FxNews.me — Technical Analysis

[FxNews]

EUR/USD Faces Key Resistance at 1.115​

FxNews—The EUR/USD currency pair is testing the 1.115 resistance level, in conjunction with the descending trendline. Meanwhile, the Stochastic, RSI (14), and the Awesome Oscillator are declining, suggesting that the bear market is gaining momentum.

However, the price is above the 100-period simple moving average, which is a robust signal for the bull market.
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Overall, the technical indicators suggest the primary trend is bullish, but the EUR/USD price could consolidate before the uptrend resumes.​

Forecast​

The immediate resistance level is at $1.115. The uptrend will likely resume if the bulls close and stabilize the price above $1.115. If this scenario unfolds, the next bullish target will be $1.12.
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Bearish Scenario​

The immediate support lies at $1.109. If the EUR/USD price dips below $1.109, it could extend to $1.10. Please note, a move above $1.115 will invalidate the bearish strategy.​

 

[FxNews]

XRP Faces Bearish Threat Despite Bullish Momentum​

FxNews—Ripple (XRP) trades in a bullish channel, but the 4-hour chart has formed a bearish butterfly pattern, which is a sell signal. The MACD value is declining, and the indicator is about to flip below the signal line, meaning the bear market is strengthening.

Additionally, we notice that the recent candle is bearish and closed below the 100-period regression line, meaning the bear market could potentially resume.
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Overall, the technical indicators suggest that despite the bullish momentum, XRP/USD could dip to lower support levels.​

Forecast​

The immediate resistance is at $0.563. The XRP/USD downtrend will likely be triggered if the price closes and stabilizes below $0.563. If this scenario unfolds, the downtrend could extend to the lower band of the bullish channel.
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Bullish Scenario​

If bulls (buyers) maintain their position above the $0.563 mark, and if they can close beyond the 100-period regression line, the uptrend will likely be triggered. In this scenario, the next bullish target could be retesting $0.597, followed by $0.612.

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[FxNews]

USD/JPY Recent SMA Golden Cross Signal Explained​

FxNews—The USD/JPY consolidation phase eased near the upper line of the bearish flag and is currently testing the immediate support at 143.4. Meanwhile, the Stochastic oscillator has entered the overbought territory, signaling an overbought condition. Additionally, the Awesome Oscillator histogram has turned red, indicating that the bear market is strengthening.

Price Forecast

If the bears (sellers) close and cross below the 143.4 support, the downtrend will likely be triggered. In this scenario, the next bearish target could be the 50-period simple moving average, followed by 140.3.

Bullish Scenario

Despite the AO indicator's recent bar turning red and the Stochastic's overbought signal, the USD/JPY price remains above the 50- and 100-period simple moving averages. However, for the bull market to resume, the price must stabilize above the descending trendline.

If this scenario unfolds, the consolidation phase could extend to 146.8, followed by 149.4.​

 

[FxNews]

Cardano Eyes Bullish Breakout at $0.364​

FxNews—Cardano stabilized above the $0.349 support, testing the immediate resistance at $0.364. Meanwhile, the Awesome Oscillator signals divergence, indicating that the trend has the potential to consolidate or reverse. Adding to the divergence signal, the 4-hour chart formed a bearish long-wick candlestick pattern, signaling a potential market reversal.
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Forecast​

The primary trend is bullish because the ADA/USD price is above the 50- and 100-period simple moving averages. That said, the uptrend will likely resume if the Cardano price exceeds $0.364. In this scenario, the next bullish target could be the $0.376 mark.
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Bearish Scenario​

If the Cardano price fails to surpass the immediate resistance, it could potentially dip to the critical support level of $0.349, a supply zone backed by the 100-period simple moving average.

Furthermore, the bullish outlook should be invalidated if the price crosses below the 100-SMA.​

 

[FxNews]

Solana Consolidates After Breaking Resistance​

FxNews—Solana is in a bull market, trading above the 50-period simple moving average and the $149 immediate resistance. Meanwhile, the Awesome oscillator signals divergence, meaning the Solana price can potentially consolidate near the lower support levels.
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Forecast​

Today's decline in the Solana price can expand to $140 if the bears (sellers) close below the ascending trendline in the 4-hour chart. If this scenario unfolds, the $140 mark, which coincides with the 50-SMA, can provide a decent bid for retail traders to join the bull market.

The outlook for the ADA/USD trend remains bullish as long as the price is above $140. That said, the next bullish target will likely be the August 2024 high at $162.​

 

[FxNews]

GBP/JPY Eyes 195.5 After Resistance Test​

FxNews—The GBP/JPY currency pair closed and is now stabilizing above the 192.0 resistance, currently testing the 193.5 resistance. Meanwhile, the Awesome Oscillator and RSI signal divergence as the British pound gains against the Japanese yen. Therefore, a consolidation phase or trend reversal could be on the horizon.
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Forecast​

The pair trades above the 50- and 100-period simple moving averages on the 4-hour chart. If the GBP/JPY price exceeds 193.5, the next bullish target could be 195.5.

Please note that the currency pair in discussion can potentially consolidate near the 50-period simple moving average before heading toward the target.​

 

[FxNews]

USD/CHF Signals Sell Amid Gartley Pattern​

FxNews—The USD/CHF currency pair has formed a Gartley harmonic pattern on the 4-hour chart, signaling a sell. Immediate resistance lies at 0.851.​

Forecast​

The downtrend is likely to resume, targeting 0.842, provided that the bears hold their position firmly below 0.851.
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Bullish Scenario​

Conversely, the bearish outlook will be invalidated if the USD/CHF price exceeds 0.851. In this scenario, the bullish wave that began from 0.842 has the potential to target 0.854.​

 

[FxNews]

Crude Oil Signals Consolidation Phase Ahead​

FxNews—Crude Oil crossed below the $68.5 support, but the market is still oversold, as the Stochastic oscillator hovers below 20. Additionally, the Awesome oscillator also signals divergence, meaning the Oil price can consolidate near the upper resistance levels.
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Forecast ​

It is not advisable to go short when a market is oversold. Hence, we suggest traders and investors wait patiently for the price to complete the consolidation phase.

That said, the $70 resistance provides a decent ask price to join the bear market. Therefore, traders and investors should monitor this level for bearish signals, such as a shooting star candlestick or a bearish engulfing pattern.

Please note that the Oil market will remain bearish as long as the price is below the 100-period simple moving average.​

 

[FxNews]

Bitcoin Technical Analysis - September-27-2024​

FxNews—Bitcoin is in a robust uptrend from $52.640. As of this writing, the BTC/USD price has stabilized above the $64,860 support, resuming its upward trajectory.

The Awesome oscillator signals divergence in its histogram, with green bars above the signal line. This development in the AO histogram indicates that the market might enter a consolidation phase soon.

Meanwhile, the stochastic oscillator stepped inside the overbought territory, signaling an overbought market.
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Forecast ​

The primary trend is bullish because the price is above the 50- and 100-period simple moving averages. From a technical perspective, the uptrend should resume if the bulls maintain a position above the critical support level at $62,690, which the 50-period SMA backs.

If this scenario unfolds, the next bullish target will likely be $66,950. Please note that the bull market should be invalidated if the BTC/USD price dips below the 50-SMA. ​

 

[FxNews]

Silver Consolidates Near $31.4 Resistance​

FxNews—Silver is trading in an uptrend, consolidating near the $31.4 immediate resistance. The Awesome Oscillator's divergence signal predicted the recent dip in the XAG/USD price. Additionally, the Relative Strength Index (RSI) indicator flipped below the median line, indicating that the bear market is strengthening.
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Forecast​

From a technical perspective, if the bears (sellers) manage to close and stabilize below the $31.4 resistance, the consolidation phase that began from $32.7 will likely extend to the next resistance level at $30.2, which is near the 100-period simple moving average.​

 

[FxNews]

Bitcoin Oversold as Bearish Wave Extends​

FxNews—Bitcoin dipped to $62,690, as expected. The Stochastic oscillator shows a reading of 16, indicating that BTC/USD is in an oversold condition. On the other hand, the Awesome Oscillator bars are red and below the signal line, signaling that the bear market is gaining more momentum.​

Forecast​

From a technical perspective, the market outlook remains bullish as long as the BTC/USD price stays above $62,690. The bearish wave, which began from $66,950, could potentially extend to the 100-period SMA at $60,900 if the price falls below $62,690.

On the flip side, immediate resistance rests at $64,860. The uptrend can resume if the bulls manage to stabilize the price above $64,860.​

 

[FxNews]

Bitcoin Poised for Consolidation After Sell-Off​

FxNews—Bitcoin's downtrend extended near the $59,500 supply zone after the sellers pushed the price below the 100-period simple moving average.

The robust selling pressure moved the RSI 14 and Stochastic oscillator into the oversold territory, showing 31 and 17 in the description, respectively.
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Forecast​

Bitcoin's primary trend should be bearish because the price is below the 50- and 100-period simple moving averages. However, we anticipate the BTCUSD price to step into a consolidation phase, ranging between $61,190 and $62,770 for the subsequent few trading sessions. ​

 

[FxNews]

EUR/JPY Eyes 160 Resistance Amid Double-Bottom​

FxNews—The EUR/JPY currency pair is stabilizing its price below the 50-period simple moving average at about 159, forming a double-bottom pattern. Meanwhile, the Awesome oscillator histogram changed its color to green, signaling the bull market gains momentum.
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Forecast ​

The immediate resistance is at 160.0. If the EUR/JPY bulls close above the immediate resistance, the current uptick momentum can potentially target the 163.0 mark.
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Bearish Scenario ​

Conversely, if the sellers push the price below the 100-period SMA, the downtrend will likely be triggered. In this scenario, the next bearish target could be revisiting the 155.5 critical resistance. ​

By J.J. Edwards

 

[FxNews]

Cardano's Bearish Trend Faces Crucial Test​

FxNews—Cardano's downtrend from $0.415 resulted in the price breaking below the ascending trendline. Subsequently, the robust bearish wave cooled near the $0.342 support.

Meanwhile, RSI (14) has entered oversold territory, signaling an oversold market. Additionally, the Awesome Oscillator (AO) histogram has turned green but remains below the signal line, indicating that the bearish momentum is weakening.

That said, the main trend remains bearish as long as ADA/USD trades below the 100-period simple moving average.
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Forecast​

The $0.342 mark is the immediate support, and the immediate resistance lies at $0.364. Cardano will likely range between these two levels this week. If the ADA/USD price exceeds $0.364, the uptrend will likely resume. In this scenario, the price could potentially rise to test the resistance at $0.377.

Conversely, if sellers break below the $0.342 support, the downtrend will likely be triggered again. If this scenario unfolds, the ADA/USD downtrend could extend to $0.326.​

 

[FxNews]

Watch EUR/USD's Critical $1.10 Support Level​

FxNews—The EUR/USD pair's trend turned bearish when sellers pushed the price below the $1.109 critical support level. Subsequently, the strong sell-off drove the Stochastic oscillator into the oversold territory, with the indicator depicting a value of 6.
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Forecast​

The market is saturated with selling pressure. Despite this, the EUR/USD price has the potential to dip toward $1.10, followed by the $1.095 support.

Due to the Stochastic oversold signal, traders and investors should wait for EUR/USD to consolidate near the 100-period simple moving average (SMA). The $1.109 level, followed by the 100-SMA, provides a good opportunity to join the bearish trend.

Please note, the bear market should be invalidated if EUR/USD stabilizes above $1.109 or the 100-SMA.​

 

[FxNews]

Silver Technical Analysis – Seeking New Highs​

FxNews—Silver trades in a bull market above the 50- and 100-period simple moving averages at approximately $31.6. Recently, the bears broke below the ascending trendline and the $31.4 support but failed to maintain the pressure.

As a result, the silver price returned above $31.4. The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today's analysis.
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Technical Analysis​

The Awesome Oscillator histogram flipped above the signal line, indicating that the uptrend is strengthening and gaining momentum. Additionally, the Stochastic and Relative Strength Index (RSI) indicators depict values of 47 and 53, respectively, signifying that the market is bullish and not oversaturated with bids.
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However, the market is still trading below the Supertrend indicator, which suggests that the trend might shake and potentially reverse.

Overall, the technical indicators suggest that the primary trend is bullish, and the silver price should increase. However, for the uptrend to resume, bulls need to surpass a specific resistance area.
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Forecast and Signal​

The immediate resistance lies at $31.8 (October 1st high). If bulls (buyers) can close and stabilize the price above $31.8, the uptrend will likely resume.

If this scenario unfolds, the silver price could potentially revisit the September 2024 high at $32.7. Furthermore, if buying pressure pushes the price above $32.7, the bulls' path to the $35.0 psychological level could be paved.

Please note that the bull market should be considered invalid if the XAG/USD conversion rate falls below the 100-period simple moving average or the $30.9 support.
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Bearish Scenario​

The critical support level that divides the bull market from the bear market is at $30.9, or the 100-period SMA. If bears (sellers) push the price below $30.9, a new bearish wave will likely emerge. If this scenario unfolds, the consolidation phase from $32.7 could potentially extend to the next critical supply zone at $30.2, the August 2024 high.

Furthermore, if the XAG/USD price dips below $30.2, the next bearish target could be set at $29.6, the September 18 low.
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Support and Resistance Levels ​

Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies as market conditions shift.​

• Support: $31.4 / $30.9 / $30.2 / $29.6​
• Resistance: $31.8 / $32.7 / $35.0​

 

[FxNews]

What Ethereum's Current Retracement Means for Traders​

FxNews—Ethereum's price is experiencing a pullback from $2,310, having shifted above the 61.8% Fibonacci level, creating a bearish long-wick candlestick pattern in the 4-hour chart as of this writing. Meanwhile, the Awesome Oscillator and RSI (14) signal that the bear market is weakening.

The pivot is at $2,435, as shown in green in the 4-hour chart above. This active resistance was identified using the Fibonacci cluster method with 50% and 61.8% retracement levels. Therefore, the ETH/USD primary trend remains bearish as long as the price stays below $2,435.

Looking ahead, the Ethereum price is attempting to fill the FVG (fair value gap) area, indicating the price could potentially rise further before the downtrend resumes.​

Forecast & Signal​

Zooming into the 30-minute chart to find a trigger point for the bearish scenario, the Supertrend line at $2,352 serves as the trigger line. If the bears (sellers) close below $2,352, a new bearish wave will likely be triggered, which could result in Ethereum's price dipping further. In this scenario, the next bearish targets could be revisiting $2,310, followed by $2,250.
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The bearish scenario should be invalidated if the ETH/USD price crosses above the $2,435 pivot/resistance.​

 

[FxNews]

Litecoin Technical Analysis – Bulls and the $63 Frontline​

FxNews—Litecoin trades bullish from $61.5, where the C wave began. In today’s trading session, it tested the %50 Fibonacci retracement level of the AB leg as resistance at $65.

Despite Litecoin’s recent gains, the primary trend should be considered bearish because the price is below the 50- and 100-period simple moving averages.

Read Full Article: Litecoin Technical Analysis – Bulls and the $63 Frontline​

 

[FxNews]

Bitcoin Surges Past $63,200 as Bulls Eye $66,700 Target​

FxNews—Bitcoin broke the $63,200 pivot today, stabilizing above it. The Stochastic signals overbought conditions, meaning BTCUSD might consolidate before the uptrend resumes.

If the 50-SMA holds, the next bullish target could be $66,700.​

 

[FxNews]

Oversold EUR/USD Pair Testing Major $1.095 Support Zone​

FxNews—The EUR/USD pair is trading bearish, testing the $1.095 critical support in today's trading session. Meanwhile, the Stochastic and RSI (14) indicators hover in oversold territory, signaling a market saturated with selling pressure.

From a technical perspective, it is not advisable to join the bear market when it is oversold. Hence, retail traders and investors should wait patiently for the EUR/USD price to consolidate near the upper resistance level.

In this scenario, the $1.102 demand zone could provide a decent entry point. Traders should monitor this level for bearish signals, such as a long-wick candlestick pattern or a bearish engulfing pattern.

That said, the next bearish target will likely be $1.088 if the price dips below $1.095. Please note, the bear market should be invalidated if the EUR/USD price crosses above $1.109, supported by the 50% Fibonacci retracement level of the AB wave.​