Daily Market Analysis By FXOpen

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ETHUSD and LTCUSD Technical Analysis – 16th JUNE, 2022

ETHUSD – Bearish Doji Star Pattern Below $1834

Ethereum was unable to sustain its bullish momentum and after touching a high of 1834 on 16th June started to decline heavily against the US Dollar.
We can see a continued selloff in the markets which is keeping the prices of Ethereum below the $1200 handle in the European Trading session today.
We can see the formation of a Bearish Descending channel below the $1800 handle and now we are looking at $1100 and $1050 as the immediate targets.
The prices touched an Intraday Low of $1144 in the European Trading session and an Intraday High of $1254 in the Asian Trading session today.
We can clearly see a Bearish Doji Star Pattern Below the $1834 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 1168 and is moving into a Strong Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1126 and Fibonacci support levels of 1158 after which the path towards 1100 will get cleared.

Relative Strength Index is at 50 indicating a NEUTRAL market and the shift towards the consolidation phase in the markets.
The STOCHRSI is 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.
Some of the Moving Averages are giving a SELL Signal and we are now looking at the levels of $1100 to $1050 in the short-term range.
ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages.

1. Ether Bearish Reversal seen Below the $1834 mark.
2. Short-term range appears to be Strongly BEARISH.
3. Bearish Harami Pattern seen in the 15minutes timeframe.
4. Average True Range is indicating LESS Market Volatility.

Ether Bearish Reversal Seen Below $1834

ETHUSD is now moving into a Strong Bearish Channel with the prices trading below the $1200 handle in the European Trading session today.
We can see the formation of a Bullish crossover pattern of Adaptive Moving Average AMA 100 in the 30 minutes timeframe indicating the potential Bullish reversal.
After the recent decline in the prices of Ethereum some of the analysts have predicted that the bottom levels are reached and now the prices are due to correct upwards in the medium to long term range.
The key resistance levels to watch are $1208 and $1275 and the prices of ETHUSD need to cross these levels for the start of the Bullish reversal.
ETH has increased by 9.56% with a price change of 98$ in the past 24hrs and has a trading volume of 30.529 Billion USD.
We can see an Increase of 13.59% in the total trading volume in last 24 hrs. which is due to the heavy selling seen across the global markets.

The Week Ahead
The global investor sentiments continue to be weak leading to the massive slide in the prices of Ethereum this week.
The crash that we have seen is also due to the heavy selling by the Hedge Funds in the wake of the US Fed Rate Hike decision.
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 $100 and $1200 and in the next week Ether is expected to enter into a Consolidation phase above the $1200 levels.

Technical Indicators:
Average Directional Change(14days): It is at 39.83 indicating a SELL.
Williams Percent Range: It is at -74.96 indicating a SELL.
Ultimate Oscillator: It is at 39.15 indicating a SELL.
Commodity Channel Index(14days): It is at -91.04 indicating a SELL.

LTCUSD – Bearish Harami Pattern Below $62

Litecoin was unable to sustain its bullish momentum last week and after touching a High of 62.36 on 09th June started to decline heavily against the US Dollar.
We can see continued selling in the markets as the prices of Ethereum have plunged below the $45 handle in the European Trading session today.
We can clearly see a Bearish Harami Pattern Below the $62 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase.
Litecoin is now trading Below its 100 hourly Simple moving averages and 200 hourly Exponential moving averages. The price of LTCUSD is just Above its Pivot levels of 46.32
Relative Strength Index is at 41 indicating a WEAK market, and the continuation of the selling pressure this week.
The prices of Litecoin continue to remain Below all of the Moving Averages, which are now giving a SELL Signal at current market levels of 45.65
The STOCHRSI is indicating Oversold levels, which means that the prices are due to correct upwards in the short-term range.
The Short-Term outlook for the Litecoin has turned Strong BEARISH.

1. ALL of the Technical Indicators are giving a STRONG SELL Signal.
2. Litecoin Bearish Reversal seen Below the $62 levels.
3. Litecoin consolidation has started above the $42 handle.
4. Average True Range is indicating LESS Market Volatility.

Litecoin Bearish Reversal Seen Below $62

We can see that the prices of Litecoin are now moving in a consolidation channel above the $42 handle in the European Trading session today.
The consolidation pattern is indicating that if the prices continue to remain above the $40 handle, we can see a rise towards the $45 and $50 levels.
The price of LTCUSD is now facing its Classic support levels of 42.44 and Fibonacci support levels of 45.39 after which the path towards $40 will get cleared.
The Daily RSI is printing at 31 which is indicating a Bearish market and the continuation of the downwards trend.
LTC has increased by 7.97% with a price change of 3.38$ in the past 24hrs and has a trading volume of 0.988 Billion USD.
Litecoin trading volume has increased by 12.03% as compared to yesterday which is due to the heavy selling across the markets.

The Week Ahead
In this week we are looking at the continuation of the consolidation channel above the $42 handle.
If the prices remain above these levels, we can see some bullish moves in the next week.
The short-term outlook for Litecoin has turned as STRONG BEARISH, the medium-term outlook is NEUTRAL, and the long-term outlook is NEUTRAL at present market conditions.
In this week we are looking at levels of $40 to $45 and in the next week Litecoin is expected to consolidate at levels above $45.

Technical Indicators:
Relative Strength Index(14days): It is at 41 indicating a SELL.
Average Directional Change(14days): It is at 42.55 indicating a SELL.
Rate of Price Change: It is at -6.06 indicating a SELL.
Ultimate Oscillator: It is at 31.36 indicating a SELL.

AUD/USD and NZD/USD Could Eye Fresh Increase


AUD/USD started a recovery wave above the 0.7000 resistance. NZD/USD is also showing a lot of positive signs above the 0.6300 level.
Important Takeaways for AUD/USD and NZD/USD

1. The Aussie Dollar started a fresh increase from the 0.6850 support zone against the US Dollar.
2. There was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD.
3. NZD/USD also started a decent increase after it cleared the 0.6250 resistance zone.
4. There was a move above a major bearish trend line with resistance near 0.6335 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis
The Aussie Dollar formed a base above the 0.6850 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6950 resistance zone.
There was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD. The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low.

AUD/USD Hourly Chart

The pair even settled above the 0.7000 level and the 50 hourly simple moving average. It is now consolidating gains above the 0.7000 level. On the downside, an initial support is near the 0.7000 level.
The next support could be the 0.6980 level and the 50 hourly simple moving average. The main support is near the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6850 level. Any more downsides might send the pair toward the 0.6780 level.
On the upside, the AUD/USD pair is facing resistance near the 0.7050 level. The next major resistance is near the 0.7080 level. It is near the 61.8% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low.
A close above the 0.7080 level could start a steady increase in the near term. The next major resistance could be 0.7220.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path from the 0.6200 zone against the US Dollar. The NZD/USD pair gained pace above the 0.6250 resistance zone.
There was a clear move above the 0.6280 resistance zone and the 50 hourly simple moving average. Besides, there was a move above a major bearish trend line with resistance near 0.6335 on the hourly chart of NZD/USD.

NZD/USD Hourly Chart

Attached Image (click to enlarge)

There was a clear move above the 50% Fib retracement level of the downward move from the 0.6474 swing high to 0.6196 low. It even spiked above the 0.6370 level.
It is now correcting gains and trading close to the 0.6330 level. On the downside, an initial support is near the 0.6320 level. The next support could be the 0.6300 zone. If there is a downside break below the 0.6300 support, the pair could extend its decline towards the 0.6250 level.
On the upside, an initial resistance is near the 0.6375 level. The next major resistance is near the 0.6400 level. A clear move above the 0.6400 level might even push the pair towards the 0.6480 level.

GBP/USD Faces Resistance While EUR/GBP Eyes More Gains


GBP/USD started a fresh increase above the 1.2150 resistance. EUR/GBP is showing positive signs above the 0.8550 resistance zone.
Important Takeaways for GBP/USD and EUR/GBP

 

1. The British Pound started a decent increase above 1.2150 against the US Dollar.
2. There was a break below a key bullish trend line with support near 1.2220 on the hourly chart of GBP/USD.
3. EUR/GBP is holding the 0.8580 support but struggling above 0.8600.
4. There is a major bullish trend line forming with support near 0.8570 on the hourly chart.

GBP/USD Technical Analysis

The British Pound remained well bid above the 1.1920 zone against the US Dollar. The GBP/USD pair started a decent increase after it broke the 1.2000 resistance.
There was a clear move above the 1.2100 level and the 50 hourly simple moving average. The bulls were even able to clear the 1.2150 resistance. However, the pair struggled near the 1.2400 resistance and started a downside correction.

GBP/USD Hourly Chart

There was a break below a key bullish trend line with support near 1.2220 on the hourly chart of GBP/USD. The pair traded below the 38.2% Fib retracement level of the upward move from the 1.1933 swing low to 1.2406 high.

The pair tested the 50% Fib retracement level of the upward move from the 1.1933 swing low to 1.2406 high. It is now rising and trading above the 1.2240 level.
On the upside, an initial resistance is near the 1.2280 level. The next main resistance is near the 1.2320 zone. A clear upside break above the 1.2320 and 1.2330 resistance levels could open the doors for a steady increase in the near term. The next major resistance sits near the 1.2400 level.
If not, the pair might start a fresh decline below 1.2180. The next major support is near the 1.2150 level. Any more losses could lead the pair towards the 1.2050 support zone or even 1.2020.

EUR/GBP Technical Analysis

The Euro struggled to continue higher above the 0.8720 level against the British Pound. The EUR/GBP pair started a fresh decline and traded below the 0.8620 support.
The pair even traded below the 0.8550 level and the 50 hourly simple moving average. It traded as low as 0.8510 and is currently attempting an upside break. There was a move above the 38.2% Fib retracement level of the key decline from the 0.8720 high to 0.8510 low.

Besides, there is a major bullish trend line forming with support near 0.8570 on the hourly chart. The pair is now facing resistance near the 0.8600 level, but it is above the 50 hourly simple moving average.
The next major resistance for the bulls is near the 0.8615 level. It is near the 50% Fib retracement level of the key decline from the 0.8720 high to 0.8510 low. A clear move above the 0.8615 resistance might push the price higher.

The next main resistance on the upside is near the 0.8650 level, above which the pair could even climb towards 0.8700. On the downside, an initial support is near the 0.8570 level. The next major support is near 0.8550

A downside break below the 0.8550 support might call for more downsides. In the stated case, the pair could decline towards the 0.8500 support level in the near term.

BTCUSD and XRPUSD Technical Analysis – 21st JUNE 2022

BTCUSD – Rounding Bottom Pattern Above $17600
Bitcoin was unable to sustain its bearish momentum and after touching a low of 17678 on 18th June started to correct upwards and is now trading above $21000 handle in the European Trading session.
We can see that after touching an 18-month low the prices of Bitcoin have pulled back due to the buying seen at lower levels from the long-term investors.
Bitcoin entered into a Consolidation channel above the $18000 handle and continues to rise above these levels.
The Global demands for Bitcoin have improved now and the prices are expected to cross $22000 levels.
We can clearly see a Rounding Bottom Pattern Above the $17600 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 66 indicating a STRONGER demand for the Bitcoin at the current market levels.
Bitcoin is now moving Above 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 22000 and 23500.
Average True Range is indicating LESS Market Volatility with a Strong Bullish Momentum.

 

1. Bitcoin Bullish Reversal seen Above $17600.
2. Williams Percent Range is Indicating OVERBOUGHT Levels.
3. The price is now trading just Above its Pivot Levels of $21263.
4. All of the Moving Averages are giving a STRONG BUY market signal.

Bitcoin Bullish Reversal Seen Above $17600

The prices of Bitcoin have entered into a consolidation channel above the $18000 handle and the pullback seen is expected to continue touching levels of $22000.
We can see the formation of a Rising Trend channel above the $18000 handle and now we are looking at the projected levels of $22000 and $24000.
The immediate short-term outlook for Bitcoin is Strong Bullish, Medium-term outlook has turned as Bullish, and the long-term outlook remains Neutral under present market conditions.
Bitcoin continues to consolidate above its important support levels of $21000 and further appreciation in its prices is expected in the US Trading session.
The price of BTCUSD is now facing its Classic resistance levels of 21486 and Fibonacci resistance levels of 21633 after which the path towards 22000 will get cleared.
In the last 24hrs BTCUSD has increased by 3.43% by 705$ and has a 24hr trading volume of USD 32.005 Billion. We can see a Decrease of 12.38% in the Trading volume as compared to yesterday, which is due to the buying by the long-term investors.

The Week Ahead
The prices of Bitcoin are moving in a Strong Bullish momentum and the immediate targets are $22000 and $23500
The Daily RSI is printing at 31 which means that the medium range demand continues to be WEAK.
We can see that the prices of Bitcoin have stabilized above the $21000 handle and now we are looking at the important support levels of $21237 and $21305.
The prices of BTCUSD will need to remain above the important support levels of $21000 this week.
Weekly outlook is projected at $22500 with a consolidation zone of $21000.

Technical Indicators:
Moving Averages Convergence Divergence (12,26): It is at 279 indicating a BUY.
Ultimate Oscillator: It is at 64.37 indicating a BUY.
Rate of Price Change: It is at 5.69 indicating a BUY.
Commodity Channel Index(14days): It is at 171.10 indicating a BUY.

XRPUSD – Doji Star Bullish Pattern Above 0.2872

Ripple was unable to sustain its bearish momentum and after touching a low of 0.2872 started to correct upwards crossing the 0.3200 handle in the European Trading session today.
We can see that prices have crossed the 100-day Moving Average in the 2 hours timeframe indicating that the trend is upwards.
We can see that the prices of Ripple continue to correct upwards, now trading above the 0.3200 handle in the European Trading session today.
We can clearly see a Doji Star Bullish Pattern above the 0.2872 handle which signifies the end of a Downtrend and a shift towards an Uptrend.
The Short-term outlook for Ripple has turned as Strong Bullish, Medium-term outlook is Neutral, and the Long-Term outlook is Neutral under present market conditions.

Relative Strength Index is at 60 which signifies a STRONG demand for the Ripple at the current market prices and the continuation of the Uptrend this week.
All of the Moving Averages are giving a STRONG BUY Signal at the current market levels of 0.3286
Ripple is now trading Below its Pivot levels of 0.3287 and is now facing its Classic Resistance levels of 0.3316 and Fibonacci Resistance levels of 0.3337 after which the path towards 0.3500 will get cleared.
ALL of the Major Technical Indicators are giving a STRONG BUY Signal.

1. Ripple Bullish Reversal seen Above the 0.2872 levels.
2. The Williams Percent Range is indicating OVERBOUGHT levels.
3. Average True Range indicates LESS Market Volatility.
4. The Daily RSI is Below 50 at 38 indicating BEARISH trends.

Ripple Bullish Reversal Seen Above 0.2872

We can see that the prices of Ripple have entered into a consolidation channel above the 0.3200 handle in the European Trading session today.
We can see that the Commodity Channel Index is indicating a Bullish Divergence pattern in the daily time frame.
The recovery that is seen in the prices of Ripple is expected to continue pushing it above the 0.3300 levels.
We can see that XRP touched a Low of 0.3174 in the Asian Trading session and an Intraday High of 0.3309 in the European Trading session today.
The price of XRPUSD has increased by 1.57% with a price change of $0.005065 in the past 24hrs and has a trading volume of 1.223 Billion USD.
We can see a Decrease of 3.68% in the Trading volumes of Ripple as compared to yesterday, which appears to be Normal.

This Week Ahead

The prices of XRPUSD are now moving into a Consolidation Channel above the 0.3200 handle and the next visible targets are 0.3300 and 0.3500
We can see that US SEC case against the Ripple Labs continues to weigh down on its prices and a positive outcome will instill the investor confidence and favor the Bullish trend that we have seen this week.
In the next week Ripple is expected to enter into a fresh wave of buying above the 0.3200 handle
The weekly outlook for Ripple is projected at 0.3350 with a consolidation zone of 0.3200

Technical Indicators:

Moving Averages Convergence Divergence (12,26): It is at 0.002 indicating a BUY.
Average Directional Change(14days): It is at 23.87 indicating a BUY.
Rate of Price Change: It is at 3.28 indicating a BUY.
Ultimate Oscillator: It is at 60.15 indicating a BUY.

EUR/USD Could Rise, USD/JPY Remains In Strong Uptrend


EUR/USD struggled near 1.0580 and corrected lower. USD/JPY is rising and might continue to gain pace towards the 138.00 resistance

Important Takeaways for EUR/USD and USD/JPY

 

1. The Euro started a downside correction after it failed to surpass 1.0580.
2. There is a key bullish trend line forming with support near 1.0505 on the hourly chart of EUR/USD.
3. USD/JPY gained pace after it broke the 135.00 resistance zone.
4. It surpassed a major bearish trend line with resistance near 135.35 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro started a decent recovery wave above the 1.0500 level against the US Dollar. The EUR/USD pair cleared the 1.0520 and 1.0550 resistance levels.
However, the pair faced sellers near the 1.0580 level. A high was formed near 1.0582 on FXOpen and EUR/USD started a downside correction. There was a move below the 1.0520 support and the 50 hourly simple moving average.

EUR/USD Hourly Chart

The pair even spiked below the 50% Fib retracement level of the upward move from the 1.0444 swing low to 1.0582 high. However, the bulls are now protecting the 1.0500 support zone.
There is also a key bullish trend line forming with support near 1.0505 on the hourly chart of EUR/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the 1.0444 swing low to 1.0582 high.
An immediate resistance on the upside is near the 1.0530 level the 50 hourly simple moving average. The next major resistance is near the 1.0550 level. The main resistance is near the 1.0580 level. An upside break above 1.0580 could set the pace for a steady increase.
If not, the pair might drop and test the 1.0480 support. The next major support is near 1.0450, below which the pair could drop to 1.0400 in the near term.

USD/JPY Technical Analysis

The US Dollar started a downside correction from the 135.50 resistance zone against the Japanese Yen. The USD/JPY pair traded below the 133.00 support zone.
It traded as low as 131.49 before the bulls emerged. The pair started a fresh increase above the 132.50 resistance and the 50 hourly simple moving average. There was a break above a major bearish trend line with resistance near 135.35 on the hourly chart.

USD/JPY Hourly Chart

Attached Image (click to enlarge)

The upward move gained pace and the pair traded to a new multi-year high at 136.70. It is now consolidating gains and trading well above the 23.6% Fib retracement level of the upward move from the 131.49 swing low to 136.70 high.
An initial support on the downside is near the 135.50 level. The next major support is near the 134.00 level. It is near the 50% Fib retracement level of the upward move from the 131.49 swing low to 136.70 high.

Any more downsides might lead the pair towards the 132.50 support zone, below which the bears might aim a test of the 130.00 support zone.
On the upside, an initial resistance is near the 136.70 level. The next major resistance is near the 137.20. Any more gains could send the pair towards the 138.00 level. The next key hurdle is near the 140.00 level.

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.

1. Ether Bullish Reversal seen Above the $936 mark.
2. Short-term range appears to be Strongly BULLISH.
3. ETH is poised for an upwards Rally against the US Dollar.
4. 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.

LTCUSD – Bullish Engulfing Pattern Above $41

Litecoin was unable to sustain its bearish momentum last week and after touching a Low of 42.09 on 18th June started to correct upwards against the US Dollar.
We can see a continuous recovery into the markets which has managed to push the prices of Litecoin above the $50 handle in the European Trading session today.
We can clearly see a Bullish Engulfing Pattern Above the $41 handle which is a Bullish pattern and signifies the end of a Bearish phase and the start of a Bullish phase.
Litecoin is now trading Above its 100 hourly Simple moving averages and 200 hourly Exponential moving averages. The price of LTCUSD is just Below its Pivot levels of 55.22
Relative Strength Index is at 64 indicating a STRONG market, and the continuation of the buying pressure this week.
The prices of Litecoin continue to remain Above all of the Moving Averages, which are now giving a STRONG BUY Signal at current market levels of 54.95
Both the STOCH and STOCHRSI are indicating Overbought levels, which means that the prices are due to correct downwards in the short-term range.
The Short-Term outlook for the Litecoin has turned Strong BULLISH.

1. ALL of the Technical Indicators are giving a STRONG BUY Signal.
2. Litecoin Bullish Reversal seen Above the $41 levels.
3. Litecoin consolidation has started above the $54 handle.
4. Average True Range is indicating LESS Market Volatility.

Litecoin Bullish Reversal Seen Above $41

We can see that the prices of Litecoin are now moving in a consolidation channel above the $54 handle in the European Trading session today.
The consolidation pattern is indicating that if the prices continue to remain above the $50 handle, we can see a rise towards the $55 and $60 levels.
The price of LTCUSD is now facing its Classic resistance levels of 55.61 and Fibonacci resistance levels of 56.03 after which the path towards $60 will get cleared.

The Daily RSI is printing at 47 which is indicating a Neutral market and the continuation of the consolidation channel.
LTC has increased by 6.28% with a price change of 3.25$ in the past 24hrs and has a trading volume of 0.643 Billion USD.
Litecoin trading volume has increased by 8.28% as compared to yesterday which appears to be Normal.

The Week Ahead
In this week we are looking at the continuation of the consolidation channel above the $50 handle.
If the prices remain above these levels, we can see some bullish moves in the next week.
The short-term outlook for Litecoin has turned as STRONG BULLISH, the medium-term outlook is NEUTRAL, and the long-term outlook is NEUTRAL at present market conditions.
In this week we are looking at levels of $50 to $55 and in the next week Litecoin is expected to consolidate at levels above $55.

Technical Indicators:
Relative Strength Index(14days): It is at 64 indicating a BUY.
Average Directional Change(14days): It is at 44.84 indicating a BUY.
Rate of Price Change: It is at 7.18 indicating a BUY.
Ultimate Oscillator: It is at 54.42 indicating a BUY.

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

1. Gold price struggled above $1,850 and corrected lower against the US Dollar.
2. There was a break below a key bullish trend line with support near $1,825 on the hourly chart of gold.
3. Crude oil price started a downside correction from the $116 and $118 resistance levels.
4. 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.

Oil Price Technical Analysis

Crude oil price also struggled to stay above the $120 level and started a fresh decline against the US Dollar. The price declined below the $110 support zone to move into a bearish zone.
There was a clear move below the $108 support zone and the 50 hourly simple moving average. The price traded as low as $101.13 and the price is now consolidating losses. There was a move above the 23.6% Fib retracement level of the downward move from the $110.78 swing high to $101.13 low.

Oil Price Hourly Chart

On the upside, the price is facing resistance near the $104.00 level. There is also a major bearish trend line forming with resistance near $104.00 on the hourly chart of XTI/USD.

The next key resistance is near the $106.20 level or the 50% Fib retracement level of the downward move from the $110.78 swing high to $101.13 low, above which the price might accelerate higher towards $108 or even $110.

On the downside, an immediate support is near the $102.20 level. The next major support is near the $101.20 level. If there is a downside break, the price might decline towards $100. Any more losses may perhaps open the doors for a move towards the $95.50 support zone in the coming sessions.

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

 

1. The British Pound is attempting an upside correction from the 1.2150 support zone.
2. There is a key bullish trend line forming with support near 1.2230 on the hourly chart of GBP/USD.
3. USD/CAD started a fresh decline from the 1.3020 resistance zone.
4. 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.

USD/CAD Technical Analysis

The US Dollar started a fresh decline from the 1.3020 zone against the Canadian Dollar. USD/CAD gained pace for a move below the 1.2950 support zone.
There was a break below a connecting bullish trend line with support near 1.2960 on the hourly chart. The pair settled below the 1.2920 level and the 50 hourly simple moving average. A low is formed near 1.2870 and the pair is now consolidating losses.

USD/CAD Hourly Chart

On the upside, the pair is facing resistance near 1.2900 or the 23.6% Fib retracement level of the downward move from the 1.3017 swing high to 1.2870 low.
The next major resistance is near the 1.2940 level or the 50 hourly simple moving average. It is near the 50% Fib retracement level of the downward move from the 1.3017 swing high to 1.2870 low. A clear break above the 1.2940 level could open the doors for more gains. The next major resistance is near the 1.3000 level.
An immediate support is near the 1.2780 level. The first major support is near the 1.2750 level. Any more losses may possibly open the doors for a drop towards the 1.2650 support.

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.

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.

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.

 

1. Bitcoin continues Bullish Momentum Above $19700.
2. Williams Percent Range is Indicating OVERBOUGHT Levels.
3. The price is now trading just Above its Pivot Levels of $20834.
4. 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.

XRPUSD – Bullish Pennant Pattern Above 0.3239

Ripple continues its bullish momentum as the prices continue to move upside now trading above the 0.3400 handle in the European Trading session today.
We can see that prices have crossed the 20-day and 50-day Moving Average in the 15 minutes timeframe indicating that the trend is upwards.
We saw that the prices of Ripple touched a high of 0.3869 on 24th June after which a short-term decline was seen.
We can clearly see a Bullish Pennant Pattern above the 0.3239 handle which is a continuation pattern and signifies an Uptrend.
The Short-term outlook for Ripple has turned as Bullish, Medium-term outlook is Neutral, and the Long-Term outlook is Neutral under present market conditions.
Relative Strength Index is at 46 which signifies a NEUTRAL demand for the Ripple at the current market prices and the continuation of the Consolidation channel this week.
Some of the Moving Averages are giving a BUY Signal at the current market levels of 0.3496
Ripple is now trading Below its Pivot levels of 0.3562 and is now facing its Classic Resistance levels of 0.3641 and Fibonacci Resistance levels of 0.3748 after which the path towards 0.4000 will get cleared.

Most of the Major Technical Indicators are giving a STRONG BUY Signal.

· Ripple Bullish Continuation seen Above the 0.3239 levels.
· The STOCHRSI is indicating OVERBOUGHT levels.
· Average True Range indicates LESS Market Volatility.
· Some of the Technical Indicators are giving a NEUTRAL market signal.

Ripple Bullish Continuation Seen Above 0.3239

We can see that the prices of Ripple have entered into a consolidation channel above the 0.3400 handle in the European Trading session today.
The prices of Ripple continue to remain under pressure today and failed to clear the daily resistance levels of 0.3600.
Ripple is now poised to recover its losses against the US Dollar and is now preparing to stage a recovery above the 0.4000 handle.
We can see that XRP touched a Low of 0.3408 in the European Trading session and an Intraday High of 0.3595 in the Asian Trading session today.
The price of XRPUSD has decreased by 3.46% with a price change of $0.01259 in the past 24hrs and has a trading volume of 0.972 Billion USD.
We can see an Increase of 0.90% in the Trading volumes of Ripple as compared to yesterday, which appears to be Normal.

This Week Ahead

The prices of XRPUSD are now moving into a Consolidation Channel above the 0.3400 handle and the next visible targets are 0.3600 and 0.3800
The investors are awaiting the outcome of the US SEC case against the Ripple Labs, with many analysts maintaining a bullish outlook on its prices and the key rulings in favor of Ripple Labs.
In the next week Ripple is expected to enter into a fresh wave of buying above the 0.3600 handle
The weekly outlook for Ripple is projected at 0.3850 with a consolidation zone of 0.3600

Technical Indicators:

Commodity Channel Index: It is at 64.55 indicating a BUY.
Average Directional Change(14days): It is at 24.92 indicating a BUY.
Rate of Price Change: It is at 9.065 indicating a BUY.
Ultimate Oscillator: It is at 53.46 indicating a BUY.

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

1. The Euro failed to gain pace for a move above the 1.0600 resistance zone against the US Dollar.
2. There was a break below a major bullish trend line with support near 1.0550 on the hourly chart of EUR/USD.
3. USD/CHF also started a fresh decline after it failed to clear the 0.9700 resistance zone.
4. 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.

USD/CHF Technical Analysis

The US Dollar struggled to clear the 0.9700 resistance zone and started a fresh decline against the Swiss franc. The USD/CHF pair traded below the 0.9650 support zone to move into a bearish zone.
The pair even declined below the 0.9600 level and the 50 hourly simple moving average. The recent low is formed near 0.9533 and the pair is now consolidating losses. There was a minor upward move above the 38.2% Fib retracement level of the recent decline from the 0.9620 swing high to 0.9533 low.

USD/CHF Hourly Chart

However, the pair failed to gain pace above the 50% Fib retracement level of the recent decline from the 0.9620 swing high to 0.9533 low.
There is also a key bearish trend line forming with resistance near 0.9565 on the hourly chart. The next major resistance is near the 0.9580 level. If there is a clear break above the 0.9580 resistance zone, the pair could start another increase.
If not, the pair could decline towards the 0.9530 support. The main support is now forming near the 0.9500 level. Any more losses may possibly open the doors for a move towards the 0.9440 level.

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.

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.

 

1. Ether Bearish Reversal seen Below the $1279 mark.
2. Short-term range appears to be Strongly BEARISH.
3. ETH failed to clear its resistance of $1300.
4. 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.

LTCUSD – Bearish Pin Bar Pattern Below $60

Litecoin was unable to sustain its bullish momentum last week and after touching a High of 60.44 on 26th June started to decline heavily against the US Dollar.
We can see the formation of Moving Average Bearish crossover pattern of MA20 and MA50 in the 30 minutes timeframe indicating the Downtrend.
We can clearly see a Bearish Pin Bar Pattern Below the $60 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase.
Litecoin is now trading Below its 100 hourly Simple moving averages and 200 hourly Exponential moving averages. The price of LTCUSD is just Below its Pivot levels of 51.61
Relative Strength Index is at 33 indicating a WEAK market, and the continuation of the selling pressure this week.
The prices of Litecoin continue to remain Below all of the Moving Averages, which are now giving a STRONG SELL Signal at current market levels of 51.27
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.
The Short-Term outlook for the Litecoin has turned Strong BEARISH.

1. ALL of the Technical Indicators are giving a STRONG SELL Signal.
2. Litecoin Bearish Reversal seen Below the $60 levels.
3. Average Directional Change is indicating a Neutral market.
4. Average True Range is indicating HIGH Market Volatility.

Litecoin Bearish Reversal Seen Below $60

We can see that the prices of Litecoin continue to fall and are now trading below the $52 handle in the European Trading session today.
The Commodity Channel Index is indicating Oversold levels which means that the prices are due for an Upwards correction.
Litecoin failed to clear its resistance above $60 and now we are looking at $50 and $48 as the immediate targets.
The price of LTCUSD is now facing its Classic support levels of 50.79 and Fibonacci support levels of 51.38 after which the path towards $50 will get cleared.
The Daily RSI is printing at 42 which is indicating a Neutral market and the continuation of the selling pressure in the medium-term range.
LTC has decreased by 2.01% with a price change of 1.05$ in the past 24hrs and has a trading volume of 0.587 Billion USD.
Litecoin trading volume has increased by 7.40% as compared to yesterday which appears to be Normal.

The Week Ahead

The prices of Litecoin need to remain above the $50 handle for any bullish correction in its levels in the next week.
Litecoin is expected to gain some Bullish traction next week after this decline and we are looking at the possible targets of $55 and $58.
The short-term outlook for Litecoin has turned as STRONG BEARISH, the medium-term outlook is NEUTRAL, and the long-term outlook is NEUTRAL at present market conditions.
In this week we are looking at levels of $50 to $55 and in the next week Litecoin is expected to consolidate at levels above $55.

Technical Indicators:

Relative Strength Index(14days): It is at 33 indicating a SELL.
STOCH (9,6): It is at 40.61 indicating a SELL.
Rate of Price Change: It is at -3.13 indicating a SELL.
Ultimate Oscillator: It is at 42.08 indicating a SELL.

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.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path from the 0.6330 zone against the US Dollar. The NZD/USD pair traded below the 0.6250 support zone to enter a bearish zone.
There was a clear move below the 0.6220 zone and the 50 hourly simple moving average. The pair traded as low as 0.6177 and is currently struggling to recover. On the upside, an initial resistance is near the 0.6205 level.

NZD/USD Hourly Chart

The 38.2% Fib retracement level of the downward move from the 0.6254 swing high to 0.6177 low is also near the 0.6205 level.
The next major resistance is near the 0.6215 level. There is also a major bearish trend line forming with resistance near 0.6215 on the hourly chart of NZD/USD. It is near the 50% Fib retracement level of the downward move from the 0.6254 swing high to 0.6177 low.
A clear move above the 0.6215 level might even push the pair towards the 0.6250 level. If not, the pair might continue lower. On the downside, an initial support is near the 0.6170 level.

The next support could be the 0.6150 zone. If there is a downside break below the 0.6150 support, the pair could extend its decline towards the 0.6100 level.

GBP/USD and GBP/JPY Face Uphill Task

GBP/USD started a fresh decline from the 1.2320 resistance zone. GBP/JPY declined and remains at a risk of more losses below 162.00.

Important Takeaways for GBP/USD and GBP/JPY

 

1. The British Pound started a fresh decline after it failed near 1.2320 against the US Dollar.
2. There is a major bearish trend line forming with resistance near 1.2120 on the hourly chart of GBP/USD.
3. GBP/JPY declined steadily after it failed to clear the 167.00 resistance zone.
4. There is a key bearish trend line forming with resistance near 164.25 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound attempted an upside break above the 1.2320 resistance against the US Dollar. The GBP/USD pair failed to gain bullish momentum and started a fresh decline from the 1.2200 zone.
There was a sharp decline below the 1.2150 support and the 50 hourly simple moving average. The pair even traded below the 1.2000 support zone. A low was formed near 1.1975 on FXOpen before the pair started a recovery wave.

GBP/USD Hourly Chart

The pair climbed above the 1.2050 resistance zone. It even broke the 50% Fib retracement level of the downward move from the 1.2188 swing high to 1.1975 low.
On the upside, the pair is facing resistance near the 1.2110 level. It is near the 61.8% Fib retracement level of the downward move from the 1.2188 swing high to 1.1975 low. There is also a major bearish trend line forming with resistance near 1.2120 on the hourly chart of GBP/USD.
An upside break above 1.2120 could set the pace for a move towards the 1.2200 resistance zone. If there is no upside break above 1.2120, the pair could start a fresh decline.
An immediate support is near the 1.2050. The next major support is near the 1.2000 level. If there is a break below the 1.2000 support, the pair could test the 1.1920 support.

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Excellent analysis.

But there are no GBP news today, so it might not be the big mover..

US Dollar's sustained rally is surprising the markets, especially against Bitcoin



During the past few weeks, the US Dollar has been surprisingly strong against many western majors, notably the Euro and British Pound, despite the American and European economies facing very similar obstacles over the past two years.

This has been a particularly interesting dynamic, especially as the inflation levels among European Union member states, the United Kingdom and the United States are at levels not seen since the 1980s, and the geopolitical circumstances foist upon the citizens are similar.
The US Dollar also lost part of its status as a settlement instrument for global oil and gas purchasing a few months ago when the Russian government rolled out a new policy that ensures all Western buyers of oil and gas from Russia settle their deliveries in Rubles.
Despite all of this, the US Dollar has been performing well against its major peers, and perhaps more interestingly, against Bitcoin, too.
Last year, analysts in Wall Street predicted that the Bitcoin would go to $150,000 in value over the 'next few months'. This has not happened and in reality, Bitcoin' inverse correlation with the US Dollar actually hit a 17-month high yesterday.
It is unusual for analysts within Tier 1 banks in Wall Street to make incorrect predictions. They were right about the oil prices, afterall, when many analysts said in the summer of 2021 that Brent Crude would go to $80 per barrel by the autumn, as that is exactly what happened.
However, when it comes to Bitcoin, things have been less predictable, even by experts who have the credibility of a Tier 1 investment bank to uphold.
Bitcoin's current relatively low value has become a sustained circumstance, and now, market analysts are starting to comment that the US Dollar rally may either stll or correct by the end of 2022 against its fiat currency peers, which in turn may benefit Bitcoin.
This goes some way toward suggesting that Bitcoin is now almost behaving like an established currency in that its movements are less volatile than previously and than some altcoins, and that its future performance is being viewed via the same lens as the future performance of other major fiat currencies against the US dollar.

Importantly, the weekly correlation coefficient between Bitcoin and the US Dollar dropped to 0.77 below zero in the week ending July 3, its lowest in seventeen months.

It appears that investors are more confident in the performance of stock market indices than currencies during a time at which the central banks of Europe and the United States are engaged in interest rate increases as attempts to curb inflation.
The Federal Reserve Bank has invoked a series of rate hikes, as have the Bank of England and even the European Central Bank recently which invoked its first rate hike for several years.

Therefore, the currency market is in focus, and Bitcoin has lost 60% of its value so far in 2022, whereas the NASDAQ composite index, which is the home of many publicly listed technology companies, has only declined in returns by 29% over the same period.
As far as measuring the US Dollar against other currencies is concerned, the US Dollar is in a very good position as the US dollar index (DXY), which is a metric that measures its strength against a basket of top foreign currencies, has been recently consistent around its January 2003 highs of 105.78.
The fervent influx of new Bitcoin investors who took to the cryptocurrency market in 2021 after Elon Musk's famous tweet which collapsed the value of 5 popular cryptocurrencies by almost a trillion dollars has subsided. These were analytical investors who 'bought the dip' realizing that soon it would correct, and it did, soon after Elon Musk put out another tweet saying that the environmental factors he had previously cited had been resolved.
This level of volatility has not been experienced this year, and there are even market pundits saying that Bitcoin may have 'bottomed out', with one on-chain indicator predicting that Bitcoin could go to $15,600 as a low point this year.
It is an interesting time, and the fiat currency volatility, especially that of the US Dollar, and the tinderbox situation of many western economies plus the stagnancy of Bitcoin is a conundrum of a different nature to that of just a year ago.

FXOpen Blog

BTCUSD and XRPUSD Technical Analysis – 05th JULY 2022



BTCUSD: Bullish Doji Star Pattern Above $18900

Bitcoin was unable to sustain its bullish momentum last week and started to decline against the US dollar touching a low of 18646 on 30th June, after which we can see some correction in its levels above the $19000 handle.
The prices of bitcoin started to reverse, confirming the bullish tone in the markets. We can see a shift towards the consolidation channel above the $19500 handle in the European trading session today.
We can clearly see a bullish doji star pattern above the $18900 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.
The relative strength index is at 56 indicating a STRONG demand for bitcoin at the current market levels.
Bitcoin is now moving below its 100 hourly simple moving average and its 200 hourly simple moving average.
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 20500 and 22000.
The average true range is indicating less market volatility with a bullish momentum.

 

1. Bitcoin: bullish reversal seen above $18900
2. The Williams percent range is indicating an overbought level
3. The price is now trading just below its pivot level of $20266
4. Some of the moving averages are giving a buy market signal

Bitcoin: Bullish Reversal Seen Above $18900

The price of Bitcoin has entered into a consolidation channel above the $19000 handle and the continuation of the bullish momentum above the $19500 level.
The global sentiments continue to improve, and now the prices are forming an ascending channel above the $19000 level.
A bullish run is expected up to the level of $24821 as indicated by the simple MA 200, after which we will see some downwards correction.
The on-chain activity has increased which points to a potential bullish nature of the prevailing market conditions.
The immediate short-term outlook for bitcoin is Bullish; the medium-term outlook has turned neutral; and the long-term outlook remains neutral under present market conditions.

Bitcoin is finding support above the $18500 level as the prices continue to remain above these levels during the bearish phase of the markets.
The price of BTCUSD is now facing its classic resistance level of 20365 and Fibonacci resistance level of 20527 after which the path towards 21000 will get cleared.
In the last 24hrs, BTCUSD has increased by 3.89% by 745$ and has a 24hr trading volume of USD 24.759 billion. We can see an increase of 61.73% in the trading volume as compared to yesterday, which is due to the buying seen at lower levels by the medium-term Investors.

The Week Ahead

The price of bitcoin is moving in a bullish momentum, and the immediate targets are $20500 and $21500. The daily RSI is printing at 35 which means that the medium range demand continues to be weak.
We can see that the prices of bitcoin have stabilized above the $19000 handle, and now we are looking at the important support levels of $18847 and $19150.
The price of BTCUSD will need to remain above the important support level of $19000 this week.
The weekly outlook is projected at $22500 with a consolidation zone of $20500.

Technical Indicators:

The average directional change (14 days): at 33.00 indicating a BUY
The ultimate oscillator: at 51.57 indicating a BUY
The rate of price change: at 3.075 indicating a BUY
The commodity channel index (14 days): at 92.63 indicating a BUY

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