Daily Market Analysis By FXOpen

LTCUSD Technical Analysis on April 20, 2023



Bearish Engulfing Pattern Is Below $103.38


Bulls couldn't keep control of the market last week, and after touching a high of $103.38 on 18 April, the price declined against the US Dollar, touching a low of $89.06 today in the early Asian trading session.
There is a bearish engulfing pattern below the $103.38 handle on the H1 timeframe. It signifies the end of a bullish phase and the start of a bearish phase in the market.
The MACD has crossed down its moving average in the daily timeframe. Also, Litecoin is trading below its 100-hour simple moving average, 200-hour exponential moving average, and pivot level of $91.04.
The relative strength index is at 30.14, indicating very weak demand for Litecoin and the continuation of the selling pressure in the markets.
Litecoin remains below all of the moving averages, which are giving a bearish signal at current market levels of $90.37.
The STOCHRSI is signaling overbought market conditions, which means that the price is expected to decline in the short term.
The short-term outlook for Litecoin has turned strongly bearish.

1. All technical indicators a bearish
2. Litecoin bearish reversal is seen below the $103.38 level.
3. The RSI is bearish.
4. The average true range indicates low market volatility.

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Technical Analysis on April 21, 2023



AUD/USD and NZD/USD At Risk of More Losses

AUD/USD started a fresh decline from the 0.6770 resistance zone. NZD/USD is also moving lower and might decline below the 0.6150 support.
Important Takeaways for AUD/USD and NZD/USD

 

1. The Aussie Dollar started a fresh decline below the 0.6740 support against the US Dollar.
2. There is a key bullish trend line forming with support at 0.6715 on the hourly chart of AUD/USD at FXOpen.
3. NZD/USD failed to clear the 0.6220 resistance zone and reacted to the downside.
4. There is a major bearish trend line forming with resistance near 0.6180 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair faced rejection near 0.6770. The Aussie dollar started a fresh decline and traded below the 0.6740 support against the US Dollar.
There was a move below the 61.8% Fib retracement level of the upward move from the 0.6697 swing low to the 0.6771 high. It is now trading below the 50-hour simple moving average. It seems like there is a major support waiting near a key bullish trend line with support at 0.6715.
The trend line coincides with the 76.4% Fib retracement level of the upward move from the 0.6697 swing low to the 0.6771 high. If there is a downside break below the trend line, the pair could decline toward 0.6690.
The next support could be the 0.6660 level, below which the bears could aim for a test of the 0.6600 zone in the coming days.
On the upside, the AUD/USD pair is facing resistance near the 0.6740 level. The next major resistance is near the 0.6770 level. A close above the 0.6770 level could start another steady increase in the near term. The next major resistance could be 0.6850.

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Watch FXOpen's April 17 - 21 Weekly Market Wrap Video

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

 

1. Swiss tsunami rips through global markets: FTSE 100 wipeout noticeable
2. Abnormal balance in energy markets
3. FTSE 100 is back on track, but 8,000 points are still out of reach
4. European stocks at historic highs
5. NASDAQ hangs in the doldrums despite optimism around big tech earnings

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

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GBP/USD Eyes Bullish Breakout While EUR/GBP Consolidates Losses



GBP/USD is eyeing a key upside break above the 1.2470 resistance zone. EUR/GBP is now consolidating losses above the 0.8825 support.

Important Takeaways for GBP/USD and EUR/GBP

 

1. The British Pound is slowly moving higher from the 1.2365 support against the US Dollar.
2. There is a key bearish trend line forming with resistance near 1.2440 on the hourly chart of GBP/USD at FXOpen.
3. EUR/GBP started a downside correction from the 0.8860 resistance zone.
4. There is a major bullish trend line forming with support near 0.8825 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair found support near the 1.2365 zone. The British Pound formed a base and started a decent increase above the 1.2400 resistance against the US Dollar.
The pair even spiked above 1.2440 and the 50-hour simple moving average. However, upsides remained capped near the 1.2470 zone. The pair is now consolidating near the 50-hour simple moving average and the 23.6% Fib retracement level of the upward move from the 1.2367 swing low to the 1.2451 high.
On the downside, there is a major support forming near the 61.8% Fib retracement level of the upward move from the 1.2367 swing low to the 1.2451 high at 1.2400.

The next major support is near the 1.2365 level. If there is a downside break below the 1.2365 support, there is a risk of a sharp decline. In the stated case, GBP/USD may perhaps revisit the 1.2300 support. Any more losses could lead the pair toward the 1.2250 support.
On the upside, resistance is near a key bearish trend line at 1.2440. The pair might attempt a fresh increase if the RSI stays above 50. The next major resistance is near the 1.2470 level. A clear move above the 1.2470 level could spark a rally toward the 1.2540 level.

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BTC/USD: Bullish Engulfing Pattern Above $26,981



Bitcoin continues its bullish momentum from last week, and after touching a low of $26,981 on April 24, we can see a move towards a consolidation phase, after which we are expecting upsides in the range of $28500 and $302000.
We can clearly see a bullish engulfing pattern above the $26,981 handle on the H1 timeframe.
Bitcoin continues to move in a consolidation phase, after which we can see upside moves towards the $28,000 handle.
Both the STOCH and Williams’ percent range indicate overbought levels, which means that in the immediate short term, a decline in the price is expected.
We can also see the formation of bullish Harami pattern in the 1, 2 and 4 hourly timeframes.
The relative strength index is at 58.23, indicating a strong demand for Bitcoin and the continuation of the buying pressure in the markets.
Bitcoin is now moving above its 200-hour exponential moving average and above its 200-hour exponential moving average.
Most of the major technical indicators are giving a bullish signal, which means that in the immediate short term, we are expecting targets of $28,500 and $30,000.
The average true range indicates high market volatility with mild bullish momentum.

 

1. Bitcoin bullish continuation is seen above $26,981.
2. The RSI remains above 50, indicating a bullish market.
3. The price is now trading below its pivot level of $28,516.
4. The short-term range is mildly bullish.
5. Some major technical indicators signal that the price may move to $28,000 and $29,500 soon.

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XRP/USD: Three Inside UP Pattern is Above $0.4404



Last week, the market sentiment remained indecisive after Ripple touched a low of $0.4404 on April 21 and started to correct upwards. The market opened bullish this week.

On the hourly chart:

1. The relative strength index is at 53.79, which signifies a neutral demand for Ripple at the current market prices and the continuation of the bullish phase in the market.
2. Moving averages signal an upward price movement at the current market level of 0.4556.
3. Both the STOCHRSI and Williams’s percent range are in the neutral zones, which means the price is expected to consolidate further.
4. Ripple is now trading just below its pivot level of 0.4560 and is facing its classic resistance at 0.4574 and facing Fibonacci resistance at 0.4587, after which it will be able to move towards 0.4800.
5. The prices are ranging near the horizontal support.
6. CCI indicator is giving a bullish divergence signal.

Some of the major technical indicators are bullish.

1. Ripple bullish reversal is seen above 0.4404.
2. The price is below its pivot level.
3. Average true range indicates High volatility.

We have also detected that MACD crosses UP its moving average in the 15-minutes timeframe.

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EUR/USD Corrects Gains While USD/CHF Signals Upside Break



EUR/USD started a downside correction from the 1.1070 resistance. USD/CHF is rising and might aim for more gains above the 0.8930 resistance.

Important Takeaways for EUR/USD and USD/CHF

1. The Euro started a fresh decline from the 1.1070 resistance against the US Dollar.
2. There is a key bullish trend line forming with support near 1.0970 on the hourly chart of EUR/USD at FXOpen.
3. USD/CHF started a fresh increase above the 0.8900 resistance zone.
4. There was a break above a major bearish trend line with resistance near 0.8895 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair faced rejection near the 1.1070 level. The Euro started a downside correction from the 1.1072 resistance against the US Dollar.
There was a move below the 50-hour simple moving average at 1.1015. The pair dipped below the 1.1000 support before the bulls appeared near 1.0970 when the RSI reached oversold conditions. There is also a key bullish trend line forming with support near 1.0970.
The pair is now consolidating and facing resistance near the 1.1000 level. The first major resistance is near the 50-hour simple moving average at 1.1015. It coincides with the 50% Fib retracement level of the downward move from the 1.1067 swing high to the 1.0964 low.
An upside break above the 1.1015 level might send the pair toward the 76.4% Fib retracement level of the downward move from the 1.1067 swing high to the 1.0964 low.

The next major resistance is near the 1.1070 level. Any more gains might open the doors for a move toward the 1.1120 level. If there is no move above 1.1015, the pair might start a fresh decline. On the downside, immediate support is near the trend line at 1.0970.
The next major support is near the 1.0945 level. A downside break below the 1.0945 support could start a steady decline toward the 1.0910 level.

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AUDUSD Analysis: Breakout of Important Support



Yesterday's report showed that inflation in Australia in the first quarter of 2023 fell from a 33-year high. The consumer price index rose only by 1.4% in annual terms, although analysts had expected +1.9%.
Now market participants are focusing on the meeting of the Reserve Bank of Australia on May 2; it is expected that it will resume raising rates and thereby complete the pause made after a series of 10 increases.
Reacting to the news, the Australian dollar broke through the low of April, while the daily AUDUSD chart shows that the market as a whole looks weak, because:
→ important support (1), which has been in effect since autumn 2022, has been breached;
→ rebounds from this line were weak, the price did not reach the median line (2);
→ MA (200) points down.
The bears may make even more progress today, as at 15:30 (GMT+3) the US GDP and unemployment news will be published, which may strengthen the USD.




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



Bulls were able to take control of the market, and after touching a low of $1,786 on 26 April, the ETH/USD pair is showing bullish momentum, touching a high of $1,938 today in the early Asian trading session.
ETHUSD is under mild bullish pressure after its decline below the $1,800 handle due to improved investor sentiment and support seen at lower levels.
The morning star pattern is above the $1,786 handle on the H1 timeframe. It's a bullish pattern, which signifies the end of a bearish phase.
The price is above the Ichimoku cloud in the 15-minutes timeframe.
ETH is back above the pivot point, indicating the bullish pressure in the market.
The relative strength index is at 57.13, indicating a strong demand for Ether and a continuation of the buying pressure in the market.
The STOCHRSI is giving neutral, meaning that the price is expected to enter into a consolidation zone in the short-term range.
We also detected the formation of the bullish trend reversal pattern with the 50-period moving average in the 15-minutes timeframe.
Most of the technical indicators are bullish. Most moving averages are bullish at the current market level of $1,885.
ETH is now trading above the 200-hour simple and 200-hour exponential moving averages.

 

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

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LTCUSD Analysis: Inverted Hammer Pattern Is above $84.29



Bulls were able to take control of the market last week, and after touching a low of $84.29 on 26 April, the price started to correct upwards against the US Dollar.
There is an inverted hammer pattern above the $84.29 handle on the H1 timeframe. It signifies the end of a bearish phase and the start of a bullish phase in the market.
The momentum indicator is back over zero in the H1 timeframe, indicating a bullish trend. There is also an upside gap located in the 15-minutes timeframe, which indicates the bullish nature of the market. We can see the formation of the Doji candle in the D1 timeframe, indicating the neutral tone of the market.
Also, Litecoin is trading below its 100-hour simple moving average, 200-hour exponential moving average, and pivot level of $91.57.
The relative strength index is at 53.164, indicating a neural demand for Litecoin and the shift towards the consolidation zone in the markets.
Litecoin remains above some of the moving averages, which is a bullish signal at the current market level of $88.33.
The CCI is signaling neutral market conditions, which means that the price is expected to move in a narrow range in the short term.
The short-term outlook for Litecoin has turned mildly bullish.

 

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

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Gold Price and Crude Oil Price Face Key Hurdles



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

Important Takeaways for Gold and Oil

 

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

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed a base above the $1,976 support zone. The price started a decent increase and was able to clear the $2,003 resistance zone.
However, the bears were active near the $2,010 resistance. There were more than two attempts to clear the $2,010 resistance but the bulls failed. It reacted to the downside and retested the $1,976 support.
The price is now rising and trading near the 50% Fib retracement level of the recent decline from the $2,003 swing high to the $1,974 low. Initial support on the downside is near a key bullish trend line at $1,982.
The first major support is near the $1,976 level. The main support sits near the $1,971 level. If there is a downside break below the $1,971 support, the price might decline heavily.
The next major support is near $1,960, below which the bulls could aim for a test of $1,950. On the upside, the bulls are facing resistance near the 50-hour simple moving average at $1,992. It coincides with the 61.8% Fib retracement level of the recent decline from the $2,003 swing high to the $1,974 low.
An upside break above the $1,992 resistance could send the price toward $2,003. Any more gains may perhaps set the pace for an increase toward the $2,010 level.

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EURJPY Climbs to Its Highest in Over 8 Years



On Friday morning, the EURJPY rose above 149 yen per euro on news from Japan. There, unemployment rose to 2.8% (expected 2.5%, last month 2.6%, a year ago 2.6%), it was higher only in the summer of 2021 (2.9%).
Market participants also followed the meeting of the Bank of Japan, which is now managed by Kazuo Ueda. As expected, the Bank of Japan said it would maintain ultra-low interest rates. However, at the same time it became known that the bank will conduct a "broad review of monetary policy."
It is possible that this revision will lay the groundwork for Kazuo Ueda's phasing out of the massive stimulus program pursued by his predecessor.
Perhaps the level of 148 yen per euro (1), which previously served as resistance, will now become a support for the bulls to try to break through the psychological mark of 150 yen per euro. In 2014, this mark turned out to be unattainable for them.




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Watch FXOpen's April 24 - 28 Weekly Market Wrap Video


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

 

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

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Unexpected Interest Rate Hike In Australia Strengthens AUD



According to Reuters, market participants were waiting for a pause in a series of interest rate hikes, as the data showed a slowdown in inflation. However, the Reserve Bank of Australia on Tuesday raised the rate by 25 basis points.
"Inflation in Australia has passed its peak, but at 7 percent is still too high and it will be some time yet before it is back in the target range," said governor Philip Lowe.

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




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BTCUSD Analysis: Shooting Star Pattern below $29,961



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

We can clearly see a shooting star pattern below the $29,961 handle on the H1 timeframe.
Bitcoin continues to move in a correction phase after crossing the $29,000 level, which is indicative of weakness in the immediate short term.
Both the STOCH and STOCHRSI are in overbought zones, which means that in the immediate short term, a decline in the price is expected.
We can see a bearish opening of the markets this week. The prices of Bitcoin are ranging near a new 1-month low.

The relative strength index is at 38.41, indicating very weak demand for Bitcoin and the continuation of the selling pressure in the market.
Bitcoin is now moving below 100-hour and 200-hour exponential moving averages.

Most of the major technical indicators are bearish, which means that in the immediate short term, we can expect a fall to $27,500 and $27,000.
The average true range indicates less market volatility with mild bearish momentum.

 

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

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XRPUSD Analysis: Bearish Harami Pattern Is below $0.4869



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

On the hourly chart:

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

Some of the major technical indicators are bearish.

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

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

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



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

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

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair formed a base above the 1.0945 level. The Euro started a fresh increase above the 1.0965 resistance against the US Dollar.
There was a move above a key bearish trend line with resistance near 1.1000 and the 50-hour simple moving average. The pair is now trading above the 50% Fib retracement level of the downward move from the 1.1095 swing high to the 1.0972 low.
It is now facing resistance near the 61.8% Fib retracement level of the downward move from the 1.1095 swing high to the 1.0972 low at 1.1035.
The next major resistance is near the 1.1070 level. An upside break above 1.1070 could set the pace for another increase considering the hourly RSI is positioned nicely above 50. In the stated case, the pair might visit 1.1120. Any more gains might send the pair towards 1.1150.
If not, EUR/USD might start another decline from 1.1035. Initial support sits near the 1.1000 level. The first major support is near the 1.0965 level, below which the pair could start a major decline. In the stated case, the pair might dive toward the 1.0880 support zone.

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



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

Back in the 1970s, the famous' oil crisis' was caused by members of the OPEC oil-producing nations in the Middle East invoking a trade embargo against the United States following the 1973 Yom Kippur War, which took place between the State of Israel and some of its neighbours.
The result was extremely high oil prices across Western nations, particularly the United States, due to a lack of supply that could not meet the demand and fuel-saving measures such as the introduction of a 55-mile-per-hour speed limit for motor vehicles.
Due to its nature as a consumable commodity, oil is not only a tradeable asset but also an energy product, and the oil-producing nations can use it as a bargaining tool on the political table.

Over the past year, the price of crude oil has varied dramatically due to the trade sanctions placed on the Russian Federation by North American and European nations, which have meant that Russian oil companies have not been able to access their bank accounts in which oil supply is usually settled in such nations, hence the need for Western customers to settle directly in rubles to bank accounts in Russia, or to have to face restricted supplies.
More recently, just one month ago, Saudi Arabian oil giants reported that they intended to scale back oil production by as much as 500,000 barrels per day in an effort to bolster oil prices as part of a large-scale attempt by OPEC+ nations.
The status quo has now largely been accepted, and oil supply has been generally steady worldwide, with price fluctuations now part of the trading landscape and the everyday reality for consumers.
In Britain, the government introduced a 'cost of living allowance,' payable to many members of the public, in order to assist with the ongoing cost of living crisis, in which the cost of fuel to heat homes or drive to work are both important factors.
This week, however, the price of oil has dropped significantly. Brent Crude took a sudden dive in price yesterday from $77.03 per barrel at 8.30 am during the European trading session to $73.60 during the night.

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EURUSD Analysis: Market Reaction To The Fed's Decision



The Fed raised the rate yesterday by 0.25%, to 5.25%.
→ Now market participants expect a pause in the tightening policy. Moreover, the WSJ is hinting that the rate hike cycle may already be over.
→ According to Powell, it is important to raise the US debt ceiling, but not just raise it, but raise it on time (that is, not drag it out).
→ The Fed believes that the banking system is reliable and there is no cause for concern (by the way, PacWest bank shares fell 50% yesterday — bank management is considering selling it).
Although the decision was expected, it caused increased volatility:
→ US stock market indexes declined.
→ Gold jumped in price.
→ The US dollar index fell to dollar lows. Accordingly, the major currencies rose against the USD.




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ETHUSD Analysis: Bullish Engulfing Pattern above $1,805



Bulls were able to take control of the market, and after touching a low of $1,805 on May 1, the ETH/USD pair moved upwards, touching a high of $1,916 today in the early Asian trading session. The bullish engulfing pattern is above the $1,805 handle on the H1 timeframe. It's a bullish pattern, which signifies the end of a bearish phase.
The market opened bullish this week. The ETH price remains well supported above the $1,800 level and is back above the pivot point.
The relative strength index is at 61.03, indicating a strong demand for Ether and a continuation of the buying pressure in the market.
Both the STOCH and CCI are neutral, meaning that the price is expected to enter into a consolidation zone in the short-term range.
A bullish reversal pattern with the 50-period moving average in the 2-hour timeframe was formed.
Most of the technical indicators are bullish. Most moving averages are bullish at the current Ethereum price of $1,899.
ETH is now trading above the 100-hour simple and 200-hour exponential moving averages.

 

1. ETH price is showing a bullish reversal above the $1,805 mark.
2. The short-term range is expected to be mildly bullish.
3. The average true range indicates low market volatility.
4. The ETH price ranges near the support of the channel.

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