Daily Market Analysis By FXOpen

Gold Price and Crude Oil Price Eye Additional Gains


Gold price started a fresh increase above the $1,950 resistance. Crude oil price could regain traction if it stays above the $105 support zone.

Important Takeaways for Gold and Oil

• Gold price started a fresh increase above $1,930 and $1,950 against the US Dollar.
• There was a break above a key bearish trend line with resistance near $1,932 on the hourly chart of gold.
• Crude oil price also started a fresh increase from the $95 support zone.
• Recently, there was a break below a major bullish trend line with support near $113.30 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a support base near $1,910 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,930 level to move into a positive zone.

There was a clear move above the $1,950 level and the 50 hourly simple moving average. The price even climbed above the $1,960 resistance level. Besides, there was a break above a key bearish trend line with resistance near $1,932 on the hourly chart of gold.

Gold Price Hourly Chart


A high was formed near $1,965 on FXOpen and the price is now consolidating gains. On the downside, an initial support is near the $1,958 level. The first major support is near the $1,952 level. It is near the 23.6% Fib retracement level of the upward move from the $1,910 swing low to $1,965 high.

The next major support is near the $1,950 level. The main support sits near the $1,938 level. It is near the 50% Fib retracement level of the upward move from the $1,910 swing low to $1,965 high.

On the upside, the price is facing resistance near the $1,965 level. The main resistance is now forming near the $1,980 level. A close above the $1,980 level could open the doors for a steady increase towards $2,000. The next major resistance sits near the $2,030 level.

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BTCUSD and XRPUSD Technical Analysis ? 29th MAR 2022


BTCUSD: Bullish Engulfing Pattern Above $42,000

We can see continuous appreciation in the price of BTCUSD from last week, and today it has managed to cross the $47,000 handle in the European trading session.

Due to increased buying pressure, the price of bitcoin has been rising for 7 consecutive days, and the upwards growth also suggests that we are aiming for the level of $50,000.

The strong wave of this bullish trend continues, with the price of bitcoin trading above the $47,500 mark in the European trading session today.

We can clearly see a bullish engulfing pattern above the $42,000 handle, which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

The Stoch and Williams percent range are indicating an overbought level, which means that in the immediate short term, a decline in the prices is expected.

The relative strength index is at 57 indicating a STRONG demand for bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly simple moving average, and its 200 hourly exponential MA.

All of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short term, we are expecting targets of 46,000 and 48,000.

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

• A bullish continuation pattern is seen above $42,000
• The StochRSI is indicating an OVERSOLD level
• The price is now trading just below its pivot levels of $47,585
• All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Continuation Pattern Seen Above $42,000


Bitcoin continues to move in a strong bullish momentum with an upwards projection towards the level of $48,000 in the European trading session today.

In the immediate short term, we are expecting a continuation of this bullish trend with the price ranging between $46,000 and $49,000 as it is due to enter into a consolidation phase.

We can see optimism among bitcoin traders, as it has managed to continue its upwards trend in the short-term range.

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

The price of BTCUSD is now facing its classic resistance level of 47,668 and Fibonacci resistance level of 47,726, after which the path towards 48,000 will get cleared.

We can see that the daily RSI is printing at 70 which indicates that in the medium-term prices are expected to appreciate further.

In the last 24hrs BTCUSD has gone UP by 1.39% with a price change of 653$, and has a 24hr trading volume of USD 35.173 billion. We can see an increase of 2.78% in the trading volume as compared to yesterday, which appears to be normal.

The Week Ahead

The price of bitcoin is due to enter a consolidation phase below the level of $48,000. We can see some range-bound movement in its levels between $46,000 to $48,000.

On January 24th bitcoin touched a low of $32,950, after which it has managed to rise by more than 41% to its current market level of $47,456.

In the immediate short term, bitcoin?s bullish momentum is expected to continue pushing its levels above the $48,000 handle this week. The price of BTCUSD will need to remain above the important support level of $45,000.

The weekly outlook is projected at $49,000 with a consolidation zone of $46,500.

Technical Indicators:

The relative strength index (14-day): at 56.33 indicating a BUY

The average directional change (14-day): at 29.23 indicating a BUY

Bull/Bear power(13-day): at 72.28 indicating a BUY

The moving averages convergence divergence (12,26): at 275.90 indicating a BUY

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ETHUSD and LTCUSD Technical Analysis ? 31st MAR, 2022


ETHUSD: Bullish Engulfing Pattern Above $3,100

Ethereum continues its bullish momentum from last week and has managed to touch the $3,400 handle in the European trading session today.

Ethereum touched an intraday high of 3,423 and an intraday low of 3,372 in the early Asian trading session today.

We can clearly see a Bullish engulfing pattern above the $3,100 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just above its pivot level of 3,400 and is moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 3,407 and Fibonacci resistance level of 3,411, after which the path towards 3,500 will get cleared.

The relative strength index is at 54 indicating a NEUTRAL demand for Ethereum and the move towards the consolidation phase.

Both the Stoch and RSI are indicating a neutral level which means that the prices are due to enter into a consolidation zone.

All of the technical indicators are giving a STRONG BUY market signal.

All of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $3,500 to $3,600 in the short-term range.

ETH is now trading above both its 100 and 200 hourly simple moving averages.

• Ether continues its bullish momentum above the $3,100 mark
• The short-term range appears to be strongly BULLISH
• The daily RSI is above 50 at 72 indicating a BULLISH market
• The average true range is indicating LESSER market volatility

Ether Continues Bullish Momentum Above $3,100


ETHUSD is now moving in a strongly bullish momentum with the prices trading above the $3,300 handle in the European trading session today.

We can see the Ichimoku bullish crossover pattern in the 1-hour timeframe which further validates the bullish momentum.

Ethereum is now moving in a bullish continuation pattern which indicates further appreciation in the prices of ETHUSD this week.

ETHUSD is now facing its immediate resistance level of $3,461 and $3,508, after which we will see a linear progression towards the level of $3,600.

The key support levels to watch are $3,351 and $3,229, and the price of ETHUSD needs to remain above these levels for the continuation of the bullish trend.

ETH has gained 0.08% with a price change of 2.61$ in the past 24hrs, and has a trading volume of 14.183 billion USD.

We can see a decrease of 27.33% in the total trading volume in the last 24 hrs. as Ethereum braces to enter into a consolidation zone.

The Week Ahead

At present, Ethereum bulls have managed to push the prices of ETHUSD above the level of $3,300. If the price of ETHUSD remains above these levels, we may see a linear progression towards the level of $3,500 and $3,600 this week.

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

This week, Ether is expected to move in a range between $3,300 and $3,500, and next week, Ether is expected to enter in a consolidation phase above $3,300.

Technical Indicators:

The commodity channel index (14-day): at 60.38 indicating a BUY

Bull/Bear power (13-day): at 14.53 indicating a BUY

The rate of price change: at 0.160 indicating a BUY

The Williams percent range: at -41.74 indicating a BUY

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GBP/USD and USD/CAD Face Key Hurdles


GBP/USD is struggling below the 1.3200 resistance. USD/CAD is rising, but it must clear 1.2530 to start a fresh increase in the near term.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a fresh decline from the 1.3240 resistance zone.
• There is a key bearish trend line forming with resistance near 1.3140 on the hourly chart of GBP/USD.
• USD/CAD is rising and showing positive signs above the 1.2500 level.
• There is a major bullish trend line forming with support near 1.2505 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a strong decline from well above 1.3320 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.3250 support.

The pair even broke the 1.3200 support level and the 50 hourly simple moving average. Finally, there was a move below the 1.3100 support. A low was formed near 1.3051 on FXOpen and the pair is now correcting losses.

GBP/USD Hourly Chart


The recent swing low was near 1.3086 and the pair is now consolidating. It is trading above the 23.6% Fib retracement level of the recent decline from the 1.3175 swing high to 1.3086 low.

An immediate resistance is near the 1.3130 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.3175 swing high to 1.3086 low. Besides, there is a key bearish trend line forming with resistance near 1.3140 on the hourly chart of GBP/USD.

The next major resistance is near the 1.3150 level. Any more gains could lead the pair towards the 1.3200 barrier in the near term.

If not, the pair could continue to move down and might even break the 1.3050 support. If there is a downside break, GBP/USD might test the 1.3000 support. The next major support sits at 1.2950.

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BTCUSD and XRPUSD Technical Analysis ? 05th APR 2022


BTCUSD: Double Bottom Pattern Above $44,000

Bitcoin touched a high of $48,164 on March 28th , after which we saw some correction that pushed its price below the $45,000 handle.

We can see fresh buying pressure coming back into the markets, and bitcoin is trading above the $46,000 handle in the European trading session today.

We can see a rising trend channel in the medium term, which is expected to push the prices of BTCUSD towards the $50,000 handle.

We can clearly see a double bottom pattern above the $44,000 handle, which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

The Stoch and the Williams percent range are indicating an overbought level, which means that in the immediate short term, a decline in the price is expected.

The relative strength index is at 55, indicating a STRONG demand for bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly simple Ma, and its 200 hourly exponential MA.

All of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 48,000 and 50,000.

The average true range is indicating a LESSER market volatility with a strong bullish momentum.

• A bullish reversal is seen in bitcoin above $44,000
• The StochRSI is indicating an OVERSOLD level
• The price is now trading just below its pivot level of $46,663
• All of the moving averages are giving a BUY market signal

Bitcoin: Bullish Reversal Seen Above $44,000


Bitcoin continues to move in a mildly bullish momentum with an upwards projection towards the level of 48,000 in the European trading session today.

In the immediate short term, we are expecting a continuation of this bullish trend, with the prices of bitcoin ranging between $48,000 and $49,000 as it has entered into a consolidation phase now.

The drop in the level of BTCUSD that we saw last week happened due to the profit-taking by short-term investors.

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

The price of BTCUSD is now facing its classic resistance level of 46,735, and Fibonacci resistance level of 46,802, after which the path towards 48,000 will get cleared.

We can see that the daily RSI is also printing at 62 which indicates that in the medium-term, the prices are expected to appreciate further.

In the last 24hrs, BTCUSD has gone UP by 1.51% with a price change of $692, and has a 24hr trading volume of USD 30.612 billion. We can see an increase of 8.03% in the trading volume as compared to yesterday, which appears to be normal.

The Week Ahead

The price of bitcoin is now moving into a consolidation phase below $48,000. We can see some range-bound movements in the levels between $46,000 to $48,000.

The hourly RSI has also confirmed the rising trend channel which indicates that in the medium-term, prices are expected to move closer to the level of $50,000.

The on-chain metrics are also suggesting that after the present consolidation phase is over, we are aiming towards crossing the $50,000 handle.

In the immediate short term, bitcoin?s bullish momentum is expected to continue pushing above the $49,000 handle this week.

The prices of BTCUSD will need to remain above the important support level of $47,500 this week.

Weekly outlook is projected at $50,000 with a consolidation zone of $48,500.

Technical Indicators:

The rate of price change: at 10.13 indicating a BUY

The ultimate oscillator: at 51.55 indicating a BUY

Bull/Bear power(13-day): at 2289 indicating a BUY

The moving averages convergence divergence (12,26): at 1490 indicating a BUY

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ETHUSD and LTCUSD Technical Analysis ? 07th APR, 2022


ETHUSD: Double Bottom Pattern Above $3,100

Ethereum failed to continue its bullish momentum last week, and after touching a high of 3578 on April 4th, has started to decline.

Ethereum touched an intraday low of $3,143 in the Asian trading session, and an intraday high of $3,233 in the European trading session today.

We can clearly see a double bottom pattern above the $3,100 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just above its pivot level of $3,223 and moving in a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of $3,235 and Fibonacci resistance level of $3,246, after which the path towards $3,400 will get cleared.

The relative strength index is at 44 indicating a WEAK demand for Ethereum and the move towards consolidation.

Both the StochRSI and the Williams percent range are indicating an overbought level which means that the price is due to decline further.

Most of the technical indicators are giving a STRONG BUY market signal.

Some of the moving averages are giving a BUY signal, and we are now looking at the levels of $3,400 to $3,550 in the short-term range.

ETH is now trading below both the 100 hourly and 200 hourly simple moving averages.

• A bullish reversal seen in Ether above the $3,100 mark
• The short-term range appears to be mildly BULLISH
• The daily RSI is near 50 at 53, indicating a NEUTRAL market
• The average true range is indicating LESSER market volatility

Ether: Bullish Reversal Seen Above $3,100


ETHUSD is now moving into a mildly bullish channel with the price trading above the $3,200 handle in the European trading session today.

We saw last week that the bullish move was invalidated above the $3,500 handle, and this week, we are looking at the level of $3,400. If ETH manages to cross and remain above these levels, then we can see $3,500 and $3,600 next week.

Ethereum is now slowly recovering against the US dollar, and we can see the formation of an ascending contraction triangle which means that the prices are due to break out upwards.

ETHUSD is now facing its immediate resistance levels of $3,337 and $3,417, after which we will see a linear progression towards $3,600.

The key support levels to watch are $3,175 and $3,153, and the prices of ETHUSD need to remain above these levels for the bullish trend to continue.

ETH has lost -4.00% with a price change of -133.99$ in the past 24hrs, and has a trading volume of 22.874 billion USD.

We can see a 8.29% decrease in the total trading volume in the last 24 hrs, which appears to be normal.

The Week Ahead

Last week, we saw Ethereum decline from its highs of $3,579 to the low of $3,143, but now we can see that the prices have entered into a consolidation phase above $3,200.

If the price of ETHUSD remains above $3,200, we may see a linear progression towards the level of $3,400 and $3,500 this week.

The immediate short-term outlook for Ether has turned mildly BULLISH; the medium-term outlook has turned neutral; and the long-term outlook for Ether is NEUTRAL in present market conditions.

This week, Ether is expected to move in a range between $3,200 and $3,400, and next week, Ether is expected to enter into a consolidation phase above the level of $3,400.

On-Chain Metrics


We can see that the number of active Ethereum addresses are increasing, and it also points to an increase in the price of ETH next week.

The simple moving average (14-day) of the active receiving addresses also suggests that more buyers are now coming back into the markets, which has led to an increase in the number of Ethereum transactions.

Technical Indicators:

The Stoch (9,6): at 74.29 indicating a BUY

The average directional Change (14-day): at 54.71 indicating a BUY

The commodity channel index (14-day): at 74.31 indicating a BUY

The ultimate oscillator: at 62.37 indicating a BUY

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GBP/USD Dives While GBP/JPY Aims More Upsides


GBP/USD started another decline from well above the 1.3120 level. GBP/JPY is rising and might gain pace above the 162.75 resistance zone

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound started a fresh decline after it failed near 1.3150 against the US Dollar.
• There is a key bearish trend line forming with resistance near 1.3030 on the hourly chart of GBP/USD.
• GBP/JPY started a fresh increase after it cleared the 160.00 resistance zone.
• There is a major bullish trend line forming with support near 161.75 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound attempted a recovery wave above the 1.3120 level against the US Dollar. However, the GBP/USD pair failed to gain strength for a move above the 1.3150 resistance.

As a result, the pair reacted to the downside and traded below the 1.3100 level. There was a clear move below the 1.3050 support and the 50 hourly simple moving average. It even spiked below 1.3000 and traded as low as 1.2982 on FXOpen.

GBP/USD Hourly Chart


It is currently attempting an upside correction above 1.3000. There was a move above the 23.6% Fib retracement level of the recent decline from the 1.3106 swing high to 1.2982 low.

However, the pair is facing a major resistance near the 1.3040 and 1.3050 levels. There is also a key bearish trend line forming with resistance near 1.3030 on the hourly chart of GBP/USD. The 50% Fib retracement level of the recent decline from the 1.3106 swing high to 1.2982 low is also above the trend line.

The next major hurdle is near 1.3080, above which the pair could rise towards 1.3150 in the near term. If not, the pair might continue to decline below 1.3000.

The next major support is near the 1.2950 level. If there is a break below the 1.2950 support, the pair could test the 1.2880 support.

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