FXOpen Trader

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AUD/USD and NZD/USD Turn Red, Risk of More Losses AUD/USD gained bearish momentum below the 0.7550 support zone. NZD/USD started a major decline after it faced sellers near 0.7030. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a fresh decline after it struggled near 0.7660 against the US Dollar. There was a break below a key bullish trend line with support near 0.7530 on the hourly chart of AUD/USD. NZD/USD also started a major decline after it failed to stay above 0.7000. There was a move below a key bullish trend line with support near 0.6950 on the hourly chart of NZD/USD. AUD/USD Technical Analysis The Aussie Dollar faced a strong selling interest near the 0.7660 level against the US Dollar. The AUD/USD pair started a major decline below the 0.7600 level. There was a clear move below the 0.7600 and 0.7580 support levels. The pair even declined below the 0.7550 support level and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near 0.7530 on the hourly chart of AUD/USD. AUD/USD Hourly Chart The pair traded as low as 0.7466 on FXOpen and is currently consolidating losses. On the upside, the AUD/USD pair is facing resistance near the 0.7500 level. The next major resistance is near the 0.7515 level. It is near the 23.6% Fib retracement level of the recent decline from the 0.7660 swing high to 0.7466 low. The first major resistance is now forming near the 0.7550 level. The 50% Fib retracement level of the recent decline from the 0.7660 swing high to 0.7466 low is also near the 0.7565 level. A close above the 0.7565 level could start a steady increase in the near term. The next major resistance could be 0.7660. On the downside, an initial support is near the 0.7460 level. The next support could be the 0.7420 level. If there is a downside break below the 0.7420 support, the pair could extend its decline towards the 0.7350 level. Any more downsides might send the pair toward the 0.7300 level. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 07th APR, 2022 ETHUSD: Double Bottom Pattern Above $3,100 Ethereum failed to continue its bullish momentum last week, and after touching a high of 3578 on April 4th, has started to decline. Ethereum touched an intraday low of $3,143 in the Asian trading session, and an intraday high of $3,233 in the European trading session today. We can clearly see a double bottom pattern above the $3,100 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 just above its pivot level of $3,223 and moving in a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of $3,235 and Fibonacci resistance level of $3,246, after which the path towards $3,400 will get cleared. The relative strength index is at 44 indicating a WEAK demand for Ethereum and the move towards consolidation. Both the StochRSI and the Williams percent range are indicating an overbought level which means that the price is due to decline further. Most of the technical indicators are giving a STRONG BUY market signal. Some of the moving averages are giving a BUY signal, and we are now looking at the levels of $3,400 to $3,550 in the short-term range. ETH is now trading below both the 100 hourly and 200 hourly simple moving averages. A bullish reversal seen in Ether above the $3,100 mark The short-term range appears to be mildly BULLISH The daily RSI is near 50 at 53, indicating a NEUTRAL market The average true range is indicating LESSER market volatility Ether: Bullish Reversal Seen Above $3,100 ETHUSD is now moving into a mildly bullish channel with the price trading above the $3,200 handle in the European trading session today. We saw last week that the bullish move was invalidated above the $3,500 handle, and this week, we are looking at the level of $3,400. If ETH manages to cross and remain above these levels, then we can see $3,500 and $3,600 next week. Ethereum is now slowly recovering against the US dollar, and we can see the formation of an ascending contraction triangle which means that the prices are due to break out upwards. ETHUSD is now facing its immediate resistance levels of $3,337 and $3,417, after which we will see a linear progression towards $3,600. The key support levels to watch are $3,175 and $3,153, and the prices of ETHUSD need to remain above these levels for the bullish trend to continue. ETH has lost -4.00% with a price change of -133.99$ in the past 24hrs, and has a trading volume of 22.874 billion USD. We can see a 8.29% decrease in the total trading volume in the last 24 hrs, which appears to be normal. The Week Ahead Last week, we saw Ethereum decline from its highs of $3,579 to the low of $3,143, but now we can see that the prices have entered into a consolidation phase above $3,200. If the price of ETHUSD remains above $3,200, we may see a linear progression towards the level of $3,400 and $3,500 this week. The immediate short-term outlook for Ether has turned mildly BULLISH; the medium-term outlook has turned neutral; and the long-term outlook for Ether is NEUTRAL in present market conditions. This week, Ether is expected to move in a range between $3,200 and $3,400, and next week, Ether is expected to enter into a consolidation phase above the level of $3,400. On-Chain Metrics We can see that the number of active Ethereum addresses are increasing, and it also points to an increase in the price of ETH next week. The simple moving average (14-day) of the active receiving addresses also suggests that more buyers are now coming back into the markets, which has led to an increase in the number of Ethereum transactions. Technical Indicators: The Stoch (9,6): at 74.29 indicating a BUY The average directional Change (14-day): at 54.71 indicating a BUY The commodity channel index (14-day): at 74.31 indicating a BUY The ultimate oscillator: at 62.37 indicating a BUY Read Full on FXOpen Company Blog...

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EUR/USD Faces Hurdle, USD/CHF Could Gain Pace EUR/USD declined heavily below the 1.1000 and 1.0980 levels. USD/CHF could gain pace if there is a move above the 0.9320 resistance. Important Takeaways for EUR/USD and USD/CHF The Euro started a major decline from the 1.1180 resistance zone against the US Dollar. There is a major bearish trend line with resistance near 1.0925 on the hourly chart of EUR/USD. USD/CHF formed a base above the 0.9220 support zone and started a decent increase. There is a key rising channel forming with support near 0.9270 on the hourly chart. EUR/USD Technical Analysis The Euro struggled to gain pace above the 1.1180 resistance level against the US Dollar. The EUR/USD pair started a fresh decline below the 1.1150 and 1.1100 support levels. There was a clear move below the 1.1000 level and the 50 hourly simple moving average. The pair even declined below the 1.0940 support level. It traded as low as 1.0890 on FXOpen and the pair is now consolidating losses. EUR/USD Hourly Chart On the upside, an initial resistance is near the 1.0915 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.0988 swing high to 1.0890 low. The next major resistance is near the 1.0920 zone. There is also a major bearish trend line with resistance near 1.0925 on the hourly chart of EUR/USD. A clear upside break above the 1.0925 zone could open the doors for a steady move. The next major resistance sits near the 1.0940 level. It is near the 50% Fib retracement level of the recent decline from the 1.0988 swing high to 1.0890 low. A close above 1.0940 and 1.0950 could send EUR/USD further higher. On the downside, an immediate support is near the 1.0890 level. The next major support is near the 1.0880 level. A downside break below the 1.0880 support could start another decline. Read Full on FXOpen Company Blog...