Daily Market Analysis By FXOpen

ETHUSD and LTCUSD Technical Analysis – 23rd JUNE, 2022


ETHUSD – Bullish Harami Pattern Above $936

Ethereum was unable to sustain its bearish momentum and after touching a low 893 on 18th June started to correct upwards against the US Dollar.

We can see that the prices have recovered from its lows and a pullback action is seen at levels below $1000.

We can see the formation of a Bullish Ascending channel below the $1000 handle and now we are looking at $1100 and $1250 as the immediate targets.

The prices touched an Intraday Low of $1046 in the Asian Trading session and an Intraday High of $1107 in the European Trading session today.

We can clearly see a Bullish Harami Pattern Above the $936 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 above its Pivot levels of 1096 and is moving into a Strong Bullish channel. The price of ETHUSD is now testing its Classic resistance levels of 1101 and Fibonacci resistance levels of 1110 after which the path towards 1200 will get cleared.

Relative Strength Index is at 52 indicating a NEUTRAL market and the shift towards the consolidation phase in the markets.

Both the STOCHRSI and Williams Percent Range are indicating Overbought levels, which means that the prices are due to correct downwards in the short-term range.

ALL of the of the Technical indicators are giving a STRONG BUY market Signal.

Most of the Moving Averages are giving a BUY Signal and we are now looking at the levels of $1100 to $1250 in the short-term range.

ETH is now trading Above its both the 100 Hourly Simple and Exponential Moving Averages.

• Ether Bullish Reversal seen Above the $936 mark.
• Short-term range appears to be Strongly BULLISH.
• ETH is poised for an upwards Rally against the US Dollar.
• Average True Range is indicating LESS Market Volatility.

Ether Bullish Reversal Seen Above $936


ETHUSD is now moving into a Strong Bullish Channel with the prices trading above the $1100 handle in the European Trading session today.

The On Balance Volume is indicating that the demand from the buyers and sellers is in equilibrium, meaning that the present prices of Ether are moving into a consolidation phase.

Now we are looking at the possibility of a Rally into the markets which could push the prices of Ether above the $1500 levels soon.

The key resistance levels to watch are $1275 and $1300 and the prices of ETHUSD need to cross these levels for the continuation of the Bullish reversal.

ETH has increased by 1.50% with a price change of 16$ in the past 24hrs and has a trading volume of 14.913 Billion USD.

We can see an Increase of 3.86% in the total trading volume in last 24 hrs. which appears to be Normal.

The Week Ahead

The global investor sentiments have improved as we can see a recovery of almost 30% from a low of $893 to a high of $1189 reached yesterday.

The prices of Ethereum continue to remain above the important psychological support levels of $1000 and we can witness an upwards Rally into the markets in the next week.

The immediate short-term outlook for the Ether has turned as Strongly BULLISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions.

In this week Ether is expected to move in a range between the $1100 and $1250 and in the next week Ether is expected to enter into a Consolidation phase above the $1250 levels.

Technical Indicators:

STOCH (9,6): It is at 76.59 indicating a BUY.

Average Directional Change(14days): It is at 23.69 indicating a BUY.

Rate of Price Change: It is at 3.61 indicating a BUY.

Commodity Channel Index(14days): It is at 129.70 indicating a BUY.

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Gold Price and Oil Price Could Extend Losses


Gold price is struggling below the $1,850 resistance zone. Crude oil price is declining and might even trade below the $100 support zone.

Important Takeaways for Gold and Oil

• Gold price struggled above $1,850 and corrected lower against the US Dollar.
• There was a break below a key bullish trend line with support near $1,825 on the hourly chart of gold.
• Crude oil price started a downside correction from the $116 and $118 resistance levels.
• There is a major bearish trend line forming with resistance near $104.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price struggled to gain pace above the $1,850 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,840 pivot level.

There was a clear move below the $1,825 support zone and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $1,825 on the hourly chart of gold.

Gold Price Hourly Chart


The price traded as low as $1,821 on FXOpen and the price is now consolidating losses. On the upside, the price is facing resistance near the $1,828 level.

The 23.6% Fib retracement level of the downward move from the $1,846 swing high to $1,821 low is also near the $1,828 zone to act as a resistance. The main resistance is now forming near the $1,830 level.

The 50% Fib retracement level of the downward move from the $1,846 swing high to $1,821 low is also near the $1,832 zone. A close above the $1,832 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,860 level.

On the downside, an initial support is near the $1,820 level. The next major support is near the $1,805 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,780 support zone.

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GBP/USD Eyes Upside Break While USD/CAD Is Diving


GBP/USD could gain pace if it clears the 1.2320 resistance zone. USD/CAD is sliding and could extend losses below the 1.2870 level.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound is attempting an upside correction from the 1.2150 support zone.
• There is a key bullish trend line forming with support near 1.2230 on the hourly chart of GBP/USD.
• USD/CAD started a fresh decline from the 1.3020 resistance zone.
• There was a break below a connecting bullish trend line with support near 1.2960 on the hourly chart.

GBP/USD Technical Analysis

After a downside break, the British Pound found support near the 1.2150 zone against the US Dollar. GBP/USD remained well bid above 1.2150 and recently corrected higher.

A low was formed near 1.2169 on FXOpen and the pair climbed above the 1.2200 resistance zone. There was a clear move above the 1.2250 resistance zone and the 50 hourly simple moving average. The pair even spiked above the 1.2300, but faced sellers near 1.2320.

GBP/USD Hourly Chart


A high is formed near 1.2320 and the pair is now consolidating in a range. There was a test of the 38.2% Fib retracement level of the upward move from the 1.2169 swing low to 1.2320 high.

On the downside, an initial support is near the 1.2260 area. The first major support is near the 1.2240 level. It is near the 50% Fib retracement level of the upward move from the 1.2169 swing low to 1.2320 high.

There is also a key bullish trend line forming with support near 1.2230 on the hourly chart of GBP/USD. If there is a break below 1.2230, the pair could extend its decline. The next key support is near the 1.2180 level. Any more losses might call for a test of the 1.2120 support.

An immediate resistance is near the 1.2300 level. The next key resistance is near the 1.2320 level. If there is an upside break above the 1.2320 zone, the pair could rise towards 1.2400. The next key resistance could be 1.2450, above which the pair could gain strength.

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The British Pound's weakness harks back to the dark days of the late 1960s



For a number of weeks, the British Pound has been down in the dumps, performing very weakly against its de facto peers, the Euro and the US Dollar.

As this week's trading sessions begin across Europe, the Pound sits at a stagnant 1.16 against the Euro, and an equally mediocre 1.22 against the US Dollar.

The Pound, which remains the world's strongest fiat currency, has been under the microscope of analysts and investors for a few weeks now, and its dull performance is quite interesting considering that the UK did not suffer the same level of government-enforced lockdowns as mainland Europe or parts of the United States did during 2020 and 2021, and its economic burden is devoid of fueling the enormous debt which some member states of the European Union are saddled with, as the United Kingdom is no longer a member of the European Union.

Inflation is playing a major part in the devaluation of currency across the Western world, so therefore by that logic, all majors apart from the Japanese Yen should be in the same position, however the reality is the absolute opposite. The Yen is at a historic low, and the Euro and US Dollar are doing better than the British Pound.

Some pundits have indicated this morning that political woes as well as economic hurdles in the United Kingdom have created an 'investor flight' toward the US Dollar, however there are similar political woes in Europe and the United States, and the populations of both continents each side of the Atlantic face similar cost of living crises as the one in the United Kingdom.

The 'nothing to see here' approach by the British authorities has draw comparisons with the devaluation of the British Pound in 1967, a crisis for the vast majority of citizens, which was dismissed casually by the prime minister of the time Harold Wilson, who claimed quite outrageously that the pound in people's pockets was unaffected.

One possible explanation for the continued depression of the Pound's value could be the current situation in which the workers unions are once again rearing their heads.

Britain's rail networks were blighted by strike action last week, and at a time during which there has been political uncertainty, militant strike action on a national scale harks back to the industrial disasters of the early 1970s, not long after Prime Minister Wilson dismissed the late 1960s devaluation of the pound.

This year alone, the British Pound has decreased in value by 9%, which is a considerable amount, especially when bearing in mind that the Dollar has also been hit by inflation at a 40 year high in the United States, and the US Government's stance against Russia which has led to the US Dollar losing its status as a de facto settlement currency for raw material commodities such as oil and gas which must now be settled in rubles when being purchased from Russian suppliers.

The volatility of late has even spurred an off-the-cuff remark by Bank of America which has likened the British Pound's behavior to that of an emerging market currency!

Of course, that is hyperbole, and the Euro zone is also in a precarious financial position, with a brewing Italian bond crisis and a central bank even more laggardly than our own to raise rates.

The finger-pointing in Britain is now in full swing, however, and the Bank of England's governor is about to be hauled over the coals by the authorities for apparently not doing enough to predict the levels of inflation that are now being experienced.


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Euro makes a steady 0.3% gain overnight as Lagarde prepares inflation speech



The Euro is making steady progress at the moment, and has risen by 0.3% during the course of the night, starting the day just above its 50-day moving average.

That represents a strong position for the Euro, which had a value of $1.0578 against the strong US Dollar this morning.

Inflation has been a subject which has dominated not only the news channels recently, but also the everyday lives of a large proportion of the public across both the American and European continents, and this week the matter of rising inflation is on the agenda for announcements from the governments within the important economic centers within the European Union.

On Wednesday this week, Germany will announce its inflation figures, followed by France on Thursday and the Euro Zone as a whole on Friday.

Despite these imminent announcements, the Euro has held its ground very well. The US Dollar has been notably a strong currency against Western majors recently, itself gaining slightly over the Australian Dollar and the Japanese Yen during today's Asian market trading session which takes place in the during the night and early hours of the morning European time. The US Dollar rose to $0.693 against the Australian Dollar and 135.37 Yen would buy 1 US Dollar by the end of the Asian session today, which is close to the seven-year high of 144.24 Yen to the US Dollar which arose las week.

Despite the Dollar's rising value against these two non-Western majors, the Euro still made its ground against the Dollar today, which is remarkable considering the inflation-related announcements which are imminent across Europe.

Of course, the United States is battling with inflation which is at its highest in 40 years, just as is the case across most of the Western world, therefore the announcements in Europe align to some extent with the situation across the Atlantic in the United States.

Today, Christine Lagarde, President of the European Central Bank is due to speak at the European Central Bank forum in Sintra, Portugal at 8.00am GMT, with the anticipated main subject to be inflation.

Interestingly, the Swiss Franc has risen to parity with the Euro this week, largely driven by an interest rate increase by the Swiss National Bank which took place earlier this month, however elsewhere in Europe, the United Kingdom and the United States, the inflation situation is having a profound effect on the buying habits of the public and lifestyle changes have been taking place meaning less spending, and therefore a shrinking economy.

The cost of living has rocketed, meaning that per-capita earnings are less than they were last year by a considerable margin, causing concerns by millions of people as well as analysts and economists over the medium term strength of the Western economy as a whole, therefore some degree of volatility between major currencies, especially the Euro, US Dollar and British Pound has taken place which has over recent years been relatively rare.

Interest rate rises are also making their presence felt as mortgage and loan payments have been increasing across these markets, signaling a potential recession.

There is no magic wand to wave, however listening to central bank announcements, despite their current similarity in tone and content, is a poignant measure of the current state of each sovereign currency.

FXOpen Blog

BTCUSD and XRPUSD Technical Analysis – 28th JUNE 2022


BTCUSD – Bullish Engulfing Pattern Above $19700

Bitcoin continues its bullish momentum this week as the price is moving upside now trading above the $20000 handle in the European Trading session.

We can see a continued consolidation in the levels of Bitcoin after every decline and the prices are now gaining a bullish traction ahead of the US Trading session.

The long-term investors are coming back into the markets as the demands for Bitcoin are increasing due to the increase in global inflation rates.

We can clearly see a Bullish Engulfing Pattern Above the $19700 handle which is a Bullish reversal pattern because it signifies the end of a Downtrend and a shift towards an Uptrend.

Both the STOCH and STOCHRSI are indicating Overbought levels which means that in the immediate short term a decline in the prices is expected.

Relative Strength Index is at 49 indicating a NEUTRAL demand for the Bitcoin at the current market levels.

Bitcoin is now moving Below its 100 hourly Simple Moving average and its 200 hourly Simple Moving averages.

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 21500 and 23000.

Average True Range is indicating LESS Market Volatility with a Bullish Momentum.

• Bitcoin continues Bullish Momentum Above $19700.
• Williams Percent Range is Indicating OVERBOUGHT Levels.
• The price is now trading just Above its Pivot Levels of $20834.
• All of the Moving Averages are giving a BUY market signal.

Bitcoin Continues Bullish Momentum Above $19700


The prices of Bitcoin have entered into a consolidation channel above the $20000 handle and the continuation of the bullish momentum above the $20500 levels.

The global sentiments have improved and now the prices are forming an Ascending Triangulation pattern and a short-term rally above $22000 is expected.

We can see a close co-relation between the movement of prices in Bitcoin and Nasdaq 100 index.

The immediate short-term outlook for Bitcoin is Bullish, Medium-term outlook has turned as Neutral, and the long-term outlook remains Neutral under present market conditions.

Bitcoin is now facing resistance below $22000 as it failed to clear it on 26th June after touching a high of $21865.

The price of BTCUSD is now facing its Classic resistance levels of 20936 and Fibonacci resistance levels of 20998 after which the path towards 22000 will get cleared.

In the last 24hrs BTCUSD has decreased by 2.35% by 502$ and has a 24hr trading volume of USD 21.622 Billion. We can see an Increase of 6.09% in the Trading volume as compared to yesterday, which appears to be Normal.

The Week Ahead

The prices of Bitcoin are moving in a Bullish momentum and the immediate targets are $21500 and $22500

The Daily RSI is printing at 34 which means that the medium range demand continues to be WEAK.

We can see that the prices of Bitcoin have stabilized above the $20000 handle and now we are looking at the important support levels of $21045 and $21599.

The prices of BTCUSD will need to remain above the important support levels of $20000 this week.

Weekly outlook is projected at $22500 with a consolidation zone of $21500.

Technical Indicators:

Average Directional Change(14days): It is at 41.40 indicating a BUY.

Ultimate Oscillator: It is at 56.99 indicating a BUY.

Rate of Price Change: It is at 0.341 indicating a BUY.

Commodity Channel Index(14days): It is at 111.24 indicating a BUY.

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EUR/USD and USD/CHF At Risk of More Losses


EUR/USD started another decline and traded below 1.0550. USD/CHF is consolidating and facing many hurdles near the 0.9580 zone.

Important Takeaways for EUR/USD and USD/CHF

• The Euro failed to gain pace for a move above the 1.0600 resistance zone against the US Dollar.
• There was a break below a major bullish trend line with support near 1.0550 on the hourly chart of EUR/USD.
• USD/CHF also started a fresh decline after it failed to clear the 0.9700 resistance zone.
• There is a key bearish trend line forming with resistance near 0.9565 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro gained pace above the 1.0550 resistance zone against the US Dollar. The EUR/USD pair climbed above the 1.0580 resistance zone to move into a bullish zone.

The pair attempted a clear move above the 1.0600 resistance, but the bears remained active. The recent high was formed near 1.0615 before the pair started a fresh decline. The price declined below the 1.0550 level.

EUR/USD Hourly Chart


There was a break below a major bullish trend line with support near 1.0550 on the hourly chart of EUR/USD. The pair traded as low as 1.0503 on FXOpen and settled below the 50 hourly simple moving average.

It is now consolidating near 23.6% Fib retracement level of the recent decline from the 1.0615 swing high to 1.0503 low. An immediate resistance is near the 1.0540 level.

The next major resistance is near the 1.0560 level. It is close to the 50% Fib retracement level of the recent decline from the 1.0615 swing high to 1.0503 low. A clear move above the 1.0560 resistance zone could set the pace for a larger increase towards 1.0600. The next major resistance is near the 1.0650 zone.

On the downside, an immediate support is near the 1.0520 level. The next major support is near the 1.0500 level. A downside break below the 1.0500 support could start another decline.

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Turkish Lira has week of volatility as government takes drastic action


The Turkish Lira has been a currency that has held the international limelight for a few months now, largely due to the massive volatility that it has been experiencing as Turkey's national economy struggles with outlandish levels of inflation.

Over the last few months, Turkey has been battling inflation levels of approximately 70%, and the its national currency, the Lira, has been the subject of detailed analysis in that it has faced a severe crisis.

The Turkish Lira, although not a major currency, is widely traded against majors such as the Euro, US Dollar, Swiss Franc, Japanese Yen and British Pound and as a result of this status, it has been an important currency to monitor recently as the economic circumstances which the Turkish economy has faced impinge on its value.

This week, the Turkish government took drastic action by enforcing a ban on companies based in Turkey which have significant reserves of foreign currency from taking loans.

This resulted in an increase in the value of the Turkish Lira, however yesterday the Turkish Lira actually whipsawed against the US Dollar as the most interesting stage in a four-day rally in value by the Turkish currency.

Whipsawing is a term used by traders which describes a pattern in a volatile market in which a sharp price movement is suddenly followed by a sharp reversal.

In the case of the Turkish Lira, the currency rallied against the US Dollar on Friday last week, at one point surging by 5% against the US Dollar, which is the highest it has gained this year.

Overall on Friday, the Turkish Lira had traded up 2.5%, which is the biggest gain of any currency in the world against the US Dollar during Friday's trading session.

As this week has progressed, the upward trend continued for the Lira until yesterday, when it whipsawed.

By Monday morning this week, the Turkish Lira had gained an impressive 8% against the US Dollar, trading at 16.01 compared to Thursday's close of 17.35.

However, on Monday afternoon, late into the European trading session, the Turkish Lira whipsawed within the 16 to 17 Lira per US Dollar range.

These volatile movements reflected the varied opinions of investors regarding the new ban on loans to companies which hold reserves of non-Turkish currency.

The policy, which affects around 10,000 businesses in Turkey, means that if those companies wish to obtain commercial loans, they would have to sell a sufficient amount of their non-Turkish currency reserves on the Forex market and then buy Lira instead. The idea of this is to attempt to bolster the value of the embattled Turkish Lira which has lost half of its value in the past 12 months.

The new rule stipulates that all companies which hold the equivalent of 15 million Turkish Lira in non-Turkish currency, cannot borrow lira if their FX funds exceed 10% of their assets or yearly sales. 15 million Turkish Lira is approximately $910,000.

Smaller companies which cannot take loans in non-Turkish currency are exempt from this ruling as long as their FX position is net, and they are allowed to borrow in Lira.

The government's stringent action is indicative of the crisis which the Lira faces, as the inflation level reached 73% recently, removing the purchasing power of the vast majority of the nation's citizens and businesses.

The Lira is clearly now a volatile currency against majors and therefore one to watch.

FXOpen Blog

ETHUSD and LTCUSD Technical Analysis – 30th JUNE, 2022


ETHUSD – Bearish Doji Star Pattern Below $1279

Ethereum was unable to sustain its bullish momentum and after touching a high of 1278 on 26th June started to decline heavily against the US Dollar.

We can see that the prices have fallen below the $1100 handle and now trading at $1052 in the European Trading session today.

We can see the formation of a Falling Trend Channel below the $1200 handle and now we are looking at $1050 and $1000 as the immediate targets.

The prices touched an Intraday Low of $1049 in the European Trading session and an Intraday High of $1117 in the Asian Trading session today.

We can clearly see a Bearish Doji Star Pattern Below the $1279 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 below its Pivot levels of 1069 and is moving into a Strong Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1015 and Fibonacci support levels of 1057 after which the path towards 1000 will get cleared.

Relative Strength Index is at 24 indicating an OVERSOLD market and the shift towards the consolidation phase in the markets.

Both the STOCHRSI and Williams Percent Range are indicating Oversold levels, which means that the prices are due to correct upwards in the short-term range.

All of the 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 $1000 to $950 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 $1279 mark.
• Short-term range appears to be Strongly BEARISH.
• ETH failed to clear its resistance of $1300.
• Average True Range is indicating LESS Market Volatility.

Ether Bearish Reversal Seen Below $1279


ETHUSD is now moving into a Strong Bearish Channel with the prices trading below the $1100 handle in the European Trading session today.

We have also detected the formation of a Bearish Harami pattern in the 15-minutes timeframe indicating weakness and the continuation of the downtrend.

The Commodity Channel Index is giving Oversold levels which means that the prices of Ethereum are due for an upwards correction.

The key support levels to watch are $1036 and $1015 and the prices of ETHUSD need to remain above these levels for any Bullish reversal.

ETH has decreased by 7.05% with a price change of 79$ in the past 24hrs and has a trading volume of 15.621 Billion USD.

We can see an Increase of 7.43% in the total trading volume in last 24 hrs. which appears to be Normal.

The Week Ahead

The global investor sentiments are weak due to the changing Geo-political situation in the Europe, amid the ongoing Russia-Ukraine conflict and meeting of NATO leaders in Madrid.

The prices of Ethereum continue to remain above the important psychological support levels of $1000 and most of the technical are now indicating a Neutral market.

The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions.

In this week Ether is expected to move in a range between the $1000 and $1150 and in the next week Ether is expected to enter into a Consolidation phase above the $1100 levels.

Technical Indicators:

STOCH (9,6): It is at 38.51 indicating a SELL.

Average Directional Change(14days): It is at 40.18 indicating a SELL.

Rate of Price Change: It is at -4.50 indicating a SELL.

Ultimate Oscillator: It is at 34.22 indicating a SELL.

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AUD/USD and NZD/USD Could Eye Fresh Increase


AUD/USD started a fresh decline from the 0.6980 resistance. NZD/USD is also declining and might even trade below the 0.6150 support.

Important Takeaways for AUD/USD and NZD/USD

1. The Aussie Dollar started a fresh decline below the 0.6920 support zone against the US Dollar.
2. There is a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD.
3. NZD/USD also started a major decline from the 0.6330 resistance zone.
4. There is a major bearish trend line forming with resistance near 0.6215 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar attempted a fresh increase above the 0.6980 and 0.7000 levels against the US Dollar. However, the AUD/USD pair failed to continue higher above 0.6980 and started another decline.

There was a move below the 0.6950 and 0.6920 support levels. There was a close below the 0.6900 level and the 50 hourly simple moving average. The pair traded as low as 0.6821 and is currently showing a lot of bearish signs.

AUD/USD Hourly Chart


On the downside, an initial support is near the 0.6800 level. The next support could be the 0.6780 level. The main support is near the 0.6720 level. If there is a downside break below the 0.6720 support, the pair could extend its decline towards the 0.6650 level.

Any more downsides might send the pair toward the 0.6600 level. On the upside, the AUD/USD pair is facing resistance near the 0.6845 level. It is near the 23.6% Fib retracement level of the downward move from the 0.6919 swing high to 0.6821 low.

The next major resistance is near the 0.6870 level. It is near the 50% Fib retracement level of the downward move from the 0.6919 swing high to 0.6821 low.

There is also a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD. A close above the 0.6880 level could start a steady increase in the near term. The next major resistance could be 0.6950.

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