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GBP/USD and EUR/GBP Could Extend Decline GBP/USD started a fresh decline from well above the 1.3350 level. EUR/GBP is also declining and trading below the 0.8250 support zone. Important Takeaways for GBP/USD and EUR/GBP The British Pound started a fresh decline from well above 1.3350 against the US Dollar. There was a break below a connecting bullish trend line with support near 1.3325 on the hourly chart of GBP/USD. EUR/GBP failed to stay above 0.8300 and started a fresh decline. There is a major bearish trend line forming with resistance near 0.8250 on the hourly chart. GBP/USD Technical Analysis The British Pound struggled to settle above the 1.3400 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3350 support zone. There was a clear move below the 1.3280 level and the 50 hourly simple moving average. The bears pushed the pair below the 1.3200 level. A low is formed near 1.3185 on FXOpen and the pair is now consolidating losses. GBP/USD Hourly Chart On the upside, an initial resistance is near the 1.3240 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.3417 swing high to 1.3185 low. The next main resistance is near the 1.3280 zone (the previous support). If there is an upside break above the 1.3280 resistance, the price could test 1.3300 or the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.3417 swing high to 1.3185 low. If there is no upside break, the pair could extend losses below the 1.3185 low. The first key support is near the 1.3150 level. Any more losses could lead the pair towards the 1.3120 support zone. The next major support sits near the 1.3050 level. Read Full on FXOpen Company Blog...

AUD/USD and NZD/USD Aim Upside Break AUD/USD started a fresh increase from the 0.7100 zone. NZD/USD is also rising and there was a clear move above the 0.6950 resistance. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a fresh increase after it cleared 0.7150 against the US Dollar. There is a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD. NZD/USD also climbed higher after forming a base above the 0.6650 level. There is a major bullish trend line forming with support near 0.6795 on the hourly chart of NZD/USD. AUD/USD Technical Analysis The Aussie Dollar found support near the 0.7100 zone against the US Dollar. The AUD/USD pair traded as low as 0.7094 on FXOpen before it started a fresh increase. There was a clear move above the 0.7120 and 0.7200 resistance levels. The pair surged above the 0.7250 level and the 50 hourly simple moving average. The pair even broke the 0.7300 resistance zone and traded as high as 0.7347. AUD/USD Hourly Chart It is now consolidating gains below 0.7350. On the downside, an initial support is near the 0.7310 level. There is also a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD. The next support could be the 50 hourly simple moving average or the 23.6% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high. If there is a downside break below the 0.7285 support, the pair could extend its decline towards the 0.7220 level. The 50% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high is also near the 0.7220 zone. Any more downsides might send the pair toward the 0.7180 level. On the upside, the AUD/USD pair is facing resistance near the 0.7350 level. The next major resistance is near the 0.7380 level. A close above the 0.7380 level could start a steady increase in the near term. The next major resistance could be 0.7450. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 03rd MAR, 2022 ETHUSD: Bullish Engulfing Pattern above $2,550 Ethereum had a major bearish correction last month when it declined below the $3,000 handle after touching a high of $3,268 on February 9th. This week, ETHUSD started in the consolidation phase after which it had a bullish reversal towards the $2,700 handle and touched an intraday high of $2,982 in today’s Asian trading session. We can clearly see a bullish engulfing pattern above $2,550 which signifies a trend reversal, and we have already seen ETHUSD crossing the level of $2,700. We saw the price of Ethereum retracting from its highs due to some profit taking, but the bullish channel continues now, and we are aiming for the upside of $2,900 and $3,100 in this week. ETH is now trading just below its pivot level of $2,967 and moving in a mildly bullish momentum. The price of ETHUSD is now facing its classic resistance level of $3,020 and its Fibonacci resistance level of $3,094, and is now aiming towards the $3,100 handle in the US trading session. The moving averages are giving a BUY signal. ETH is now trading below both the 100 hourly and 200 hourly simple moving averages. Ethereum is in a mildly bullish channel A short-term trend reversal seen above $2,550 All the major technical indicators are giving NEUTRAL-to-BUY signals The average true range is indicating LESSER market volatility Ether: Bullish Channel Towards $3,000 Confirmed ETHUSD is consolidating its gains above $2,700 in the European trading session, and we can clearly see that the bullish channel is back. We are now aiming for the upsides of $2,900 to $3,100 today in the US trading session today. The retracement from $2,300 was very strong — which suggests that there is more room for the upsides in Ethereum this month, and the level of $3,500 is the next target. We can see the MA crossover pattern above the level of $2,850 which means that in the immediate short-term, we will see the continuation of the bullish channel. ETH has declined -3.47% with a price change of -103.91$ in the past 24hrs, and has a trading volume of 14.424 billion USD. We can see a decrease of 26% in the trading volume as compared to yesterday, which means that new buyers are now entering the markets and waiting for further correction in Ethereum. The Week Ahead Ether is printing above $2,800 today, and we can see levels of $3,000 to $3,200 this week. The medium-to-long term outlook for Ether remains Bullish with targets of above $3m500 in March, 2021. Ether has already broken its major resistance level of $2,800, and is now facing the next resistance level of $3,000. Technical Indicators: The commodity channel index (14-day): at 94.58 indicating a BUY The moving averages convergence divergence (14-day): at 3.79 indicating a BUY The ultimate oscillator: at 53.45 indicating a BUY The rate of price change: at 0.052 indicating a BUY Read Full on FXOpen Company Blog...

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EUR/USD and EUR/JPY At Risk of More Downsides EUR/USD started a fresh decline from the 1.1280 resistance. EUR/JPY is also declining and facing a string resistance near the 128.60 level. Important Takeaways for EUR/USD and EUR/JPY The Euro started a fresh decline after it failed to stay above 1.1320. There is key bearish trend line forming with resistance near 1.1180 on the hourly chart. EUR/JPY gained bearish momentum after it broke the 128.80 support zone. There is a major bearish trend line forming with resistance near 128.30 on the hourly chart. EUR/USD Technical Analysis The Euro faced sellers near the 1.1350 zone against the US Dollar. The EUR/USD pair started a fresh decline below the 1.1320 and 1.1300 support levels. The pair traded below the 1.1280 pivot level and the 50 hourly simple moving average. Finally, the pair traded as low as 1.1089 On FXOpen and is currently consolidating gains. It corrected above the 23.6% Fib retracement level of the recent decline from the 1.1232 high to 1.1089 low. EUR/USD Hourly Chart On the upside, the pair is facing resistance near the 1.1150 level. It is near the 50% Fib retracement level of the recent decline from the 1.1232 high to 1.1089 low. The next major resistance is near the 1.1180 level. There is also a key bearish trend line forming with resistance near 1.1180 on the hourly chart. A clear break above the 1.1180 resistance could push EUR/USD towards 1.1220. If the bulls remain in action, the pair could rise above the 1.1220 resistance zone in the near term. On the downside, the pair might find support near the 1.1080 level. If there is a downside break below the 1.1080 support, the pair might accelerate lower. The next major support sits near the 1.1020 level, below which there is a risk of a larger decline. Read Full on FXOpen Company Blog...

BTCUSD and XRPUSD Technical Analysis – 1st MAR 2022 BTCUSD – Double Bottom Pattern Above $34000 Bitcoin has ended its bearish phase after touching a low of 34393 on 24th February and continues to move upwards after the consolidation phase above the 38000 levels. The Bullish momentum we see today is the result of the increased buying demands from the global markets after the recent sanctions imposed on the Russian banking systems and the use of Bitcoin for converting the Russian Rubles into the desired currencies like the US Dollar and the Euros. The propagation of the Bullish trend continues with the prices of Bitcoin trading above the $43000 mark in the European Trading session today. The sharp rise that we see in the levels of Bitcoin is due to the fresh demands coming from the residents of Ukraine who are moving out and liquidating their assets and converting them into Bitcoins for safety. We can see a Double Bottom Pattern above the $34000 handle which is a Bullish reversal pattern because it signifies the end of a downtrend and a shift towards an Uptrend. STOCH and Williams Percent Range 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 76 indicating a STRONG demand for Bitcoin at the current market levels. Bitcoin is now moving above its 100 hourly Simple Moving average and below its 200 hourly Exponential 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 45000 and 48000. The Average True Range is indicating Less Market Volatility with a Strong Bullish momentum. Bitcoin Bullish Reversal is seen Above $34000. Williams Percent Range is Indicating OVERBOUGHT Levels. The price is now trading just Below its Pivot Levels of $43470. All of the Moving Averages are giving a STRONG BUY market signal. Bitcoin Bullish Momentum Seen Above $34000 Bitcoin continues to move in a Strong Bullish momentum with an upside projection towards levels of 45000 in the European Trading session today. In the immediate term, we are expecting a continuation of this bullish trend with the prices of Bitcoin ranging between the levels of $41000 and $46000 as it is due to enter into a consolidation phase now. After crossing the horizontal levels of 42000 the appreciation in the prices of Bitcoin we see will result in a Rally towards the $50000 handle. The immediate short-term outlook for Bitcoin is Strong Bullish, the Medium-term outlook is Bullish, and the long-term outlook remains Bullish. The price of BTCUSD is now facing its Classic resistance levels of 43622 and Fibonacci resistance levels of 43740 after which the path towards 48000 will get cleared. We can see that the daily RSI is also printing at 59 which indicates that in the medium-term prices are expected to appreciate further. In the last 24hrs, BTCUSD is UP by 13.70% by 5243$ and has a 24hr trading volume of USD 38.490 Billion. We can see an increase of 46.69% in the Trading volume as compared to yesterday, due to increased selling buying pressure in the Global cryptocurrency markets. The Week Ahead The prices of Bitcoin are due to enter into a consolidation phase above the $42000 level. We can see some range of bounded movements in its levels between $42000 to $46000. The prices of Bitcoin are appreciating as an alternative source of cross-border payments after the recent sanctions that are being imposed on Russia by the SWIFT network. In the immediate short term, Bitcoin Bullish momentum is expected to continue pushing its levels above the $46000 handle this week. In the event of a pullback, the upside projection is at the 100-day SMA of $44992. The prices of BTCUSD will need to remain above the important support levels of $40000 this week. The weekly outlook is projected at $41000 with a consolidation zone of $44000. Technical Indicators: Relative Strength Index (14days): It is at 74.64 indicating a BUY. Average Directional Change (14days): It is at 51.70 indicating a BUY. Rate of Price Change: It is at 5.19 indicating a BUY. Moving Averages Convergence Divergence (12,26): It is at 1043.80 indicating a BUY. Read Full on FXOpen Company Blog...

BTCUSD and XRPUSD Technical Analysis – 1st MAR 2022 BTCUSD – Double Bottom Pattern Above $34000 Bitcoin has ended its bearish phase after touching a low of 34393 on 24th February and continues to move upwards after the consolidation phase above the 38000 levels. The Bullish momentum we see today is the result of the increased buying demands from the global markets after the recent sanctions imposed on the Russian banking systems and the use of Bitcoin for converting the Russian Rubles into the desired currencies like the US Dollar and the Euros. The propagation of the Bullish trend continues with the prices of Bitcoin trading above the $43000 mark in the European Trading session today. The sharp rise that we see in the levels of Bitcoin is due to the fresh demands coming from the residents of Ukraine who are moving out and liquidating their assets and converting them into Bitcoins for safety. We can see a Double Bottom Pattern above the $34000 handle which is a Bullish reversal pattern because it signifies the end of a downtrend and a shift towards an Uptrend. STOCH and Williams Percent Range 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 76 indicating a STRONG demand for Bitcoin at the current market levels. Bitcoin is now moving above its 100 hourly Simple Moving average and below its 200 hourly Exponential 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 45000 and 48000. The Average True Range is indicating Less Market Volatility with a Strong Bullish momentum. Bitcoin Bullish Reversal is seen Above $34000. Williams Percent Range is Indicating OVERBOUGHT Levels. The price is now trading just Below its Pivot Levels of $43470. All of the Moving Averages are giving a STRONG BUY market signal. Bitcoin Bullish Momentum Seen Above $34000 Bitcoin continues to move in a Strong Bullish momentum with an upside projection towards levels of 45000 in the European Trading session today. In the immediate term, we are expecting a continuation of this bullish trend with the prices of Bitcoin ranging between the levels of $41000 and $46000 as it is due to enter into a consolidation phase now. After crossing the horizontal levels of 42000 the appreciation in the prices of Bitcoin we see will result in a Rally towards the $50000 handle. The immediate short-term outlook for Bitcoin is Strong Bullish, the Medium-term outlook is Bullish, and the long-term outlook remains Bullish. The price of BTCUSD is now facing its Classic resistance levels of 43622 and Fibonacci resistance levels of 43740 after which the path towards 48000 will get cleared. We can see that the daily RSI is also printing at 59 which indicates that in the medium-term prices are expected to appreciate further. In the last 24hrs, BTCUSD is UP by 13.70% by 5243$ and has a 24hr trading volume of USD 38.490 Billion. We can see an increase of 46.69% in the Trading volume as compared to yesterday, due to increased selling buying pressure in the Global cryptocurrency markets. The Week Ahead The prices of Bitcoin are due to enter into a consolidation phase above the $42000 level. We can see some range of bounded movements in its levels between $42000 to $46000. The prices of Bitcoin are appreciating as an alternative source of cross-border payments after the recent sanctions that are being imposed on Russia by the SWIFT network. In the immediate short term, Bitcoin Bullish momentum is expected to continue pushing its levels above the $46000 handle this week. In the event of a pullback, the upside projection is at the 100-day SMA of $44992. The prices of BTCUSD will need to remain above the important support levels of $40000 this week. The weekly outlook is projected at $41000 with a consolidation zone of $44000. Technical Indicators: Relative Strength Index (14days): It is at 74.64 indicating a BUY. Average Directional Change (14days): It is at 51.70 indicating a BUY. Rate of Price Change: It is at 5.19 indicating a BUY. Moving Averages Convergence Divergence (12,26): It is at 1043.80 indicating a BUY. Read Full on FXOpen Company Blog...

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