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NZDUSD Technical Analysis – 17-September-2024

FxNews—The New Zealand dollar tested the 100-period simple moving average and the descending trendline at approximately $0.620 in today’s trading session.
The 4-hour chart below demonstrates the NZD/USD price, support, resistance levels, and technical indicators used in today’s analysis.

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USDJPY Technical Analysis – 17-September-2024

FxNews—The U.S. dollar is in a bear market against the Japanese yen. As of this writing, the USD/JPY currency pair tests the 140.3 (December 2023 Low) support, while the relative strength index and stochastic are oversold.

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USDCAD Technical Analysis – 17-September-2024

FxNews—The U.S. dollar price is rising against the Canadian dollar from 1.343, the August 28 low. However, the currency pair has been sideways, slightly above the 23.6% Fibonacci retracement level for almost a week.

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Crude Oil Technical Analysis – 17-September-2024

FxNews—WTI Crude Oil is surpassing the immediate resistance at $70.5 and is trading at approximately $70.8 as of this writing. The Oil 4-hour chart below shows that the bulls are trying to fill the ‘fair value’ gap between $70.5 and $72.1.

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USDDKK Forecast – 18-September-2024

FxNews—The American currency is in a bear market against the Danish Krone, trading below the 50- and 100-period simple moving averages at approximately 6.7 in today’s session.

This decline in the USD/DKK was expected because a bearish Gartley pattern emerged in the 4-hour chart last week.

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Ripple Technical Analysis – 18-September-2024

FxNews—Ripple (XRP) trades in a bullish channel, but the 4-hour chart has formed a bearish butterfly pattern, a sell signal. The MACD value is declining, and the indicator is about to flip below the signal line, strengthening the bear market.

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USDHKD Forecast – 20-September-2024

FxNews—The American dollar has been experiencing a bullish wave since the low of 19.06 (September 18) against the Mexican peso. The uptick momentum resulted in the USD/MXN currency pair closing above 19.41 in today’s trading session, and it is trading at about 19.45 as of this writing.

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USDNOK Forecast – 23-September-2024

FxNews—The American dollar is in a downtrend against the Norwegian Krone, testing the June 6 low at 10.43. This development in the USD/NOK price resulted in the Awesome oscillator forming a divergence signal in the daily chart, meaning the trend can potentially reverse or consolidate near the upper resistance levels.

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USD/JPY Recent SMA Golden Cross Signal Explained

FxNews—The USD/JPY consolidation phase eased near the upper line of the bearish flag and is currently testing the immediate support at 143.4. Meanwhile, the Stochastic oscillator has entered the overbought territory, signaling an overbought condition. Additionally, the Awesome Oscillator histogram has turned red, indicating that the bear market is strengthening.

Price Forecast

If the bears (sellers) close and cross below the 143.4 support, the downtrend will likely be triggered. In this scenario, the next bearish target could be the 50-period simple moving average, followed by 140.3.

Bullish Scenario
Despite the AO indicator's recent bar turning red and the Stochastic's overbought signal, the USD/JPY price remains above the 50- and 100-period simple moving averages. However, for the bull market to resume, the price must stabilize above the descending trendline.

If this scenario unfolds, the consolidation phase could extend to 146.8, followed by 149.4.

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USDPLN Forecast – 23-September-2024

FxNews—Last week, the U.S. dollar bulls failed to maintain a position above the 100-period simple moving average against the Polish Zloty. As a result, the USD/PLN downtrend was triggered again after the price peaked at 3.91 (August 15 High).

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Bitcoin Technical Analysis – 24-September-2024

FxMews—Bitcoin’s uptrend eased when the price neared the August high of around $65,000. As of this writing, the digital gold is testing the August 9 high at $62,770, trading at approximately $63,400.

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Solana Consolidates After Breaking Resistance

FxNews—Solana is in a bull market, trading above the 50-period simple moving average and the $149 immediate resistance. Meanwhile, the Awesome oscillator signals divergence, meaning the Solana price can potentially consolidate near the lower support levels.


Forecast

Today's decline in the Solana price can expand to $140 if the bears (sellers) close below the ascending trendline in the 4-hour chart. If this scenario unfolds, the $140 mark, which coincides with the 50-SMA, can provide a decent bid for retail traders to join the bull market.

The outlook for the ADA/USD trend remains bullish as long as the price is above $140. That said, the next bullish target will likely be the August 2024 high at $162.

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Cardano Analysis – 25-September-2024

FxNews—Cardano is in a bull market. Yesterday, the cryptocurrency in discussion entered a minor consolidation phase after the price peaked at $0.393. As of this writing, ADA/USD is trading at approximately $0.382.

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Solana Technical Analysis – 26-September-2024

FxNews—Solana trades in an uptrend at approximately $150.7. Yesterday, the SOL/USD failed to stabilize below the $149 support, and as a result, the uptick momentum resumed.

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EURUSD Technical Analysis – 26-September-2024

FxNews—The European currency trades sideways and below the $1.12 (August 26 High) resistance against the U.S. dollar. As of this writing, the pair is testing the 50-period simple moving average in the 4-hour chart at approximately $1.113.

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USD/CHF Signals Sell Amid Gartley Pattern

FxNews—The USD/CHF currency pair has formed a Gartley harmonic pattern on the 4-hour chart, signaling a sell. Immediate resistance lies at 0.851.

The downtrend is likely to resume, targeting 0.842, provided that the bears hold their position firmly below 0.851.

Conversely, the bearish outlook will be invalidated if the USD/CHF price exceeds 0.851. In this scenario, the bullish wave that began from 0.842 has the potential to target 0.854.

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NZDUSD Technical Analysis – 27-September-2024

FxNews—The New Zealand dollar is in an uptrend against the U.S. dollar, trading above the 50- and 100-period simple moving averages. As of this writing, the NZD/USD pair trades at approximately $0.63, testing the September 29 high.

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USDJPY Technical Analysis – 27-September-2024

FxNews—The U.S. dollar is in a downtrend against the Japanese yen. Recently, the USD/JPY bulls pulled the price above the 50- and 100-period simple moving averages, resulting in a golden cross signal.

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Crude Oil Signals Consolidation Phase Ahead

FxNews—Crude Oil crossed below the $68.5 support, but the market is still oversold, as the Stochastic oscillator hovers below 20. The Awesome oscillator also signals divergence, meaning the Oil price can consolidate near the upper resistance levels.

Forecast

It is not advisable to go short when a market is oversold. Hence, we suggest traders and investors wait patiently for the price to complete the consolidation phase.
That said, the $70 resistance provides a decent ask price to join the bear market. Therefore, traders and investors should monitor this level for bearish signals, such as a shooting star candlestick or a bearish engulfing pattern.

Please note that the Oil market will remain bearish as long as the price is below the 100-period simple moving average.

USDCAD Technical Analysis – 30-September-2024

FxNews—The U.S. Dollar is erasing some of its recent losses against the Canadian currency, although the primary trend remains bearish. As of this writing, the USD/CAD currency pair tested and dipped from the 1.353 level (the September 19 low), trading at approximately 1.351 in today’s session.

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