Daily Market Analysis By FXOpen

EUR/USD and EUR/JPY Eye Additional Upsides


EUR/USD started a fresh increase above the 1.1380 resistance. EUR/JPY is rising and aiming an upside break above the 132.20 resistance zone.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a fresh increase after it formed a base above the 1.1300 level.
• There is key bullish trend line forming with support near 1.1410 on the hourly chart.
• EUR/JPY gained bullish momentum after it broke the 130.80 resistance zone.
• There is a major bullish trend line forming with support near 130.65 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a base above the 1.1180 level against the US Dollar. The EUR/USD pair started a steady increase and was able to clear many hurdles near 1.1250.

The pair traded above the 1.1350 resistance and the 50 hourly simple moving average. Besides, there was a clear move above the 1.1400 level. The pair traded as high as 1.1483 on FXOpen and is currently correcting gains.

EUR/USD Hourly Chart


There was a move below the 1.1450 support level. EUR/USD declined below the 23.6% Fib retracement level of the upward move from the 1.1267 swing low to 1.1483 high.

However, the bulls are now protecting the 1.1400 support zone. There is also a key bullish trend line forming with support near 1.1410 on the hourly chart. If there is a downside break below the trend line, the pair could test 1.1375.

It is near the 50% Fib retracement level of the upward move from the 1.1267 swing low to 1.1483 high. The next major support sits near the 1.1340 level. On the upside, the pair is facing resistance near the 1.1450 level.

The next major resistance is near the 1.1480 level. The main resistance is forming near the 1.1500 level. A clear break above the 1.1500 resistance could push EUR/USD towards 1.1550. If the bulls remain in action, the pair could rise above the 1.1620 resistance zone in the near term.

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ETHUSD and LTCUSD Technical Analysis – 10th FEB, 2022


ETHUSD: Bullish Pennant Pattern Above $3,000

This week, Ethereum continues its bullish momentum after touching a low of $2,575 on February 3rd. On February 8th, we saw Ethereum making a strong bullish move in the form of a rally and crossing the level of $3,000.

ETHUSD continues to maintain its consolidation above the level of $3,000 and is currently trading at $3,194 in the European trading session.

We can clearly see a bullish pennant pattern above the $3,000 handle which is a bullish pattern and signifies a bullish continuation, forming an uptrend.

ETH is now trading just above its pivot level of $3,187 and moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance level of $3,196 and Fibonacci resistance level of $3,202 after which the path towards $3,400 will get cleared.

The relative strength index is at 53 indicating a NEUTRAL market sentiment which is expected to shift towards the bullish sentiment.

Some of the technical indicators are giving a BUY market signal.

ETH is now trading above its 100 hourly and 200 hourly simple moving averages.

• Ether bullish momentum is seen above the $3,000 mark
• Short-term range appears to be mildly BULLISH
• Commodity channel index is indicating a NEUTRAL market
• Average true range is indicating LESS market volatility

Ether: Bullish Momentum Seen Above $3,000


ETHUSD continues to move in a bullish channel above the $3,000 handle in today’s European trading session.

The price of Ethereum has crossed the 50-day simple moving average at $3,142, indicating a bullish outlook, and we are now looking at the targets of 3,300 and 3,500.

The Stoch and rate of price change are indicating a short-term correction which is expected at levels below 3,200.

The daily RSI is printing at 59 which also indicates a stronger demand for Ethereum in the long-time frame.

The bullish line formation above its 100-day simple moving average of 3106 indicates that we are heading towards $3,500.

The key support level to watch is $3,000, and as of now, the price remains above this levels.

ETH has gained 3.17% with a price change of 98.32$ in the past 24hrs, and has a trading volume of 13.426 billion USD.

We can see a decrease of 7.54% in the total trading volume in the last 24 hrs, which appears to be normal.

The Week Ahead

Ethereum continues to move in a strongly bullish momentum after touching a low of $2,199 on 24th January. The price has jumped by more than 40% in the form of a rally, and now we are observing a consolidation in its levels.

If the price of ETHUSD continues to remain above the $3,000 handle, as seen today, it will start the next leg of its bullish move towards the $3,500 handle the next week.

The immediate short-term outlook for Ether has turned BULLISH, the medium-term outlook is strongly BULLISH, and the long term outlook for Ether is BULLISH towards the $3,500 handle.

We have detected an MA5 crossover pattern above 3,181,which signifies a bullish move in the short-term.

This week, Ether is expected to move in a range between $3,200 and $3,400, while next week, Ether is expected to trade at levels above $3,500.

Technical Indicators:

Moving averages convergence divergence (12,26): at 11.10 indicating a BUY

Average Directional Change (14-day): at 40.85 indicating a BUY

Bull/Bear Power(13-day): at 7.94 indicating a BUY

StochRSI (14-day): at 22.77 indicating an OVERSOLD market

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Gold Price Corrects Lower, Crude Oil Price Aims Fresh Increase


Gold price gained bullish momentum above $1,825 before correcting lower. Crude oil price is holding the $87.50 support and might start a fresh increase.

Important Takeaways for Gold and Oil

• Gold price started a major increase above the $1,800 and $1,820 levels against the US Dollar.
• There was a break below a key bullish trend line with support near $1,835 on the hourly chart of gold.
• Crude oil price corrected lower, but it found support near $87.50.
• There was a break above a major bearish trend line with resistance near $88.85 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a support base near $1,788 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,800 level to move into a positive zone.

There was a clear move above the $1,820 level and the 50 hourly simple moving average. The price even climbed above the $1,835 resistance level. A high was formed near $1,841 on FXOpen before the price started a downside correction.

Gold Price Hourly Chart


There was a break below the $1,835 level. Besides, there was a break below a key bullish trend line with support near $1,835 on the hourly chart of gold.

The price traded below the 23.6% Fib retracement level of the upward move from the $1,788 swing low to $1,841 high. On the downside, an initial support is near the $1,820 level. The first major support is near the $1,815 level.

It is near the 50% Fib retracement level of the upward move from the $1,788 swing low to $1,841 high. If there is a downside break below the $1,815 level, the price could decline to $1,800.

On the upside, the price is facing resistance near the $1,830 level. The main resistance is now forming near the $1,840 level. A close above the $1,840 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,865 level.

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GBP/USD Stuck In Range, EUR/GBP Remains At Risk


GBP/USD started a fresh decline from well above the 1.3600 level. EUR/GBP is also declining and trading below the 0.8420 support zone.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound started a fresh decline from well above 1.3600 against the US Dollar.
• There is a key bullish trend line forming with support near 1.3530 on the hourly chart of GBP/USD.
• EUR/GBP failed to surpass 0.8480 and started a fresh decline.
• There is a major bearish trend line forming with resistance near 0.8415 on the hourly chart.

GBP/USD Technical Analysis

The British Pound struggled to settle above the 1.3600 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3580 support zone.

There was a clear move below the 1.3550 level and the 50 hourly simple moving average. The bears pushed the pair below the 50% Fib retracement level of the upward move from the 1.3513 swing low to 1.3609 high.

GBP/USD Hourly Chart


It is now trading below the 1.3550 level and testing the 76.4% Fib retracement level of the upward move from the 1.3513 swing low to 1.3609 high.

An immediate support is near the 1.3530 level. There is also a key bullish trend line forming with support near 1.3530 on the hourly chart of GBP/USD. The first key support is near the 1.3510 level. Any more losses could lead the pair towards the 1.3450 support zone.

The next major support sits near the 1.3420 level. On the upside, an initial resistance is near the 1.3560 level and the 50 hourly simple moving average.

The next main resistance is near the 1.3600 zone. If there is an upside break above the 1.3600 resistance, the price could gain bullish momentum. In the stated case, GBP/USD might rise to 1.3680.

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Pound hit a low point, but not for long!


At the end of last week, the Euro did something that it rarely does: take a nosedive against the British pound.

Although there has been much more volatility in the currency markets over the past year, it is still relatively stable compared to the ups and downs experienced by other asset classes such as oil and certain company stocks due to the imposed shortages of raw materials and supply chain issues that have taken place recently.

Currency, as always, has been relatively stable.

Therefore, a 1 point drop between two major currencies is enough to make for an interesting chart pattern, and on Friday, February 11, the Pound's gain against the Euro tailed off once again.

The low point can really only be considered a 'tailing off' of a ten-day gain which the Pound had been achieving, after its considerable drop to 1.18 on February 4, however today's trading week begins with the Pound slightly down compared to its recovery performance from the low point on February 4 which was its lowest point in one month by far.

After February 4's substantial dip in value for the Pound against the Euro, it began to rise healthily once again, and peaked at almost 1.20 on Thursday last week, however the upward trajectory came to a standstill and the Pound began to decline again.

All eyes this morning will be on whether British Prime Minister Boris Johnson begins to wax lyrical about his plans to 'challenge' Russia's president Vladimir Putin over any possible conflict in Ukraine.

As is almost always the case, when a Western nation begins involving itself in an overseas geopolitical matter, confidence in the economy either strengthens or weakens, depending on how such a geopolitical issue benefits or exposes the nation seeking to get involved.

On British soil, confidence in the leadership abilities of Boris Johnson is at an all-time low since his election, and despite Russia's comparatively low-grade economy which is based solely on mineral and fossil fuel mining and export, there is an abundance of investors who know that Mr. Putin makes very few mistakes with his strategies.

Therefore, it may be that the Pound could become volatile if Boris Johnson's commentary continues to be highlighted in the press, as many investors consider that his interfering with Russia's policies on its own soil amount to playing with fire.

No conflict has begun as yet, and therefore speculation hangs over the markets, giving the Pound and the Euro, and to some extent the US Dollar as Joe Biden wades into the debate, some potential for volatile reactions to news on which angle each premier will take.

There are those who consider Russia to be a 'junk' economy, riddled with high inflation, government-instigated price realignments, capital controls and high levels of corruption, further exacerbated by sanctions imposed on it by Europe and the United Kingdom, but this particular market-moving scenario is not about the Ruble at all, it's about the Pound, and potentially the Euro and Dollar later on, however given Germany's good relationship with the Russian government, and Boris Johnson's less than credible outbursts, the majors are the ones to watch.

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BTCUSD and XRPUSD Technical Analysis – 15th FEB 2022


BTCUSD: Bullish Engulfing Pattern Above $41,500

Bitcoin touched a high of $45,807 on February 10, after which it started to decline touching a low of $41,601 in the Asian trading session today.

Now the prices have entered into a bullish correction phase and continue to remain above the $43,000 handle in the European trading session.

We can see a recovery in the prices of bitcoin towards $44,000,and this fresh wave of correction is expected to push up its prices towards $47,000.

We can clearly see a bullish engulfing pattern above the $41,500 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Both Stoch and StochRSI are indicating an OVERBOUGHT level, meaning that in the immediate short-term, a decline in the prices is expected.

The relative strength index is at 71 indicating a STRONGER demand for bitcoin at the current market levels.

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

All of the major technical Indicators are giving a STRONG BUY signal, which means that in the immediate short-term we are expecting targets of $45,000 and $47,000.

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

• A bitcoin bullish reversal is observed above $41,500
• The Williams percent range is indicating an OVERBOUGHT level
• The price is now trading just below its pivot level of $43,940
• All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Reversal Seen Above $41,500


Bitcoin continues to move in a strong bullish momentum after its decline towards the $41,600 level, and is now moving into a bullish zone formation above $43,000.

The immediate short-term outlook for bitcoin is strongly bullish; the medium-term outlook is neutral; the long-term outlook remains bullish.

We can see that the daily 100-day and 200-day simple moving averages are indicating a trend reversal at the levels of $48,177 and 49,416, which means that after touching these levels a contraction/ correction in bitcoin prices is expected.

The price of BTCUSD is now facing its classic resistance level of $44,233, and Fibonacci resistance level of $44,452, after which the path towards $47,000 will get cleared.

Bitcoin has already managed to cross its initial resistance zone of $43,800, and is moving upwards closer to $44,000.

In the last 24hrs, BTCUSD has gone UP by 4.58% with a price change of 1,926$, and has a 24hr trading volume of USD 24.019 billion. We can see an increase of 34.58% in the trading volume as compared to yesterday, due to increased buying pressure in the global cryptocurrency markets.

The Week Ahead

The prices of bitcoin are at present moving in a correction phase towards the $44,000 handle. This also indicates that now we are looking at a fresh rally into the markets towards $50,000.

The prices of bitcoin remained under pressure last week due to the fresh concerns over the Russia-Ukraine border tensions, which, to date, has resulted in the US dollar getting stronger due to safe haven demands and the price of BTCUSD going down.

In the immediate short-term, bitcoin’s bullish momentum is expected to continue pushing past the $47,000 handle this week.

The price of BTCUSD will need to remain above the important support level of $43,000 this week, and we can expect more upsides in the range of $45,000 to $47,000 the next week.

Bitcoin vs GOLD

Traditionally, gold has been considered a safe preferred by global investors for long-term holdings of their wealth. But now we can see a shift in the sentiment towards bitcoin as a viable digital gold, thanks to higher appreciation and gains.

Crypto investors now prefer buying bitcoin at lower levels, and we can see that now the total market capitalization of bitcoin stands at 832 billion USD.

Technical Indicators:

The commodity channel index (14-day): at 103.36 indicating a BUY

The average directional change (14-day): at 29.93 indicating a BUY

The rate of price change: at 4.306 indicating a BUY

The moving averages convergence divergence (12,26): at 414.10 indicating a BUY

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EUR/USD and USD/JPY Near Crucial Juncture


EUR/USD started a fresh decline from well above 1.1450. USD/JPY is attempting recovery and facing a strong resistance near 115.80.

Important Takeaways for EUR/USD and USD/JPY

• The Euro started a fresh decline after there was no close above the 1.1480 level.
• There is a key bearish trend line forming with resistance near 1.1350 on the hourly chart of EUR/USD.
• USD/JPY started a recovery wave after it found support near the 115.00 zone.
• There is a major bearish trend line forming with resistance near 115.80 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro failed to clear the 1.1480 zone against the US Dollar. The EUR/USD pair started a fresh decline and traded below the 1.1420 support zone.

The pair even broke the 1.1350 level and settled below the 50 hourly simple moving average. A low was formed near 1.1280 on FXOpen and the pair is now correcting higher. There was a move above the 50% Fib retracement level of the recent decline from the 1.1417 swing high to 1.1280 low.

EUR/USD Hourly Chart


An immediate resistance on the upside is near the 1.1350 level. There is also a key bearish trend line forming with resistance near 1.1350 on the hourly chart of EUR/USD.

The trend line is near the 61.8% Fib retracement level of the recent decline from the 1.1417 swing high to 1.1280 low. The next major resistance is near the 1.1380 level. The main resistance is near the 1.1420 level.

If there is no break above 1.1350, the pair might start a fresh decline. An immediate support is near the 1.1320 and the 50 hourly simple moving average. The next major support is near 1.1280, below which the pair could drop to 1.1225 in the near term.

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ETHUSD and LTCUSD Technical Analysis – 17th FEB, 2022


ETHUSD: Bullish Engulfing Pattern Above $2,800

Ethereum was unable to sustain its Bullish momentum last week, and after touching a high of $3,280 on February 10, it started to decline with a low of $2,837 on February 13.

The selling we saw in ETHUSD occurred due to a broad-based liquidation of the assets into the USD following the fears (which now seem to have subsided) of a war between Russia and Ukraine.

ETHUSD continues to maintain its consolidation above $3,000 and is currently trading at $3,126 in the European trading session.

We can clearly see a bullish engulfing pattern above the $2,800 handle which signifies a bullish continuation and formation of an uptrend.

ETH is now trading just above its pivot level of $3,100 and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance level of $3,119, and Fibonacci resistance level of $3,130 after which the path towards $3,300 will get cleared.

The relative strength index is at 52 indicating a NEUTRAL market sentiment which is expected to shift towards a bullish sentiment.

Some of the technical indicators are giving a BUY market signal, with some of the moving averages giving a BUY signal as well, and we are now looking at the levels of $3,300 to $3,500 in the short-term range.

ETH is now trading above its 100 hourly and 200 hourly simple moving averages.

• Ether’s bullish reversal seen above the $2,800 mark
• Short-term range appears to be Mild BULLISH
• High/ Lows is indicating a NEUTRAL market
• Average True Range is indicating LESS Market Volatility

Ether: Bullish Reversal Seen Above $2,800


In today’s European trading session, ETHUSD has been moving into a consolidation channel above the $3,000 handle.

Both the commodity channel index and Stoch are indicating a NEUTRAL level which means that markets are expected to remain in the consolidation phase for some time.

The monthly relative strength index is printing at 58 which also indicates a stronger demand for Ethereum in the long-time frame.

The prices of Ethereum remain above the 50-day SMA of $3,058, which further validates the prevailing bullish sentiments in the markets.

The key support level to watch is $3,000, and a key resistance level is $3,200 for this week.

ETH has declined -1.35% with a price change of 42.73$ in the past 24hrs, and has a trading volume of 13.984 billion USD.

We can see a 5.36% increase in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

Ethereum has once again started its bullish moves against the US dollar after declining below the $3,000 handle. We can see that this upside projection is strong and will result in crossing $3,300 this week.

The ongoing Russia-Ukraine crisis is also affecting global cryptocurrency markets including Ethereum because of its effects on the USD which is seen as a safe haven investment.

If the prices of ETHUSD continue to remain above the $3,000 handle as we can see today, it would start the next leg of its bullish move towards $3,400 the next week.

The immediate short-term outlook for Ether has turned BULLISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook is BULLISH towards the $3,500 handle.

This week, Ether is expected to move in a range between $3000 and $3300, and the next week, to trade at levels above $3,300.

Technical Indicators:

The moving averages convergence divergence (12,26): at 15.75 indicating a BUY

The average directional change (14-day): at 41.31 indicating a BUY

The rate of price change: at 6.54 indicating a BUY

Bull/Bear power (13-day): at 63.65 indicating a BUY

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AUD/USD and NZD/USD Target Additional Gain


AUD/USD started a fresh increase from the 0.7085 zone. NZD/USD is also rising and there was a clear move above the 0.6680 resistance.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase after it cleared 0.7100 against the US Dollar.
• There is a key bullish trend line forming with support near 0.7180 on the hourly chart of AUD/USD.
• NZD/USD also climbed higher after forming a base above the 0.6600 level.
• There is a major bullish trend line forming with support near 0.6695 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.7080 zone against the US Dollar. The AUD/USD pair traded as low as 0.7086 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7100 and 0.7120 resistance levels. The pair surged above the 0.7180 level and the 50 hourly simple moving average. During the increase, there was a clear move above the 50% Fib retracement level of the downward move from the 0.7248 swing high to 0.7086 low.

AUD/USD Hourly Chart


Besides, there is a key bullish trend line forming with support near 0.7180 on the hourly chart of AUD/USD. The pair is now facing resistance near the 0.7210 level.

The 76.4% Fib retracement level of the downward move from the 0.7248 swing high to 0.7086 low is also near the 0.7210 level. The next major resistance is near the 0.7250 level. A close above the 0.7250 level could start a steady increase in the near term.

The next major resistance could be 0.7300. On the downside, an initial support is near the 0.7180 level and the 50 hourly simple moving average.

The next support is near the 0.7165. If there is a downside break below the 0.7165 support, the pair could extend its decline towards the 0.7120 level. Any more downsides might send the pair toward the 0.7080 level.

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GBP/USD and USD/CAD Could Extend Gains


GBP/USD started a steady increase and surpassed the 1.3600 resistance. USD/CAD is holding gains above 1.2700 and eyeing more gains.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a fresh increase from the 1.3500 support zone.
• There is a key bullish trend line forming with support near 1.3590 on the hourly chart of GBP/USD.
• USD/CAD seems to be facing resistance near the 1.2760 and 1.2780 resistance levels.
• There is a major bearish trend line forming with resistance near 1.2755 on the hourly chart.

GBP/USD Technical Analysis


The British Pound formed a strong support base above the 1.3500 level against the US Dollar. As a result, the GBP/USD pair started a decent increase and it broke many hurdles near 1.3550.

The pair gained pace above the 1.3580 level and the 50 hourly simple moving average. The pair even spiked above the 1.3600 resistance zone. A high is formed near 1.3642 on FXOpen and the pair is now consolidating gains.

GBP/USD Hourly Chart

There was a move below the 23.6% Fib retracement level of the upward move from the 1.3486 swing low to 1.3642 high. An initial support on the downside is near the 1.3605 level and the 50 hourly simple moving average.

The main support is now forming near the 1.3590 level. There is also a key bullish trend line forming with support near 1.3590 on the hourly chart of GBP/USD.

The trend line is also above the 50% Fib retracement level of the upward move from the 1.3486 swing low to 1.3642 high. If there is a downside break, GBP/USD might test the 1.3520 support.

On the upside, the pair must settle above the 1.3630 level. The next major resistance is near the 1.3650 level. Any more gains could lead the pair towards the 1.3800 barrier in the near term. An intermediate resistance could be 1.3740.

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