J.J. Edwards’ Expert Market Analysis at FenzoFx

[FxNews]

XAU/USD Reacts to the Ascending Trendline​

FenzoFx—Gold tested the ascending trendline and formed a long-wick bullish candlestick pattern. If XAU/USD holds above $3,000, the uptrend will likely resume.

 

[FxNews]

Bearish Bitcoin Faces Key Resistance​

FenzoFx—Bitcoin trades bearishly below the critical resistance level of $81,160. If the price remains below this level, the downtrend will likely resume, targeting $74,000.

 

[FxNews]

Bearish Litecoin Found Support​

FenzoFx—Litecoin trades bearish below $84.0 with possible correction near this level. Watch for a bearish candlestick pattern to join the bears.

 

[FxNews]

Silver Tested Key Resistance Level​

FenzoFx—Silver is trading bearishly and tested the $30.81 resistance level in today's trading session. The downtrend will likely resume if this level holds. In this scenario, the $28.75 support level could be tested.

Furthermore, if the selling pressure exceeds $28.75, the next bearish target could be $27.73. Please note that the bearish outlook should be invalidated if XAG/USD exceeds and stabilizes above the $30.81 resistance.

 

[FxNews]

Bitcoin Formed a Double Bottom Pattern​

FenzoFx—Bitcoin formed a double bottom bullish pattern. A consolidation phase toward $81,160 is imminent if the price holds above $74,475. Traders should monitor the $81,160 resistance for bearish signals such as candlestick patterns.

 

[FxNews]

USD/JPY Double Bottom Signal Amid Sell-Off​

FenzoFx—USD/JPY formed a double bottom pattern with the immediate support at 144.56. If this level holds, a consolidation phase toward $148.20 could be imminent.

Traders should monitor this level for bearish signals to join the downtrend.

 

[FxNews]

EURUSD Made a New Higher Lows​

FenzoFx—EURUSD trades bullish above the immediate support level of $1.0992, in conjunction with the 50-period simple moving average. The bullish trend remains valid above this level. In this scenario, the price can potentially revisit $1.109, followed by $1.1147.

 

[FxNews]

GBP/USD Analysis ​

FenzoFx—GBP/USD trades bearish but is forming new higher highs with immediate resistance at $1.286. The next bullish target could be $1.2960 if bulls close and stabilize above this level.

Conversely, the bullish outlook should be invalidated if GBP/USD falls below $1.2717. If this scenario unfolds, the pound could fall toward the next support level at $1.2563.

 

[FxNews]

USDCAD Analysis​

FenzoFx—USD/CAD is trading bearishly and failed to form a new higher high above the 1.4297 resistance. A new bearish wave could be triggered if selling pressure drives the price below the 1.4143 support level.

In this scenario, the next bearish target will likely be 1.4028. Please note that the bearish outlook should be invalidated if USD/CAD exceeds 1.4297.

 

[FxNews]

Bitcoin's Double Bottom Pattern Came into Play​

FenzoFx—Bitcoin jumped upward from $74,475 support as expected due to the formation of a double bottom pattern on the 1-hour chart, which is a bullish signal. As of this writing, the price is stabilizing and testing the $81,160 mark as support.

However, the 50-SMA on the 1-hour chart serves as the pivot point between the bull and bear market. The next bullish target could be $84,730, followed by $88,000 if BTC holds above the discussed moving average.

 

[FxNews]

Ethereum Analysis​

FenzoFx—Ethereum has lost 4.5% of its value today, erasing gains from the previous trading day. The immediate resistance level is $1,755, in conjunction with the 50-period SMA. The downtrend will likely resume if this level holds, targeting the previous lower lows at $1,370.

Please note that the bearish outlook should be invalidated if ETH/USD exceeds $1,755. If this scenario unfolds, the price may target $1,950.

 

[FxNews]

Ripple (XRP) Analysis​

FenzoFx—XRP/USD has gained 23.0% since April 7, testing $1.999 as resistance. A close below this level could trigger a new bearish wave, targeting $1.736.

Conversely, if the price exceeds $2.10, the bullish momentum could potentially extend to $2.218.

 

[FxNews]

GBP/JPY Analysis​

FenzoFx—The GBP/JPY currency pair bounced from 184.42 due to RSI 14 being oversold. As of now, it trades near 187.7, having erased 1.0% of recent gains.

The trend remains bearish with prices below the 50-period simple moving average and the 50.0% Fibonacci resistance level at 190.2. Support is at 187.0, and a drop below this could target 184.42.

However, if GBP/JPY surpasses 190.2, bullish momentum may extend to 192.0.

 

[FxNews]

Crude Oil Analysis​

FenzoFx—Crude oil tested the $58.9 level as support and bounced back from it. The primary trend is bearish; therefore, it will likely resume if the price closes and stabilizes below this support.

If this scenario unfolds, the next bearish target could be the $55.15 support level.

 

[FxNews]

NATGAS Analysis​

FenzoFx—NATGAS failed to stabilize below the $3.43 support, resulted in the prices to bounce. As of this writing, Natural Gas trades slighlty above the support.

From a technical perspective. The recent bounce in the price couldn't form a new higher high. Therefore, it is expected for the prices to fall.

But, bears must close and stabilize below the $3.43 support for the downtrend to resume. In this scenario, the next bearish target could be $3.08.