave way to open spaces and coffee machines, and suddenly the office space business grew toward coworker spaces and remote work.

The old beige stacks of in-house computers were gone, and cloud computing was in vogue.

What's that got to do with the stock market?

Well, quite a lot.

The computer hardware industry has long since disappeared from the top stocks, largely due to the aforementioned cloud computing revolution, but there has been one hardware type that has endured. Graphics cards.

NVIDIA, a publicly-listed American giant which manufactures graphics cards has been the final enduring stock on the blue-chip indices, and has been doing very well until now.

That's because graphics cards are used in cryptocurrency mining, and the vast, industrial-scale Chinese Bitcoin mining rigs which existed in mainland China until last year were using them en masse.

Suddenly, the Chinese government swept in and put an end to the use of cheap (and sometimes free) electricity that the commercial miners in China had been using and banned their operations in mid 2021.

Some operators moved their mining rigs outside China to regions with cheap or free electricity such as Kazakhstan or Armenia, but many gave up and moved on.

Since the cost of electricity in many other countries outweighs the potential gains made by Bitcoin mining, graphics card usage has declined and therefore NVIDIA stock has been volatile.

Right now, its earnings season, and NVIDIA has been in the news for having shown concern about its forthcoming earnings, given that the Bitcoin mining-related demand for graphics cards is down.

During the course of yesterday, the S&P 500 slid 0.4% and the Dow Jones Industrial Average fell 0.2%. The tech-heavy Nasdaq Composite lost 1.2%, closing down for a third consecutive day. Chip stocks are taking a beating after Micron Technology and Nvidia issued revenue warnings, dragging down the overall market with them.

It is perhaps a sign of the times, a sign that the final bastion of hardware-based computer science is coming to its nadir, but also a sign that modern innovation is once again on the march and as gas fees for other cryptocurrencies such as Ethereum will likely decrease, mining and the use of such tokens for other purposes such as smart contracts is the way of the future, all of which of course aim to further the cause of paperless and hardware-free lifestyle and business operations.

Onwards and upwards.

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ETHUSD and LTCUSD Technical Analysis – 11th AUG, 2022


ETHUSD: Double Bottom Pattern Above $1580

Ethereum was unable to sustain its bearish momentum and after touching a low of 1584 on 04th Aug started to correct upwards against the US dollar crossing the $1800 handle in the European trading session today.

We can see a continuous uptick in the prices of Ethereum due to the heavy buying pressure seen since yesterday.

We can clearly see a double-bottom pattern above the $1580 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just above its pivot level of 1884 and moving into a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1895 and Fibonacci resistance level of 1901 after which the path towards 2000 will get cleared.

The relative strength index is at 67 indicating a strong market and the continuation of the uptrend in the markets.

We can see the formation of a bullish harami pattern on the 2-hour time-frame indicating the underlying bullish nature of the markets.

The STOCHRSI is indicating an oversold market, which means that the prices are due for an upwards correction.

All of the technical indicators are giving a strong buy market signal.

All of the moving averages are giving a strong buy signal and we are now looking at the levels of $1900 to $2000 in the short-term range.

ETH is now trading above its 100 hourly simple and exponential moving averages.

• Ether: bullish reversal seen above the $1580 mark
• Short-term range appears to be strongly bullish
• ETH continues to remain above the $1800 level
• The average true range is indicating less market volatility

Ether: Bullish Reversal Seen Above $1580


ETHUSD is now moving into a strongly bullish channel with the prices trading above the $180 handle in the European trading session today.

ETH touched an intraday high of 1911 and an intraday low of 1830 in the Asian trading session today.

We have also detected the formation of the Ichimoku bullish crossover pattern in the 15-minute time frame.

The Williams percent range is also giving a bullish markets signal at the current reading of -28.

The key support levels to watch are $1751 and $1716, and the price of ETHUSD needs to remain above these levels for the continuation of the bullish reversal in the markets.

ETH has increased by 10.87% with a price change of 184$ in the past 24hrs and has a trading volume of 28.383 billion USD.

We can see an increase of 60.00% in the total trading volume in the last 24 hrs which is due to the buying seen by the medium-term Investors.

The Week Ahead

We can see a continuous progression of a bullish trendline from 1580 towards the 1918 level.

The price of Ethereum is now testing its resistance zone located at $2000, and we are likely to see a short-term correction in its levels after touching $2000.

The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned bullish, 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 levels of $1700 this week.

The weekly outlook is projected at $1950 with a consolidation zone of $1800.

Technical Indicators:

The relative strength index (14): at 67.52 indicating a BUY

The moving averages convergence divergence (12,26): at 37.31 indicating a BUY

The rate of price change: at 4.01 indicating a BUY

The ultimate oscillator: at 53.30 indicating a BUY

VIEW FULL ANALYSIS VISIT - FXOpen Blog

[FXOpen Trader]

AUD/USD and NZD/USD Gain Bullish Momentum


AUD/USD is gaining pace above the 0.7050 resistance. NZD/USD is also eyeing a key upside break above the 0.6460 resistance.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase above the 0.7000 resistance zone against the US Dollar.
• There is a key bullish trend line forming with support near 0.7100 on the hourly chart of AUD/USD.
• NZD/USD also started a major increase from the 0.6220 support zone.
• There is a connecting bullish trend line forming with support near 0.6440 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis


The Aussie Dollar formed a base above the 0.6920 and 0.6950 levels against the US Dollar. The AUD/USD pair started a steady increase after it cleared the 0.7000 resistance zone.

There was a clear move above the 0.7050 resistance and the 50 hourly simple moving average. The pair even broke the 0.7100 barrier and traded as high as 0.7136 on FXOpen. Recently, there was a minor downside correction below the 0.7120 level.

The pair dipped below the 50% Fib retracement level of the upward move from the 0.7063 swing low to 0.7136 high. However, the pair stayed above the 0.7100 level and the 50 hourly simple moving average.

The 61.8% Fib retracement level of the upward move from the 0.7063 swing low to 0.7136 high also acted as a support. The pair is now rising and trading near 0.7115.

There is also a key bullish trend line forming with support near 0.7100 on the hourly chart of AUD/USD. On the upside, the AUD/USD pair is facing resistance near the 0.7135 level. The next major resistance is near the 0.7150 level. A close above the 0.7150 level could start a steady increase in the near term. The next major resistance could be 0.7200.

On the downside, an initial support is near the 0.7100 level. The next support could be the 0.7070 level. If there is a downside break below the 0.7070 support, the pair could extend its decline towards the 0.7020 level.

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[FXOpen Trader]

GBP/USD and GBP/JPY At Risk of More Downsides


GBP/USD started a downside correction from the 1.2275 zone. GBP/JPY declined and remains at a risk of more losses below 161.20.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound failed to gain strength above the 1.2275 zone against the US Dollar.
• There is a major bullish trend line forming with support near 1.2110 on the hourly chart of GBP/USD.
• GBP/JPY declined steadily after it failed to clear the 163.65 resistance zone.
• There was a break below a key rising channel with support near 162.00 on the hourly chart.

GBP/USD Technical Analysis


This past week, the British Pound found support near the 1.2000 zone against the US Dollar. The GBP/USD pair started a recovery wave and was able to settle above the 1.2100 zone.

There was a steady increase above the 1.2150 zone and the 50 hourly simple moving average. The pair even traded above the 1.2200 resistance zone. However, the bears were active near the 1.2275 and 1.2280 levels.

A high was formed near 1.2276 on FXOpen and the pair is now correcting lower. There was a move below the 1.2200 support zone. It even broke the 1.2150 level and the 50 hourly simple moving average.

A low is formed near 1.2100 and the pair is now consolidating losses. It is facing resistance near the 1.2140 level or the 23.6% Fib retracement level of the recent decline from the 1.2276 swing high to 1.2100 level.

The next major resistance is near the 1.2180 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.2276 swing high to 1.2100 level. An upside break above 1.2180 might start a fresh increase towards 1.2275.

An immediate support is near the 1.2110. There is also a major bullish trend line forming with support near 1.2110 on the hourly chart of GBP/USD.

The next major support is near the 1.2060 level. If there is a break below the 1.2060 support, the pair could test the 1.2000 support. Any more losses might send GBP/USD towards 1.1950.

VIEW FULL ANALYSIS VISIT - FXOpen Blog

[FXOpen Trader]

Keep calm and carry on: London's FTSE 100 shows stoic approach has worked


For those who have managed to maintain enough enthusiasm to look beyond all of the doom and gloom which the world's media channels appear to revel in propagating, there has been some positive movements in the British economy over the past few days.

Behind all of the widespread reports of inflation, increasing energy costs and the general feeling that the Pound does not go anywhere near as far as it once did, there is some degree of comfort, and it is coming from the stock markets.

The FTSE 100 index, which is a collection of stocks of publicly listed giants which are regarded as the most prestigious on the UK market, has been performing very well.

As the bell sounded in the heart of the financial district in Britain's capital this morning, signaling another exciting week at the London Stock Exchange, the FTSE 100 began the day by increasing by 11.42 points to 7,512.31.

Whilst the Bank of England appears to be intent on maintaining its aggressive interest rate stance in the face of persistent inflation in the United Kingdom, the FTSE 100 index arrived at a 5-day high point by 9.00am today.

In fact, this morning's sudden upturn in fortune for the FTSE 100 represented the third highest point in six months, with trips over the 7,600 mark having taken place in April and June.

By 10.00am, the FTSE 100 had settled down to around 7,511 however that is still a high point for the prestigious index, despite a slight downward movement following this morning's spike at 9,00am and the index is still 11.5 points higher than its Friday afternoon close, and is 29 points up over the five-day moving average.

Oddly, despite inflation and a reducing purchasing power among consumers being a major consideration for almost every citizen of the United Kingdom (and many other western countries!) right now, investors have reacted positively to CPI and PPI data released this week that suggested inflation may have already peaked.

Conversely, confidence in the US market has taken a drop due to some vague allusion to possible geopolitical tensions between China and the United States as American lawmakers arrive for a trip to Taiwan, and Chinese economic data having revealed the ongoing impact of Covid-19 lockdowns and an escalating property crisis.

Evergrande, after all, is one of those rare insights into the potential over commitment by Chinese property giants that has been viewed from outside China; most of the time, it is impossible to gain any data on Chinese companies from outside the country.

Britain has been doing well by comparison, especially within the large corporations, and those are the corporations whose stock is listed in the FTSE 100 index.

The fabled stiff upper lip approach, and 'keep calm and carry on' culture has paid dividends... literally.

VIEW FULL ANALYSIS VISIT - FXOpen Blog

[FXOpen Trader]

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.

[LIST=1]

• Bitcoin: bearish reversal seen below $25196
• High/Lows is Indicating Neutral Levels
• The price is now trading just above its pivot level of $24017
• 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.

Bitcoin’s 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

[FXOpen Trader]

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

[FXOpen Trader]

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

[FXOpen Trader]

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