Daily Market Analysis By FXOpen

XRPUSD Analysis: Three White Soldiers Pattern Above $0.4441


Last week, the market sentiment remained indecisive after Ripple price touched a low of USD 0.4441 on May 18 and started to correct upwards, with the prices ranging near a new record high of 1 month.

On the hourly chart:

• The relative strength index is at 53.20, which signifies a neutral demand for Ripple at the current market price and the continuation of the consolidation phase in the market.
• Moving averages signal an upwards price movement at the current market level of 0.4609.
• The ADX and CCI are both in the neutral zone, which means the price is expected to consolidate further.
• Ripple is now trading just below its pivot level of 0.4628 and is facing its classic resistance at 0.4660 and Fibonacci resistance at 0.4705, after which it will be able to move towards 0.4900.
• The Ichimoku price is over the cloud, indicating a bullish market.
• Bullish price crossover seen with moving averages MA20 and MA50.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

ETHUSD Analysis: Bearish Harami Pattern below $1,871


Bulls couldn?t take control of the market, and after touching a high of $1,871 on 23 May, the ETH/USD pair is moving in a bearish trend, touching a low of $1,762 today in the early Asian trading session.


The short-term outlook for Ethereum has turned mildly bearish.

On the hourly chart:

• ETHUSD is under bearish pressure after a decline below the $1,800 handle with immediate targets of $1,750 and $1,700.
• The bearish harami pattern is below the $1,871 handle, signifying the end of a bullish phase.
• The relative strength index is at 40.11, indicating weak demand for Ether and a continuation of the selling pressure in the market.
• The CCI is giving a neutral signal, meaning that the Ethereum price is expected to remain in the consolidation phase in the short-term range.
• ETH price is now trading below the 100-hour simple and 200-hour exponential moving averages.
• The Ethereum price opened bearish this week.
• The average true range indicates low market volatility.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Gold and Crude Oil At Risk of More Losses


Gold price is struggling below the $1,967 support level. Crude oil price is also declining and remains at a risk of more losses below $70.75.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price failed to clear the $1,982 resistance and trimmed gains against the US Dollar.
• It is now following a short-term declining channel with resistance near $1,948 on the hourly chart of gold at FXOpen.
• Crude oil prices are also moving lower below $72.80 and $72.00 levels.
• There was a break below a major bullish trend line with support near $73.50 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis


On the hourly chart of Gold at FXOpen, the price struggled to start a fresh increase above the $1,982 resistance. The price started a fresh decline below the $1,967 support.

There was a close below the 50-hour simple moving average and $1,950. The price tested the $1,938 support zone. A low is formed at $1,936.68, and the price is now consolidating losses. It is following a short-term declining channel with resistance near $1,948.

The channel resistance is near the 23.6% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low. The next major resistance is near the $1,950 level.

If the breakout occurs, the price will target resistance of $1,960 near the 50% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low and the 50-hour simple moving average. An upside break above $1,960 could send the Gold price toward $1,967. Any more gains may perhaps set the pace for an increase toward the $1,982 level.

Initial support on the downside is near the $1,938 level. The first major support is near the $1,932 level. The next support sits near the $1,920 level. If there is a downside break below $1,920, the price might decline heavily towards $1,900, below which the bulls could aim for a test of $1,880.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Watch FXOpen's May 22 - 26 Weekly Market Wrap Video

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights in FXOpen's May 22 - 26 Weekly Market Wrap Video.

• AMD share price breaks August 2022 high. How can the price of Advanced Micro Devices stock change?
• What about the default? GBP dips to its lowest point against the USD in a week.
• FTSE drops rapidly to April lows. Will Bank of England raise interest rates at its next meeting?
• Dow Jones hits May lows. Analysts say the probability of a default at the moment is 25% and is increasing every day.

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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US Debt Default Date Gets Nearer. Will the Dollar Retain Dominance over the Pound?


It?s all so predictable, isn?t it?

Politics and suspense go hand in hand, and when it comes to potential cracks in the economy and central monetary policy of the United States, the issuer of the world?s de facto reserve currency, that?s what keeps the markets going.

Over recent weeks, the global media and the US Federal Reserve have been engaging in a dance with each other, involving speculation and suspense in the advent of the United States government?s ability or otherwise to be able to maintain payments on its debt commitments after June 1 this year.

That date is now fast approaching, especially considering that today is a public holiday across many nations in Europe and North America, giving the reality of the outcome just two working days to make itself known.

Interestingly, very little impact has been felt by traders of the US Dollar, and today?s currency market shows no change in this dynamic.

Ordinarily, if one of the world?s most important and influential economies is about to become insolvent, the currency issued by its central bank would depreciate like an iron girder being thrown off a precipice.

In the case of the US Dollar, this has simply not been the case at all, and the US Dollar has continued its rise against other majors, especially the British Pound.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

EURO STOXX 50 Hits 2-month Low


During the first 3 days of this week, the price of EURO STOXX 50 (SX5E) has fallen by more than 3%.

This was facilitated by:
→ lower oil prices on the eve of the OPEC+ meeting scheduled for June 4. The Saudi oil minister urged market speculators to "be careful?;
→ uncertainty about the US debt ceiling. While a deal has been tentatively reached, it has yet to be officially approved by the Senate. There are only a few hours left;
→ reduced shares of European companies producing luxury goods due to falling demand;
→ disappointing data from China (we wrote about it yesterday), with which Europe is actively trading.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.