Premium8 468x60 forex
Page 4 of 4 FirstFirst ... 2 3 4
Results 31 to 35 of 35

Daily Market Analysis By FXOpen

This is a discussion on Daily Market Analysis By FXOpen within the Analytics and News forums, part of the Trading Forum category; EUR/USD Could Start Fresh Increase, USD/CHF Shows Bearish Signs EUR/USD remained well bid above 1.2120 and it is currently rising. ...

      
   
  1. #31
    Junior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Location
    Asia
    Posts
    49
    EUR/USD Could Start Fresh Increase, USD/CHF Shows Bearish Signs


    EUR/USD remained well bid above 1.2120 and it is currently rising. USD/CHF is declining and it might continue to move down towards the 0.8820 support zone.

    Important Takeaways for EUR/USD and USD/CHF

    • The Euro declined heavily from 1.2350, but it found support near 1.2130 against the US Dollar.
    • There was a break above a major bearish trend line with resistance near 1.2200 on the hourly chart of EUR/USD.
    • USD/CHF formed a short-term top near 0.8920 and recently corrected lower.
    • There was a break below a key bullish trend line with support near 0.8888 on the hourly chart.


    EUR/USD Technical Analysis

    After a steady increase, the Euro faced a strong resistance near the 1.2350 zone against the US Dollar. The EUR/USD pair formed a swing high at 1.2344 and started a strong decline.

    It broke many key supports near 1.2240 and 1.2220. There was also a break below the 1.2180 support level and the 50 hourly simple moving average. Finally, the pair found support above 1.2130. A low is formed near 1.2133 on FXOpen and the pair is currently rising.


    It broke the 1.2180 resistance level and the 50 hourly simple moving average. There was a break above the 23.6% Fib retracement level of the downward move from the 1.2344 high to 1.2133 low.

    There was also a break above a major bearish trend line with resistance near 1.2200 on the hourly chart of EUR/USD. The pair is now trading above the 1.2200 level. An initial resistance is near the 1.2222 level. The first major resistance is near the 1.2240 level.

    The 50% Fib retracement level of the downward move from the 1.2344 high to 1.2133 low is also near 1.2240 level. Therefore, a break above 1.2240 could accelerate upsides towards 1.2300.

    If not, the pair could start a fresh decline from 1.2240. An initial support is near the 1.2185 level. The next major support is near the 1.2170 level. Any more losses could lead the pair towards the 1.2100 zone.

    USD/CHF Technical Analysis

    The US Dollar followed a strong bullish path above the 0.8850 level against the Swiss franc. The USD/CHF pair even broke the 0.8900 level, but it struggled to clear the 0.8920 zone.

    A high was formed near 0.8920 before the pair started a downside correction. There was a break below the 0.8900 support level and the 50 hourly simple moving average to open the doors for a major correction.


    There was also a break below a key bullish trend line with support near 0.8888 on the hourly chart. The pair broke the 50% Fib retracement level of the upward move from the 0.8822 swing low to 0.8920 high.

    The pair could continue to move down towards the 0.8845 support. It is close to the 76.4% Fib retracement level of the upward move from the 0.8822 swing low to 0.8920 high. Any more losses might call for a test of the 0.8820 support.

    On the upside, an initial resistance is near the 0.8870 level. The main resistance is forming near the 0.8890 level and the 50 hourly simple moving average.

    A close above the 0.8880 and 0.8890 levels could open the doors for another steady increase above 0.8900 in the near term.

    FXOpen Blog
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  2. #32
    Junior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Location
    Asia
    Posts
    49
    Gold Price Prepares for Next Move, Oil Price Holds Strong


    Gold price started a fresh decline and settled below $1,880. Conversely, crude oil price gained bullish momentum and it traded to a new multi-month high close to $54.00.

    Important Takeaways for Gold and Oil

    • Gold price started a fresh decline below the $1,900 and $1,880 support levels against the US Dollar.
    • There is a key contracting triangle forming with resistance near $1,855 on the hourly chart of gold.
    • Crude oil price surged above the $50.00 resistance and it even climbed towards $54.00.
    • There was a break above a declining channel with resistance near $53.00 on the hourly chart of XTI/USD.


    Gold Price Technical Analysis

    Gold price failed to clear the $1,960 resistance level, and started a fresh decline against the US Dollar. The price broke the $1,900 and $1,880 support levels to move into a bearish zone.

    The price followed a bearish path below the $1,850 level and settled below the 50 hourly simple moving average. It traded as low as $1,815 on FXOpen and recently started a short-term upside correction.


    There was a break above the $1,825 and $1,830 levels. The price recovered above the 23.6% Fib retracement level of the downward move from the $1,959 swing high to $1,815 low. However, the price is facing hurdles near $1,855 and $1,860.

    There is also a key contracting triangle forming with resistance near $1,855 on the hourly chart of gold. A clear break above the triangle resistance could open the doors for a move towards the $1,880 resistance.

    The next resistance could be near the 50% Fib retracement level of the downward move from the $1,959 swing high to $1,815 low at $1,887.

    Conversely, the price could break the triangle support and continue lower below the $1,840 level. The first key support is near the $1,825 level. The next major support is at $1,815, below which the price might even dive below the $1,800 support level.

    Oil Price Technical Analysis

    Crude oil price started a strong rise after it broke the $50.00 resistance zone against the US Dollar. The price gained bullish momentum and it even surpassed the $52.00 level.

    The bulls remained in action, resulting in a clear break above $52.50. Recently, there was a break above a declining channel with resistance near $53.00 on the hourly chart of XTI/USD. The price traded to a new multi-month high close to $54.00 and settled above the 50 hourly simple moving average.


    The recent high was formed near $53.85 and the price is currently correcting lower. It is testing the $53.50 level, which is close to the 23.6% Fib retracement level of the recent wave from the $52.27 swing low to $53.85 high.

    If there are more downsides, the price could test the $53.20 support and the 50 hourly simple moving average. The next major support is near the 50% Fib retracement level of the recent wave from the $52.27 swing low to $53.85 high.

    Any more losses could lead the price towards the $52.60 support zone. On the upside, the $53.85 and $54.00 levels are initial hurdles. A clear break above $54.00 may possibly lead the price towards the $55.00 level in the near term.


    FXOpen Blog
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  3. #33
    Junior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Location
    Asia
    Posts
    49
    GBP/USD and GBP/JPY: British Pound Could Correct Lower


    GBP/USD gained strength above 1.3600, but it struggled to continue higher above 1.3700. GBP/JPY also corrected lower after forming a short-term top near 142.25.

    Important Takeaways for GBP/USD and GBP/JPY

    • The British Pound tested the 1.3700 resistance zone before correcting lower.
    • There was a break below an ascending channel with support near 1.3638 on the hourly chart of GBP/USD.
    • GBP/JPY also corrected lower from 142.25 and declined below 141.50.
    • There was a break below a major bullish trend line with support near 141.20 on the hourly chart.


    GBP/USD Technical Analysis

    This past week, the British Pound saw a steady increase above the 1.3550 resistance against the US Dollar. The GBP/USD pair even broke the 1.3600 resistance zone to move further into a positive zone.

    The pair climbed above the 1.3650 and 1.3680 resistance levels, but it struggled to gain momentum above 1.3700. A high was formed near 1.3710 on FXOpen and the pair recently started a downside correction.


    There was a break below the 1.3650 and 1.3620 support levels. There was also a close below the 1.3620 level and the 50 hourly simple moving average. Moreover, there was a break below an ascending channel with support near 1.3638 on the hourly chart of GBP/USD.

    The pair traded as low as 1.3565 and it is currently consolidating losses. An initial resistance on the upside is near the 1.3600 zone. It is close to the 23.6% Fib retracement level of the recent decline from the 1.3710 high to 1.3565 low.

    The first key resistance is forming near the 1.3620 level. The next major resistance is near the 1.3640 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.3710 high to 1.3565 low.

    If there is an upside break above 1.3620 and 1.3640, GBP/USD could easily drift towards the 1.3700 zone. On the downside, the 1.3565 level is a decent support. If there is a downside break below the recent low, the pair could continue to move down towards the 1.3500 support level in the near term.

    GBP/JPY Technical Analysis

    The British Pound formed a short-term top near the 142.25 before it started a downside correction against the Japanese Yen. The GBP/JPY pair traded below the 141.80 support level to start the recent decline.

    There was a clear break below the 141.50 support level and the 50 hourly simple moving average. There was also a break below a major bullish trend line with support near 141.20 on the hourly chart. The pair cleared the 50% Fib retracement level of the upward move from the 140.34 low to 142.25 high.


    It is now trading well below the 141.20 level. It is testing the 76.4% Fib retracement level of the upward move from the 140.34 low to 142.25 high.

    The next major support is near the 140.60 level, below which the pair could dive towards the 140.00 support zone in the coming sessions. On the upside, the previous support near 141.30 might act as a resistance.

    The first major resistance is near the 141.50 level and the 50 hourly simple moving average. If GBP/JPY climbs above 141.30 and 141.50, it could revisit the 142.25 zone in the coming sessions.

    FXOpen Blog
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  4. #34
    Junior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Location
    Asia
    Posts
    49
    Important Week for Global Policy Rates


    The week ahead of us is critical for the currency market. On Wednesday, we have the inauguration day in the United States, as Joe Biden will officially become the new President. The Biden’s administration economic agenda is based on three pillars – fiscal stimulus, infrastructure spending, bringing back the Obamacare program – and the markets will closely monitor the developments in these three areas.

    One day later, FX traders have the first major central bank meeting of the year, as the European Central Bank (ECB) announces its decision this coming Thursday. The central bank made it clear that the Euro is too high and that the higher EURUSD exchange rate weighs on inflation, but that did not stop the EURUSD rate from reaching 1.23.

    In the meantime, the exchange rate eased from the highs, trading below 1.21 – is this the start of a new cycle for the EURUSD pair?


    Fed vs. ECB

    The pandemic caught the ECB already having the interest rate in negative territory. In the aftermath of the European sovereign crisis in 2012, the ECB lowered the deposit facility below zero, where it still is at present. As such, the central bank was forced to use other unconventional tools to ease the policy during the pandemic.

    So did the Fed. But the Fed opted to avoid negative rates and to focus more on stimulating the business environment by printing huge amounts of new dollars. In 2020 alone, the Fed printed over 30% of all the dollars ever created. Yet, this did not translate into inflation, although it is too early to tell at this point if inflation will be a theme in the years ahead.

    The Fed’s actions sent the dollar lower, and the ECB and other central banks had little or no power to stop the dollar’s decline. As such, the Euro and the other G10 currencies, all appreciated against the dollar.

    Now that the crisis is adverted, as suggested by the available vaccines and the vaccination programs around the world, the market may choose to revert the dollar decline theme seen during the pandemic. If that is the case, this week, we should see the first signs of a trend change.

    Global policy rates are close to zero and are expected to remain so for the foreseeable future. Only in 2023 and beyond the major central banks are forecasted to lift the rates. However, even then, the ECB’s deposit facility rate is predicted to remain below zero.

    Therefore, judging by the interest rate differential that exists and will keep existing in the years ahead, the market may see a sharp reversal in the EURUSD exchange rate.

    FXOpen Blog
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  5. #35
    Junior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Location
    Asia
    Posts
    49
    BTC and XRP – Prices continue to rise


    BTC/USD

    The price of Bitcoin has been moving sideways since last week as it came up to $40,000 area but then fell to $33,813 at its lowest point yesterday. This occurred after recovery and now we are seeing another minor one with the price reaching $37,486. Currently, it is being traded slightly lower but is still in an upward trajectory.


    Looking at the 4 hour chart, you can see that the price made it slightly below the 0.382 Fib level on Sunday’s low but managed to pull back up above it. This could indicate that support has been found but we are still yet to see if it manages to exceed the local high at the 0.618 Fib level.

    The primary scenario is one in which we are seeing an ABC correction of a higher degree and so far this has played out. The downfall below the 0.5 Fibonacci level has confirmed the previously assumed ABC to the upside which is the B wave from the higher degree count.

    This is why from here we would be expecting the continuation to the downside, but that might not come as expected. The C wave which was projected to the downside should have been developing a five-wave impulse but has instead made a three-wave decrease followed by a recovery.

    Now if the price continues increasing this count might get invalidated but this would potentially still be the part of the correctional count which is set to push the price lower.

    XRP/USD

    The price of Ripple has been increasing and came up by 13.87% from its yesterday’s low at $0.2714 to $0.309 where it is now being traded.


    On the 4-hour chart, you can see that the price broke out from the descending triangle on the upside after the third interaction with the horizontal support level was made. As the price found support there we have seen a bounce that led the price for a breakout and a higher high was made compared to the previous local one.

    This could be the start of the 5th wave from the five-wave impulse that started in December last year after the price made the end of the significant downside move. The price hasn’t made it inside the territory of the 1st wave which makes this scenario valid and now if we are seeing the development of the 5th wave it is set to push the price of Ripple higher then on the 7th of January where the ending point of the 3rd wave is.

    FXOpen Blog
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

Page 4 of 4 FirstFirst ... 2 3 4

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •