Daily Market Analysis By FXOpen

LTCUSD Analysis: Black Marubozu Pattern below $93.46


Bulls couldn’t take control of the market, and after touching a high of $93.46 on 23 May, the LTC/USD pair started moving in a bearish trend, touching a low of $82.60 today in the early Asian trading session.


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

On the hourly chart:

• There is a black Marubozu candle below the $93.46 handle. It signifies the start of a bearish phase in the market.
• Litecoin price is trading below its 100-hour simple moving average, 200-hour exponential moving average, and its pivot level of $84.49.
• The relative strength index is at 38.28, indicating weak demand for Litecoin and a shift towards the bearish phase in the markets.
• Litecoin remains below most of the moving averages, which are giving a bearish signal at current market levels of $84.49.
• Some of the technical indicators are neutral.
• The average true range indicates low market volatility.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Gold and Crude Oil At Risk of More Losses


Gold price is struggling below the $1,967 support level. Crude oil price is also declining and remains at a risk of more losses below $70.75.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price failed to clear the $1,982 resistance and trimmed gains against the US Dollar.
• It is now following a short-term declining channel with resistance near $1,948 on the hourly chart of gold at FXOpen.
• Crude oil prices are also moving lower below $72.80 and $72.00 levels.
• There was a break below a major bullish trend line with support near $73.50 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis


On the hourly chart of Gold at FXOpen, the price struggled to start a fresh increase above the $1,982 resistance. The price started a fresh decline below the $1,967 support.

There was a close below the 50-hour simple moving average and $1,950. The price tested the $1,938 support zone. A low is formed at $1,936.68, and the price is now consolidating losses. It is following a short-term declining channel with resistance near $1,948.

The channel resistance is near the 23.6% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low. The next major resistance is near the $1,950 level.

If the breakout occurs, the price will target resistance of $1,960 near the 50% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low and the 50-hour simple moving average. An upside break above $1,960 could send the Gold price toward $1,967. Any more gains may perhaps set the pace for an increase toward the $1,982 level.

Initial support on the downside is near the $1,938 level. The first major support is near the $1,932 level. The next support sits near the $1,920 level. If there is a downside break below $1,920, the price might decline heavily towards $1,900, below which the bulls could aim for a test of $1,880.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

EUR/USD Approaches Important Support


Yesterday, EUR/USD hit new May’s lows. This week’s latest news contributed to the decline:

→ Germany's GDP in Q1 2023 decreased by 0.3% compared to the previous three months. German media write about the official start of the recession.

→ The US economy in Q1 grew by 1.3% in annual terms.

→ Worrying opinions are spreading about a possible crisis due to the situation in the US housing market. According to JPMorgan analysts, the next shock to the US banking system could be loans for commercial real estate.

→ Traders see the dollar as a reliable asset in the face of the not yet raised US government debt ceiling.

The EUR/USD chart shows that the rate has already fallen by 3.3% from the peaks of May. The rate is approaching the psychological mark of USD 1.07 per euro, which may support the market.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Watch FXOpen's May 22 - 26 Weekly Market Wrap Video

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights in FXOpen's May 22 - 26 Weekly Market Wrap Video.

• AMD share price breaks August 2022 high. How can the price of Advanced Micro Devices stock change?
• What about the default? GBP dips to its lowest point against the USD in a week.
• FTSE drops rapidly to April lows. Will Bank of England raise interest rates at its next meeting?
• Dow Jones hits May lows. Analysts say the probability of a default at the moment is 25% and is increasing every day.

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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GBP/USD Eyes Fresh Increase While USD/CAD Dips To Support


GBP/USD is attempting a fresh increase from the 1.2310 support. USD/CAD is correcting gains and approaching the 1.3585 support.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

• The British Pound declined steadily from the 1.2475 resistance zone.
• There is a key bearish trend line forming with resistance near 1.2360 on the hourly chart of GBP/USD at FXOpen.
• USD/CAD is correcting gains from the 1.3650 resistance zone.
• There is a declining channel or a bullish flag pattern forming with resistance near 1.3620 on the hourly chart at FXOpen.

GBP/USD Technical Analysis


On the hourly chart of GBP/USD at FXOpen, the pair started a major decline from the 1.2475 zone. The British Pound declined below the 1.2390 support against the US Dollar.

The bears pushed the pair below the 1.2360 support and the 50-hour simple moving average. It retested the 1.2310 support. The recent low was formed near 1.2321 and the price is now attempting a fresh increase.

It is back above the 23.6% Fib retracement level of the downward move from the 1.2395 swing high to the 1.2321 low. Immediate resistance is near a key bearish trend at 1.2360.

The 50% Fib retracement level of the downward move from the 1.2395 swing high to the 1.2321 low is also near the trend line resistance. The first major resistance on the GBP/USD chart is near the 1.2380 level. The next major resistance is near the 1.2390 level. Any more gains could lead the pair toward the 1.2475 resistance in the near term.

If there is no upside break and RSI dips below 50, the pair might start a fresh decline. Initial support sits near the 50-hour simple moving average at 1.2340. The next major support sits at 1.2310, where the bulls might take a stand. If there is a downside break, GBP/USD might test the 1.2240 support.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

US Debt Default Date Gets Nearer. Will the Dollar Retain Dominance over the Pound?


It’s all so predictable, isn’t it?

Politics and suspense go hand in hand, and when it comes to potential cracks in the economy and central monetary policy of the United States, the issuer of the world’s de facto reserve currency, that’s what keeps the markets going.

Over recent weeks, the global media and the US Federal Reserve have been engaging in a dance with each other, involving speculation and suspense in the advent of the United States government’s ability or otherwise to be able to maintain payments on its debt commitments after June 1 this year.

That date is now fast approaching, especially considering that today is a public holiday across many nations in Europe and North America, giving the reality of the outcome just two working days to make itself known.

Interestingly, very little impact has been felt by traders of the US Dollar, and today’s currency market shows no change in this dynamic.

Ordinarily, if one of the world’s most important and influential economies is about to become insolvent, the currency issued by its central bank would depreciate like an iron girder being thrown off a precipice.

In the case of the US Dollar, this has simply not been the case at all, and the US Dollar has continued its rise against other majors, especially the British Pound.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

BTCUSD Analysis: Tweezer Bottom Pattern above $26,121


Bitcoin price continues its bullish momentum from last week after touching a low of $26,121 on May 25, with strong upsides located in the range of $28,500 and $29,000.


On the hourly chart:

• We can clearly see a tweezer bottom pattern above the $26,121 handle, which indicates a bullish trend.
• Both the STOCH and STOCHRSI indicate overbought market conditions, which means that in the immediate short term, a decline in the price may occur.
• The MACD crosses UP its moving average.
• The relative strength index is at 56.95, indicating a strong demand for Bitcoin and the continuation of the buying pressure in the market.
• Most of the major technical indicators give a bullish signal, which means that in the immediate short term, the expected targets are $28,000 and $28,500.
• Bitcoin price is now moving above its 100-hour simple moving average and 100-hour exponential moving average.
• The average true range indicates low market volatility with mild bullish momentum.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

XRPUSD Analysis: White Marubozu Pattern above $0.4462


Ripple price continues its bullish momentum after touching a low of $0.4462 on May 25. Strong upsides are located in the range of $0.5200 and $0.5500.


On the hourly chart:

• We can clearly see a white Marubozu pattern above the $0.4462 handle, which indicates a bullish trend.
• The relative strength index is at 66.22, which signifies a strong demand for Ripple at the current market prices and the continuation of the buying phase in the market.
• Moving averages signal an upwards price movement at the current market level of $0.4992.
• The STOCHRSI is in the oversold area, indicating buying pressure and bullish sentiment.
• Ripple is now trading just below its pivot level of $0.5006. It’s facing its classic resistance at $0.5021 and a Fibonacci resistance at $0.5043, after which it will be able to move towards $0.5200.
• A moving average bullish crossover is seen with AMA20 and AMA50.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

EUR/USD Remains At Risk While USD/JPY Trims Gains


EUR/USD started a fresh decline below the 1.0765 support. USD/JPY rallied significantly above 140.00 and recently started a downside correction.

Important Takeaways for EUR/USD and USD/JPY Analysis Today

• The Euro is declining and showing bearish signs below the 1.0745 resistance zone.
• There is a key bearish trend line forming with resistance near 1.0715 on the hourly chart of EUR/USD at FXOpen.
• USD/JPY started a major rally above the 138.88 and 140.00 levels.
• There is a major bullish trend line forming with support near 139.65 on the hourly chart at FXOpen.

EUR/USD Technical Analysis


On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.0790 resistance. The Euro declined below the 1.0745 support zone against the US Dollar.

It settled below the 50-hour simple moving average and spiked below 1.0690. A low was formed near 1.0672 before there was a minor recovery. The pair climbed above 1.0715 but the bears were active near the 1.0745 resistance.

A high is formed near 1.0746 and the pair is again moving lower. There was a move below the 50% Fib retracement level of the upward move from the 1.0672 low to the 1.0746 high.

The RSI is dipping and EUR/USD is approaching the 76.4% Fib retracement level of the upward move from the 1.0672 low to the 1.0746 high at 1.0690. The first major support is near the 1.0670 level, below which the pair could start a major decline. In the stated case, the pair might dive toward the 1.0620 support zone.

On the EUR/USD chart, the pair is now facing resistance near a key bearish trend line at 1.0715. The next major resistance is near the 1.0745 level. An upside break above 1.0745 could set the pace for another increase. In the stated case, the pair might visit 1.0790.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

EURO STOXX 50 Hits 2-month Low


During the first 3 days of this week, the price of EURO STOXX 50 (SX5E) has fallen by more than 3%.

This was facilitated by:
→ lower oil prices on the eve of the OPEC+ meeting scheduled for June 4. The Saudi oil minister urged market speculators to "be careful”;
→ uncertainty about the US debt ceiling. While a deal has been tentatively reached, it has yet to be officially approved by the Senate. There are only a few hours left;
→ reduced shares of European companies producing luxury goods due to falling demand;
→ disappointing data from China (we wrote about it yesterday), with which Europe is actively trading.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.