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  1. #301
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    Gold Price Could Dip While Crude Oil Price Trades In Range


    Gold price is struggling to stay above the $1,925 support. Crude oil price is facing a strong resistance near the $82 zone.

    Important Takeaways for Gold and Oil


    • Gold price started a strong increase and tested $1,950 against the US Dollar.
    • There is a key bullish trend line forming with support near $1,925 on the hourly chart of gold.
    • Crude oil price started a fresh increase from the $79.50 support zone.
    • There is a major bullish trend line forming with support near $80.40 on the hourly chart of XTI/USD.



    Gold Price Technical Analysis


    Gold price formed a base above the $1,900 level against the US Dollar. The price started a strong increase above the $1,915 and $1,920 resistance levels to move into a positive zone.

    The bulls even pumped the price above the $1,940 and the 50 hourly simple moving average. The price even tested the $1,950 zone. A high is formed near $1,949 on FXOpen and the price is now correcting gains.

    Gold Price Hourly Chart

    There was a move below the $1,940 level and the 50 hourly simple moving average. The price even dipped below the $1,920 level before the bulls appeared.

    Recently, there was a recovery wave above the 23.6% Fib retracement level of the downward move from the $1,949 swing high to $1,918 low. However, the bears are active below the $1,935 level and the 50 hourly simple moving average.

    The price failed to clear the 50% Fib retracement level of the downward move from the $1,949 swing high to $1,918 low. It is now moving lower below $1,930.

    An immediate support on the downside is near the $1,925 level. There is also a key bullish trend line forming with support near $1,925 on the hourly chart of gold. The next major support is near the $1,915 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,900 support zone.

    On the upside, the first major resistance is near the $1,930 level. The next key hurdle is near the $1,935 level, above which it could even test $1,950. A clear upside break above the $1,950 resistance could send the price towards $1,965.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

  2. #302
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    Watch FXOpen's January 23 - 27 Weekly Market Wrap Video

    In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.


    • Monday morning blues as EY forecast worse UK recession than expected
    • Natural gas fell by 50% in 1 month
    • Big Tech woes lead to layoffs, resulting in stock surge
    • TSLA. Report reassures investors



    Watch our short and informative video, and stay updated with FXOpen.




    FXOpen YouTube


    Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

  3. #303
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    GBP/USD and GBP/JPY Could Resume Increase


    GBP/USD is consolidating gains pace above the 1.2350 zone. GBP/JPY is also rising and might gain pace if it clears the 161.80 resistance zone.

    Important Takeaways for GBP/USD and GBP/JPY


    • The British Pound is showing positive signs above 1.2350 against the US Dollar.
    • There is a key contracting triangle forming with resistance near 1.2400 on the hourly chart of GBP/USD.
    • GBP/JPY started a fresh increase above the 160.00 resistance zone.
    • There is a major bullish trend line forming with support near 160.90 on the hourly chart.



    GBP/USD Technical Analysis

    This past week, the British Pound found support near the 1.2280 zone against the US Dollar. The GBP/USD pair formed a base and started a steady increase above the 1.23200 level.

    There was a clear move above the 1.2350 resistance and the 50 hourly simple moving average. The pair even cleared the 1.2400 resistance. A high is formed near 1.2418 on FXOpen and the pair corrected lower.

    GBP/USD Hourly Chart


    There was a move below the 1.2380 level, but the bulls were active near the 1.2345. The pair is now rising and trading above the 50% Fib retracement level of the recent decline from the 1.2418 swing high to 1.2345 low.

    An immediate resistance on the upside is near the 1.2400 level. There is also a key contracting triangle forming with resistance near 1.2400 on the hourly chart of GBP/USD.

    The triangle resistance is near the 76.4% key contracting triangle forming with resistance near 1.2400 on the hourly chart of GBP/USD. The next major resistance is near the 1.2420 level, above which the pair could start a steady increase towards 1.2450.

    An upside break above 1.2450 might start a fresh increase towards 1.2550. Any more gains might call for a move towards 1.2600 or even 1.2640.

    An immediate support is near the 1.2380. The next major support is near the 1.2350 level. If there is a break below the 1.2350 support, the pair could test the 1.2280 support. Any more losses might send GBP/USD towards 1.2220.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

  4. #304
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    Markets focus on Bitcoin as volatility takes it to 5-month high


    The much publicized 'crypto winter' has been a long, drawn out period of relatively low values among major cryptocurrencies, lasting now for several months.

    Along with the depressed values compared to the incredible volatility of 2021 which showed Bitcoin race to over $60,000 and below $20,000 and back again, there has been a stagnant market for long enough for those who were on the edge of their seat a just a year and a half ago to fall asleep during the winter of 2022.

    This weekend, however, has caused some market participants to wake from the months-long slumber and begin to take note as Bitcoin values suddenly climbed to $23,900 by Sunday evening (UK market time).

    That is almost $1000 higher than the value at which Bitcoin began the very same day, its value having been at $23,003 at 00.30 in the first half hour of the morning UK time.

    Over the 24 hours until 12.00pm today UK time, Bitcoin had risen by 2% which is significant considering the millpond-like doldrums it has been in over the past few weeks.

    This sudden rally was short lived, however, and by 13.00 UK time, Bitcoin values had descended to $23,100 which is a similar value to the pre-rally price on Sunday morning.

    Whilst the return to the low $23,000 range may appear a damp squib to those who had become excited by the sudden upward direction which took place yesterday, the movement does at least demonstrate that some market volatility was present after a long period of stagnation, hence why this has been a talking point among many analysts and reporters over the past 24 hours.

    What is of perhaps greater interest is that the high point reached yesterday evening put Bitcoin value at its highest point since August 12, 2022, when it traded at $24,412 and despite tailing off a bit during the course of today, Bitcoin is still at its second highest point in the last six months.

    Therefore, whilst perhaps a small blip in the market value of the world's most popularly traded cryptocurrency may appear short lived, this is the highest value in the past five months, which is definitely something to write about.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

  5. #305
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    Brent Crude Oil price takes a bashing overnight


    During the past two years, oil, along with many other raw material commodities which are used to produce energy products, has been very volatile.

    Perhaps given the nature of its supply, which is largely in the hands of the OPEC+ countries whose national economies depend on the export of oil around the world, the 'oil cartel' has a lot of bargaining power over its consumers, hence in times of economic strife or geopolitical instability, oil prices have always been ones to watch.

    First of all there was supply chain and logistical curtailment due to lockdowns across many Western countries, which led to the increase in the price of oil during 2020 and 2021, and then the sanctioning of the settlement accounts of Russian oil companies by European governments which led to any oil bought having to be settled in Rubles in bank accounts in Moscow, leading to rapidly accelerating ruble prices and oil supply constraints for European customers.

    Therefore, oil prices have been high for 2 years, however this morning during the Asian trading session, Brent Crude Oil (WTI) took a dive in value and by 8.45am UK time, it was languishing at $76.92 per barrel, a steep drop over yesterday's values and a very noticeable drop compared to this time last week when the value was $82.27 per barrel on January 23, its highest value this month.

    During the past 30 days, Brent Crude Oil has been very volatile in its values, having begun the month at a low point of $73.08 on January 4, before accelerating past the $80 mark by mid January, then retracting again before heading back to the high of over $82 last week, and now it is back down to the mid-$70s again.

    Despite the overall rollercoaster ride of volatility this month, Brent Crude Oil is down overall by 4.3% during the past 30 days.

    This has been an interesting period for commodities traders, and whilst in many Western markets, gasoline prices are now far lower than they were six months ago, the price of crude oil continues to fluctuate considerably.

    In some cases, vehicle fuel prices at the pumps on the retail market have decreased by over 50p (British) or 50c (Euro) per liter in six months. For example, in July 2022, motorists in the United Kingdom were paying approximately £1.99 per liter, now unleaded fuel is readily available at around £1.50 per liter, and in France, in July 2022 unleaded fuel was retailing at an extremely high 2.20 Euros per liter, whereas during January 2023 it has been selling at anywhere between 1.70 and 1.87 Euros per liter.

    Volatility is the the lifeblood of trading, so says the old adage, and the oil price this month has certainly been on point in this respect.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

  6. #306
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    BTCUSD and XRPUSD Technical Analysis – 31st JAN 2023


    BTCUSD: Double Bottom Pattern Above $22396

    Bitcoin continues its bullish momentum from last week and after touching a low of $22396 on 25th Jan, the prices started to correct upwards against the US dollar and are now ranging above the $22500 handle in the European trading session today.

    We have seen a bullish opening of the markets this week.

    We can clearly see a double bottom pattern above the $22396 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

    Bitcoin touched an intraday low of 22543 in the Asian trading session and an intraday high of 22992 in the European trading session today.

    The price of bitcoin is ranging near a new record high of 1 month.

    We can see the formation of a bullish harami and bullish harami cross pattern in the daily time frame.

    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.

    We have also detected a bullish doji star pattern in the 30-minute time frame indicating bullish trends.

    The relative strength index is at 56.23 indicating a strong demand for bitcoin, and the continuation of the buying pressure in the markets.

    Bitcoin is now moving below its 100 hourly simple moving average and above its 100 hourly exponential moving averages.

    Most of the major technical indicators are giving a buy signal, which means that in the immediate short term, we are expecting targets of 23000 and 24500.

    The average true range is indicating high market volatility with a mildly bullish momentum.


    • Bitcoin: bullish continuation seen above $22396
    • The commodity channel index is indicating a neutral level
    • The price is now trading just below its pivot level of $22884
    • The short-term range is mildly bullish



    Bitcoin: Bullish Continuation Seen Above $22396


    The price of bitcoin witnessed a downwards correction after touching $23926 as the target of $24K was rejected by the bulls. Now the markets are ranging into a consolidation channel above the $22500 handle.

    After the consolidation phase is over, we are expecting upside moves in the range of $23500 to $24000 levels.

    The resistance of the channel is broken in the 15-minute time frame.

    We can see the formation of a bullish trend reversal pattern with the moving average MA20 in the 15-minute time frame.

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

    Bitcoin’s support zone is located at $20780 at which the price crosses 9-day moving average stalls, and at $21091 which is a 38.2% retracement from a 4-week high.

    The price of BTCUSD is now facing its classic resistance level of 22928 and Fibonacci resistance level of 22950 after which the path towards 23000 will get cleared.

    In the last 24hrs BTCUSD has decreased by 1.85% by 432.62$ and has a 24hr trading volume of USD 25.925 billion. We can see a decrease of 5.10% in the trading volume compared to yesterday, which appears to be normal.

    The Week Ahead

    Bitcoin has reached its highest level this month at $23956 which is a positive sign after the harsh crypto winter season seen last year.

    The daily RSI is printing at 69.281 which indicates a very strong demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

    We can see the formation of a bullish trend line from $22396 towards the $23983 level.

    The price of BTCUSD is now facing its resistance zone located at $23098 which is a pivot point, and at $23527 which is a 3-10 day MACD oscillator stalls.

    The weekly outlook is projected at $24000 with a consolidation zone of $23500.

    Technical Indicators:

    The moving averages convergence divergence (12,26): is at 1256.90 indicating a BUY

    The ultimate oscillator: is at 52.29 indicating a BUY

    The rate of price change : is at 8.37 indicating a BUY

    Bull/bear power (13): is at 856.36 indicating a BUY

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

  7. #307
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    EUR/USD and EUR/JPY At Risk of Fresh Decline


    EUR/USD is facing resistance near the 1.0880 zone. EUR/JPY is also facing hurdles and remains at a risk of a downward move below 141.00.

    Important Takeaways for EUR/USD and EUR/JPY


    • The Euro started a fresh increase from the 1.0800 zone.
    • There is a key bearish trend line forming with resistance near 1.0895 on the hourly chart.
    • EUR/JPY started a steady increase after it found support near the 140.75.
    • There is a connecting bearish trend line forming with resistance near 141.65 on the hourly chart.



    EUR/USD Technical Analysis

    The Euro formed a base above the 1.0800 zone and started a decent increase against the US Dollar. The EUR/USD pair was able to clear the 1.0820 and 1.0840 resistance levels.

    There was a clear move above the 1.0850 level and the 50 hourly simple moving average. The pair even climbed above the 50% Fib retracement level of the downward move from the 1.0913 swing high to 1.0802 low (formed on FXOpen).

    EUR/USD Hourly Chart


    However, the pair struggled to stay above the 1.0865 level and the 50 hourly simple moving average. It failed to clear the 61.8% Fib retracement level of the downward move from the 1.0913 swing high to 1.0802 low.

    On the downside, the pair might find support near the 1.0840 level. The next major support sits near the 1.0825 level, below which the pair could even test the 1.0800 support zone.

    If there is a downside break below the 1.0800 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0725. On the upside, an immediate resistance is near the 1.0870 level. There is also a key bearish trend line forming with resistance near 1.0895 on the hourly chart.

    The next major resistance is near the 1.0920 level. A clear move above the 1.0920 resistance might send the price towards 1.0950. If the bulls remain in action, the pair could visit the 1.1050 resistance zone in the near term.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

  8. #308
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    USD down slightly ahead of Fed announcement as interest rates look toward 15 year high


    Today, the Federal Reserve bank in the United States is set to make an announcement regarding another potential interest rate increase, which would represent the latest in a long string of such actions over the past year.

    Should this proceed, it may dampen the enthusiasm of investors, and therefore have a negative effect on the US economy overall.

    However, the US Dollar has remained strong, and when looking at this morning's chart analysts across the world are predicting that the interest rates in the United States may once again be increased.

    As a result, it would perhaps be very understandable to consider the possibility that the US Dollar, which has been has been very strong this year against other major currencies, could perhaps decrease in value rapidly.

    The reality is quite different and the US Dollar has only made a very slight dip against some of its major peers.

    The British Pound was up to the high 1.23 range against the US Dollar early this morning during the London trading session.

    This is because a number of central banks around the world are set to increase interest rates, and during the course of this week it is widely estimated that the combination of central banks in many key nations with developed financial markets economies may increase interest rates to highest levels since the financial crisis, stoking anxiety among some investors that this month’s bond market rally underestimates evidence of persistent inflation.

    At the end of the 2000s, when the global financial crisis hit and major financial institutions with long heritages began to collapse - notably the high profile and catastrophic demise of Lehman Brothers, and subsequent other disasters such as the bankruptcy of Bear Stearns - the world's oldest investment bank - and nationalization of many large banks such as Barclays, HSBC and Lloyds due to their over-exposure to secured and unsecured credit, as well as the aggressive takeover attempt by Royal Bank of Scotland which resulted in it having to be bailed out by the British taxpayer, the interest rates were at around 5% in the United Kingdom, the Eurozone and the United States.

    Since then, they have been incredibly low across the 2010s, and only in 2021 did they begin to rise again. It is looking likely that they will be up to the 5% mark again.

    Of course, it is still a far cry from the 15% interest rates that were commonplace in the United Kingdom and some other key markets during the early 1990s, which is perhaps remarkable considering the geopolitical circumstances of the past three years, but 5% is a massive increment over the less than 1% many consumers have been used to for many years until 2021.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

  9. #309
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    ETHUSD and LTCUSD Technical Analysis – 02nd FEB, 2023


    ETHUSD: Three White Soldiers Pattern Above $1535

    Ethereum was unable to sustain its bearish momentum and after touching a low of 1535 on 30th Jan, the price started to correct upwards against the US dollar crossing the $1650 handle today in the Asian trading session.

    After touching a high of $1694 the prices have retracted due to profit taking by the medium-term investors.

    We have seen a bullish opening of the markets this week.

    We can clearly see a three white soldiers pattern above the $1535 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 below its pivot level of 1665 and moving into a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1668 and Fibonacci resistance level of 1673 after which the path towards 1700 will get cleared.

    We have also seen the formation of a Bullish engulfing line in the weekly time frame.

    The price of Ethereum is ranging near the support of the channel in the 15-minute time frame indicating a bullish scenario.

    The relative strength index is at 68.86 indicating a strong demand for Ether and the continuation of the buying pressure in the markets.

    The Williams percent range is indicating an overbought market, which means that the price is expected to decline in the short-term range.

    Most of the technical indicators are giving a strong buy market signal.

    Most of the moving averages are giving a strong buy signal at the current market level of $1666.

    ETH is now trading above both the 100 hourly simple and 100 hourly exponential moving averages.


    • Ether: bullish reversal seen above the $1535 mark
    • Short-term range appears to be strongly bullish
    • ETH continues to remain above the $1650 level
    • The average true range is indicating less market volatility



    Ether: Bullish Reversal Seen Above $1535


    ETHUSD continues to trade higher against the US dollar and bitcoin. The price of Ethereum remains supported above the $1600 level and now we are testing the break of the $1700 handle.

    We can see the formation of a B=bullish price crossover pattern with adaptive moving average AMA20 in the weekly time frame.

    The momentum indicator is back over zero in the daily time frame indicating bullish trends.

    We have also detected the formation of a bullish harami pattern in the 4-hour time frame.

    ETHUSD touched an intraday low of 1633 and an intradayhHigh of 1694 in the Asian trading session today.

    The STOCHRSI is indicating an oversold level, which indicates that the prices will continue to rise in the medium-term range.

    The key support levels to watch are $1594 which is a 14-3 day raw stochastic at 50%, and $1637 at which the price crosses 9-day moving average stalls.

    ETH has increased by 5.88% with a price change of 92.60$ in the past 24hrs and has a trading volume of 9.958 billion USD.

    We can see an increase of 60.00% in the total trading volume in the last 24 hrs which is due to heavy buying seen at lower levels.

    The Week Ahead

    ETH has already made a failed attempt to cross the $1700 level by touching $1694 today. Now we are expecting a retest of the $1700 breach after which the next targets are located at $1800 and $1900 levels.

    At present, the prices are moving in a consolidation channel above the $1650 level.

    We can see the formation of a bullish ascending channel from $1535 towards the $1684 level.

    The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned bullish, and the long-term outlook for Ether is neutral in present market conditions.

    The resistance zone is located at $1701 which is the pivot point 2nd resistance level and at $1868 which is a 14-day RSI at 80%.

    The weekly outlook is projected at $1800 with a consolidation zone of $1750.

    Technical Indicators:

    The relative strength index, RSI (14): is at 68.86 indicating a BUY

    The moving average convergence divergence, MACD (12,26): is at 21.75 indicating a BUY

    The average directional index: is at 23.83 indicating a BUY

    The rate of price change: is at 22.11 indicating a BUY

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

  10. #310
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    AUD/USD and NZD/USD Signals Downside Extension


    AUD/USD is correcting gains from the 0.7150 resistance zone. NZD/USD is also declining and reaching an important support at 0.6450.

    Important Takeaways for AUD/USD and NZD/USD


    • The Aussie Dollar started a fresh decline from the 0.7150 resistance against the US Dollar.
    • There was a break below a key bullish trend line with support near 0.7080 on the hourly chart of AUD/USD.
    • NZD/USD also started a downside correction after it failed to clear 0.6540.
    • There is a connecting bullish trend line forming with support near 0.6440 on the hourly chart of NZD/USD.



    AUD/USD Technical Analysis

    The Aussie Dollar gained pace above the 0.7100 resistance zone against the US Dollar. The AUD/USD pair even spiked above the 0.7150 level before the bears appeared.

    The pair traded as high as 0.7157 on FXOpen and started a fresh downside correction. There was a clear move below the 0.7120 and 0.7100 support levels. The pair declined below the 50% Fib retracement level of the upward move from the 0.6983 swing low to 0.7157 high.

    AUD/USD Hourly Chart


    Besides, there was a break below a key bullish trend line with support near 0.7080 on the hourly chart of AUD/USD. The pair is now trading below 0.7080 and the 50 hourly simple moving average.

    On the downside, an initial support is near the 0.7050 level. It is near the 61.8% Fib retracement level of the upward move from the 0.6983 swing low to 0.7157 high. The next support could be the 0.7000 level. If there is a downside break below the 0.7000 support, the pair could extend its decline towards the 0.6940 level.

    On the upside, the AUD/USD pair is facing resistance near the 0.7080 level. The next major resistance is near the 0.7100 level.

    A close above the 0.7100 level could start another steady increase in the near term. The next major resistance could be 0.7150.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

  11. ARIONFORXtarder
 

 
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