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Topic: FxNews.me — Technical Analysis

What Ethereum's Current Retracement Means for Traders

https://i.postimg.cc/RZQ8ct1j/ETHUSD-1.png

FxNews—Ethereum's price is experiencing a pullback from $2,310, having shifted above the 61.8% Fibonacci level, creating a bearish long-wick candlestick pattern. Meanwhile, the Awesome Oscillator and RSI (14) signal that the bear market is weakening.

The pivot is at $2,435, as shown in green in the 4-hour chart above. This active resistance was identified using the Fibonacci cluster method with 50% and 61.8% retracement levels. Therefore, the ETH/USD primary trend remains bearish as long as the price stays below $2,435.

https://i.postimg.cc/W45HyPH8/ETHUSD-2.png

Looking ahead, the ETH/USD price is attempting to fill the FVG (fair value gap) area, indicating the price could potentially rise further before the downtrend resumes.

Zooming into the 30-minute chart to find a trigger point for the bearish scenario, the Supertrend line at $2,352 serves as the trigger line. If the bears (sellers) close below $2,352, a new bearish wave will likely be triggered, which could result in Ethereum's price dipping further. In this scenario, the next bearish targets could be revisiting $2,310, followed by $2,250.

The bearish scenario should be invalidated if the ETH/USD price crosses above the $2,435 pivot/resistance.

Re: FxNews.me — Technical Analysis

Bitcoin Surges Past $63,200 as Bulls Eye $66,700 Target

https://i.postimg.cc/sgZGr5H0/BTCUSDH4.png

FxNews—Bitcoin broke the $63,200 pivot today, stabilizing above it. The Stochastic signals overbought conditions, meaning BTCUSD might consolidate before the uptrend resumes.

If the 50-SMA holds, the next bullish target could be $66,700.

Re: FxNews.me — Technical Analysis

Oversold EUR/USD Pair Testing Major $1.095 Support Zone

https://i.postimg.cc/vBHRTbrK/EURUSDH4.png

FxNews—The EUR/USD pair is trading bearish, testing the $1.095 critical support in today's trading session. Meanwhile, the Stochastic and RSI (14) indicators hover in the oversold territory, signaling a market saturated with selling pressure.

From a technical perspective, it is not advisable to join the bear market when it is oversold. Hence, retail traders and investors should wait patiently for the EUR/USD price to consolidate near the upper resistance level.

In this scenario, the $1.102 demand zone could provide a decent entry point. Traders should monitor this level for bearish signals, such as a long-wick candlestick pattern or a bearish engulfing pattern.

That said, the next bearish target will likely be $1.088 if the price dips below $1.095. Please note, the bear market should be invalidated if the EUR/USD price crosses above $1.109, supported by the 50% Fibonacci retracement level of the AB wave.

Re: FxNews.me — Technical Analysis

GBP/USD Shows Potential for Recovery as Bullish Momentum Builds

https://i.postimg.cc/NM6Pj2VY/GBPUSDH4.png

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.

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.

5 (edited by FxNews 2024-10-08 06:48:41)

Re: FxNews.me — Technical Analysis

USD/JPY Face Key Resistance as Bearish Indicators Strengthen

https://i.postimg.cc/sXCnmrxD/USDJPYH4.png

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.

Re: FxNews.me — Technical Analysis

Silver Slides Below SMA: Bearish Trend Takes Hold

https://i.postimg.cc/mD2dSb2G/XAGUSDH4.png

FxNews.me—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.


Key Technical Indicators

The Stochastic oscillator is at 18, suggesting that 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.


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.


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

Re: FxNews.me — Technical Analysis

WTI Crude Oil Price Analysis - 8-October-2024

https://i.postimg.cc/0yDFWytB/WTICrude-H4.png

FxNews.me—WTI crude oil prices fell from $78.4 due to an overbought market signaled by the Stochastic oscillator over 80. The price dipped to $73.3 before rebounding to around $74.4, 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 staying 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

Re: FxNews.me — Technical Analysis

USD/JPY Stuck in Tight Trading Range

https://i.postimg.cc/rF89ss8S/USDJPYH4.png

FxNews.me—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.

Re: FxNews.me — Technical Analysis

Gold Bears Eye New Targets Below $2,625

https://i.postimg.cc/VN12mz2V/XAUUSDH4.png

FxNews.me—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.

Re: FxNews.me — Technical Analysis

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

https://i.postimg.cc/FHk9M1Vb/BTCUSDH4.png

FxNews.me—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.


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.

Re: FxNews.me — Technical Analysis

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

https://i.postimg.cc/gcQZjGVg/USDCHFH4.png

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


Bullish Scenario

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.

Re: FxNews.me — Technical Analysis

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

https://i.postimg.cc/Dy6Bt9xk/BTCUSDH4.png

FxNews.me—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 being said, the price can potentially consolidate near $63,200 before the uptrend resumes. This level provides a solid entry point to join the bull market.

Re: FxNews.me — Technical Analysis

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

https://i.postimg.cc/X7q6Wn6f/ETHUSDH4.png

FxNews.me—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.

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.

Re: FxNews.me — Technical Analysis

Bitcoin Peaks at $66,700: Bearish Signal Ahead

https://i.postimg.cc/DfDJhTB9/BTCUSDH4.png

FxNews.me—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.

Re: FxNews.me — Technical Analysis

Cardano Bulls Eye $0.366 Breakout to Resume Uptrend

https://i.postimg.cc/SKFzZthB/ADAUSD.png

FxNews.me—Cardano (ADA/USD) faces the $0.366 hurdle, a strong resistance that the price has pulled back from 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, but the bulls must stabilize the price above the $0.366 resistance for the uptrend to resume.

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, the bullish outlook should be invalidated if ADA/USD falls below the $0.349 immediate support.

Re: FxNews.me — Technical Analysis

USD/CAD Consolidation Sparks Speculation of Bearish Momentum

https://i.ibb.co/LYrJR0w/USDCADH4.png

FxNews.me—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.

Re: FxNews.me — Technical Analysis

ETH Bull Run: Eyes on $2,720 After Fibonacci Bounce

https://i.postimg.cc/kg7nNkZ2/ETHUSDH4.png

FxNews.me—The Ethereum price tested and bounced from $2,550 and resumed the uptrend, trading bullish above the 61.8% Fibonacci retracement level. The recent dip was anticipated because the Stochastic and RSI 14 were in overbought territory, and the 4-hour chart formed bearish candlestick patterns.

The Awesome Oscillator's recent bar turned green, indicating the current bullish wave should resume. In this scenario, the next bullish target will likely be $2,720. Please note that the bullish outlook will be invalidated if the price dips below the $2,550 support.

Re: FxNews.me — Technical Analysis

Litecoin Dips Below $71 Amid Market Warnings

https://i.postimg.cc/C5BbDqVS/LTCUSDH4.png

FxNews.me—Litecoin dipped below the $71.0 critical resistance amid the Awesome Oscillator histogram declining toward the signal line. The market is in an overbought state as RSI 14 is approaching the 70 level.

FxNews analysts advise that retail traders and investors wait patiently for the price to consolidate near the 50% Fibonacci retracement level at $67.5, a supply zone offering a decent opportunity to join the bull market.

The bullish outlook would be invalidated if Litecoin bears push the price below the $67.5 support.

Re: FxNews.me — Technical Analysis

Crude Oil Consolidates After the Sharp Drop

https://i.postimg.cc/RFqgj1kH/WTICrude-H4.png

Fxnews.me—Crude Oil began a consolidation phase in a narrow range area between $69.7 support and $71.8 resistance. A new bearish wave will likely be formed if the price falls below $69.7. In this scenario, the next bearish target could be the October 1 low at $67.5. 

Please note that the trend outlook remains bearish as long as the price is below the $73.3 critical resistance.

Re: FxNews.me — Technical Analysis

GBP/USD Consolidates Amid U.K.'s Retail Sales Surge

https://i.postimg.cc/rm2ZJ8X0/GBPUSDH4.png

FxNews—The U.K.'s retail sales unexpectedly rose 0.3%, which eased the GBP/USD's downtrend around the 1.30 resistance. As of this writing, the currency pair tests the 50-period simple moving average in conjunction with the descending trendline. 

Forecast

From a technical perspective, the primary trend remains bearish as long as the pair trades below the critical resistance of 1.325, backed by the 100-SMA. If bulls pull the price above the 50-SMA, a new consolidation phase could emerge, targeting the $1.314 resistance level, which offers a decent bid to join the bear market. 

Conversely, a failure to surpass the 50-SMA will likely result in a new bearish wave that could push the price down to the next resistance level, 1.295.

Re: FxNews.me — Technical Analysis

Crude Oil Dips Below $69.7, Eyes Next Target at $67.5

https://i.postimg.cc/BQPz23g2/1.png

FxNews.me—Crude Oil bears broke the $69.7 critical resistance in the current trading session. This development in the price chart will likely result in the Oil price dipping further. In this scenario, the next bearish target will likely be the $67.5 resistance level.

Please note that the immediate resistance rests at $71.8, which is backed by the 100-period simple moving average. The bearish outlook should be invalidated if the price exceeds the $71.8 mark.

Re: FxNews.me — Technical Analysis

BTC Tests Bollinger Median Amid MACD Divergence

https://i.postimg.cc/xjFmH1yS/BTCUSDH4.png

FxNews.me—Bitcoin's price pulled back from $69,500, testing the median line of the Bollinger Bands. The MACD indicator signals divergence, meaning the current consolidation phase could extend to the lower support levels, starting with filling the FVG (Fair Value Gap) at $67,500 and followed by $66,680.

These two support levels are backed by the Ichimoku Cloud, making them decent zones for betting on the bullish trend. Retail traders and investors should monitor the support mentioned above levels for bullish signals, such as hammer or bullish engulfing candlestick patterns. 

Please note that it is not advisable to join a bull market while it is saturated. It carries a greater risk than buying a trading security at a dip.

Re: FxNews.me — Technical Analysis

Ethereum Tests Key Fibonacci Level at $2,665

https://i.postimg.cc/NjF94wMh/6.png

FxNews.me—The 4-hour Ethereum chart formed a Bat harmonic pattern, backed by MACD's divergence signal, which resulted in the price dipping from $2,770. As of this writing, ETH/USD is testing the 23.6% Fibonacci retracement level at $2,665.

From a technical perspective, the consolidation phase will likely extend to the 38.2% Fibonacci level at $2,600 if ETH/USD stabilizes below the 23.6% level. Notably, the Ichimoku Cloud supports the 38.2% Fibonacci level, a significant supply zone for entering the bull market.

Therefore, traders should closely monitor the $2,600 mark for bullish candlestick patterns.

Re: FxNews.me — Technical Analysis

Oversold Litecoin Prepares for Bearish Wave or Rebound

https://i.postimg.cc/sXH4qzrJ/LTCUSDH4.png

FxNews.me—Litecoin stabilized the price below the critical $71 support, backed by the 5-period simple moving averages. However, the robust selling pressure from $76.0 drove the Stochastic Oscillator into oversold territory, meaning the U.S. Dollar is overpriced.

Hence, the Litecoin price is expected to consolidate around the 50-period SMA before the downtrend resumes. The consolidation ranges from the $69.7 immediate support to the %38.2 Fibonacci retracement level at $71.9 critical resistance.

Please note that a new bearish wave will likely be started if bears break today's low, the $69.7 support below. In this scenario, the next bearish target could be the October 7 high, the $67.5 support.

P.S. The bearish outlook should be invalidated if LTC/USD exceeds the %38.2 Fibonacci retracement level at $71.9.

Re: FxNews.me — Technical Analysis

Ripple's Fall Below $0.54 Signals More Drops

https://i.postimg.cc/Ss7JzvVr/4.png

FxNews.me—The Ripple (XRP) bulls failed to surpass the $0.56 resistance. Consequently, the price dipped below the $0.54 immediate support. As a result, the downtrend resumed, with the critical resistance remaining valid at the October 17 high.

The technical indicators suggest the downtrend should resume. In this scenario, the XRP/USD price will likely revisit the October 3 low at $0.507.

The bearish outlook should be invalidated if XRP exceeds $0.5600.

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