Daily Market Analysis By FXOpen

ETHUSD and LTCUSD Technical Analysis – 30th MAR, 2023


ETHUSD: Bullish HARAMI Pattern Above $1687

Ethereum was unable to sustain its bearish momentum, and after touching a low of $1687 on 27th Mar, the prices started to correct upwards against the US dollar touching a high of $1829 today in the Asian trading session.

We have seen a bullish opening of the markets this week.

The price of Ethereum is ranging near a new record high of 1 month.

We can clearly see a bullish Harami pattern above the $1687 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 1798 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1803 and Fibonacci resistance level of 1806 after which the path towards 1850 will get cleared.

We can see the formation of both bullish Harami and bullish Harami cross patterns in the 2-hour time frame.

The relative strength index is at 53.40 indicating a strong demand for Ether and the continuation of the buying pressure in the markets.

Both the STOCH and STOCHRSI are giving a neutral signal, which means that the prices are expected to enter into a consolidation phase in the short-term range.

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

Most of the moving averages are giving a buy signal at the current market levels of $1800.

ETH is now trading above both the 200 hourly simple and 200 hourly exponential moving averages.

• Ether: bullish reversal seen above the $1687 mark.
• The short-term range appears to be mildly bullish.
• ETH continues to remain above the $1750 level.
• The average true range is indicating high market volatility.

Ether: Bullish Reversal Seen Above $1687


ETHUSD is now testing to cross the $1900 levels and the current momentum suggests that we are now moving towards the $1850 level.

We can see the formation of bullish engulfing lines in the weekly time frame.

The price is back over the pivot point in the weekly time frame indicating bullish trends.

We can see the formation of moving average bullish crossover patterns MA20 and MA50 in the 4-hourly time frame.

We have also seen an upside gap in the 15-minute timeframe which indicates the bullish nature of the markets.

ETHUSD touched an intraday high of 1829 and an intraday low of 1774 in the Asian trading session today.

The key support levels to watch are $1744, at which the price crosses the 9-day moving average stalls, and $1769 at which the price crosses the 9-day moving average.

ETH has decreased by 0.92% with a price change of 16.80$ in the past 24hrs and has a trading volume of 9.457 billion USD.

We can see a decrease of 6.37% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH is facing stiff resistance at crossing the $1850 handle after which the next visible targets are located at $1900 and $1950.

We can see the formation of a major bullish trend line with the support located at $1679 at which the price crosses the 18-day moving average.

We can see the formation of a bullish ascending channel from $1687 towards the $1852 level.

The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned bullish, and the long-term outlook for Ether is neutral under present market conditions.

The resistance zone is located at $1830 which is a pivot point 1st resistance point and at $1913 which is a 38.2% retracement from a 52-week low.

The weekly outlook is projected at $1950 with a consolidation zone of $1900.

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AUD/USD and NZD/USD Could Gain Bullish Momentum


AUD/USD started a fresh increase above the 0.6700 resistance zone. NZD/USD is rising and might aim a move above the 0.6300 resistance.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase above the 0.6700 resistance against the US Dollar.
• There was a break above a major bearish trend line with resistance near 0.6692 on the hourly chart of AUD/USD.
• NZD/USD started a decent increase above the 0.6250 resistance zone.
• There was a clear move above a key bearish trend line with resistance near 0.6265 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near 0.6620 and started a decent increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6650 resistance.

The pair even moved above the 0.6685 level and the 50 hourly simple moving average. There was a break above a major bearish trend line with resistance near 0.6692 on the hourly chart of AUD/USD. The bulls were able to pump the pair above 0.6720 and the 50 hourly simple moving average.

AUD/USD Hourly Chart


A high is formed near 0.6737 on FXOpen and the pair is now consolidating gains. On the downside, an initial support is near the 0.6720 level. It is near the 23.6% Fib retracement level of the recent increase from the 0.6661 swing low to 0.6737 high.

The next support could be the 0.6700 level or the 50 hourly simple moving average or the 50% Fib retracement level of the recent increase from the 0.6661 swing low to 0.6737 high.

If there is a downside break below the 0.6700 support, the pair could extend its decline towards the 0.6650 level. On the upside, the AUD/USD pair is facing resistance near the 0.6740 level. The next major resistance is near the 0.6780 level.

A close above the 0.6780 level could start another steady increase in the near term. The next major resistance could be 0.6850.

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Watch FXOpen's March 27 - 31 Weekly Market Wrap Video

In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

• UK inflation: Is the end in sight?
• Nasdaq storms psychological level near highs of the year
• Rapid oil recovery
• How Bitcoin reacted to the CFTC lawsuit against Binance

Watch our short and informative video, and stay updated with FXOpen.




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Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

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GBP/USD And GBP/JPY Aims More Upsides


GBP/USD climbed higher above the 1.2200 resistance zone. GBP/JPY could rise further if there is a clear move above the 165.70 resistance.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound is moving higher above 1.2300 against the US Dollar.
• There was a break above a major bearish trend line with resistance near 1.2180 on the daily chart of GBP/USD.
• GBP/JPY is showing a lot of bullish signs above the 162.50 support.
• There was a break above a key contracting triangle with resistance near 162.65 on the daily chart.

GBP/USD Technical Analysis

This past week, the British Pound formed a base above the 1.1800 zone against the US Dollar. The GBP/USD pair started a steady increase above the 1.2000 resistance zone.

There was a clear move above the 1.2120 resistance zone and the 50-day simple moving average. The pair even climbed above the 1.2200 resistance. There was a was a break above a major bearish trend line with resistance near 1.2180 on the daily chart of GBP/USD.

GBP/USD Daily Chart


The pair even broke the 1.2350 level. A high is formed near 1.2420 on FXOpen and the pair is now consolidating gains.

An immediate support is near the 1.2180. It is near the 38.2% Fib retracement level of the upward move from the 1.1802 swing low to 1.2418 high. The next major support is near the 1.2120 and 1.2100 levels.

The 50% Fib retracement level of the upward move from the 1.1802 swing low to 1.2418 high is also near the 1.2100 zone. If there is a break below the 1.2100 support, the pair could test the 1.2000 support.

Any more losses might send GBP/USD towards 1.1920. An immediate resistance on the upside is near the 1.2440 level. The next major resistance is near the 1.2500 level, above which the pair could start a steady increase towards 1.2750.

An upside break above 1.2750 might start a fresh increase towards 1.2800. Any more gains might call for a move towards 1.2880 or even 1.2950.

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ANZ Bank does away with cash; Australian Dollar responds with volatility


There are those who look forward to the day when the entire society in which they live goes completely cashless, and there are those who regard such a possibility with absolute dread.

Many nations with developed and advanced financial markets ecosystems are now heading toward the next stage in the implementation of a fully digital ecosystem, and in a lot of cases, their respective governments and central issuers of fiat currency are talking about the implementation of what is known as CDBCs, an acronym that stands for Central Bank Digital Currencies.

Central Bank Digital Currencies are effectively digital versions of existing sovereign currency, and many nations in Europe, North America, and South East Asia are looking at developing them and rolling them out. Australia is one such nation.

Whilst the rollout of such CDBCs has not taken place yet, there is more than a degree of speculation regarding the possibility of such a move being made by the Australian central bank, the Reserve Bank of Australia.

This speculation is being fueled by a recent move by ANZ Bank, one of Australia’s largest Tier 1 financial institutions and the country’s largest institutional and corporate bank.

At the end of last week, ANZ Bank announced that it would cease facilitating withdrawals and deposits from a number of its Australian branches on a permanent basis.

The bank advised that those wishing to access cash rather than use electronic transfers, debit/credit cards, or contactless systems should look toward using ATMs (automated cash machines), which are operated by ANZ Bank as well as independent operators and other banks across Australia, as ANZ’s customers will no longer be able to withdraw cash from their accounts inside branches.

Whilst this move means that ANZ Bank customers will still be able to withdraw and deposit cash via the ATM machines, the number of machines operated by banks across Australia, including ANZ, has been decreasing as they become decommissioned over recent years.

Whilst ANZ Bank’s move may well appear to be sensible and look toward a more efficient future in which most transactions are either carried out online, via a card payment, or contactless payment device rather than using physical cash, there is a seed of concern that has been sewn that this is a step toward the implementation of CDBCs and their perceived potentially authoritarian nature.

Groups which disapprove of the development by governments and central banks with regard to CDBC development believe that privacy could be diminished if all transactions are done digitally and that governments could use the digital nature of fiat currencies to ensure compliance with government agendas and doctrines by being able to ‘turn the money off’ if someone does not do as they are told.

Indeed, one of ANZ’s reasons for ceasing to offer cash in many of its branches is that the lockdowns enforced by the government throughout 2020 and 2021 in Australia, which was subject to one of the most strict lockdowns in the world, caused people to use much less physical cash and that ANZ is just moving with the times.

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BTCUSD and XRPUSD Technical Analysis – 04th APR 2023


BTCUSD – Hammer Pattern Is Above $26,529

Last week, the bearish momentum in Bitcoin price didn't sustain, and after touching the low of $26,529 on 27th March, the prices started to correct upwards against the US Dollar and touched the high of $29,171 on 30th March.

At the beginning of the week, Bitcoin is ranging near a NEW record 1-month high. We can clearly see a hammer pattern above $26,529, which signals a downtrend reversal.

Bitcoin touched an intraday low of $27,244 in the Asian trading session and an intraday high of $28,144 in the European trading session today.

The Williams percent range indicator is back over -50 in the daily timeframe, indicating a bullish trend.

Both the STOCH and STOCHRSI are reflecting overbought conditions, which means that in the immediate short term, a decline in the prices is expected.

The price is back over the pivot point in the daily timeframe, which stands for the bullish nature of the markets.

The relative strength index is near 53, which is a sign of a NEUTRAL demand for Bitcoin and a shift towards the consolidation phase in the markets.

Bitcoin is above a 200-hour simple moving average and above a 200-hour exponential moving average.

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

• Bitcoin bullish reversal is seen above $26,529.
• The RSI remains above 50, indicating a bullish market.
• The price is now trading above its pivot level of $28,028.
• Short-term range is moderate BULLISH.
• Some major technical indicators signal that the price may move to $28,500 and $29,000 soon.

Bitcoin Bullish Reversal Seen Above $26,529


The prices of Bitcoin have been successful in crossing the $29,000 resistance, and now we are looking for fresh upsides in the range of $30,000 and $32,000.

With the continued support seen at lower levels, we can see the formation of an ascending channel which may push the prices of Bitcoin above $30,000.

There is also a bullish crossover pattern with the 20-period and 50-period adaptive moving averages in the 4-hour timeframe.

A support zone is located at $26,547, where the price crosses the 18-day moving average, and at $27,144, which is the first support of the pivot point indicator.

BTCUSD is now facing its classic resistance level of $28,188 and Fibonacci resistance level of $28,286, breaking which the price will be able to move to $29,000.

There is an increase of 31.90% in the daily trading volume, which is normal. The short-term outlook for Bitcoin is bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions.

The Week Ahead

We can see that Bitcoin has now resumed its long-term uptrend with the current support at $16,538 formed on 1st January 2023, which marked the end of the crypto winter.

Now the price of Bitcoin is ranging near the triangle's support in the 1-hour chart, reflecting bullish sentiment.

The immediate expected target is $30,000, after which we may see some consolidation in the zone of the $29,500 level.

Daily RSI is at 59.72, which indicates a NEUTRAL demand for Bitcoin and the shift towards the consolidation phase in the medium-term range.

We can see the formation of a bullish trendline from $26,529 to $28,771.

The BTCUSD is now facing resistance at $29,147, which is a 13-week high, and at $30,471, which corresponds to a 14-day RSI at 70.

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GBP soars against the Japanese Yen despite low rates remaining in place


Japan's economy has been regarded ever since the 1960s as an absolute lesson in socio-economic advancement to the extent that the entire world views Japanese products, cuisine, intellect and culture among the most enviable globally.

One particular Japanese motor manufacturer has used the slogan "The relentless pursuit of perfection" in its marketing to Western customers, and Japan's contribution to science, technology and consumer lifestyle trappings has been enormous for over six decades now.

Japan is in the top 3 economies by nominal GDP, after the United States and China, and the fourth-largest economy by PPP (purchasing power parity). In 2020, Japan was ranked eighth among the countries with the largest labour force, having 66.5 million workers.

The Yen, Japan's sovereign currency, may have experienced a lot of volatility over recent times, and there is no doubt that it has faced competition from even larger nations such as China and India, which are rapidly becoming huge tours de force in their own right, China's economy being by very far the largest in the world, and neighbouring nations in the Asia Pacific region such as Thailand and South Korea being homes to some very high volume manufacturing of everything from televisions and kitchen appliances to motor vehicles.

Japan remains utterly focused on its core industries, and its export market is as buoyant as ever; however, there have been a lot of metrics that show lower capacity and a country that has struggled with high costs compared to that of its neighbours.

On April 5th, the central bank of Japan published data reflecting that the country's economic output was below full capacity for the 11th consecutive quarter from October to December 2022, so the BOJ will unlikely end its ultra-low interest rates policy.

The British Pound rose considerably against the Yen late last week in the advent of such figures, showing that investors and traders expected such an outcome.

This morning, the depreciation of the Yen against western majors, including the Pound, has slowed, and the Pound is trading at 164.10 to the Yen.

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ETHUSD Technical Analysis – 06th APR, 2023


ETHUSD – Hammer Pattern Is Above $1,763


Bears couldn’t keep control of the market, and after touching a low of $1,763 on 03rd April, the ETH/USD pair started to correct upwards, touching a high of $1,939 on 05th April.

ETHUSD is now moving under bearish pressure after touching a high of $1,939 on 05th April. The immediate bearish pressure suggests we will enter a consolidation phase above the $1,850 level.

A hammer pattern is above the $1,763 handle. It’s a bullish pattern, which signifies the end of a bearish phase. Also, we can see the formation of the morning star pattern.

The price is above the Ichimoku cloud, indicating a bullish nature of the market. Moreover, Ethereum is near the support of the channel.

The relative strength index is at 56.91, indicating a strong demand for Ether and a continuation of the buying pressure in the markets.

The average directional index and commodity channel index give a neutral signal, meaning that the price is expected to enter into a consolidation phase in the short-term range.

Some of the technical indicators are giving a bullish market signal. Most moving averages are giving a bullish signal at the current market level of $1,866.

ETH is now trading above the 200-hour simple and 200-hour exponential moving averages.

• Ether bullish reversal is seen above the $1,763 mark.
• The short-term range is expected to be mildly bullish.
• The average true range indicates high market volatility.

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LTCUSD Technical Analysis – 06th APR, 2023


LTCUSD – Bullish Harami Pattern Is Above $86.64


Bears couldn't pull the market further down last week, and after touching a low of $86.64 on 30th March, the prices started to correct upwards against the US Dollar, touching a high of $94.91 on 03rd April.

We have seen a bullish opening of the markets this week.

We can see a bullish harami pattern above the $86.64 handle. It signifies the end of a bearish phase and the start of a bullish phase in the market.

The price of Litecoin is near the channel's support, indicating upcoming bullish movement. Also, Litecoin is trading above its 100-hour simple moving average and 100-hour exponential moving average, and it's above the pivot level of $92.93.

The relative strength index is at $52.50, indicating a neutral demand for Litecoin and a shift towards the market consolidation phase.

The prices of Litecoin continue to remain above some of the moving averages, which are giving a bullish signal at current market levels of $90.65

Both the Williams percent range and commodity channel index are signalling neutral market conditions, which means that the price is expected to remain in a consolidation phase in the short-term range.

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

• Some of the technical indicators are giving a bullish signal.
• Litecoin bullish reversal is seen above the $86.64 level.
• The RSI gives a neutral signal.
• The average true range indicates low market volatility.

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GBP/USD And GBP/JPY Could Aim for Another Increase


GBP/USD started a downside correction from the 1.2520 resistance zone. GBP/JPY is rising and might aim for more upsides above the 164.00 resistance.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound failed to break above the 1.2520 resistance and corrected lower against the US Dollar.
• There is a key bearish trend line forming with resistance near 1.2460 on the hourly chart of GBP/USD.
• GBP/JPY is slowly moving higher from the 163.00 zone.
• There is a key rising channel forming with support near 163.75 on the hourly chart.

GBP/USD Technical Analysis


This past week, the British Pound formed a base above the 1.2400 line against the US Dollar. The GBP/USD pair started a steady increase above the 1.2425 resistance.

There was a move above the 50-hour simple moving average at 1.2460. It resulted in a break above the 1.2500 level. However, the bears were active near the 1.2520 resistance zone. A high was formed near 1.2525, and the pair started a downside correction.

There was a break below the 23.6% Fib retracement level of the upward move from the 1.2274 swing low to the 1.2525 high. GBP/USD even settled below the 50-hour simple moving average.

The previous resistance at 1.2425 is now acting as a support. The next major support is near the 1.2400 level, which coincides with the 50% Fib retracement level of the upward move from the 1.2274 swing low to the 1.2525 high.

If there is a break below the 1.2400 support, the pair will substantially decline. In the stated case, there is a risk of a drop toward the 1.2330 level or the 1.2274 low in the coming days.

Conversely, the pair might attempt a fresh increase from the 1.2425 support. Resistance on the upside is near the 50-hour simple moving average at 1.2455. There is also a key bearish trend line forming with resistance near 1.2460 on the hourly chart of GBP/USD.

A close above the trend line resistance could stage a fresh increase. The hourly RSI is also moving higher and approaching 50, above which it might signal a decent increase. The next major resistance is near the 1.2500 level, above which the pair could revisit the 1.2520 resistance region. Any more gains might call for a move toward 1.2600.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.