FXOpen Daily Analytics forex and crypto trading

[fxoday]

EUR/USD Faces Hurdles, USD/JPY Could Recover


EUR/USD started a fresh decline from well above 1.1380. USD/JPY remained in a bearish zone and settled below the 114.50 pivot level.


Important Takeaways for EUR/USD and USD/JPY

• The Euro started a fresh decline after there was no close above the 1.1420 level.
• There is a key bearish trend line forming with resistance near 1.1308 on the hourly chart of EUR/USD.
• USD/JPY started a fresh decline from well above the 114.50 pivot zone.
• There is a short-term rising channel forming with resistance near 114.20 on the hourly chart.

EUR/USD Technical Analysis

Recently, the Euro failed to clear the 1.1420 zone against the US Dollar. The EUR/USD pair started a fresh decline and traded below the 1.1350 support zone.

The pair even broke the 1.1320 level and settled below the 50 hourly simple moving average. A low was formed near 1.1263 on FXOpen and the pair is now correcting higher. There was a move above the 50% Fib retracement level of the recent decline from the 1.1334 swing high to 1.1263 low.


EUR/USD Hourly Chart

An immediate resistance on the upside is near the 1.1305 level. There is also a key bearish trend line forming with resistance near 1.1308 on the hourly chart of EUR/USD.

The trend line is near the 61.8% Fib retracement level of the recent decline from the 1.1334 swing high to 1.1263 low. The next major resistance is near the 1.1320 level. The main resistance is near the 1.1350 level and the 50 hourly simple moving average.

If there is no break above 1.1308, the pair might start a fresh decline. An immediate support is near the 1.1288. The next major support is near 1.1265, below which the pair could drop to 1.1220 in the near term.

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[fxoday]

ETHUSD and LTCUSD Technical Analysis – 27th JAN, 2022

ETHUSD – Bearish Engulfing Pattern Below $2700

Ethereum started a major bearish correction from its highs of 3268 reached on 20th January. We can see that after a mild bullish correction wave, the bearish trend is back which continues to push down the prices of Ethereum below the $2500 handle in the European Trading session today.

ETHUSD touched an intraday low of 2355 in the Asian trading session today after which we can see some consolidation in its prices above the $2300 handle.

We can clearly see a Bearish Engulfing Pattern below the $2700 handle which is a bearish pattern and signifies a potential shift in the market direction towards a Downtrend.

ETH is now trading just above its Pivot levels of 2403 and is moving in a Consolidation Channel. The price of ETHUSD is now testing its Classic support levels of 2358 and Fibonacci support levels of 2392 after which the path towards 2200 will get cleared.

Relative Strength Index is at 41 indicating a WEAK demand for the Ethereum and the continuation of the Selling pressure in the markets.

Most of the of the Technical indicators are giving a STRONG SELL Signal.

ETH is now trading Below its both the 100 Hourly and 200 Hourly Simple Moving Averages.

• Ether Bearish momentum is seen below the $2700 mark.
• Short-term range appears to be BEARISH.
• Ultimate Oscillator is indicating a NEUTRAL market.
• Average True Range is indicating LESS Market Volatility.

Ether Bearish Momentum seen Below $2700

ETHUSD continues to move into a Mild Bearish channel below the $2700 handle in the European Trading session today.

Average Directional Change is indicating a NEUTRAL market, and the overall sentiment is shifted towards the Bearish market.

The heavy selling pressure in Ethereum and its subsequent liquidation by the long-term investors is due to the fear of a Russian Attack on Ukraine and its broader implications on the Crypto markets.

We are now looking at the key support levels of $2300 which if broken would push down the prices of Ethereum towards the $2200 handle.

ETH has lost -2.71% with a price change of -66.95$ in the past 24hrs and has a trading volume of 22.749 Billion USD.

We can see an Increase of 42.78% in the total trading volume in last 24 hrs. which is due to the heavy selling seen after the bullish momentum failed.

The Week Ahead

Ethereum is now approaching its important support levels of $2300 which will decide whether we will see a Bullish reversal in the markets.

If the prices of ETHUSD continue to remain above the $2300 handle as we can see today, it will signify a Bullish reversal with an Upside target of $2500 to $2800 in the next week.

The immediate short-term outlook for the Ether has turned as BEARISH, the Medium term outlook is NEUTRAL, and the Long term outlook for Ether is BULLISH towards the $3000 handle.

We have detected an MA 5 crossover pattern above 2398 levels which signifies a Bullish Trend reversal in the short term.

In this week Ether is expected to move in a range between the $2300 and $2600 and in the next week Ether is expected to trade at levels above $2600.

Technical Indicators:

Rate of Price Change: It is at -7.782 indicating a SELL.

STOCH (9,6): It is at 23.42 indicating a SELL.

Moving Averages Convergence Divergence (12,26): It is at -24.08 indicating a SELL.

STOCHRSI (14): It is at 25.04 indicating a SELL.

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[fxoday]

Gold Price Nosedives While Crude Oil Price Extends Rally


Gold price started a fresh decline from the $1,850 resistance zone. Crude oil price is rising and might continue to gain momentum above $87.00.

Important Takeaways for Gold and Oil

• Gold price started a major decline from the $1,850 against the US Dollar.
• There was a break below a key contracting triangle with support near $1,840 on the hourly chart of gold.
• Crude oil price started a steady increase after it cleared the $85.00 resistance.
• There is a major bullish trend line forming with support near $86.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price attempted a key upside break above $1,850 against the US Dollar. However, the price failed to gain strength above $1,850 and started a major decline.

There was a clear move below the $1,820 level and the 50 hourly simple moving average. Besides, there was a break below a key contracting triangle with support near $1,840 on the hourly chart of gold.


Gold Price Hourly Chart

The price even declined below the $1,800 level and settled below the 50 hourly simple moving average. A low is formed near $1,791 and is currently consolidating losses. On the upside, the price is facing resistance near the $1,800 level.

The first major resistance is near the $1,805 level. It is near the 23.6% Fib retracement level of the downward move from the $1,853 swing high to $1,791 low.

The main resistance is now forming near the $1,820 level. The 50% Fib retracement level of the downward move from the $1,853 swing high to $1,791 low is also near the $1,820 level. A close above the $1,820 level could open the doors for a steady increase towards $1,840.

The next major resistance sits near the $1,850 level. On the downside, an initial support is near the $1,790 level. The first major support is near the $1,780 level.

A downside break below the $1,780 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,750 support.

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[fxoday]

FXOpen’s 2021 ForexCup Trading Championship Results, FTC 2022 Announced

After a successful almost year-long run, the ForexCup Trading Championship came to a close on December 31, 2021. Out of nearly 30 very geographically diverse competing accounts, five demonstrated especially remarkable results, with the first-place winner receiving a gain of over 1091%, and claiming his $50,000 prize together with a commemorative crystal trophy.

Here are the final top-5 standings of the FTC 2021, coming from all over the world:

• Emirhan Gören: 1091.15% (winner of $50,000 and a crystal trophy)
• Prieur Du Plessis: 185.37% (received a commemorative crystal trophy)
• Eduardo Soares Bogosian: 61.74% (received a commemorative crystal trophy)
• Toivo Valtteri Melkko: 49.24%
• Julio Martins Leitao: 21.88%

The competition is judged based on the percentage gain made by traders thanks to decisions and returns of each individual trader rather than on the amount deposited.

As he accepted his prize, Mr Gören commented on his experience in the FTC 2021:

“It's an indescribable feeling. I'm very proud of myself and the strategies I've chosen, and I'm also grateful to all my fellow traders who participated in the championship. And of course, I am grateful to ForexCup for organizing this event, and to FXOpen for providing full support and the best conditions a trader can meet among brokerages.”

FXOpen are delighted to announce FTC 2022.

Registration for the new contest is now open. The three previous year winners, Mr Gören, Mr Du Plessis, and Mr Bogosian, have already entered the new FTC, along with about a dozen new participants.

ENTER FTC NOW

When educational contest ForexCup organizers joined forces with FXOpen to create the FTC, their objective was to allow the most experienced and skilled traders to demonstrate their mastery in a fair, transparent, and inclusive environment — and then share their knowledge and stories, thus inspiring and encouraging an entirely new generation of traders.

We can now confidently say that the initiative was embraced enthusiastically by the community, and the new FTC tradition is a go.

Gary Thomson, Chief Operating Officer of FXOpen UK, has a few words to share with traders and potential FTC winners: "First, we would like to extend our congratulations to the winners and participants alike, and thank them for their commitment to their craft. You are leading by example, proving to the community that the sky’s the limit and opportunities to achieve excellence in trading abound. As the main partners of the contest, we were delighted to see that the FXOpen brand was able to attract so many talented experts in trading and motivate them to do their best. Could you be our next champion? Registration for FTC 2022 is open!"

ENROLL AND COMPETE WITH THE BEST

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[fxoday]

GBP/USD and USD/CAD: Dollar Gains Traction

GBP/USD started a major decline below the 1.3500 support. USD/CAD gained bullish momentum for a move above the 1.2700 level.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a fresh decline from the 1.3650 resistance zone.
• There is a key bearish trend line forming with resistance near 1.3430 on the hourly chart of GBP/USD.
• There is a major bullish trend line forming with support near 1.2660 on the hourly chart.
• Ada garis tren bullish utama yang terbentuk dengan support di dekat 1,2660 pada grafik 1 jam.

GBP/USD Technical Analysis

After struggling to clear the 1.3660 resistance zone, the British Pound found started a fresh decline against the US Dollar. GBP/USD traded below the 1.3550 support level to move into a bearish zone.

The bears gained strength for a move below the 1.3500 level and the 50 hourly simple moving average. The pair even spiked below the 1.3400 level and traded as low as 1.3357 on FXOpen. It is now consolidating above the 1.3380 level.


GBP/USD Hourly Chart

An immediate resistance is near the 1.3420 level. It is near the 38.2% Fib retracement level of the downward move from the 1.3524 swing high to 1.3357 low.

The first major resistance is near the 1.3440 level. There is also a key bearish trend line forming with resistance near 1.3430 on the hourly chart of GBP/USD. The trend line is near the 50% Fib retracement level of the downward move from the 1.3524 swing high to 1.3357 low.

If there is an upside break above the 1.3440 zone, the pair could rise towards 1.3500. The next key resistance could be 1.3550, above which the pair could gain strength.

On the downside, the first support is near the 1.3380 area. The first major support is near the 1.3350 level. If there is a break below 1.3350, the pair could extend its decline. The next key support is near the 1.3250 level. Any more losses might call for a test of the 1.3200 support.

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[fxoday]

#MarketNews

WHY IS THE AUSTRALIAN DOLLAR GOING UP?

On Tuesday morning, the RBA announced its monetary policy decisions:

• Interest rates remain unchanged, at the moment they remain at a record low level of 0.1%.
• Starting from February 10, the bank is to stop buying bonds (since the start of the pandemic, the RBA balance sheet has more than tripled and amounted to about $640 billion).
• Investors should be prepared for monetary tightening.

RBA Governor Philip Lowe acknowledged that inflation beat his forecasts, prompting the bank to set the stage for a rate hike in 2022.

Canstar financial expert Steve Mickenbecker commented on the development: “When the Reserve Bank hits the button on cash rate increases, history shows that it doesn’t stop at one or two hikes, and usually results in at least a 1.5 percent increase over 18 months or so.”

The period of the cheap Australian dollar seems to be ending. Following the news report from the RBA, the AUD futures contracts have risen sharply. In terms of technical analysis, we seem to be witnessing a reversal upwards from the psychological 0.7 mark, which previously acted as both resistance and support.

The strength of buyers in the AUDUSD market is confirmed by the fact that the rate only slightly fell below the November low (1), and could not consolidate lower.

If the momentum continues, we can expect the rate to hit January (2) highs around 0.73.

To benefit from fluctuating exchange rates, consider enlisting the services of a reliable broker like FXOpen. (https://www.fxopen.com/en/)


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


Source FXOpen Telegram channel

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[fxoday]

#MarketNews #Cryptocurency

BITCOIN TO BE MADE LEGAL TENDER IN ARIZONA?

According to media reports, a bill (1) has been introduced to the Arizona Senate that, if passed, would make bitcoin legal tender.

Unfortunately for cryptocurrency enthusiasts, the bill is likely to fail: under the terms of the Constitution and federal laws, the state is not allowed to make anything other than the US dollar legal tender. So far, this looks like either the pursuit of personal goals of the senator who submitted the bill, or an attempt to make the state more attractive to crypto miners.

Meanwhile, the price of bitcoin has been slowly rising from the low of January 24 in the 33k area; the chart, however, is displaying some warning signals.

On January 31, the bulls actively bought up the price fall, forming a long lower wick on the candlestick (2), which closed near the highs. However, on February 1, volumes decreased (3), and the price failed to consolidate above 39k.

This indicates the exhaustion of the forces of demand. It seems that the 40k level is now acting as resistance, and it will be extremely difficult for the bulls to overcome it unless some major positive updates are released.

To benefit from bitcoin price fluctuations, consider enlisting the services of a reliable broker like FXOpen. (https://www.fxopen.com/en/)


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


Source FXOpen Telegram channel

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[fxoday]

ETHUSD and LTCUSD Technical Analysis – 03rd FEB, 2022


ETHUSD: Rounding Bottom Pattern Above $2,400

Ethereum has finished its bearish momentum seen last week after it touched a low of $2,183 on 24th January. In today’s European trading session, we can observe a mildly bullish trend, which is keeping ETH prices above the $2,600 handle.

ETHUSD continues to maintain its consolidation above $2,600, and is on a recovery mode towards its important resistance level of $3,000.

We can clearly see a rounding bottom pattern above the $2,400 handle which is a bullish pattern and signifies a bullish continuation forming an uptrend.

ETH is now trading just above its pivot level of $2,667, and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance levels of $2,681, and Fibonacci resistance level of $2,689, after which the path towards $3,000 will get cleared.

The relative strength index is at 44 indicating a NEUTRAL market sentiment which is expected to continue for some time due to the global risk scenario.

Most of the technical indicators are giving a NEUTRAL market signal.

ETH is now trading above its 100 hourly and 200 hourly simple moving averages.

• Ether’s bullish momentum is seen above the $2400 mark
• Short-term range appears to be mildly BULLISH
• Williams percent range is indicating a NEUTRAL market
• Average true range is indicating LESS market volatility

Ether: Mild Bullish Momentum seen above $2,400


In today’s European trading session, ETHUSD continues to move in a mildly bullish channel above the $2,400 handle.

The commodity channel index is indicating a NEUTRAL market, and the overall sentiment has shifted towards the bullish market.

The selling pressure has subsided, and a buying zone formation is seen which continues to push the prices upwards after every decline.

We are looking at the important psychological resistance level of $3,000 which, if broken, will lead Ethereum into a strongly bullish momentum.

The key support level to watch is $2,600, and as we can see that the prices continue to remain above these levels.

ETH has lost -3.70% with a price change of -85.47$ in the past 24hrs, and has a trading volume of 14.684 billion USD.

We can see an increase of 17.17% in the total trading volume in the last 24 hrs, which appears to be normal.

The Week Ahead

Ethereum is now on track towards recovery after the recent decline last week. We saw ETHUSD touching a high of $3,268 on 20th January, and if the current bullish momentum continues, we could see these levels again the next week.

For now, the main contention is the falling interest of the global investors and the panic selling that is seen due to the tension at the Russia and Ukraine border.

If the prices of ETHUSD continue to remain above the $2,600 handle, as we have seen today, it will confirm the bullish channel formation with an upside target of $2,900 to $3,200 the next week.

The immediate short-term outlook for Ether has turned NEUTRAL, the medium-term outlook is mildly BULLISH, and the long-term outlook is BULLISH towards the $3,500 handle.

We have detected an MA 10 and MA 5 crossover pattern above $2,664, which signifies a bullish trend reversal in the short-term.

This week, Ether is expected to move in a range between $2,600 and $2,800; the next week, Ether is expected to trade at levels above $2,800.

Technical Indicators:

Ultimate oscillator: at 51.60 indicating a BUY

Average directional change (14-day): at 23.93 indicating a BUY

Highs/lows(14-day): at 0.00 indicating a NEUTRAL market

StochRSI (14-day): at 71.08 indicating a BUY

Read more...

[fxoday]

AUD/USD and NZD/USD Target More Upsides

AUD/USD started a fresh increase from the 0.6965 zone. NZD/USD is also rising and there was a clear move above the 0.6650 resistance.


Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase after it cleared 0.7000 against the US Dollar.
• There was a break above a couple of bullish patterns near 0.7070 and 0.7130 on the hourly chart of AUD/USD.
• NZD/USD also climbed higher after forming a base above the 0.6540 level.
• There is a major bullish trend line forming with support near 0.6650 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.6965 zone against the US Dollar. The AUD/USD pair traded as low as 0.6967 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7000 and 0.7020 resistance levels. Besides, there was a break above a couple of bullish patterns near 0.7070 and 0.7130 on the hourly chart of AUD/USD. The pair surged above the 0.7150 level and the 50 hourly simple moving average.


AUD/USD Hourly Chart

It traded as high as 0.7168 and currently consolidating gains. On the downside, an initial support is near the 0.7130 level and the 50 hourly simple moving average.

The next support is near the 23.6% Fib retracement level of the upward move from the 0.6967 swing low to 0.7168 high. If there is a downside break below the 0.7120 support, the pair could extend its decline towards the 0.7070 level.

The 50% Fib retracement level of the upward move from the 0.6967 swing low to 0.7168 high is near the 0.7070 level to provide support. Any more downsides might send the pair toward the 0.7000 level.

On the upside, the pair is facing resistance near the 0.7170 level. The next major resistance is near the 0.7200 level. A close above the 0.7200 level could start a steady increase in the near term. The next major resistance could be 0.7320.


Read more...

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[fxoday]

GBP/USD and GBP/JPY Could Resume Increase

GBP/USD started a fresh increase from the 1.3350 zone and climbed above 1.3600. GBP/JPY is also rising, but it is facing resistance near 156.50.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound started a fresh increase above the 1.3400 and 1.3500 resistance levels against the US Dollar.
• There was a break below a key bullish trend line with support near 1.3550 on the hourly chart of GBP/USD.
• GBP/JPY also started a steady increase above the 155.00 and 155.50 resistance levels.
• There is a major bullish trend line forming with support near 155.55 on the hourly chart.

GBP/USD Technical Analysis

After a major decline, the British Pound found support near the 1.3350 zone against the US Dollar. The GBP/USD pair started a fresh increase above the 1.3400 and 1.3450 resistance levels to move into a positive zone.

There was also a break above the 1.3550 zone and the 50 hourly simple moving average. It traded as high as 1.3627 on FXOpen and is currently correcting gains.

GBP/USD Hourly Chart

There was a decline below the 1.3600 level and the 50 hourly simple moving average. The pair traded below the 38.2% Fib retracement level of the upward move from the 1.3357 swing low to 1.3627 high. Besides, there was a break below a key bullish trend line with support near 1.3550 on the hourly chart of GBP/USD.

On the downside, an immediate support is near the 1.3500 level. The next major support is near the 1.3590 level. It is near the 50% Fib retracement level of the upward move from the 1.3357 swing low to 1.3627 high.

If there is a break below the 1.3590 support, the pair could test the 1.3550 support. If there are additional losses, the pair could decline towards the 1.3500 level.

On the upside, the pair is facing resistance near the 1.3560 level. The next major hurdle is near 1.3625, above which the pair could surge towards 1.3750 in the near term.

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[fxoday]

BTCUSD and XRPUSD Technical Analysis – 08th FEB 2022

BTCUSD: Pola Double Bottom Di Atas $36.200

BTCUSD: Double Bottom Pattern Above $36,200

Bitcoin continues its bullish momentum this week in the form of a rally, and touched a high of $45,387 in today’s European trading session.

Global buying pressure is observed in bitcoin, and support at lower levels which has managed to push up the prices of BTCUSD above the $44,000 handle.

BTCUSD touched an intraday low of $43,575 in the Asian trading session, and an intraday high of $45,387 today.

We can clearly see a double bottom pattern above $36,200, which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Both Stoch and Williams percent Rrange are indicating OVERBOUGHT levels which means that in the immediate short-term a decline in the prices is expected.

The relative strength index is at 60 indicating a STRONG demand for bitcoin at the current market level.

Bitcoin is now moving above its 100 hourly simple moving average and below its 200 hourly exponential moving averages.

The average true range is indicating lesser market volatility with a bullish zone formation.

• Bitcoin bullish momentum continues above $36,200
• Highs/Lows are indicating a NEUTRAL level
• The price is now trading just below its pivot level of $44,846
• All of the moving averages are giving a BUY market signal

Bitcoin Rally Seen Above $36,200


Bitcoin continues its strong bullish momentum, having crossed the $45,000 handle in today’s European trading session.

The immediate short-term outlook for bitcoin is bullish, the medium-term outlook is neutral, and the long-term outlook remains strongly bullish.

The daily RSI is printing at 64 which means that long-term investors have returned to the markets, which can push the prices of BTCUSD above the $50,000 handle.

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 $45,000 and $48,000.

The price of BTCUSD is now facing its classic resistance level of $45,033 and Fibonacci resistance level of $45,145, after which the path towards $48,000 will get cleared.

In the last 24hrs, BTCUSD has gone UP by 3.81% with a price change of $1,622, and has a 24hr trading volume of USD 31.862 billion. We can see an increase of 48.60% in the trading volume as compared to yesterday, due to increased buying pressure in global cryptocurrency markets.

The total market capitalization of bitcoin has now crossed the $800 billion mark and is currently at 838.161 billion USD.

The Week Ahead

The prices of bitcoin are at present moving in a contraction phase after touching the level of $45,000. We can see some short-selling which is the reason for a pullback to the current market level of $44,150.

We have detected MA5 and MA10 crossover patterns at $44,671 and $44,345, which signifies the visible contraction seen in the prices of bitcoin.

In the medium-term, bitcoin’s bullish momentum is expected to continue pushing past the $50,000 handle this week.

The prices of BTCUSD will need to remain above the important support level of $40,000 this week.

We can expect more upsides in the range of $45,000 to $48,000 in the next week.

Bitcoin’s Rally Mode

The prices of bitcoin continue to surge from their lowest level seen on 24th Jan when it touched a low of $33,503.

At the current market price of $44,140 we can see a gain of 31% which is why we can say that bitcoin is in a rally mode, and the prices can continue appreciating towards $50,000 and $55,000 in the coming weeks.

Historically, this is seen as the longest rally after Sept 2021, due to increased global investor sentiments.

Technical Indicators:

• Commodity channel index (14-day): at 53.50 indicating a BUY
• Average directional change (14-day): at 45.17 indicating a BUY
• Rate of price change: at 0.495 indicating a BUY
• Moving averages convergence divergence (12,26): at 502.00 indicating a BUY

Read more...

[fxoday]

EUR/USD and EUR/JPY Eye Additional Upsides


EUR/USD started a fresh increase above the 1.1380 resistance. EUR/JPY is rising and aiming an upside break above the 132.20 resistance zone.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a fresh increase after it formed a base above the 1.1300 level.
• There is key bullish trend line forming with support near 1.1410 on the hourly chart.
• EUR/JPY gained bullish momentum after it broke the 130.80 resistance zone.
• There is a major bullish trend line forming with support near 130.65 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a base above the 1.1180 level against the US Dollar. The EUR/USD pair started a steady increase and was able to clear many hurdles near 1.1250.

The pair traded above the 1.1350 resistance and the 50 hourly simple moving average. Besides, there was a clear move above the 1.1400 level. The pair traded as high as 1.1483 on FXOpen and is currently correcting gains.

EUR/USD Hourly Chart

There was a move below the 1.1450 support level. EUR/USD declined below the 23.6% Fib retracement level of the upward move from the 1.1267 swing low to 1.1483 high.

However, the bulls are now protecting the 1.1400 support zone. There is also a key bullish trend line forming with support near 1.1410 on the hourly chart. If there is a downside break below the trend line, the pair could test 1.1375.

It is near the 50% Fib retracement level of the upward move from the 1.1267 swing low to 1.1483 high. The next major support sits near the 1.1340 level. On the upside, the pair is facing resistance near the 1.1450 level.

The next major resistance is near the 1.1480 level. The main resistance is forming near the 1.1500 level. A clear break above the 1.1500 resistance could push EUR/USD towards 1.1550. If the bulls remain in action, the pair could rise above the 1.1620 resistance zone in the near term.

Read more...

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[fxoday]

#MarketNews #Inflation

CENTRAL BANKS’ LAZER FOCUS ON HIGH INFLATION

Today can be considered as an important day: at 1:30 pm UTC, US inflation news is to be released, and bursts of volatility are expected in financial markets.

The day before, Fed spokeswoman Loretta Mester said that should inflation in the US remain high, she would advocate a more aggressive tightening of monetary policy. Mester believes US rate hikes are needed, and she is in favor of a March rate hike.

Also yesterday, Bank of Canada Governor Tiff Macklem said in a press conference that the current inflation of close to 5% is too high. In his opinion, inflation in many ways is a reflection of global supply chain issues, much of which are related to the pandemic. As the pandemic subsides, the pressure on global commodity prices should ease.

Macklem added they had made it extremely clear that Canadians should expect interest rates to rise.

The BOC's tightening of the monetary policy is expected to strengthen the Canadian dollar. Let's have a look at the chart: In January, the level of 1.266 showed its importance. The price tried to grow from it twice (1 and 2), but both attempts did not consolidate the progress. This increases the likelihood of a bearish breakdown of the level of 1.266, which may resume the bearish trend (3) that was in effect in December-January.

The market sentiment indicator shows (4) that traders are betting on the growth of the USDCAD quote. From the point of view of the trading-against-the-crowd theory, this fact also increases the likelihood of a bearish scenario.

To benefit from exchange rates fluctuation, consider enlisting the services of a reliable broker like FXOpen. (https://www.fxopen.com/en/)


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

Source FXOpen Telegram channel

FXOpen Customer Service
E-mail:support@fxopen.com

[fxoday]

Gold Price Corrects Lower, Crude Oil Price Aims Fresh Increase

Gold price gained bullish momentum above $1,825 before correcting lower. Crude oil price is holding the $87.50 support and might start a fresh increase.

Important Takeaways for Gold and Oil

• Gold price started a major increase above the $1,800 and $1,820 levels against the US Dollar.
• There was a break below a key bullish trend line with support near $1,835 on the hourly chart of gold.
• Crude oil price corrected lower, but it found support near $87.50.
• There was a break above a major bearish trend line with resistance near $88.85 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a support base near $1,788 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,800 level to move into a positive zone.

There was a clear move above the $1,820 level and the 50 hourly simple moving average. The price even climbed above the $1,835 resistance level. A high was formed near $1,841 on FXOpen before the price started a downside correction.

Gold Price Hourly Chart

There was a break below the $1,835 level. Besides, there was a break below a key bullish trend line with support near $1,835 on the hourly chart of gold.

The price traded below the 23.6% Fib retracement level of the upward move from the $1,788 swing low to $1,841 high. On the downside, an initial support is near the $1,820 level. The first major support is near the $1,815 level.

It is near the 50% Fib retracement level of the upward move from the $1,788 swing low to $1,841 high. If there is a downside break below the $1,815 level, the price could decline to $1,800.

On the upside, the price is facing resistance near the $1,830 level. The main resistance is now forming near the $1,840 level. A close above the $1,840 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,865 level.

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EUR/USD Struggle Continues, USD/CHF Shows Positive Signs

EUR/USD is facing resistance near the 1.1350 and 1.1360 levels. USD/CHF is rising, but struggling to clear the 0.9225 resistance zone.

Important Takeaways for EUR/USD and USD/CHF

• The Euro started an upside correction above the 1.1320 resistance zone against the US Dollar.
• There is a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD.
• USD/CHF gained pace after it cleared the 0.9200 resistance zone.
• There was a break above a key bearish trend line with resistance near 0.9192 on the hourly chart.

EUR/USD Technical Analysis

The Euro attempted an upside break above the 1.1400 level against the US Dollar. However, the EUR/USD pair failed to surpass 1.1400 and started a fresh decline.

The recent high was formed near 1.1366 on FXOpen before the pair dipped. There was a move below the 1.1340 level. The pair even declined below the 50% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high.


EUR/USD Hourly Chart

It is now trading below the 1.1335 level and the 50 hourly simple moving average. On the downside, an immediate support is near the 1.1320 level.

The 61.8% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high is also near the 1.1320 zone. The next major support is near the 1.1285 level. A downside break below the 1.1285 support could start another decline.

On the upside, an initial resistance is near the 1.1340 level. The next major resistance is near the 1.1350 zone. There is also a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD.

A clear upside break above the 1.1350 zone could open the doors for a steady move. The next major resistance sits near the 1.1400 level.

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