Bearish Outlook for AUD/USD with Key Levels in Focus

FxNews.me—AUD/USD formed a bearish Fair Value Gap (FVG) after the price broke below the $0.665 support level, signaling a potential continuation of the downtrend. Momentum indicators are not yet in oversold territory, suggesting the price still has room for further decline.

Given the formation of the FVG, the Australian dollar may temporarily recover some of its losses near the upper band of the bearish flag before the downtrend resumes.

Furthermore, the next bearish target could be the $0.656 support, provided the critical resistance at $0.669 holds. However, this bearish outlook would be invalidated if AUD/USD breaks above the critical resistance level.

Ethereum Eyes $2,590: Can Bulls Hold $2,505 Support?

FxNews.me—Ethereum price rebounded from $2,450, the September 14 high. However, the uptick momentum eased when the price hit the 100-period SMA as resistance.

The technical indicators show signs of a bullish trend, with both the Stochastic and RSI 14 rising from the oversold territory. Meanwhile, the Awesome Oscillator histogram has turned green, which is interpreted as a sign that the bull market is strengthening.

Immediate support is at $2,505. The current uptick momentum has the potential to fill the Fair Value Gap at $2,590, provided the bulls maintain their position above the immediate support.

Conversely, the bullish outlook will be invalidated if ETH/USD dips below the $2,505 mark. In this scenario, Ethereum will likely revisit $2,459, and if the selling pressure increases, the downtrend could extend to the October 10 low at $2,330.

Bitcoin Eyes $68,750: Bullish Momentum Grows

FxNews.me—Bitcoin is trading around $66,800, holding above the 100-period simple moving average (SMA) and the critical support level of $65,200.

Technical indicators suggest a mildly bearish trend, with both the Stochastic and RSI 14 declining. However, the Awesome Oscillator’s histogram has turned green, indicating bullish momentum is gaining strength.

In addition to the signal from the Awesome Oscillator, the 4-hour chart shows a long-wick bullish candlestick pattern. Technically, if Bitcoin stays above the 100-period SMA, the bullish move may target $68,750, followed by the $69,580 resistance level.

However, this bullish outlook becomes invalid if the price drops below $65,200.

GBP/JPY Signals Strength Above Key Support Levels

Fxnews.me—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.

EURUSD Faces Strong Resistance at 1.087

FxNews.me—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.

EUR/USD Tests Key Resistance Trading at 1.087

FxNews.me—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.

Cardano Bear Trend Deepens if Price Drops Below $0.334

FxNews.me—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.

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

FxNews.me—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.

Ethereum Eyes $2,480 Break with Double Bottom Pattern

FxNews.me—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.

GBPJPY Poised to Break 198 Amid Japanese Stock Dip

GBP/JPY is nearing a pivotal breakout at 198.45 resistance, with the potential to retest the October high of 200.0 as the next target.

Watch Silver as It Approaches $30.7 Resistance

FxNews.me—Silver remains oversold but is nearing the $30.7 resistance level, gaining upward momentum as indicated by the Stochastic's move out of the oversold territory.

The trend outlook will stay bearish as long as silver prices remain below the October 17 low of $31.35. Should silver close above the immediate resistance at $30.76, it might aim to test the 50-period simple moving average as its next resistance.

NZD/USD Downtrend Deepens Past August Lows

NZD/USD falls below the 100-SMA, breaching August lows. The bearish trend continues, with resistance at $0.581, targeting the October low at $0.577.