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GBP/USD and GBP/JPY Could Resume Decline GBP/USD started a fresh decline from well above 1.3640 and traded below 1.3400. GBP/JPY is also declining and trading below 135.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a fresh decline from well above 1.3600 against the US Dollar. There is a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD. GBP/JPY also started a fresh decline after it failed to clear the 156.75 resistance. There was a break below a short-term contracting triangle with support near 154.65 on the hourly chart. GBP/USD Technical Analysis After facing resistance near 1.3620, the British Pound found started a fresh decline against the US Dollar. The GBP/USD pair gained pace below the 1.3500 support zone to enter a bearish zone. There was also a break below the 1.3450 zone and the 50 hourly simple moving average. It traded as high as 1.3269 on FXOpen and is currently correcting losses. There was a minor recovery wave above the 1.3350 level. GBP/USD Hourly Chart The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low. However, the pair faced a strong resistance near the 1.3450 level. There is also a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD. The trend line is near the 50% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low. The next major hurdle is near 1.3500, above which the pair could surge towards 1.3550 in the near term. If there is no upside break, the pair could correct lower below 1.3320. The next major support is near the 1.3300 level. If there is a break below the 1.3300 support, the pair could test the 1.3250 support. If there are additional losses, the pair could decline towards the 1.3200 level. Read Full on FXOpen Company Blog...

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Gold Price and Crude Oil Price Could Rally Further Gold price gained bullish momentum above $1,950 before correcting lower. Crude oil price is holding the $92.00 support and might start a fresh increase. Important Takeaways for Gold and Oil Gold price started a major increase above the $1,900 and $1,920 levels against the US Dollar. There was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold. Crude oil price corrected lower, but it found support near $91.00. There is a major bullish trend line forming with support near $92.10 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold Price Hourly Chart Gold price formed a support base near $1,850 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,900 level to move into a positive zone. There was a clear move above the $1,920 level and the 50 hourly simple moving average. The price even climbed above the $1,950 resistance level. A high was formed near $1,974 on FXOpen before the price started a downside correction. There was a break below the $1,950 level. Besides, there was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold. The price even spiked below the $1,900 level, but it found support near $1,880. A low is formed near $1,878 and the price is rising again. There was a move above the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low. On the upside, the price is facing resistance near the $1,915 level and the 50 hourly simple moving average. The main resistance is now forming near the $1,935 level. The 50% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low is also near $1,935. A close above the $1,935 level could open the doors for a steady increase towards $1,950. The next major resistance sits near the $1,975 level. On the downside, an initial support is near the $1,900 level. The first major support is near the $1,880 level. If there is a downside break below the $1,880 level, the price could decline to $1,850. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 24th FEB, 2022 ETHUSD: Bearish Engulfing Pattern Below $2,900 Ethereum failed to clear its resistance level of $3,200 last week and started moving into a bearish channel which continues today, pushing the price below the $2,500 handle in the European trading session. Ethereum markets are witnessing a strong bearish phase with the investors selling their holdings in the wake of Russia attacking Ukraine. We have seen that the safe haven status of the USD holds, which continues to push down the prices of ETHUSD in the medium-term scenario. We can clearly see a bearish engulfing pattern below the $2,900 handle, which signifies the end of a bullish phase and the start of a bearish phase in the markets. ETH is now trading just above its pivot level of $2,352 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,235 and Fibonacci resistance level of $2,320 after which the path towards $2,100 will get cleared. The relative strength index is at 27 indicating a WEAKER demand for Ethereum and the continuation of selling pressure in the markets. All 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 $2,200 to $2,100 in the short-term range. ETH is now trading below both the 100 hourly and 200 hourly simple moving averages. A bearish reversal seen below the $2,900 mark The short-term range appears to be strongly BEARISH The daily RSI is below 50 at 32 indicating a BEARISH market The average true range is indicating LESS market volatility Ether: Strong Bearish Momentum Seen Below $2,900 ETHUSD is now moving into a strong bearish momentum with the prices trading below the $2,400 handle in the European trading session today. Both the Williams percent range (daily) and StochRSI (daily) is indicating an OVERSOLD market, which means that a pullback in the level of Ethereum is expected soon. We can see that the bearish trend line has extended, and now a move below $2,200 is expected in the short-term. The prices of ETHUSD need to remain above the $2,100 handle for any bullish reversal in the markets. At present, we are looking for immediate targets of $2,200 after which it is expected to enter into a consolidation and correction phase. The key support level to watch is $2,100, and the key resistance level is $2,500 for this week. ETH has declined -12.29% with a price change of -332.72$ in the past 24hrs, and has a trading volume of 20.564 billion USD. We can see an increase of 36.99% in the total trading volume in the last 24 hrs due to the broad-based selling in the crypto markets globally. The Week Ahead Ethereum is now moving into a consolidating level above $2,200 which if completed will give the buyers a chance to pull back its level towards an important resistance zone located at $2,500. The ongoing Russia-Ukraine war crisis is also affecting the global cryptocurrency markets including Ethereum because the investors are unwilling to hold Ethereum in view of the market liquidity crunch in Europe and Russia. If the prices of ETHUSD continue to remain above the $2,000 handle as seen today, it will start the next leg of its bullish move towards $2,500 handle next week. The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook for Ether is BULLISH towards the $3,000 handle. This week, Ether is expected to move in a range between the $2,000 and $2,500, to trade at levels above $2,500 next week. Technical Indicators: The moving averages convergence divergence (12,26): at -71.42 indicating a SELL The commodity channel index (14-day): at -82.77 indicating a SELL The rate of price change: at -9.82 indicating a SELL The Stoch (9,6): at 20.89 indicating a SELL Read Full on FXOpen Company Blog...

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EUR/USD Struggle Continues, USD/CHF Shows Positive Signs EUR/USD is facing resistance near the 1.1350 and 1.1360 levels. USD/CHF is rising, but struggling to clear the 0.9225 resistance zone. Important Takeaways for EUR/USD and USD/CHF The Euro started an upside correction above the 1.1320 resistance zone against the US Dollar. There is a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD. USD/CHF gained pace after it cleared the 0.9200 resistance zone. There was a break above a key bearish trend line with resistance near 0.9192 on the hourly chart. EUR/USD Technical Analysis The Euro attempted an upside break above the 1.1400 level against the US Dollar. However, the EUR/USD pair failed to surpass 1.1400 and started a fresh decline. The recent high was formed near 1.1366 on FXOpen before the pair dipped. There was a move below the 1.1340 level. The pair even declined below the 50% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high. EUR/USD Hourly Chart It is now trading below the 1.1335 level and the 50 hourly simple moving average. On the downside, an immediate support is near the 1.1320 level. The 61.8% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high is also near the 1.1320 zone. The next major support is near the 1.1285 level. A downside break below the 1.1285 support could start another decline. On the upside, an initial resistance is near the 1.1340 level. The next major resistance is near the 1.1350 zone. There is also a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD. A clear upside break above the 1.1350 zone could open the doors for a steady move. The next major resistance sits near the 1.1400 level. Read Full on FXOpen Company Blog...

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Close-Only Mode for All RUB Pairs Dear Traders, Due to the escalating Russia-Ukraine tensions, FXOpen has set trading on the Russian ruble pairs to Close-Only mode. The changes are already in effect. We are taking these steps to mitigate risks stemming from heightened volatility, price spikes, and price flow disruptions that may arise under the aforementioned circumstances. Please consider this information as you plan your trading. FXOpen Company News

BTCUSD and XRPUSD Technical Analysis – 22nd FEB 2022 BTCUSD: Bearish Engulfing Pattern Below $44,300 Bitcoin was unable to sustain its bullish momentum against the US dollar and started declining after touching a high of $44,740 on 16th February. The propagation of the bearish trend continues with the prices of bitcoin trading below the $37,000 mark in the European trading session today. The drop is due to the fresh concerns of the war between Russia and Ukraine, and the flight towards safe haven assets like the US dollar. We can clearly see a bearish engulfing pattern below the $44,300 handle, which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend. The 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 38 indicating a WEAKER demand for bitcoin at the current market levels. Bitcoin is now moving below its 100 hourly simple moving average, and below its 200 hourly exponential moving average. All of the major technical indicators are giving a STRONG SELL signal, and in the immediate short-term, we can expect targets of $35,000 and $33,000. The average true range is indicating a lesser market volatility with a strong bearish momentum. A bearish reversal below $44,300 is seen in bitcoin The Williams percent range is indicating OVERBOUGHT levels The price is now trading just below its pivot level of $36,876 All of the moving averages are giving a STRONG SELL market signal Bitcoin: Bearish Reversal Seen Below $44,300 Bitcoin continues to move in a strong bearish momentum following a baseline progression towards $37,000. In the immediate short-term we are expecting a range-bound movement for bitcoin between the levels of $36,000 and $37,500, as it is due to enter into a consolidation phase now. On-chain metrics are also indicating a bearish outlook for bitcoin, with many of the short-term holders liquidating their holdings. The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook is neutral; and the long-term outlook remains bullish. We have detected an MA 5 crossover pattern at the level of $36,792, which means that after touching these levels the prices of bitcoin are expected to bounce upwards, The price of BTCUSD is now facing its classic support level of $36,343, and Fibonacci support level of $36,736, after which the path towards $35,000 will get cleared. We can see that the daily RSI is also printing at 34 which indicates that in the medium-term prices are expected to decline further. In the last 24hrs BTCUSD has gone down by -6.33% by 2,488$, and has a 24hr trading volume of USD 32.682 billion. We can see an increase of 69.19% in the trading volume as compared to yesterday, due to increased selling pressure in the global cryptocurrency markets. The Week Ahead The prices of bitcoin are due to enter a consolidation phase above the level of $36,000. We can see some range-bound movement between $36,000 and $38,000. The price of bitcoin is still under pressure as the Russia-Ukraine crisis deepens. Both the short-term and the long-term holders of bitcoin are selling, which is pulling the price down. In the immediate short-term this week, bitcoin’s bearish momentum is expected to continue pushing its levels below the $36,000 handle. In the event of a pullback, the upside projection is at the 50-day SMA of $38,179. The price of BTCUSD will need to remain above the important support level of $35,000 this week. The weekly outlook is projected at $35,000 with a consolidation zone of $36,000. Technical Indicators: The relative strength index (14-day): at 34.53 indicating a SELL The average directional change (14-day): at 30.37 indicating a SELL The rate of price change: at -16.29 indicating a SELL The moving averages convergence divergence (12,26): at -807.20 indicating a SELL Read Full on FXOpen Company Blog...

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