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BTCUSD and XRPUSD Technical Analysis – 05th APR 2022 BTCUSD: Double Bottom Pattern Above $44,000 Bitcoin touched a high of $48,164 on March 28th , after which we saw some correction that pushed its price below the $45,000 handle. We can see fresh buying pressure coming back into the markets, and bitcoin is trading above the $46,000 handle in the European trading session today. We can see a rising trend channel in the medium term, which is expected to push the prices of BTCUSD towards the $50,000 handle. We can clearly see a double bottom pattern above the $44,000 handle, which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend. The Stoch and the Williams percent range are indicating an overbought level, which means that in the immediate short term, a decline in the price is expected. The relative strength index is at 55, indicating a STRONG demand for bitcoin at the current market levels. Bitcoin is now moving above its 100 hourly simple Ma, and its 200 hourly exponential MA. All of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 48,000 and 50,000. The average true range is indicating a LESSER market volatility with a strong bullish momentum. A bullish reversal is seen in bitcoin above $44,000 The StochRSI is indicating an OVERSOLD level The price is now trading just below its pivot level of $46,663 All of the moving averages are giving a BUY market signal Bitcoin: Bullish Reversal Seen Above $44,000 Bitcoin continues to move in a mildly bullish momentum with an upwards projection towards the level of 48,000 in the European trading session today. In the immediate short term, we are expecting a continuation of this bullish trend, with the prices of bitcoin ranging between $48,000 and $49,000 as it has entered into a consolidation phase now. The drop in the level of BTCUSD that we saw last week happened due to the profit-taking by short-term investors. The immediate short-term outlook for bitcoin is mildly bullish; the medium-term outlook is bullish; and the long-term outlook remains neutral under present market conditions. The price of BTCUSD is now facing its classic resistance level of 46,735, and Fibonacci resistance level of 46,802, after which the path towards 48,000 will get cleared. We can see that the daily RSI is also printing at 62 which indicates that in the medium-term, the prices are expected to appreciate further. In the last 24hrs, BTCUSD has gone UP by 1.51% with a price change of $692, and has a 24hr trading volume of USD 30.612 billion. We can see an increase of 8.03% in the trading volume as compared to yesterday, which appears to be normal. The Week Ahead The price of bitcoin is now moving into a consolidation phase below $48,000. We can see some range-bound movements in the levels between $46,000 to $48,000. The hourly RSI has also confirmed the rising trend channel which indicates that in the medium-term, prices are expected to move closer to the level of $50,000. The on-chain metrics are also suggesting that after the present consolidation phase is over, we are aiming towards crossing the $50,000 handle. In the immediate short term, bitcoin’s bullish momentum is expected to continue pushing above the $49,000 handle this week. The prices of BTCUSD will need to remain above the important support level of $47,500 this week. Weekly outlook is projected at $50,000 with a consolidation zone of $48,500. Technical Indicators: The rate of price change: at 10.13 indicating a BUY The ultimate oscillator: at 51.55 indicating a BUY Bull/Bear power(13-day): at 2289 indicating a BUY The moving averages convergence divergence (12,26): at 1490 indicating a BUY Read Full on FXOpen Company Blog...

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Fed Plans To Accelerate Monetary Tightening. Is It a Good Time To Buy US Dollars? The currency market moves mainly on the interest rate differential between various central banks around the world. The Federal Reserve of the United States is the most influential central bank, as it sets the rates over the world’s reserve currency. In April, the Fed began a tightening cycle. It hiked the federal funds rate by 25bp in light of rising inflation and strong economic growth. Moreover, it warned that it is ready to hike even more aggressively should the data support it. Following the rate hike, the Fed Chair Jerome Powell suggested that the Fed is ready to hike the federal funds rate by 50bp at their next meeting in May. In light of rising rates in the US as the economy grows and inflation runs hot, is it a good time to buy US dollars? US Dollar Trades With A Mixed Tone Despite the Fed’s hawkishness, the US dollar trades with a mixed tone. On the one hand, it has gained against its European peers, such as the euro and the British pound, and against the Japanese yen. On the other hand, it trades with a weak tone against the New Zealand and the Australian dollar. Interestingly enough, the RBA and RBNZ have not raised the rates from their lower boundary. Yet, the two currencies down under are being bid against the dollar. One explanation might be the inflation rate differential. Inflation in the US is at a four decade high, outpacing the one in Australia and New Zealand. As such, despite the Fed’s intentions to speed up the rate hikes, the rising inflation rate is eroding the dollar’s strength. In other words, inflation is rising much higher than the Fed is hiking the rates; thus, the US dollar remains weak against its Australian and New Zealand peers. The conflict in Europe scared investors away from the common currency. While not declining as many have thought, the euro remains weak as investors keep selling any rally. All in all, the US dollar remains bid against the JPY and European currencies while offered against the Australian and New Zealand dollars. Traders will find out more details about the Fed’s plans on Wednesday when the previous meeting’s minutes are scheduled for release. Read Full on FXOpen Company Blog...

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GBP/USD and USD/CAD Face Key Hurdles GBP/USD is struggling below the 1.3200 resistance. USD/CAD is rising, but it must clear 1.2530 to start a fresh increase in the near term. Important Takeaways for GBP/USD and USD/CAD The British Pound started a fresh decline from the 1.3240 resistance zone. There is a key bearish trend line forming with resistance near 1.3140 on the hourly chart of GBP/USD. USD/CAD is rising and showing positive signs above the 1.2500 level. There is a major bullish trend line forming with support near 1.2505 on the hourly chart. GBP/USD Technical Analysis The British Pound started a strong decline from well above 1.3320 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.3250 support. The pair even broke the 1.3200 support level and the 50 hourly simple moving average. Finally, there was a move below the 1.3100 support. A low was formed near 1.3051 on FXOpen and the pair is now correcting losses. GBP/USD Hourly Chart The recent swing low was near 1.3086 and the pair is now consolidating. It is trading above the 23.6% Fib retracement level of the recent decline from the 1.3175 swing high to 1.3086 low. An immediate resistance is near the 1.3130 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.3175 swing high to 1.3086 low. Besides, there is a key bearish trend line forming with resistance near 1.3140 on the hourly chart of GBP/USD. The next major resistance is near the 1.3150 level. Any more gains could lead the pair towards the 1.3200 barrier in the near term. If not, the pair could continue to move down and might even break the 1.3050 support. If there is a downside break, GBP/USD might test the 1.3000 support. The next major support sits at 1.2950. Read Full on FXOpen Company Blog...

Gold Price Could Rally While Oil Price Extends Decline Gold price started a fresh increase above the $1,920 resistance. Crude oil price is declining and remains at a risk of more losses below $97.50 Important Takeaways for Gold and Oil Gold price started a fresh increase above $1,910 and $1,920 against the US Dollar. There is a key bearish trend line forming with resistance near $1,942 on the hourly chart of gold. Crude oil price started a fresh declined below the $105 support zone. There is a major bearish trend line forming with resistance near $102.50 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price formed a support base near $1,890 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 $1,932 resistance level. However, it faced resistance near the $1,948 and $1,950 levels. Gold Price Hourly Chart There is also a key bearish trend line forming with resistance near $1,942 on the hourly chart of gold. A high is formed near $1,949 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the upward move from the $1,890 swing low to $1,949 high. On the downside, an initial support is near the $1,992 level and the 50 hourly simple moving average. The next major support is near the $1,925 level. The main support sits near the $1,920 level. It is near the 50% Fib retracement level of the upward move from the $1,890 swing low to $1,949 high. On the upside, the price is facing resistance near the $1,948 level. The main resistance is now forming near the $1,950 level. A close above the $1,950 level could open the doors for a steady increase towards $1.980. The next major resistance sits near the $2,000 level. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 31st MAR, 2022 ETHUSD: Bullish Engulfing Pattern Above $3,100 Ethereum continues its bullish momentum from last week and has managed to touch the $3,400 handle in the European trading session today. Ethereum touched an intraday high of 3,423 and an intraday low of 3,372 in the early Asian trading session today. We can clearly see a Bullish engulfing 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 3,400 and is moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 3,407 and Fibonacci resistance level of 3,411, after which the path towards 3,500 will get cleared. The relative strength index is at 54 indicating a NEUTRAL demand for Ethereum and the move towards the consolidation phase. Both the Stoch and RSI are indicating a neutral level which means that the prices are due to enter into a consolidation zone. All of the technical indicators are giving a STRONG BUY market signal. All of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $3,500 to $3,600 in the short-term range. ETH is now trading above both its 100 and 200 hourly simple moving averages. Ether continues its bullish momentum above the $3,100 mark The short-term range appears to be strongly BULLISH The daily RSI is above 50 at 72 indicating a BULLISH market The average true range is indicating LESSER market volatility Ether Continues Bullish Momentum Above $3,100 ETHUSD is now moving in a strongly bullish momentum with the prices trading above the $3,300 handle in the European trading session today. We can see the Ichimoku bullish crossover pattern in the 1-hour timeframe which further validates the bullish momentum. Ethereum is now moving in a bullish continuation pattern which indicates further appreciation in the prices of ETHUSD this week. ETHUSD is now facing its immediate resistance level of $3,461 and $3,508, after which we will see a linear progression towards the level of $3,600. The key support levels to watch are $3,351 and $3,229, and the price of ETHUSD needs to remain above these levels for the continuation of the bullish trend. ETH has gained 0.08% with a price change of 2.61$ in the past 24hrs, and has a trading volume of 14.183 billion USD. We can see a decrease of 27.33% in the total trading volume in the last 24 hrs. as Ethereum braces to enter into a consolidation zone. The Week Ahead At present, Ethereum bulls have managed to push the prices of ETHUSD above the level of $3,300. If the price of ETHUSD remains above these levels, we may see a linear progression towards the level of $3,500 and $3,600 this week. The immediate short-term outlook for Ether has turned strongly 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 $3,300 and $3,500, and next week, Ether is expected to enter in a consolidation phase above $3,300. Technical Indicators: The commodity channel index (14-day): at 60.38 indicating a BUY Bull/Bear power (13-day): at 14.53 indicating a BUY The rate of price change: at 0.160 indicating a BUY The Williams percent range: at -41.74 indicating a BUY Read Full on FXOpen Company Blog...

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EUR/USD Attempts Recovery While USD/JPY Trims Gains EUR/USD started a fresh increase from the 1.0940 support zone. USD/JPY rallied above 124.50 before it faced sellers near 125.00. Important Takeaways for EUR/USD and USD/JPY The Euro started an upside correction from the 1.0940 zone. There was a break above a key bearish trend line with resistance near 1.1025 on the hourly chart of EUR/USD. USD/JPY started a strong upward move above the 122.00 and 123.50 resistance levels. Recently, there was a move below a major bullish trend line with support near 123.00 on the hourly chart. EUR/USD Technical Analysis This past week, the Euro started saw bearish moves below the 1.1050 level against the US Dollar. The EUR/USD pair declined heavily below the 1.1000 support zone. The pair even broke the 1.0980 level and settled below the 50 hourly simple moving average. A low was formed near 1.0944 on FXOpen and the pair is now correcting higher. There was a move above the 1.1000 resistance levels. EUR/USD Hourly Chart Besides, there was a break above a key bearish trend line with resistance near 1.1025 on the hourly chart of EUR/USD. The pair climbed above the 1.1050 resistance and the 50 hourly simple moving average. It formed a high near 1.1136 and is currently consolidating gains. It tested the 23.6% Fib retracement level of the recent increase from the 1.0944 swing low to 1.1136 high. An immediate support is near the 1.1080. The next major support is near 1.1040 or the 50% Fib retracement level of the recent increase from the 1.0944 swing low to 1.1136 high, below which the pair could drop to 1.1000 in the near term. An immediate resistance on the upside is near the 1.1120 level. The next major resistance is near the 1.1140 level. The main resistance is near the 1.1150 level. An upside break above 1.1150 could set the pace for a steady increase. Read Full on FXOpen Company Blog...

BTCUSD and XRPUSD Technical Analysis – 29th MAR 2022 BTCUSD: Bullish Engulfing Pattern Above $42,000 We can see continuous appreciation in the price of BTCUSD from last week, and today it has managed to cross the $47,000 handle in the European trading session. Due to increased buying pressure, the price of bitcoin has been rising for 7 consecutive days, and the upwards growth also suggests that we are aiming for the level of $50,000. The strong wave of this bullish trend continues, with the price of bitcoin trading above the $47,500 mark in the European trading session today. We can clearly see a bullish engulfing pattern above the $42,000 handle, which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend. The Stoch and Williams percent range are indicating an overbought level, which means that in the immediate short term, a decline in the prices is expected. The relative strength index is at 57 indicating a STRONG demand for bitcoin at the current market levels. Bitcoin is now moving above its 100 hourly simple moving average, and its 200 hourly exponential MA. 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 46,000 and 48,000. The average true range is indicating LESSER market volatility with a strongly bullish momentum. A bullish continuation pattern is seen above $42,000 The StochRSI is indicating an OVERSOLD level The price is now trading just below its pivot levels of $47,585 All of the moving averages are giving a STRONG BUY market signal Bitcoin: Bullish Continuation Pattern Seen Above $42,000 Bitcoin continues to move in a strong bullish momentum with an upwards projection towards the level of $48,000 in the European trading session today. In the immediate short term, we are expecting a continuation of this bullish trend with the price ranging between $46,000 and $49,000 as it is due to enter into a consolidation phase. We can see optimism among bitcoin traders, as it has managed to continue its upwards trend in the short-term range. The immediate short-term outlook for bitcoin is strongly bullish, the medium-term outlook is bullish, and the long-term outlook remains neutral under present market conditions. The price of BTCUSD is now facing its classic resistance level of 47,668 and Fibonacci resistance level of 47,726, after which the path towards 48,000 will get cleared. We can see that the daily RSI is printing at 70 which indicates that in the medium-term prices are expected to appreciate further. In the last 24hrs BTCUSD has gone UP by 1.39% with a price change of 653$, and has a 24hr trading volume of USD 35.173 billion. We can see an increase of 2.78% in the trading volume as compared to yesterday, which appears to be normal. The Week Ahead The price of bitcoin is due to enter a consolidation phase below the level of $48,000. We can see some range-bound movement in its levels between $46,000 to $48,000. On January 24th bitcoin touched a low of $32,950, after which it has managed to rise by more than 41% to its current market level of $47,456. In the immediate short term, bitcoin’s bullish momentum is expected to continue pushing its levels above the $48,000 handle this week. The price of BTCUSD will need to remain above the important support level of $45,000. The weekly outlook is projected at $49,000 with a consolidation zone of $46,500. Technical Indicators: The relative strength index (14-day): at 56.33 indicating a BUY The average directional change (14-day): at 29.23 indicating a BUY Bull/Bear power(13-day): at 72.28 indicating a BUY The moving averages convergence divergence (12,26): at 275.90 indicating a BUY Read Full on FXOpen Company Blog...

Trading hours schedule for Ching Ming Festival Dear Traders, Please be aware of trading schedule changes for the Ching Ming Festival period on April 4 — 6 (all times are GMT+3): #HSI (Hong Kong 50) Monday, April 4: trading till 22:00; Tuesday, April 5: trading closed; Wednesday, April 6: trading starts at 04:15. All other financial instruments will be traded without changes. Please consider this information as you plan your trading. FXOpen Company News

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