FxNews.me — Technical Analysis

[FxNews]

EUR/USD Set to Drop as Bearish Pattern Forms​

FxNews—The EUR/USD currency pair formed a bearish engulfing pattern close to the 50-period simple moving average. Meanwhile, the immediate support rests at $1.078. From a technical perspective, the downtrend will likely resume, with the next target at $1.072 if bears stabilize the price below the immediate support.

Furthermore, the bearish outlook should be invalidated if the EUR/USD price exceeds the critical resistance level of $1.088.​

Good reads:​

• EURUSD Nears Critical 1.078 Support as EU Stocks Rise
• NATGAS Falls to $2.4 Amid Warm Weather Forecast
• Oil Bulls Eye Gap Fill as Israel Softens Iran Stance

 

[FxNews]

AUD/USD Falls on U.S. Yield Surge and Trump Speculation​

FxNews—AUD/USD is trading bearishly below the 100-period moving average. The downtrend was triggered today by a rise in U.S. Treasury yields amid speculation that former President Donald Trump might run for a second term.

Furthermore, the Reserve Bank of Australia (RBA) is expected to maintain interest rates to reduce inflation to its target range of 2% to 3%.​

Good read:​

• AUDUSD Robust Downtrend Resumes as RBA Holds Rates
• GBPUSD Poised to Break $1.30 as Airline Stocks Rise

 

[FxNews]

GBP/JPY Signals Strength Above Key Support Levels​

GBP/JPY bounced from the 198.3 Fair Value Gap area, which is a strong bullish signal, considering the primary trend is bullish with the price being above the 50- and 100-period simple moving averages.

The momentum indicators are not overbought, and the Awesome Oscillator histogram turned green, suggesting the uptrend should resume.

Critical support that divided the bull market from the bear market stands at 196.6, backed by the 50-period simple moving average. As long as the price holds above the 196.6 mark, the outlook for the GBP/JPY currency pair remains bullish.

In this scenario, the next target will likely be the 201.0 mark.​

Good reads:

• NZDUSD Nears Key Fibonacci Level as NZDX50 Stabilizes
• USDJPY Climbs from 151 as BoJ Prepares Additional Support
• Crude Oil Calms Amid Israel Ceasefire Talks in Gaza

 

[FxNews]

Cardano Eyes $0.347 Break as Bulls Take Charge​

FxNews—Cardano is testing the 100-SMA at $0.347 amid the Stochastic signaling overbought. On the other hand, the Awesome Oscillator indicates that the bull market should prevail, with a green histogram above the signal line.

From a technical perspective, the bullish wave should resume after a minor consolidation below the $0.347 immediate resistance. In this scenario, the next bullish target could be the $0.358 resistance area (FVG) if bulls stabilize the price above the immediate resistance.

Please note that the bullish scenario should be invalidated if ADA/USD falls below the $0.338 immediate support. If this scenario unfolds, a new bearish wave will likely be triggered, targeting $0.33 followed by $0.323.

Good read: ​

• Dogecoin Surges 14% in Just 24 Hours​
• USD/CHF Poised to Break 0.87 as U.S. News Boosts Prospects​
• GBP/JPY Surges Above 198.3 Amid UK Economic Concerns​

 

[FxNews]

Article ⇒ Ethereum Eyes $2770 as Bulls Ignore Overbought Warnings

FxNews—Ethereum trades in a bull market above the 50- and 100-period simple moving averages. As of this writing, ETH/USD trades at approximately $2,690, poised to break the October 15 high.​

 

[FxNews]

EURUSD Faces Strong Resistance at 1.087​

FxNews—The EUR/USD currency pair tested the 100-period simple moving average at approximately 1.087 in today's trading session. This level was backed by Fair Value Gap, making it a robust barrier that can halt the bullish momentum.

Consequently, the price bounced from the 100-period SMA. From a technical standpoint, immediate resistance is at $1.087. If bears maintain a position below that mark, the downtrend will likely revisit $1.076.

Conversely, a cross above the 100-SMA invalidates the bearish outlook.​

Editor's pick:

• Bitcoin Hits 2024 High as Momentum Hints at Overbought
• Litecoin Pullback to $74 Sparks Bullish Opportunities
• Ripple Reserves Climb as Bulls Struggle with $0.535

 

[FxNews]

GBP/USD Tests Key Resistance: Will It Break or Retreat?​

FxNews—The GBP/USD currency pair broke above the descending trendline, testing the 100-period simple moving average as resistance.

Currently, the market is uncertain. The 4-hour chart formed a long wick bullish and bearish candlestick pattern one after another. Therefore, the next wave depends on whether the price exceeds the primary resistance at $1.304 or falls below the immediate support at $1.293.

On the bullish side, if GBP/USD closes above 1.304, which is backed by the 100-SMA, the consolidation phase has the potential to extend to the next resistance area at 1.311, followed by 1.315.

Conversely, the bearish trend will likely be triggered if bears push the price below the $1.293 support. If this scenario unfolds, the next target could be the $1.287 mark.​

Good reads:

• Is Solana’s Drop to $172 a Buying Opportunity?
• Cardano Holds $0.347 Support Potential for Uptrend Ahead

 

[FxNews]

EUR/USD Tests Key Resistance Trading at 1.087​

FxNews—The EUR/USD price trades at approximately 1.087, testing the October high as resistance, backed by the 100-period simple moving average.

Concurrently, the Stochastic Oscillator is overpriced, indicating that the Euro is overpriced in the short term. That being said, the Awesome Oscillator recently turned red, suggesting that the bear market is gaining more momentum.
​

Forecast​

From a technical perspective, the downtrend should resume if the immediate resistance at 1.087 holds. In this scenario, EUR/USD is likely to revisit the October low at 1.076.

Please note that the bearish outlook should be invalidated if EUR/USD exceeds the 100-period SMA at 1.087. If this scenario unfolds, the rise from 1.076 could extend to 1.095.​

Editor's pick:

• Gold Stays Strong Above $2780 Amid US Election Worries
• Crude Oil Stability Shaken by Rising Middle East Tensions
• Silver Slips to $33 as China Unveils Stimulus

 

[FxNews]

NZD/USD Dips Below $0.596 Amid Strong Bearish Signals​

FxNews—The NZD/USD currency pair is in a robust bearish market, closing below the critical $0.596 resistance level today. Furthermore, the bearish breakout caused indicators to signal a sell.

From a technical perspective, the immediate resistance to the current downtrend lies at $0.60, supported by the 50-period simple moving average. The NZD/USD trend outlook remains bearish as long as the price stays below $0.60. The next bearish target in this scenario will likely be the $0.591 support level.

Please note that if NZD/USD exceeds $0.60, the bearish outlook will be invalidated. In this scenario, the price may potentially test the 100-SMA at $0.604.​

Good read:​

• USD/MXN Set to Break 20.2 as Mexico’s Economy Grows
• GBP/JPY Eyes Upside as Japan’s Housing Data Disappoints
• GBP/USD Downtrend Resumes as FTSE Falls to 8000

 

[FxNews]

Euro Faces Pressure: Key Indicators to Watch Now​

FxNews—The EUR/USD currency pair stabilizes above the 100-period simple moving average and the 1.084 immediate support level. This occurs as Stochastic records show a reading of 82, indicating that the Euro is overpriced in the short term. Additionally, the Awesome Oscillator histogram is red, suggesting that the bear market is strengthening.

From a technical perspective, the bullish outlook remains valid as long as the price holds above the 1.085 support level. In this scenario, the next target could be the 38.2% Fibonacci retracement level at 1.093.

Please note that the bullish outlook should be considered invalid if the price dips below 1.084.​

Good read:

• US Natural Gas Prices Tests $2.18 Amid High Supply
• USDJPY Flipped Below 152 Amid BoJ Keeps Rate Unchanged
• USDCHF Poised for Bullish Wave at Key 0.866 Level

 

[FxNews]

Cardano Bear Trend Deepens if Price Drops Below $0.334​

FxNews—The immediate support is at $0.334, neighboring the 61.8% Fibonacci retracement level. The Cardano bearish trend would resume if bears (sellers) close and stabilize Solana's price below $0.334. In this scenario, the next bearish target could be the October 28 low at $0.33, followed by $0.327, the 78.6% Fibonacci retracement level.

Please note that the bearish outlook should be invalidated if the price exceeds the 50-period simple moving average of approximately $0.345.

Good read: ​

• Is Solana $159 Support Level About to Break?​
• Litecoin Double Bottom Pattern Hints Reversal at $67​

 

[FxNews]

GBPUSD Bounces from 100-SMA as UK Inflation Nears 2.6%​

FxNews—The GBP/USD primary trend remains bearish as long as the price is below the 38.2% Fibonacci retracement level. If that level holds, the downtrend will likely resume. In this scenario, the GBP/USD pair could target 1.293, followed by 1.287.​

Good read:

• EURUSD Holds $1.09 Amid Slowing Eurozone Decline

 

[FxNews]

Bitcoin Drops Below Key Level: Is $66K the Next Target?​

FxNews—Bitcoin dipped below the 38.2% Fibonacci retracement level after the price tested the bearish Fair Value Gap in conjunction with the broken trendline. Furthermore, the Awesome Oscillator histogram turned red, hinting at the downtrend strengthening.

From a technical perspective, the next bearish target should be the 50% Fibonacci level at $66,000. Please note that the bearish strategy should be invalidated if BTC/USD exceeds $70,000.​

Good read:

• WTI Crude Jumps 3% as OPEC+ Extends Production Cuts
• USDCHF Signals Bearish on US Manufacturing Orders Decline
• Can USDCAD Hold 1.387 Support as Pressure Mounts?

 

[FxNews]

USD/CHF FVG Bearish Gap Hints at Stronger Downtrend​

FxNews—USD/CHF tested the 100-period simple moving average. Consequently, the 4-hour price chart formed a bearish fair value gap, indicating that the bear market is strengthening. Additionally, the AO histogram turned red, suggesting the downtrend should resume.

The immediate support rests at the November 4 low, the 0.861 mark. From a technical perspective, the downtrend should continue if USD/CHF closes below 0.861. In this scenario, the bearish trend will likely extend to the 23.6% Fibonacci support level at 0.857.

Please note that the bearish outlook will be invalidated if USD/CHF closes and stabilizes above the 0.865 immediate resistance.​

Good read:

• Gold Holds Strong Above $2725 as Inflation Worries Grow
• Gasoline Prices Remain High as OPEC Holds Back on Output
• NATGAS Faces Major Resistance with Middle East Calm

 

[FxNews]

Article ⇒ Bet on Bitcoin Now for a Potential 5% Gain if Trump Wins

The founder of 10x Research suggested that “one effective move before the election could be to invest in Bitcoin and bet against Solana.​

 

[FxNews]

Ethereum Eyes $2,480 Break with Double Bottom Pattern​

FxNews—Ethereum has formed a double bottom pattern and is currently testing the $2,480 resistance level. Meanwhile, the Awesome Oscillator signals divergence with green bars approaching the zero line from below. This development in the price action and the AO indicator suggests that Ethereum’s price has the potential to rise further.

From a technical perspective, the bullish wave could resume if ETH/USD exceeds $2,480. In this scenario, the next bullish target could be the $2,560 resistance level.

Conversely, a dip below the $2,380 support would invalidate the bullish outlook.

Good read:​

• GBPJPY Eyes Rally Despite Slowdown in UK Growth​
• USDMXN Rallies as Trump Comeback Worries Peso​
• USDSGD Near Key Support Amid Positive Singapore News​

 

[FxNews]

Article ⇒ Ethereum Surpassed $2560 Double Bottom Pattern Confirmed

FxNews—Ethereum formed a double bottom pattern, as mentioned in our previous analysis. The pattern resulted in the price breaking from the $2,480 immediate resistance and surpassing the $2,560. As of this writing, ETH/USD stabilizes above the $2,560 critical resistance, coinciding with the 100-period simple moving average.​

 

[FxNews]

Article ⇒ Litecoin Bulls Defend Key Fibonacci Level Amid Price Drop

FxNews—Litecoin was not an exception to the cryptocurrency gain on Wednesday. After the price surged to the November 2 high and tested this point at $71.3 as resistance, the bears added pressure, which resulted in the LTCUSD price dip and test of the 38.2% Fibonacci support level. The bullish fair value gap area further supported the 38.2% Fibonacci.​

 

[FxNews]

Article ⇒ EURUSD Falls Under $1.076 Support Amid Bearish Pressure

FxNews—The EUR/USD bearish trend resumed after the price broke below the 100-period simple moving average at approximately $1.084. Due to the robust bearish pressure, the European currency experienced more losses, dropping below the $1.076 resistance, the October 23 Low.​