Daily Market Analysis By FXOpen

ETHUSD Analysis: The Morning Star Pattern above $1,786


Bulls were able to take control of the market, and after touching a low of $1,786 on 26 April, the ETH/USD pair is showing bullish momentum, touching a high of $1,938 today in the early Asian trading session.

ETHUSD is under mild bullish pressure after its decline below the $1,800 handle due to improved investor sentiment and support seen at lower levels.

The morning star pattern is above the $1,786 handle on the H1 timeframe. It's a bullish pattern, which signifies the end of a bearish phase.

The price is above the Ichimoku cloud in the 15-minutes timeframe.

ETH is back above the pivot point, indicating the bullish pressure in the market.

The relative strength index is at 57.13, indicating a strong demand for Ether and a continuation of the buying pressure in the market.

The STOCHRSI is giving neutral, meaning that the price is expected to enter into a consolidation zone in the short-term range.

We also detected the formation of the bullish trend reversal pattern with the 50-period moving average in the 15-minutes timeframe.

Most of the technical indicators are bullish. Most moving averages are bullish at the current market level of $1,885.

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

• ETH bullish reversal is seen above the $1,786 mark.
• The short-term range is expected to be mildly bullish.
• The average true range indicates high market volatility.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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.

LTCUSD Analysis: Inverted Hammer Pattern Is above $84.29


Bulls were able to take control of the market last week, and after touching a low of $84.29 on 26 April, the price started to correct upwards against the US Dollar.

There is an inverted hammer pattern above the $84.29 handle on the H1 timeframe. It signifies the end of a bearish phase and the start of a bullish phase in the market.

The momentum indicator is back over zero in the H1 timeframe, indicating a bullish trend. There is also an upside gap located in the 15-minutes timeframe, which indicates the bullish nature of the market. We can see the formation of the Doji candle in the D1 timeframe, indicating the neutral tone of the market.

Also, Litecoin is trading below its 100-hour simple moving average, 200-hour exponential moving average, and pivot level of $91.57.

The relative strength index is at 53.164, indicating a neural demand for Litecoin and the shift towards the consolidation zone in the markets.

Litecoin remains above some of the moving averages, which is a bullish signal at the current market level of $88.33.

The CCI is signaling neutral market conditions, which means that the price is expected to move in a narrow range in the short term.

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

• Some of the technical indicators are bullish.
• Litecoin bullish reversal is seen above the $84.39 level.
• The RSI is neutral.
• The average true range indicates high market volatility.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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.

Gold Price and Crude Oil Price Face Key Hurdles


Gold price is struggling to gain momentum above the $2,003 resistance. Crude oil price is consolidating losses and struggling to recover above $75.20.

Important Takeaways for Gold and Oil

• Gold price seems to be trading in a range below the $2,010 resistance against the US Dollar.
• A key bullish trend line is forming with support near $1,982 on the hourly chart of gold at FXOpen.
• Crude oil prices declined heavily below the $79.00 and $76.50 support levels.
• There is a major bearish trend line forming with resistance near $75.20 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis


On the hourly chart of Gold at FXOpen, the price formed a base above the $1,976 support zone. The price started a decent increase and was able to clear the $2,003 resistance zone.

However, the bears were active near the $2,010 resistance. There were more than two attempts to clear the $2,010 resistance but the bulls failed. It reacted to the downside and retested the $1,976 support.

The price is now rising and trading near the 50% Fib retracement level of the recent decline from the $2,003 swing high to the $1,974 low. Initial support on the downside is near a key bullish trend line at $1,982.

The first major support is near the $1,976 level. The main support sits near the $1,971 level. If there is a downside break below the $1,971 support, the price might decline heavily.

The next major support is near $1,960, below which the bulls could aim for a test of $1,950. On the upside, the bulls are facing resistance near the 50-hour simple moving average at $1,992. It coincides with the 61.8% Fib retracement level of the recent decline from the $2,003 swing high to the $1,974 low.

An upside break above the $1,992 resistance could send the price toward $2,003. Any more gains may perhaps set the pace for an increase toward the $2,010 level.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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.

EURJPY Climbs to Its Highest in Over 8 Years


On Friday morning, the EURJPY rose above 149 yen per euro on news from Japan. There, unemployment rose to 2.8% (expected 2.5%, last month 2.6%, a year ago 2.6%), it was higher only in the summer of 2021 (2.9%).

Market participants also followed the meeting of the Bank of Japan, which is now managed by Kazuo Ueda. As expected, the Bank of Japan said it would maintain ultra-low interest rates. However, at the same time it became known that the bank will conduct a "broad review of monetary policy."

It is possible that this revision will lay the groundwork for Kazuo Ueda's phasing out of the massive stimulus program pursued by his predecessor.

Perhaps the level of 148 yen per euro (1), which previously served as resistance, will now become a support for the bulls to try to break through the psychological mark of 150 yen per euro. In 2014, this mark turned out to be unattainable for them.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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.

Watch FXOpen's April 24 - 28 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.

• MSFT shares rise by more than 9%
• AUDUSD: breakout of important support
• NVIDIA analysis: Stock hits one-month low
• META shares soar 11% after strong report

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




FXOpen YouTube


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.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo

Unexpected Interest Rate Hike In Australia Strengthens AUD


According to Reuters, market participants were waiting for a pause in a series of interest rate hikes, as the data showed a slowdown in inflation. However, the Reserve Bank of Australia on Tuesday raised the rate by 25 basis points.

"Inflation in Australia has passed its peak, but at 7 percent is still too high and it will be some time yet before it is back in the target range," said governor Philip Lowe.

As a result, the Australian dollar jumped by about 1% against major currencies. It's a tumultuous start to the week after May 1, which was a public holiday for the financial industry in many countries. Note that news from the Reserve Bank of New Zealand, as well as from the Fed, is expected tomorrow.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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.

BTCUSD Analysis: Shooting Star Pattern below $29,961


Bitcoin failed to continue its bullish momentum from last week, and after touching a high of $29,961 on April 30, it declined below the $28,000 handle today in the European trading session.

We can clearly see a shooting star pattern below the $29,961 handle on the H1 timeframe.

Bitcoin continues to move in a correction phase after crossing the $29,000 level, which is indicative of weakness in the immediate short term.

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

We can see a bearish opening of the markets this week. The prices of Bitcoin are ranging near a new 1-month low.

The relative strength index is at 38.41, indicating very weak demand for Bitcoin and the continuation of the selling pressure in the market.

Bitcoin is now moving below 100-hour and 200-hour exponential moving averages.

Most of the major technical indicators are bearish, which means that in the immediate short term, we can expect a fall to $27,500 and $27,000.

The average true range indicates less market volatility with mild bearish momentum.

• Bitcoin bearish reversal is seen below $29,961.
• The RSI remains below 50, indicating a bearish market.
• The price is now trading below its pivot level of $28,078.
• The short-term range is mildly bearish.
• Some major technical indicators signal that the price may move to $27,000 and $26,500 soon.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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.

XRPUSD Analysis: Bearish Harami Pattern Is below $0.4869


Last week, the market sentiment remained indecisive after Ripple touched a high of $0.4869 on April 28 and started to correct downwards. The market opened bearish this week.

On the hourly chart:

• The relative strength index is at 44.35, which signifies a weak demand for Ripple at the current prices and the continuation of the bearish phase in the market.
• Moving averages signal a downward price movement at the current market level of 0.4626.
• The STOCHRSI is in the oversold zone, which means the price is expected to correct upwards.
• Ripple is now trading just below its pivot level of 0.4634 and is facing its classic support at 0.4577 and Fibonacci support at 0.4597, after which it may move towards 0.4500.
• We have seen a bearish opening of the market.
• Ripple is trading in a contracting range below $0.4700.

Some of the major technical indicators are bearish.

• Ripple bearish reversal is seen below 0.4869.
• The price is below its pivot level.
• Average true range indicates low volatility.
• The price is below the Ichimoku cloud, indicating a bearish trend.

The MACD indicator formed a bearish divergence in the 15-minute timeframe.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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.

EUR/USD Restarts Increase While USD/JPY Corrects After Rally


EUR/USD started a fresh increase above the 1.1000 resistance. USD/JPY rallied significantly above 137.00 and recently started a downside correction.

Important Takeaways for EUR/USD and USD/JPY

• The Euro is rising and gaining pace above the 1.1000 resistance zone.
• There was a break above a key bearish trend line with resistance near 1.1000 on the hourly chart of EUR/USD at FXOpen.
• USD/JPY started a major rally above the 136.00 and 137.00 levels.
• There was a break below a key bullish trend line with support near 137.45 on the hourly chart at FXOpen.

EUR/USD Technical Analysis


On the hourly chart of EUR/USD at FXOpen, the pair formed a base above the 1.0945 level. The Euro started a fresh increase above the 1.0965 resistance against the US Dollar.

There was a move above a key bearish trend line with resistance near 1.1000 and the 50-hour simple moving average. The pair is now trading above the 50% Fib retracement level of the downward move from the 1.1095 swing high to the 1.0972 low.

It is now facing resistance near the 61.8% Fib retracement level of the downward move from the 1.1095 swing high to the 1.0972 low at 1.1035.

The next major resistance is near the 1.1070 level. An upside break above 1.1070 could set the pace for another increase considering the hourly RSI is positioned nicely above 50. In the stated case, the pair might visit 1.1120. Any more gains might send the pair towards 1.1150.

If not, EUR/USD might start another decline from 1.1035. Initial support sits near the 1.1000 level. The first major support is near the 1.0965 level, below which the pair could start a major decline. In the stated case, the pair might dive toward the 1.0880 support zone.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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.

Brent Analysis: Crude Oil Is at Lowest Point in Over a Month as US Economy Teeters and Supply Changes


Over the past year, the price of crude oil has been interestingly volatile.

In keeping with other periods in modern history during which the United States has been involved in geopolitical conflicts with regions outside of the Western world, oil prices have been varying with verve and vigour since 2020.

Back in the 1970s, the famous' oil crisis' was caused by members of the OPEC oil-producing nations in the Middle East invoking a trade embargo against the United States following the 1973 Yom Kippur War, which took place between the State of Israel and some of its neighbours.

The result was extremely high oil prices across Western nations, particularly the United States, due to a lack of supply that could not meet the demand and fuel-saving measures such as the introduction of a 55-mile-per-hour speed limit for motor vehicles.

Due to its nature as a consumable commodity, oil is not only a tradeable asset but also an energy product, and the oil-producing nations can use it as a bargaining tool on the political table.

Over the past year, the price of crude oil has varied dramatically due to the trade sanctions placed on the Russian Federation by North American and European nations, which have meant that Russian oil companies have not been able to access their bank accounts in which oil supply is usually settled in such nations, hence the need for Western customers to settle directly in rubles to bank accounts in Russia, or to have to face restricted supplies.

More recently, just one month ago, Saudi Arabian oil giants reported that they intended to scale back oil production by as much as 500,000 barrels per day in an effort to bolster oil prices as part of a large-scale attempt by OPEC+ nations.

The status quo has now largely been accepted, and oil supply has been generally steady worldwide, with price fluctuations now part of the trading landscape and the everyday reality for consumers.

In Britain, the government introduced a 'cost of living allowance,' payable to many members of the public, in order to assist with the ongoing cost of living crisis, in which the cost of fuel to heat homes or drive to work are both important factors.

This week, however, the price of oil has dropped significantly. Brent Crude took a sudden dive in price yesterday from $77.03 per barrel at 8.30 am during the European trading session to $73.60 during the night.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...


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.