FxNews.me — Technical Analysis

[FxNews]

USDMXN Bulls Eye 61.9 Fibonacci Above 19.41​

FxNews—The USD/MXN pair has traded sideways since mid-September. It first crossed above the 100-period SMA, and later that month, it crossed below it, a sign of a range and low momentum market.

As of this writing, the American currency trades at about 19.41 against the Mexican Peso, testing the 100-period simple moving average as resistance.

Read Full Article: USDMXN Bulls Eye 61.9 Fibonacci Above 19.41

 

[FxNews]

GBP/USD Shows Potential for Recovery as Bullish Momentum Builds​

FxNews—The GBP/USD pair is trading in a bear market. Meanwhile, the Stochastic Oscillator hovers below the 20 line, signaling that the market is oversold. However, the Awesome Oscillator shows signs of bullish momentum, with green bars approaching the signal line from below.​

Forecast​

The critical support level is at 1.304. If this level holds, the British pound could potentially erase some of its losses against the U.S. dollar. In this scenario, the GBP/USD price could rise and test the 1.326 resistance, supported by the 100-period simple moving average.

Conversely, if the GBP/USD price falls below the immediate support, a new downtrend will likely be triggered. In this scenario, the bearish wave from 1.343 will likely extend to the next support area at 1.30.​

 

[FxNews]

USD/JPY Face Key Resistance as Bearish Indicators Strengthen​

FxNews—The USD/JPY has been trading bullish from 139.5, but eased when the pair peaked at the 149.4 resistance. As of this writing, the pair is trading around 148.0, testing the broken trendline as support.

The Awesome Oscillator histogram has turned red and is decreasing toward the signal line from above. Additionally, the Stochastic Oscillator and RSI (14) are dipping from overbought territory. This development in the technical indicators suggests that the bear market is strengthening.​

Forecast​

From a technical perspective, a new bearish wave will likely be initiated if the price falls below the immediate support at 146.8. In this scenario, the bearish momentum that began at 149.4 will likely extend to the next support level, backed by the 100-period simple moving average at 144.5.

Conversely, if the bulls close and stabilize the price above the 149.4 resistance, the uptrend will be triggered again, and the bulls' path to the 151.0 resistance area will likely be paved.​

 

[FxNews]

Silver Slides Below SMA: Bearish Trend Takes Hold​

FxNews—Silver prices have fallen below the 100-period simple moving average, indicating a shift from a bullish to a bearish trend. Currently, silver is testing the support at $30.9, with technical indicators suggesting further declines.
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Key Technical Indicators​

The Stochastic oscillator is at 18, suggesting Silver is oversold and might briefly recover before resuming its downtrend. The Awesome Oscillator has also moved below the signal line, reinforcing the bearish outlook.
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Near-Term Forecast​

If silver breaks below the $30.9 support, it could target the September 18 low of $30.2 and potentially reach the 61.8% Fibonacci retracement level at $29.7.
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Bullish Scenario​

A reversal above $31.4 or the 100-period SMA would invalidate the bearish trend, potentially pushing prices back to the September 2024 high of $32.7.​

• Support: $30.9, $30.2, $29.7​
• Resistance: $31.4, $31.8, $32.7​

 

[FxNews]

Read Full Article: EURUSD Consolidates as US Trade Deficit Hits 5-Month Low

In August 2024, the United States saw its trade deficit decrease to $70.4 billion, the smallest in the last five months. Initially, the deficit was higher at $78.9 billion in July, but this number was later adjusted. Experts had predicted the deficit would be around $70.6 billion, so the figure was slightly better than expected.​

 

[FxNews]

WTI Crude Oil Price Analysis - 8-October-2024​

FxNews—WTI crude oil prices fell from $78.4 due to an overbought market signaled by the Stochastic oscillator over 80. The oil price dipped to $73.3 before rebounding to around $74.4, and it is currently facing resistance at the August 28 low.

Despite a bearish indication from the Awesome oscillator and a downtrend signal from the Relative Strength Index falling below the median line, the overall trend remains bullish. This is supported by prices above the 50- and 100-period simple moving averages (SMA).

Bullish Scenario: If the $73.3 resistance holds, an upward move could push prices over $74.8, targeting the $77.5 and possibly retesting the $78.5 highs.

Bearish Scenario: A break below $73.3 could extend losses to the 100-period SMA near $71.4, and further selling might push prices down to the September 13 low of $70.​

• Support: $73.3, $71.4, $70.0, $67.5​
• Resistance: $74.8, $77.5, $78.5, $80.0​

 

[FxNews]

USD/JPY Stuck in Tight Trading Range​

FxNews—The USD/JPY currency pair is consolidating in a narrow range, above the 146.8 support and below the 149.4 resistance. The primary trend is bullish because the U.S. dollar trades above the 50- and 100-period simple moving averages against the Japanese yen. However, the technical indicators show signs of bearish momentum.​

• The Stochastic Oscillator is declining, while the Awesome Oscillator bars have turned red and are approaching the signal line from above.​
• On the other hand, the Relative Strength Index (RSI) gives a mixed signal, with its value above the median line and rising.​

Forecast​

From a technical standpoint, 149.4 is a critical resistance level that has prevented the USD/JPY price from rising further. Therefore, the bulls must close and stabilize the price above 149.4 for the uptrend to resume. If this scenario unfolds, the next bullish target could be the 151.0 resistance area, backed by the daily 100-SMA.

Conversely, a dip below the immediate support at 146.8 could trigger a new bearish wave. In this scenario, the recent bearish momentum could extend to the 144.5 supply zone, followed by 141.5.​

 

[FxNews]

Bitcoin Tests Critical Fibonacci at $61700​

FxNews—Bitcoin trades bearish from $64,280, testing the CD wave’s 61.8% Fibonacci retracement level at $61.700. The BTC/USD 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.

Read Full Article: Bitcoin Tests Critical Fibonacci at $61700​

 

[FxNews]

Gold Bears Eye New Targets Below $2,625​

FxNews—Gold price fell below the $2,625 resistance as the Awesome Oscillator histogram turned red, signaling that the bearish trend may gain more momentum. As of this writing, XAU/USD bulls tested the $2,625 resistance, coinciding with the 100-period simple moving average, with the precious metal potentially initiating a new bearish wave.​

Forecast​

From a technical perspective, if the $2,625 level holds, the next bearish target could be $2,590. Furthermore, if the selling pressure exceeds $2,590, the decline could extend to the 61.8% Fibonacci retracement level of the AB bullish wave at $2,550.

Please note, the bear market should be considered invalid if the gold price rises above the 100-period SMA.​

 

[FxNews]

Bullish Butterfly Pattern Hints at Gold Market Reversal​

FxNews—Gold trades bearish from $2,685. The yellow metal crossed below the 100-period simple moving average, which neighbors the September 26 low ($2,625) this week. As of this writing, the XAU/USD pair tests yesterday’s low at $2,600 as resistance.

Read The Article: Bullish Butterfly Pattern Hints at Gold Market Reversal​

 

[FxNews]

Read Full Article: Ripple’s Fight to Maintain Key $0.507 Support Level

FxNews—Ripple (XRP) trades sideways in a narrow range between the $0.507 immediate support and the $0.540 immediate resistance. As of this writing, the XRP/USD pair trades at approximately $0.533, trying to stabilize above the 50-period simple moving average.​

 

[FxNews]

Bitcoin Dips but Holds $59,800 Support, Recovery Expected​

FxNews—Bitcoin pulled back after the bears failed to hold below the $59,800 active key support. Last day's dip in the BTC/USD price resulted in the Awesome Oscillator signaling divergence, meaning the digital gold has the potential to erase some of its recent losses.

That said, the primary resistance is at $61,700, near the 50-period simple moving average. From a technical perspective, for the bull market to resume, buyers must close and stabilize the price above $61,700.
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The Bearish Scenario​

The downtrend from $64,280 will likely spread to the next support level at $57,765 if bears (sellers) push the price below the $59,800 key support area.​

 

[FxNews]

USD/CHF Stabilizes above 50-SMA as Indicators Signal Shift​

FxNews—The USD/CHF currency pair consolidates above the 50-period SMA and the $0.854 resistance as expected since the Stochastic was signaling overbought conditions. Interestingly, the Awesome Oscillator histogram not only turned red but also flipped below the signal line, signaling divergence that could result in a trend reversal.​

Forecast​

The immediate resistance rests at $0.854. If bears push the price below this and the 50-period simple moving average, the Swiss Franc could erase some of its losses against the Greenback. If this scenario unfolds, the next target will likely be the 100-SMA, near the 50% Fibonacci retracement level and the $0.85 mark.

Conversely, the bearish outlook should be invalidated if the USD/CHF price exceeds $0.867. If this scenario unfolds, the path for the bulls to the next demand zone at $0.867 could be established.​

 

[FxNews]

Bitcoin Hits $64,280, Now Overbought: Caution Advised​

FxNews—Bitcoin's rebound from $59,800 resulted in the bulls hitting $64,280. The robust buying pressure drove Stochastic into overbought territory, signaling that BTCUSD is overbought in the short term.

Going long in an overbought market is not advisable; therefore, traders and investors should consider waiting patiently for the market to consolidate and fill previous gaps.

That said, the price can potentially consolidate near $63,200 before the uptrend resumes. This level provides a solid entry point into the bull market.​

 

[FxNews]

Ethereum Rallies, Breaks $2,500 and Eyes $2,590​

FxNews—ETH/USD broke out from the symmetrical triangle last week. Consequently, the uptrend resumed with the passing of the $2,500 critical resistance, which is active support as of this writing. The Ethereum bulls are testing the September 26 low as resistance, while the Stochastic Oscillator shows 91 in the description, meaning Ethereum is overpriced in the short term.
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Forecast​

From a technical perspective, it is not advisable to go long when the market is saturated with buyers. That being said, traders and investors should wait for the market to consolidate near the 100-period simple moving average at $2,500. The next bullish target will likely be $2,590 if the 100-SMA holds as resistance.

Conversely, a break below the 100-SMA could result in the ETH/USD rate dropping to the $2,468 area.​

 

[FxNews]

Read: Crude Oil Tests $73 Amid U.S. Efforts to Calm Israel

FxNews—WTI crude oil prices dropped significantly, falling over 2.5% to $73.5 per barrel this Monday. This decline was largely due to growing worries about the economic health of China, a major player in global oil markets.​

 

[FxNews]

Bitcoin Peaks at $66,700: Bearish Signal Ahead​

FxNews—Bitcoin’s uptrend resulted in the price peaking at the $66,700 ceiling. The BTC/USD 4-hour chart formed a bearish long-wick candlestick pattern, while the RSI and Stochastic indicators signal overbought conditions.

The Bitcoin price can test the $64,280 resistance before the uptrend resumes.​

 

[FxNews]

Read Article: Bearish Gartley Pattern Emerges as Litecoin Hits $67

FxNews—Litecoin‘s pullback from $62.8 (E) extended to the October 10 high at $67.5, a ceiling that neighbors the BC wave’s 61.8% Fibonacci retracement. As of this writing, the LTC/USD pair experienced a minor return from the $67.5 critical resistance, trading at approximately $66.5.​

 

[FxNews]

Cardano Bulls Eye $0.366 Breakout to Resume Uptrend​

FxNews—Cardano (ADA/USD) faces the $0.366 hurdle, a strong resistance from which the price has been pulled back at least four times. Interestingly, the price has a fair value gap (FVG) to fill, which could result in the Cardano price targeting the 61.8% Fibonacci retracement level.

Given that the price is above the SMA 100, the trend should be considered bullish. However, for the uptrend to resume, the bulls must stabilize the price above the $0.366 resistance.

That said, the Awesome Oscillator and Stochastic show signs of a bearish market. Hence, Cardano might consolidate before the bullish wave from $0.331 targets $0.382.

Please note that the bullish outlook should be invalidated if ADA/USD falls below the $0.349 immediate support.​

• Read the full article: Cardano Faces $0.366 Hurdle Amid Strong Bearish Signals.

 

[FxNews]

USD/CAD Consolidation Sparks Speculation of Bearish Momentum​

FxNews—The USD/CAD currency pair pulled back from 1.384 as expected since RSI 14, and the Stochastic Oscillator signaled overbought. Meanwhile, the Awesome Oscillator histogram is red and heading toward the signal line from above, meaning the bearish momentum from 1.384 could resume.

From a technical perspective, the USD/CAD currency pair is still overbought. Therefore, we advise traders to exercise patience and wait for the price to consolidate near the lower support levels. In this scenario, a break below the immediate resistance (1.377) could signal a potential downtick momentum, targeting the 23.6% Fibonacci retracement level at 1.374.​