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GBP/USD Gains Pace While EUR/GBP Faces Key Hurdle
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GBP/USD started a decent increase above the 1.2550 resistance. EUR/GBP is struggling to clear the 0.8500 and 0.8520 resistance levels.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound started a decent increase above 1.2550 against the US Dollar.
  • There was a break above a key contracting triangle with resistance near 1.2640 on the hourly chart of GBP/USD.
  • EUR/GBP is holding the 0.8480 support but struggling above 0.8500.
  • There was a break above a major bearish trend line with resistance near 0.8500 on the hourly chart.

GBP/USD Technical Analysis

The British Pound remained well bid above the 1.2400 zone against the US Dollar. The GBP/USD pair started a decent increase after it broke the 1.2500 resistance.

There was a clear move above the 1.2550 level and the 50 hourly simple moving average. The bulls were even able to clear the 1.2600 resistance. Recently, there was a break above a key contracting triangle with resistance near 1.2640 on the hourly chart of GBP/USD.

GBP/USD Hourly Chart
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The pair traded as high as 1.2663 and is currently consolidating above the 50% Fib retracement level of the recent decline from the 1.2663 swing high to 1.2585 low.

On the upside, an initial resistance is near the 1.2650 level. It is near the 76.4% Fib retracement level of the recent decline from the 1.2663 swing high to 1.2585 low. The next main resistance is near the 1.2665 zone.

A clear upside break above the 1.2665 and 1.2680 resistance levels could open the doors for a steady increase in the near term. The next major resistance sits near the 1.2750 level.

If not, the pair might start a downside correction below 1.2620. The next major support is near the 1.2600 level. Any more losses could lead the pair towards the 1.2550 support zone or even 1.2520.

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BTCUSD and XRPUSD Technical Analysis – 31st MAY 2022
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BTCUSD: Bullish Pennant Pattern Above $28,000

Bitcoin was not able to sustain its bearish momentum this week, and after touching a low of 28,009 on 26th May, started to move upwards due to the formation of demand zones above these levels.

Bitcoin entered into a consolidation channel above the $28,000 handle and then corrected upwards touching a high of 32,192 in the European trading session today.

The global investor sentiment has improved from last week, leading to fresh buying by the long-term investors and now we are looking at levels of $32,500 and $35,000.

We can clearly see a bullish pennant pattern above the $28,000 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Both 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 68 indicating a STRONG demand for bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly simple and 200 hourly simple MAs.

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 32,000 and 33,500.

The average true range is indicating LESS market volatility with a strongly bullish momentum.

  • Bitcoin: bullish reversal seen above $28,000.
  • The StochRSI is indicating an OVERSOLD level.
  • The price is now trading just above its pivot level of $31,545.
  • All of the moving averages are giving a STRONG BUY market signal.

Bitcoin: Bullish Reversal Seen Above $28,000
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Bitcoin continues to move into a consolidation channel above the $31,500 handle in the European trading session today.

We can see the formation of a rising trend channel above the $28,000 handle, and now we are looking at the projected levels of $33,000 and $35,000.

The immediate short-term outlook for bitcoin is strongly bullish; the medium-term outlook has turned bullish; and the long-term outlook remains neutral under present market conditions.

Bitcoin continues to consolidate above its important support level of $31,000 and with increasing demand zone formation the immediate target is $32,500

The price of BTCUSD is now facing its classic resistance level of 31,614 and Fibonacci resistance level of 31,653, after which the path towards 32,000 will get cleared.

In the last 24hrs, BTCUSD has increased by 3.05% with a price change of $937, and has a 24hr trading volume of USD 37.468 billion. We can see an Increase of 39.80% in the trading volume as compared to yesterday, which is due to the fresh buying seen at lower levels.

The Week Ahead

The price of bitcoin is moving in a strongly bullish momentum, and the immediate targets are $32,000 and $33,500.

The daily RSI is printing at 50 which means that the medium range demand continues to be NEUTRAL.

We are now looking at a fresh rally into the markets with targets of $33,500 and $35,000 next week.

The prices of BTCUSD will need to remain above the important support levels of $31,000 this week.

The weekly outlook is projected at $33,500 with a consolidation zone of $32,000.

Technical Indicators:

The moving averages convergence divergence (12,26): at 390 indicating a BUY

The average directional change (14 days): at 45.56 indicating a BUY

The rate of price change: at 3.12 indicating a BUY

The commodity channel index (14 days): at 45.18 indicating a NEUTRAL level

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EUR/USD Could Dip While USD/JPY Aims More Gains
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EUR/USD struggled near 1.0785 and corrected lower. USD/JPY is rising and might continue to gain pace towards the 130.20 resistance

Important Takeaways for EUR/USD and USD/JPY

  • The Euro started a downside correction after it failed to surpass 1.0785.
  • There is a key bearish trend line forming with resistance near 1.0725 on the hourly chart of EUR/USD.
  • USD/JPY gained pace after it broke the 127.50 resistance zone.
  • It surpassed a major bearish trend line with resistance near 127.55 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro started a decent recovery wave above the 1.0680 level against the US Dollar. The EUR/USD pair cleared the 1.0720 and 1.0740 resistance levels.

However, the pair faced sellers near the 1.0785 level. A high was formed near 1.0786 on FXOpen and EUR/USD started a downside correction. There was a move below the 1.0740 support and the 50 hourly simple moving average.

EUR/USD Hourly Chart
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A low was formed near 1.0679 and the pair is now correcting higher. There was a move above the 1.0700 resistance level. It even spiked above the 50% Fib retracement level of the downward move from the 1.0786 swing high to 1.0679 low.

However, the pair failed to gain pace above the 1.0740 level. It failed near the 61.8% Fib retracement level of the downward move from the 1.0786 swing high to 1.0679 low.

There is also a key bearish trend line forming with resistance near 1.0725 on the hourly chart of EUR/USD. It is now moving lower and trading below 1.0710. An immediate resistance on the upside is near the 1.0725 level.

The next major resistance is near the 1.0740 level. The main resistance is near the 1.0785 level. An upside break above 1.0785 could set the pace for a steady increase.

If not, the pair might drop and test the 1.0675 support. The next major support is near 1.0650, below which the pair could drop to 1.0580 in the near term.

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ETHUSD AND LTCUSD Technical Analysis – 02nd JUNE, 2022
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ETHUSD: Bearish Engulfing Pattern Below $2015

Ethereum was unable to sustain its bullish momentum last week and after touching a high of 2011 on 31st May started to decline heavily against the US Dollar.

We can see a strong bearish momentum this week and this is putting downwards pressure on the prices of Ethereum below the 1850 handle in the European Trading session today.

We can see the formation of a Major bearish trend line today on the hourly chart and the pair is poised to decline further given the weak investor sentiments.

The prices touched an Intraday Low of $1794 in the Asian trading session and an Intraday High of $1843 in the European Trading session today.

We can clearly see a Bearish Engulfing Pattern Below the $2015 handle which is a Bearish pattern and 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 levels of 1817 and is moving into a Strong bearish channel. The price of ETHUSD is now testing its Classic support levels of 1767 and Fibonacci support levels of 1805 after which the path towards 1700 will get cleared.

Relative Strength Index is at 40 indicating a WEAK market and the continuation of the decline after the consolidation phase gets over.

The STOCHRSI is indicating Oversold levels which means that the prices are due to correct upwards in the short-term range.

ALL of the 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 $1700 to $1600 in the short-term range.

ETH is now trading Below its both the 100 Hourly and Exponential Moving Averages.

  • Ether Bearish Reversal seen below the $2015 mark.
  • Short-term range appears to be Strongly BEARISH.
  • Daily RSI is Below 50 at 38 indicating a Bearish market.
  • Average True Range is indicating HIGH Market Volatility.

Ether Bearish Continuation Seen Below $2015
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ETHUSD is now moving into a Strong Bearish channel with the prices trading below the $1850 handle in the European Trading session today.

We can see the formation of a Major Bearish trend line in the hourly chart which suggests that further decline in the prices of Ethereum are expected.

The prices of Ethereum are moving into a consolidation channel now and after the consolidation phase is over a further decline in its levels is expected.

The key resistance levels to watch are $1919 and $2046 and the prices of ETHUSD need to cross these levels for a potential Bullish reversal.

ETH has declined by 5.80% with a price change of 112$ in the past 24hrs and has a trading volume of 21.678 Billion USD.

We can see an Increase of 22.75% in the total trading volume in last 24 hrs. which is due to the continuation of the selling pressure across the global markets.

The Week Ahead

The global investor sentiments are weak and they are not willing to enter into the markets now, which is the main reason for the continuous fall in the prices of the Ethereum.

The delay in the implementation of the ETH 2.0 upgrade continues to affect the prices of Ethereum in the short-term range.

The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned BEARISH, and the long-term outlook for Ether is NEUTRAL in present market conditions.

In this week Ether is expected to move in a range between the $1600 and $1800 and in the next week Ether is expected to enter into a Consolidation phase above the $1800 levels.

Technical Indicators:

Williams Percent Range: It is at -78.90 indicating a SELL.

Moving Averages Convergence Divergence (12,26): It is at -16.00 indicating a SELL.

Ultimate Oscillator: It is at 40.51 indicating a SELL.

Rate of Price Change: It is at -4.16 indicating a SELL.

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AUD/USD and NZD/USD Remain Supported for More Gains
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AUD/USD extended increase above the 0.7200 resistance. NZD/USD is also showing a lot of positive signs above the 0.6500 level.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar started a fresh increase from the 0.7150 support zone against the US Dollar.
  • There was a break above a short-term contracting triangle with resistance near 0.7162 on the hourly chart of AUD/USD.
  • NZD/USD also started a decent increase after it cleared the 0.6500 resistance zone.
  • There was a move above a major bearish trend line with resistance near 0.6520 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar formed a base above the 0.7150 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.7185 resistance zone.

There was a break above a short-term contracting triangle with resistance near 0.7162 on the hourly chart of AUD/USD. The pair even settled above the 0.7240 level and the 50 hourly simple moving average.

AUD/USD Hourly Chart
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It traded as high as 0.7282 on FXOpen and is currently correcting gains. There was a move below the 0.7270 support zone.

However, the pair is still above the 23.6% Fib retracement level of the upward move from the 0.7140 swing low to 0.7282 high. On the downside, an initial support is near the 0.7250 level.

The next support could be the 0.7230 level. The main support is near the 0.7210 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the 0.7140 swing low to 0.7282 high.

If there is a downside break below the 0.7210 support, the pair could extend its decline towards the 0.7150 level. Any more downsides might send the pair toward the 0.7080 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7280 level. The next major resistance is near the 0.7320 level. A close above the 0.7320 level could start a steady increase in the near term. The next major resistance could be 0.7450.

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GBP/USD and USD/CAD At Risk of More Losses
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GBP/USD started a fresh decline below the 1.2560 support. USD/CAD is also moving lower and might extend losses below the 1.2550 support.

Important Takeaways for GBP/USD and USD/CAD

  • The British Pound started a fresh decline from the 1.2655 resistance zone.
  • There is a major bearish trend line forming with resistance near 1.2540 on the hourly chart of GBP/USD.
  • USD/CAD also started a fresh increase from well below the 1.2800 zone.
  • There is a key bearish trend line forming with resistance near 1.2610 on the hourly chart.

GBP/USD Technical Analysis

After struggling to clear the 1.2655 resistance zone, the British Pound found started a fresh decline against the US Dollar. GBP/USD traded below the 1.2550 support level to move into a bearish zone.

The bears gained strength for a move below the 1.2500 level and the 50 hourly simple moving average. The pair even spiked below the 1.2480 level and traded as low as 1.2477 on FXOpen. The pair is now consolidating losses above the 1.2480 level.

GBP/USD Hourly Chart
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An immediate resistance is near the 1.2505 level. It is near the 23.6% Fib retracement level of the downward move from the 1.2589 swing high to 1.2477 low.

The next key resistance is near the 1.2535 level. It is near the 50% Fib retracement level of the downward move from the 1.2589 swing high to 1.2477 low. There is also a major bearish trend line forming with resistance near 1.2540 on the hourly chart of GBP/USD.

If there is an upside break above the 1.2540 zone, the pair could rise towards 1.2600. The next key resistance could be 1.2655, above which the pair could gain strength.

On the downside, an initial support is near the 1.2475 area. The first major support is near the 1.2450 level. If there is a break below 1.2450, the pair could extend its decline. The next key support is near the 1.2400 level. Any more losses might call for a test of the 1.2320 support.

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BTCUSD and XRPUSD Technical Analysis – 07th JUNE 2022
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BTCUSD: Bearish Doji Star Pattern Below $31,750

Bitcoin was not able to sustain its bullish momentum this week and after touching a high of 31,730 on 06th June, started to decline against the US dollar.

Bitcoin entered into a bearish trend channel below the $31,750 handle and continues to decline touching a low of 29,217 in the European trading session today.

We can see a weak demand for bitcoin in the medium-term range, and the prices are expected to fall further towards the $25,000 level.

We can clearly see a bearish doji star pattern below the $31,750 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

Both 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 29 indicating a WEAK demand for Bitcoin at the current market levels.

Bitcoin is now moving below its 100 hourly and 200 hourly simple MAs.

All of the major technical Indicators are giving a STRONG SELL signal, which means that in the immediate short term we are expecting targets of 28,000 and 27,500.

The average true range is indicating LESS market volatility with a strong bearish momentum.

  • Bitcoin: bearish reversal seen below $31,750
  • The StochRSI is indicating an OVERSOLD level
  • The price is now trading just below its pivot level of $29,643
  • All of the moving averages are giving a STRONG SELL market signal

Bitcoin: Bearish Reversal Seen Below $31,750
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Bitcoin continues to move into a consolidation channel above the $29,500 handle in the European trading session today.

We can see the formation of a falling trend channel below the $30,000 handle and now we are looking at the projected levels of $28,000 and $25,000.

The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook has turned bearish; and the long-term outlook remains neutral under present market conditions.

Bitcoin continues to consolidate above its important support level of $29,000 and further decline in its price is expected in the US trading session.

The price of BTCUSD is now facing its classic support level of 29,361 and Fibonacci support level of 29,571 after which the path towards 28,000 will get cleared.

In the last 24hrs, BTCUSD has declined by 5.64% with a price change of 17,71$ and has a 24hr trading volume of USD 35.441 billion. We can see an Increase of 31.14 % in the trading volume as compared to yesterday, which is due to selling by the medium-term investors.

The Week Ahead

The price of bitcoin is moving in a strongly bearish momentum, and the immediate targets are $28,000 and $27,500.

The daily RSI is printing at 44 which means that the medium-range demand continues to be NEUTRAL.

The price of bitcoin is moving in an uncertain range-bound movement between the $28,000 and $32,000 over the past few weeks. We will have to wait till a clear trend is visible in the medium-term range.

The prices of BTCUSD will need to remain above the important support level of $29,000 this week.

The weekly outlook is projected at $29,500 with a consolidation zone of $28,000.

Technical Indicators:

Moving averages convergence divergence (12,26): at -344 indicating a SELL

The ultimate oscillator: at 44.88 indicating a SELL

The rate of price change: at -5.92 indicating a SELL

The commodity channel index (14 days): at -52.34 indicating a SELL

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EUR/USD Might Drop, USD/CHF Gains Bullish Momentum
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EUR/USD is slowly moving lower below 1.0750. USD/CHF is rising and might accelerate further higher above 0.9720 resistance zone.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro failed to gain pace for a move above the 1.0780 resistance zone against the US Dollar.
  • There is a major bearish trend line forming with resistance near 1.0720 on the hourly chart of EUR/USD.
  • USD/CHF gained pace and was able to clear the 0.9700 resistance zone.
  • There is a key bullish trend line forming with support near 0.9730 on the hourly chart.

EUR/USD Technical Analysis

The Euro gained pace above the 1.0700 resistance zone against the US Dollar. The EUR/USD pair climbed above the 1.0720 resistance zone to move into a bullish zone.

The pair attempted a clear move above the 1.0750 resistance, but the bears remained active. The recent high was formed near 1.0751 before the pair started a fresh decline. The price declined below the 1.0700 level and traded as low as 1.0651 on FXOpen.

EUR/USD Hourly Chart
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There was a recovery wave above the 1.0680 level. It cleared the 50% Fib retracement level of the recent decline from the 1.0751 swing high to 1.0651 low.

However, the pair faced sellers near the 1.0710 level and the 50 hourly simple moving average. Besides, there is a major bearish trend line forming with resistance near 1.0720 on the hourly chart of EUR/USD. The 61.8% Fib retracement level of the recent decline from the 1.0751 swing high to 1.0651 low is also acting as a resistance.

The next major resistance is near the 1.0750 level. A clear move above the 1.0750 resistance zone could set the pace for a larger increase towards 1.0850. The next major resistance is near the 1.0920 zone.

On the downside, an immediate support is near the 1.0650 level. The next major support is near the 1.0620 level. A downside break below the 1.0620 support could start another decline.

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ETHUSD and LTCUSD Technical Analysis – 09th JUNE, 2022
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ETHUSD: Double Bottom Pattern Above $1,725

Ethereum was unable to sustain its bearish momentum this week and after touching a low of 1,725 on 07th June started to correct upwards against the US dollar.

We can see a strong pullback action in the markets which is keeping the prices of Ethereum above the $1,800 handle in the European trading session today.

We can see the formation of a bullish ascending channel above the $1,800 handle, and now we are looking at $1,900 and $2,050 as the immediate targets.

The prices touched an intraday low of $1,777 in the Asian trading session, and an intraday high of $1,821 in the European trading session today.

We can clearly see a double bottom pattern above the $1,725 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 1,814 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1,820 and Fibonacci resistance level of 1,825, after which the path towards 1,900 will get cleared.

The relative strength index is at 58 indicating a strong market and the continuation of the uptrend this week.

The StochRSI and Williams percent range are indicating an oversold level which means that the price is due to correct upwards in the short-term range.

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 $1,900 to $2,000 in the short-term range.

ETH is now trading above the 100 hourly and exponential MAs.

  • A bullish reversal seen above the $1,725 mark
  • The short-term range appears to be strongly bullish
  • The parabolic SAR is indicating a bullish reversal in the hourly time frame
  • The average true range is indicating less market volatility

Ether: Bullish Reversal Seen Above $1,725
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ETHUSD is moving in a strongly bullish channel with the prices trading above the $1,800 handle in the European trading session today.

We can see the formation of a bullish harami cross pattern in the 15-minute time frame indicating the potential bullish nature of the present markets.

The prices of Ethereum may continue to move upwards against the US dollar, as the medium-term investors are coming back into the markets.

The key resistance levels to watch are $1,907 and $2,077, and the price of ETHUSD needs to cross these levels for the continuation of the bullish reversal.

ETH has declined by 0.90% with a price change of 16$ in the past 24hrs and has a trading volume of 13.881 billion USD.

We can see a decrease of 37.41% in the total trading volume in the last 24 hrs which is due to the uncertain nature of the global markets.

The Week Ahead

The global investor sentiments have improved leading to a pullback action in the markets, and now we are looking at $1,900 and $2,050 as the immediate targets.

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 $1,800 and $2,000, and next week, it is expected to enter into a consolidation phase above $2,000.

Technical Indicators:

STOCH (9,6): at 65.83 indicating a BUY

The moving averages convergence divergence (12,26): at 3.66 indicating a BUY

The ultimate oscillator: at 68.27 indicating a BUY

The rate of price change: at 1.82 indicating a BUY

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Gold Price Remains At Risk and Oil Price Aims More Gains
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Gold price is struggling to clear the $1,855 resistance zone. Crude oil price is rising and might continue to gain pace above the $120.00 resistance.

Important Takeaways for Gold and Oil

  • Gold price struggled above $1,860 and corrected lower against the US Dollar.
  • There was a break below a key bullish trend line with support near $1,850 on the hourly chart of gold.
  • Crude oil price gained pace after it broke the $118 and $120 resistance levels.
  • There is a major bullish trend line forming with support near $118.50 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,830 and $1,835 levels against the US Dollar. The price started a fresh increase after it broke the $1,840 resistance zone.

There was a clear move above the $1,850 level and the 50 hourly simple moving average. The price even cleared the $1,855 level and traded as high as $1,859 on FXOpen. Recently, there was a downside correction below $1,855.

Gold Price Hourly Chart
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The price declined below the 50% Fib retracement level of the upward move from the $1,837 swing low to $1,859 high. There was also a break below a key bullish trend line with support near $1,850 on the hourly chart of gold.

The price also tested the 76.4% Fib retracement level of the upward move from the $1,837 swing low to $1,859 high. On the downside, an initial support is near the $1,840 level.

The next major support is near the $1,835 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,810 support zone. On the upside, the price is facing resistance near the $1,850 level.

The main resistance is now forming near the $1,860 level. A close above the $1,860 level could open the doors for a steady increase towards $1,875. The next major resistance sits near the $1,888 level.

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GBP/USD and GBP/JPY Reverse Gains, Bulls Struggle
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GBP/USD started a fresh decline from the 1.2600 resistance zone. GBP/JPY is declining and remains at a risk of more losses below 165.00.

Important Takeaways for GBP/USD and GBP/JPY

  • The British Pound started a fresh decline after it failed near 1.2600 against the US Dollar.
  • There was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD.
  • GBP/JPY is gaining bearish momentum below the key 166.50 support zone.
  • There was a break below a major bullish trend line with support near 167.35 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound attempted an upside break above the 1.2600 resistance against the US Dollar. The GBP/USD pair failed to gain bullish momentum and started a fresh decline from the 1.2580 zone.

There was a sharp decline below the 1.2500 support and the 50 hourly simple moving average. Besides, there was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD. The bears gained strength and the price declined below the 1.2350 support zone.

GBP/USD Hourly Chart
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A low is formed near 1.2262 on FXOpen and the pair is now consolidating losses. On the upside, the pair is facing resistance near the 1.2300 level. The next major hurdle is near the 1.2320 level. It is close to the 23.6% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low.

An upside break above 1.2320 could set the pace for a move towards the 1.2400 resistance zone. It is near the 50% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low.

If there is no upside break above 1.2320, the pair could start a fresh decline. An immediate support is near the 1.2260. The next major support is near the 1.2220 level. If there is a break below the 1.2220 support, the pair could test the 1.2150 support.

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BTCUSD and XRPUSD Technical Analysis – 14 th JUNE 2022
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BTCUSD – Bearish Harami Pattern Below $28300

Bitcoin continues its bearish momentum from last week and plunged below the $21000 handle touching a low of 20850 in the European Trading session today.

The global investor sentiments are weak and the continuation of the selling pressure across the global cryptocurrency exchanges is causing the massive slide in Bitcoin.

Bitcoin entered into a Major Bearish trend channel below the $28300 handle and continued to decline below the $21000 handle today, the lowest level seen in 2 years.

We can see a very weak demand for the Bitcoin in the medium-term range and the prices are expected to fall further towards the $20000 levels.

We can clearly see a Bearish Harami Pattern Below the $28300 handle which is a Bearish reversal pattern because it signifies the end of an Uptrend and a shift towards a Downtrend.

Both 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.

Relative Strength Index is at 40 indicating a WEAK demand for the Bitcoin at the current market levels.

Bitcoin is now moving Below its 100 hourly Simple Moving average and its 200 hourly Simple Moving averages.

All of the Major Technical Indicators are giving a SELL Signal, which means that in the immediate short term we are expecting targets of 21000 and 20500.

Average True Range is indicating LESS Market Volatility with a Strong Bearish Momentum.

  • Bitcoin Bearish Continuation seen Below $28300.
  • STOCHRSI is Indicating OVERSOLD Levels.
  • The price is now trading just Below its Pivot Levels of $22739.
  • All of the Moving Averages are giving a STRONG SELL market signal.

Bitcoin Bearish Continuation Seen Below $28300
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The prices of Bitcoin nosedived below the $21000 handle today, after which we can see a move towards the consolidation channel above the $22000 handle in the European Trading session today.

We can see the formation of a Falling Trend channel below the $27900 handle and now we are looking at the projected levels of $21000 and $20000.

The immediate short-term outlook for Bitcoin is Strong Bearish, Medium-term outlook has turned as Bearish, and the long-term outlook remains Neutral under present market conditions.

Bitcoin continues to consolidate above its important support levels of $22000 and further decline in its prices is expected in the US Trading session.

The price of BTCUSD is now facing its Classic support levels of 21775 and Fibonacci support levels of 22293 after which the path towards 21000 will get cleared.

In the last 24hrs BTCUSD has declined by 7.49% by 1808$ and has a 24hr trading volume of USD 67.482 Billion. We can see an Increase of 18.28% in the Trading volume as compared to yesterday, which is due to the selling by the medium-term investors.

The Week Ahead

The prices of Bitcoin are moving in a Strong Bearish momentum and the immediate targets are $21000 and $20500

The Daily RSI is printing at 23 which means that the medium range demand continues to be WEAK.

We can see that the prices of Bitcoin have stabilized above the $22000 handle and now we are looking at the important support levels of $21000 and $21775.

The prices of BTCUSD will need to remain above the important support levels of $21000 this week.

Weekly outlook is projected at $21500 with a consolidation zone of $20500.

Technical Indicators:

Moving Averages Convergence Divergence (12,26): It is at -694 indicating a SELL.

Ultimate Oscillator: It is at 44.05 indicating a SELL.

Rate of Price Change: It is at -4.05 indicating a SELL.

Commodity Channel Index(14days): It is at -10.55 indicating a NEUTRAL level.

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EUR/USD and EUR/JPY Eye Steady Recovery
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EUR/USD started a fresh decline and traded below 1.0500. EUR/JPY is recovering higher and might correct above the 141.20 resistance zone.

Important Takeaways for EUR/USD and EUR/JPY

  • The Euro started a major decline from the 1.0780 and 1.0800 resistance levels.
  • There is a key bearish trend line forming with resistance near 1.0445 on the hourly chart.
  • EUR/JPY formed a base near 139.40 and started an upside correction.
  • There is a major bearish trend line forming with resistance near 141.20 on the hourly chart.

EUR/USD Technical Analysis

The Euro failed to clear the 1.0780 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0650 and 1.0600 support levels.

There was a clear move below the 1.0550 level and the 50 hourly simple moving average. The pair even settled below the 1.0500 level. A low was formed near 1.0397 on FXOpen and the pair is now consolidating losses.

EUR/USD Hourly Chart
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On the upside, the pair is facing resistance near the 1.0445 level. There is also a key bearish trend line forming with resistance near 1.0445 on the hourly chart.

The next major resistance is near the 1.0485 level. It is near the 23.6% Fib retracement level of the downward move from the 1.0773 swing high to 1.0397 low. A clear break above the 1.0485 resistance could push EUR/USD towards 1.0540.

If the bulls remain in action, the pair could revisit the 1.0585 resistance zone in the near term. The 50% Fib retracement level of the downward move from the 1.0773 swing high to 1.0397 low is near the 1.0585 level.

On the downside, the pair might find support near the 1.0420 level. The next major support sits near the 1.0400 level. If there is a downside break below the 1.0400 support, the pair might accelerate lower in the coming sessions.

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ETHUSD and LTCUSD Technical Analysis – 16th JUNE, 2022
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ETHUSD – Bearish Doji Star Pattern Below $1834

Ethereum was unable to sustain its bullish momentum and after touching a high of 1834 on 16th June started to decline heavily against the US Dollar.

We can see a continued selloff in the markets which is keeping the prices of Ethereum below the $1200 handle in the European Trading session today.

We can see the formation of a Bearish Descending channel below the $1800 handle and now we are looking at $1100 and $1050 as the immediate targets.

The prices touched an Intraday Low of $1144 in the European Trading session and an Intraday High of $1254 in the Asian Trading session today.

We can clearly see a Bearish Doji Star Pattern Below the $1834 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase in the markets.

ETH is now trading below its Pivot levels of 1168 and is moving into a Strong Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1126 and Fibonacci support levels of 1158 after which the path towards 1100 will get cleared.

Relative Strength Index is at 50 indicating a NEUTRAL market and the shift towards the consolidation phase in the markets.

The STOCHRSI is indicating Oversold levels, which means that the prices are due to correct upwards in the short-term range.

ALL of the of the Technical indicators are giving a STRONG SELL market Signal.

Some of the Moving Averages are giving a SELL Signal and we are now looking at the levels of $1100 to $1050 in the short-term range.

ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages.

  • Ether Bearish Reversal seen Below the $1834 mark.
  • Short-term range appears to be Strongly BEARISH.
  • Bearish Harami Pattern seen in the 15minutes timeframe.
  • Average True Range is indicating LESS Market Volatility.

Ether Bearish Reversal Seen Below $1834
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ETHUSD is now moving into a Strong Bearish Channel with the prices trading below the $1200 handle in the European Trading session today.

We can see the formation of a Bullish crossover pattern of Adaptive Moving Average AMA 100 in the 30 minutes timeframe indicating the potential Bullish reversal.

After the recent decline in the prices of Ethereum some of the analysts have predicted that the bottom levels are reached and now the prices are due to correct upwards in the medium to long term range.

The key resistance levels to watch are $1208 and $1275 and the prices of ETHUSD need to cross these levels for the start of the Bullish reversal.

ETH has increased by 9.56% with a price change of 98$ in the past 24hrs and has a trading volume of 30.529 Billion USD.

We can see an Increase of 13.59% in the total trading volume in last 24 hrs. which is due to the heavy selling seen across the global markets.

The Week Ahead

The global investor sentiments continue to be weak leading to the massive slide in the prices of Ethereum this week.

The crash that we have seen is also due to the heavy selling by the Hedge Funds in the wake of the US Fed Rate Hike decision.

The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions.

In this week Ether is expected to move in a range between the $100 and $1200 and in the next week Ether is expected to enter into a Consolidation phase above the $1200 levels.

Technical Indicators:

Average Directional Change(14days): It is at 39.83 indicating a SELL.

Williams Percent Range: It is at -74.96 indicating a SELL.

Ultimate Oscillator: It is at 39.15 indicating a SELL.

Commodity Channel Index(14days): It is at -91.04 indicating a SELL.

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AUD/USD and NZD/USD Could Eye Fresh Increase
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AUD/USD started a recovery wave above the 0.7000 resistance. NZD/USD is also showing a lot of positive signs above the 0.6300 level.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar started a fresh increase from the 0.6850 support zone against the US Dollar.
  • There was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD.
  • NZD/USD also started a decent increase after it cleared the 0.6250 resistance zone.
  • There was a move above a major bearish trend line with resistance near 0.6335 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar formed a base above the 0.6850 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6950 resistance zone.

There was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD. The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low.

AUD/USD Hourly Chart
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The pair even settled above the 0.7000 level and the 50 hourly simple moving average. It is now consolidating gains above the 0.7000 level. On the downside, an initial support is near the 0.7000 level.

The next support could be the 0.6980 level and the 50 hourly simple moving average. The main support is near the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6850 level. Any more downsides might send the pair toward the 0.6780 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7050 level. The next major resistance is near the 0.7080 level. It is near the 61.8% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low.

A close above the 0.7080 level could start a steady increase in the near term. The next major resistance could be 0.7220.

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GBP/USD Faces Resistance While EUR/GBP Eyes More Gains
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GBP/USD started a fresh increase above the 1.2150 resistance. EUR/GBP is showing positive signs above the 0.8550 resistance zone.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound started a decent increase above 1.2150 against the US Dollar.
  • There was a break below a key bullish trend line with support near 1.2220 on the hourly chart of GBP/USD.
  • EUR/GBP is holding the 0.8580 support but struggling above 0.8600.
  • There is a major bullish trend line forming with support near 0.8570 on the hourly chart.

GBP/USD Technical Analysis

The British Pound remained well bid above the 1.1920 zone against the US Dollar. The GBP/USD pair started a decent increase after it broke the 1.2000 resistance.

There was a clear move above the 1.2100 level and the 50 hourly simple moving average. The bulls were even able to clear the 1.2150 resistance. However, the pair struggled near the 1.2400 resistance and started a downside correction.

GBP/USD Hourly Chart
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There was a break below a key bullish trend line with support near 1.2220 on the hourly chart of GBP/USD. The pair traded below the 38.2% Fib retracement level of the upward move from the 1.1933 swing low to 1.2406 high (formed on FXOpen).

The pair tested the 50% Fib retracement level of the upward move from the 1.1933 swing low to 1.2406 high. It is now rising and trading above the 1.2240 level.

On the upside, an initial resistance is near the 1.2280 level. The next main resistance is near the 1.2320 zone. A clear upside break above the 1.2320 and 1.2330 resistance levels could open the doors for a steady increase in the near term. The next major resistance sits near the 1.2400 level.

If not, the pair might start a fresh decline below 1.2180. The next major support is near the 1.2150 level. Any more losses could lead the pair towards the 1.2050 support zone or even 1.2020.

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BTCUSD and XRPUSD Technical Analysis – 21st JUNE 2022
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BTCUSD – Rounding Bottom Pattern Above $17600

Bitcoin was unable to sustain its bearish momentum and after touching a low of 17678 on 18th June started to correct upwards and is now trading above $21000 handle in the European Trading session.

We can see that after touching an 18-month low the prices of Bitcoin have pulled back due to the buying seen at lower levels from the long-term investors.

Bitcoin entered into a Consolidation channel above the $18000 handle and continues to rise above these levels.

The Global demands for Bitcoin have improved now and the prices are expected to cross $22000 levels.

We can clearly see a Rounding Bottom Pattern Above the $17600 handle which is a Bullish reversal pattern because it signifies the end of a Downtrend and a shift towards an Uptrend.

Both the STOCH and STOCHRSI are indicating Overbought levels which means that in the immediate short term a decline in the prices is expected.

Relative Strength Index is at 66 indicating a STRONGER demand for the Bitcoin at the current market levels.

Bitcoin is now moving Above its 100 hourly Simple Moving average and its 200 hourly Simple 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 22000 and 23500.

Average True Range is indicating LESS Market Volatility with a Strong Bullish Momentum.

  • Bitcoin Bullish Reversal seen Above $17600.
  • Williams Percent Range is Indicating OVERBOUGHT Levels.
  • The price is now trading just Above its Pivot Levels of $21263.
  • All of the Moving Averages are giving a STRONG BUY market signal.

Bitcoin Bullish Reversal Seen Above $17600
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The prices of Bitcoin have entered into a consolidation channel above the $18000 handle and the pullback seen is expected to continue touching levels of $22000.

We can see the formation of a Rising Trend channel above the $18000 handle and now we are looking at the projected levels of $22000 and $24000.

The immediate short-term outlook for Bitcoin is Strong Bullish, Medium-term outlook has turned as Bullish, and the long-term outlook remains Neutral under present market conditions.

Bitcoin continues to consolidate above its important support levels of $21000 and further appreciation in its prices is expected in the US Trading session.

The price of BTCUSD is now facing its Classic resistance levels of 21486 and Fibonacci resistance levels of 21633 after which the path towards 22000 will get cleared.

In the last 24hrs BTCUSD has increased by 3.43% by 705$ and has a 24hr trading volume of USD 32.005 Billion. We can see a Decrease of 12.38% in the Trading volume as compared to yesterday, which is due to the buying by the long-term investors.

The Week Ahead

The prices of Bitcoin are moving in a Strong Bullish momentum and the immediate targets are $22000 and $23500

The Daily RSI is printing at 31 which means that the medium range demand continues to be WEAK.

We can see that the prices of Bitcoin have stabilized above the $21000 handle and now we are looking at the important support levels of $21237 and $21305.

The prices of BTCUSD will need to remain above the important support levels of $21000 this week.

Weekly outlook is projected at $22500 with a consolidation zone of $21000.

Technical Indicators:

Moving Averages Convergence Divergence (12,26): It is at 279 indicating a BUY.

Ultimate Oscillator: It is at 64.37 indicating a BUY.

Rate of Price Change: It is at 5.69 indicating a BUY.

Commodity Channel Index(14days): It is at 171.10 indicating a BUY.

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EUR/USD Could Rise, USD/JPY Remains In Strong Uptrend
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EUR/USD struggled near 1.0580 and corrected lower. USD/JPY is rising and might continue to gain pace towards the 138.00 resistance

Important Takeaways for EUR/USD and USD/JPY

  • The Euro started a downside correction after it failed to surpass 1.0580.
  • There is a key bullish trend line forming with support near 1.0505 on the hourly chart of EUR/USD.
  • USD/JPY gained pace after it broke the 135.00 resistance zone.
  • It surpassed a major bearish trend line with resistance near 135.35 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro started a decent recovery wave above the 1.0500 level against the US Dollar. The EUR/USD pair cleared the 1.0520 and 1.0550 resistance levels.

However, the pair faced sellers near the 1.0580 level. A high was formed near 1.0582 on FXOpen and EUR/USD started a downside correction. There was a move below the 1.0520 support and the 50 hourly simple moving average.

EUR/USD Hourly Chart
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The pair even spiked below the 50% Fib retracement level of the upward move from the 1.0444 swing low to 1.0582 high. However, the bulls are now protecting the 1.0500 support zone.

There is also a key bullish trend line forming with support near 1.0505 on the hourly chart of EUR/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the 1.0444 swing low to 1.0582 high.

An immediate resistance on the upside is near the 1.0530 level the 50 hourly simple moving average. The next major resistance is near the 1.0550 level. The main resistance is near the 1.0580 level. An upside break above 1.0580 could set the pace for a steady increase.

If not, the pair might drop and test the 1.0480 support. The next major support is near 1.0450, below which the pair could drop to 1.0400 in the near term.

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ETHUSD and LTCUSD Technical Analysis – 23rd JUNE, 2022
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ETHUSD – Bullish Harami Pattern Above $936

Ethereum was unable to sustain its bearish momentum and after touching a low 893 on 18th June started to correct upwards against the US Dollar.

We can see that the prices have recovered from its lows and a pullback action is seen at levels below $1000.

We can see the formation of a Bullish Ascending channel below the $1000 handle and now we are looking at $1100 and $1250 as the immediate targets.

The prices touched an Intraday Low of $1046 in the Asian Trading session and an Intraday High of $1107 in the European Trading session today.

We can clearly see a Bullish Harami Pattern Above the $936 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 above its Pivot levels of 1096 and is moving into a Strong Bullish channel. The price of ETHUSD is now testing its Classic resistance levels of 1101 and Fibonacci resistance levels of 1110 after which the path towards 1200 will get cleared.

Relative Strength Index is at 52 indicating a NEUTRAL market and the shift towards the consolidation phase in the markets.

Both the STOCHRSI and Williams Percent Range are indicating Overbought levels, which means that the prices are due to correct downwards in the short-term range.

ALL of the of the Technical indicators are giving a STRONG BUY market Signal.

Most of the Moving Averages are giving a BUY Signal and we are now looking at the levels of $1100 to $1250 in the short-term range.

ETH is now trading Above its both the 100 Hourly Simple and Exponential Moving Averages.

  • Ether Bullish Reversal seen Above the $936 mark.
  • Short-term range appears to be Strongly BULLISH.
  • ETH is poised for an upwards Rally against the US Dollar.
  • Average True Range is indicating LESS Market Volatility.

Ether Bullish Reversal Seen Above $936
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ETHUSD is now moving into a Strong Bullish Channel with the prices trading above the $1100 handle in the European Trading session today.

The On Balance Volume is indicating that the demand from the buyers and sellers is in equilibrium, meaning that the present prices of Ether are moving into a consolidation phase.

Now we are looking at the possibility of a Rally into the markets which could push the prices of Ether above the $1500 levels soon.

The key resistance levels to watch are $1275 and $1300 and the prices of ETHUSD need to cross these levels for the continuation of the Bullish reversal.

ETH has increased by 1.50% with a price change of 16$ in the past 24hrs and has a trading volume of 14.913 Billion USD.

We can see an Increase of 3.86% in the total trading volume in last 24 hrs. which appears to be Normal.

The Week Ahead

The global investor sentiments have improved as we can see a recovery of almost 30% from a low of $893 to a high of $1189 reached yesterday.

The prices of Ethereum continue to remain above the important psychological support levels of $1000 and we can witness an upwards Rally into the markets in the next week.

The immediate short-term outlook for the Ether has turned as Strongly BULLISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions.

In this week Ether is expected to move in a range between the $1100 and $1250 and in the next week Ether is expected to enter into a Consolidation phase above the $1250 levels.

Technical Indicators:

STOCH (9,6): It is at 76.59 indicating a BUY.

Average Directional Change(14days): It is at 23.69 indicating a BUY.

Rate of Price Change: It is at 3.61 indicating a BUY.

Commodity Channel Index(14days): It is at 129.70 indicating a BUY.

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Gold Price and Oil Price Could Extend Losses
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Gold price is struggling below the $1,850 resistance zone. Crude oil price is declining and might even trade below the $100 support zone.

Important Takeaways for Gold and Oil

  • Gold price struggled above $1,850 and corrected lower against the US Dollar.
  • There was a break below a key bullish trend line with support near $1,825 on the hourly chart of gold.
  • Crude oil price started a downside correction from the $116 and $118 resistance levels.
  • There is a major bearish trend line forming with resistance near $104.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price struggled to gain pace above the $1,850 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,840 pivot level.

There was a clear move below the $1,825 support zone and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $1,825 on the hourly chart of gold.

Gold Price Hourly Chart
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The price traded as low as $1,821 on FXOpen and the price is now consolidating losses. On the upside, the price is facing resistance near the $1,828 level.

The 23.6% Fib retracement level of the downward move from the $1,846 swing high to $1,821 low is also near the $1,828 zone to act as a resistance. The main resistance is now forming near the $1,830 level.

The 50% Fib retracement level of the downward move from the $1,846 swing high to $1,821 low is also near the $1,832 zone. A close above the $1,832 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,860 level.

On the downside, an initial support is near the $1,820 level. The next major support is near the $1,805 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,780 support zone.

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GBP/USD Eyes Upside Break While USD/CAD Is Diving
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GBP/USD could gain pace if it clears the 1.2320 resistance zone. USD/CAD is sliding and could extend losses below the 1.2870 level.

Important Takeaways for GBP/USD and USD/CAD

  • The British Pound is attempting an upside correction from the 1.2150 support zone.
  • There is a key bullish trend line forming with support near 1.2230 on the hourly chart of GBP/USD.
  • USD/CAD started a fresh decline from the 1.3020 resistance zone.
  • There was a break below a connecting bullish trend line with support near 1.2960 on the hourly chart.

GBP/USD Technical Analysis

After a downside break, the British Pound found support near the 1.2150 zone against the US Dollar. GBP/USD remained well bid above 1.2150 and recently corrected higher.

A low was formed near 1.2169 on FXOpen and the pair climbed above the 1.2200 resistance zone. There was a clear move above the 1.2250 resistance zone and the 50 hourly simple moving average. The pair even spiked above the 1.2300, but faced sellers near 1.2320.

GBP/USD Hourly Chart
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A high is formed near 1.2320 and the pair is now consolidating in a range. There was a test of the 38.2% Fib retracement level of the upward move from the 1.2169 swing low to 1.2320 high.

On the downside, an initial support is near the 1.2260 area. The first major support is near the 1.2240 level. It is near the 50% Fib retracement level of the upward move from the 1.2169 swing low to 1.2320 high.

There is also a key bullish trend line forming with support near 1.2230 on the hourly chart of GBP/USD. If there is a break below 1.2230, the pair could extend its decline. The next key support is near the 1.2180 level. Any more losses might call for a test of the 1.2120 support.

An immediate resistance is near the 1.2300 level. The next key resistance is near the 1.2320 level. If there is an upside break above the 1.2320 zone, the pair could rise towards 1.2400. The next key resistance could be 1.2450, above which the pair could gain strength.

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The British Pound's weakness harks back to the dark days of the late 1960s

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For a number of weeks, the British Pound has been down in the dumps, performing very weakly against its de facto peers, the Euro and the US Dollar.

As this week's trading sessions begin across Europe, the Pound sits at a stagnant 1.16 against the Euro, and an equally mediocre 1.22 against the US Dollar.

The Pound, which remains the world's strongest fiat currency, has been under the microscope of analysts and investors for a few weeks now, and its dull performance is quite interesting considering that the UK did not suffer the same level of government-enforced lockdowns as mainland Europe or parts of the United States did during 2020 and 2021, and its economic burden is devoid of fueling the enormous debt which some member states of the European Union are saddled with, as the United Kingdom is no longer a member of the European Union.

Inflation is playing a major part in the devaluation of currency across the Western world, so therefore by that logic, all majors apart from the Japanese Yen should be in the same position, however the reality is the absolute opposite. The Yen is at a historic low, and the Euro and US Dollar are doing better than the British Pound.

Some pundits have indicated this morning that political woes as well as economic hurdles in the United Kingdom have created an 'investor flight' toward the US Dollar, however there are similar political woes in Europe and the United States, and the populations of both continents each side of the Atlantic face similar cost of living crises as the one in the United Kingdom.

The 'nothing to see here' approach by the British authorities has draw comparisons with the devaluation of the British Pound in 1967, a crisis for the vast majority of citizens, which was dismissed casually by the prime minister of the time Harold Wilson, who claimed quite outrageously that the pound in people's pockets was unaffected.

One possible explanation for the continued depression of the Pound's value could be the current situation in which the workers unions are once again rearing their heads.

Britain's rail networks were blighted by strike action last week, and at a time during which there has been political uncertainty, militant strike action on a national scale harks back to the industrial disasters of the early 1970s, not long after Prime Minister Wilson dismissed the late 1960s devaluation of the pound.

This year alone, the British Pound has decreased in value by 9%, which is a considerable amount, especially when bearing in mind that the Dollar has also been hit by inflation at a 40 year high in the United States, and the US Government's stance against Russia which has led to the US Dollar losing its status as a de facto settlement currency for raw material commodities such as oil and gas which must now be settled in rubles when being purchased from Russian suppliers.

The volatility of late has even spurred an off-the-cuff remark by Bank of America which has likened the British Pound's behavior to that of an emerging market currency!

Of course, that is hyperbole, and the Euro zone is also in a precarious financial position, with a brewing Italian bond crisis and a central bank even more laggardly than our own to raise rates.

The finger-pointing in Britain is now in full swing, however, and the Bank of England's governor is about to be hauled over the coals by the authorities for apparently not doing enough to predict the levels of inflation that are now being experienced.


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Euro makes a steady 0.3% gain overnight as Lagarde prepares inflation speech

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The Euro is making steady progress at the moment, and has risen by 0.3% during the course of the night, starting the day just above its 50-day moving average.

That represents a strong position for the Euro, which had a value of $1.0578 against the strong US Dollar this morning.

Inflation has been a subject which has dominated not only the news channels recently, but also the everyday lives of a large proportion of the public across both the American and European continents, and this week the matter of rising inflation is on the agenda for announcements from the governments within the important economic centers within the European Union.

On Wednesday this week, Germany will announce its inflation figures, followed by France on Thursday and the Euro Zone as a whole on Friday.

Despite these imminent announcements, the Euro has held its ground very well. The US Dollar has been notably a strong currency against Western majors recently, itself gaining slightly over the Australian Dollar and the Japanese Yen during today's Asian market trading session which takes place in the during the night and early hours of the morning European time. The US Dollar rose to $0.693 against the Australian Dollar and 135.37 Yen would buy 1 US Dollar by the end of the Asian session today, which is close to the seven-year high of 144.24 Yen to the US Dollar which arose las week.

Despite the Dollar's rising value against these two non-Western majors, the Euro still made its ground against the Dollar today, which is remarkable considering the inflation-related announcements which are imminent across Europe.

Of course, the United States is battling with inflation which is at its highest in 40 years, just as is the case across most of the Western world, therefore the announcements in Europe align to some extent with the situation across the Atlantic in the United States.

Today, Christine Lagarde, President of the European Central Bank is due to speak at the European Central Bank forum in Sintra, Portugal at 8.00am GMT, with the anticipated main subject to be inflation.

Interestingly, the Swiss Franc has risen to parity with the Euro this week, largely driven by an interest rate increase by the Swiss National Bank which took place earlier this month, however elsewhere in Europe, the United Kingdom and the United States, the inflation situation is having a profound effect on the buying habits of the public and lifestyle changes have been taking place meaning less spending, and therefore a shrinking economy.

The cost of living has rocketed, meaning that per-capita earnings are less than they were last year by a considerable margin, causing concerns by millions of people as well as analysts and economists over the medium term strength of the Western economy as a whole, therefore some degree of volatility between major currencies, especially the Euro, US Dollar and British Pound has taken place which has over recent years been relatively rare.

Interest rate rises are also making their presence felt as mortgage and loan payments have been increasing across these markets, signaling a potential recession.

There is no magic wand to wave, however listening to central bank announcements, despite their current similarity in tone and content, is a poignant measure of the current state of each sovereign currency.

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BTCUSD and XRPUSD Technical Analysis – 28th JUNE 2022
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BTCUSD – Bullish Engulfing Pattern Above $19700

Bitcoin continues its bullish momentum this week as the price is moving upside now trading above the $20000 handle in the European Trading session.

We can see a continued consolidation in the levels of Bitcoin after every decline and the prices are now gaining a bullish traction ahead of the US Trading session.

The long-term investors are coming back into the markets as the demands for Bitcoin are increasing due to the increase in global inflation rates.

We can clearly see a Bullish Engulfing Pattern Above the $19700 handle which is a Bullish reversal pattern because it signifies the end of a Downtrend and a shift towards an Uptrend.

Both the STOCH and STOCHRSI are indicating Overbought levels which means that in the immediate short term a decline in the prices is expected.

Relative Strength Index is at 49 indicating a NEUTRAL demand for the Bitcoin at the current market levels.

Bitcoin is now moving Below its 100 hourly Simple Moving average and its 200 hourly Simple 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 21500 and 23000.

Average True Range is indicating LESS Market Volatility with a Bullish Momentum.

  • Bitcoin continues Bullish Momentum Above $19700.
  • Williams Percent Range is Indicating OVERBOUGHT Levels.
  • The price is now trading just Above its Pivot Levels of $20834.
  • All of the Moving Averages are giving a BUY market signal.

Bitcoin Continues Bullish Momentum Above $19700
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The prices of Bitcoin have entered into a consolidation channel above the $20000 handle and the continuation of the bullish momentum above the $20500 levels.

The global sentiments have improved and now the prices are forming an Ascending Triangulation pattern and a short-term rally above $22000 is expected.

We can see a close co-relation between the movement of prices in Bitcoin and Nasdaq 100 index.

The immediate short-term outlook for Bitcoin is Bullish, Medium-term outlook has turned as Neutral, and the long-term outlook remains Neutral under present market conditions.

Bitcoin is now facing resistance below $22000 as it failed to clear it on 26th June after touching a high of $21865.

The price of BTCUSD is now facing its Classic resistance levels of 20936 and Fibonacci resistance levels of 20998 after which the path towards 22000 will get cleared.

In the last 24hrs BTCUSD has decreased by 2.35% by 502$ and has a 24hr trading volume of USD 21.622 Billion. We can see an Increase of 6.09% in the Trading volume as compared to yesterday, which appears to be Normal.

The Week Ahead

The prices of Bitcoin are moving in a Bullish momentum and the immediate targets are $21500 and $22500

The Daily RSI is printing at 34 which means that the medium range demand continues to be WEAK.

We can see that the prices of Bitcoin have stabilized above the $20000 handle and now we are looking at the important support levels of $21045 and $21599.

The prices of BTCUSD will need to remain above the important support levels of $20000 this week.

Weekly outlook is projected at $22500 with a consolidation zone of $21500.

Technical Indicators:

Average Directional Change(14days): It is at 41.40 indicating a BUY.

Ultimate Oscillator: It is at 56.99 indicating a BUY.

Rate of Price Change: It is at 0.341 indicating a BUY.

Commodity Channel Index(14days): It is at 111.24 indicating a BUY.

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EUR/USD and USD/CHF At Risk of More Losses
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EUR/USD started another decline and traded below 1.0550. USD/CHF is consolidating and facing many hurdles near the 0.9580 zone.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro failed to gain pace for a move above the 1.0600 resistance zone against the US Dollar.
  • There was a break below a major bullish trend line with support near 1.0550 on the hourly chart of EUR/USD.
  • USD/CHF also started a fresh decline after it failed to clear the 0.9700 resistance zone.
  • There is a key bearish trend line forming with resistance near 0.9565 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro gained pace above the 1.0550 resistance zone against the US Dollar. The EUR/USD pair climbed above the 1.0580 resistance zone to move into a bullish zone.

The pair attempted a clear move above the 1.0600 resistance, but the bears remained active. The recent high was formed near 1.0615 before the pair started a fresh decline. The price declined below the 1.0550 level.

EUR/USD Hourly Chart
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There was a break below a major bullish trend line with support near 1.0550 on the hourly chart of EUR/USD. The pair traded as low as 1.0503 on FXOpen and settled below the 50 hourly simple moving average.

It is now consolidating near 23.6% Fib retracement level of the recent decline from the 1.0615 swing high to 1.0503 low. An immediate resistance is near the 1.0540 level.

The next major resistance is near the 1.0560 level. It is close to the 50% Fib retracement level of the recent decline from the 1.0615 swing high to 1.0503 low. A clear move above the 1.0560 resistance zone could set the pace for a larger increase towards 1.0600. The next major resistance is near the 1.0650 zone.

On the downside, an immediate support is near the 1.0520 level. The next major support is near the 1.0500 level. A downside break below the 1.0500 support could start another decline.

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