FxNews.me — Technical Analysis

[FxNews]

Will NATGAS Push Past $2.38 or Fall Toward $2.24 Support​

FxNews—The NATGAS price exceeded the descending trendline but remained below the 38.2% Fibonacci retracement level ($2.38). The RSI 14 indicator signals divergence, while the Stochastic and Awesome Oscillator hints at a continuation of the bullish trend.

Regardless of the technical indicators, immediate resistance rests at $2.38. From a technical standpoint, the bullish trend would be triggered if the NATGAS price closes and stabilizes above this immediate resistance. The next bullish target in this scenario could be the 50% Fibonacci level at $2.47.

Please note that immediate support is at $2.32. If bears push the natural gas price below this support, a new bearish wave will likely be triggered. If this scenario unfolds, the next bearish target could be $2.24.​

Good read:

• Will Gold Trigger a Bullish Wave at the $2670 Resistance?
• Gasoline Analysis – Prices Near $2 as Trump Win Boosts USD
• Crude Oil Forms Bearish Pattern with $69.7 Target in Sight

 

[FxNews]

Article ⇒ Fed Rate Cut Keeps Gold Strong at $2680 on Soft Labor Data.

The downtrend will likely be triggered if XAUUSD closes below support with a full-body bearish candlestick. Conversely, a close above the resistance invalidates the bearish trend. ​

• Resistance: $2,710​
• Support: $2,670​

 

[FxNews]

Article ⇒ Crude Oil Dips to $72.7 as China’s Imports Decline

The RSI's bearish divergence signal decreased the price to $69.7. A close below the 100-SMA could trigger a new bearish trend toward $68.3.​

 

[FxNews]

Watch EUR/JPY for the Next Move at the Fibonacci Level​

FxNews—The EUR/JPY currency pair tests the bullish fair value gap as resistance. This occurs when the price is below the 100-period simple moving average. Moreover, the technical indicators suggest that EUR/JPY has the potential to rise and test the upper resistance level, giving mixed signals.
​

Forecast​

The October 14 high at 163.65 serves as immediate support. If the immediate support holds, the current uptick in momentum has the potential to rise toward the 165.0 resistance.

Conversely, the downtrend will likely resume if bears close and stabilize the price below 163.65. If this scenario unfolds, the next bearish target could be the 78.6% Fibonacci retracement level at 162.94.​

Good read:​

• GBPJPY Stabilizes Above 100 SMA Amid Bullish Signs
• GBPUSD Eyes October Low as Downtrend Continues
• EURUSD Eyes Rebound as Indicators Suggest Oversold Levels

 

[FxNews]

Article ⇒ AUDUSD Eyes October Lows as Resistance Holds

AUDUSD trades bearish below the 100-SMA. If the 0.664 critical resistance holds, the downtrend will likely resume, targeting 0.653 followed by 0.669.​

 

[FxNews]

Trump Wins Boost Bitcoin to Record $80000

Bitcoin hits a record $80,000 as #Trump wins key swing states, signaling a potential pro-crypto U.S. administration ahead.​

 

[FxNews]

 

[FxNews]

Oil Slips Under $68 with China Economic Action on Hold​

FxNews—Crude Oil prices dipped after bulls failed to hold above the $72.25 resistance level. The downtrend accelerated once it broke below the ascending trendline. Furthermore, the bearish trend was promised by the RSI 14 divergence signal.

As of this writing, Oil prices are oversold, as hinted by the Stochastic and RSI 14. Hence, the Crude Oil price is expected to bounce from this point or consolidate near upper resistance levels.

From a technical perspective, the immediate resistance is $68.3, followed by the critical $69.7 bullish barrier, backed by the Fair Value Gap.

The oil price is likely to consolidate near $69.7, which offers a low-risk entry price into the bear market. In this scenario, traders and investors should closely monitor the above resistance areas for bearish signals such as candlestick patterns.​

Good read:

• USDILS Eyes 3.81 After Potential Consolidation
• Bitcoin Halving and US Politics Fuel Price Surge
• USDJPY: Trump’s Trade Tactics Propel Dollar Over Yen

 

[FxNews]

Litecoin Price Consolidates Facing $77.8 Resistance​

FxNews—Litecoin's bullish trajectory eased after the price hit $82.85. Interestingly, the Stochastic and RSI 14 indicators hinted at the overbought market, which justifies today's consolidation near the 38.2% Fibonacci retracement level.

The immediate resistance is at 77.8, with a bearish fair value gap. If the immediate resistance holds, the downtrend could revisit the 74.3 support. Conversely, the uptrend could resume if the bull pulls the LTC/USD price above 77.8. In this scenario, the $82.85 resistance could be revisited. ​

Good read:​

• Natural Gas Hits Overbought as $2.68 Critical Resistance
• Oil Slips Under $68 with China Economic Action on Hold