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PY Dips Following USD MomentumThe Japanese Yen (JPY) retreated to daily lows in the first half of the European trading session after reaching its highest level against the US Dollar (USD) in over two weeks. This decline could be attributed to further USD buying activity, bolstered by hawkish overnight remarks from Federal Reserve officials. From a technical standpoint, breaking below the 151.00 support level could be seen as a breach of the short-term trading range. Consequently, any subsequent price slides are likely to encounter solid support levels below. Technical analysis indicates that the price has dipped below the simple moving averages (SMA), particularly the SMA 20, as it crosses beneath the SMA 50 and SMA 100, indicating a stronger downward trend. Additionally, the Relative Strength Index (RSI) is approaching the 50 level, signaling a significant weakening.
by Ariana_alila
EUR/USD Continues Downward Spiral: Nearing Key Support LevelEUR/USD continues its downward trend since Thursday, edging closer to the 1.0830 threshold during the Asian trading session on Friday. The strength of the USD is still being bolstered by market caution, likely influenced by political tensions in the Middle East. Based on technical analysis, it's evident that the corrective trend of the price is aiming towards the 1.0847 level, yet prices persist below this zone, indicating a potential continuation of the downward trend. Technical indicators such as the Simple Moving Average (SMA) and the Relative Strength Index (RSI) also show clear signs of further price decline. Once the price breaks through the support level at 1.0830, there's a possibility that this currency pair will continue to seek further support levels below.
by Ariana_alila
Technical Analysis: EUR/USD Downtrend Strengthens Near 1.0830 The EUR/USD pair continues to experience declines, edging closer to the 1.0830 level during Friday's Asian trading session. Meanwhile, the USD remains stable, supported by market caution, although it faces the risk of being impacted by escalating geopolitical tensions in the Middle East. On the technical chart, the Simple Moving Average SMA 20 is trending downwards and is expected to intersect and cross below SMA 50, indicating that the downtrend is being reinforced. However, the possibility of a price rally cannot be ruled out. The Relative Strength Index (RSI) is currently hovering around the 50 level, and if prices remain within this range and rise above the 55 mark, it would signal a potential short-term uptrend.
by Daisy_Anna
Potential for Price Correction in the upcomning periodThe price of gold declined to $2,285 in the Asian trading session on Friday, following its record high above $2,300 in the previous session. This fluctuation reflects market dynamics amidst geopolitical risks in the Middle East and expectations of monetary policy easing from the Federal Reserve, which have fostered optimism for gold price growth. Technical analysis of the XAU/USD chart indicates a prolonged upward trend in gold prices for seven consecutive days, followed by a slight downward adjustment. There is a possibility of a significant price correction as technical indicators begin to retreat from overbought levels. Based on current technical indicators, XAU/USD is likely to continue its upward trajectory after undergoing some corrective measures. However, monitoring market reactions and other key financial factors remains essential for assessing the market's subsequent direction.
OANDA:XAUUSD
by Daisy_Anna
2
BNB/USDT 4HInterval Chart ReviewHello everyone, let's look at the 4H BNB to USDT chart as we can see that the price is moving below the local uptrend line. Let's start by setting goals for the near future that we can include: T1 = $586 at which the price is struggling to maintain T2 = $615 T3 = $636 AND T4 = $663 Now let's move on to the stop-loss in case of further market declines: SL1 = $563 SL2 = $527 AND SL3 = $503 Looking at the RSI indicator, it indicates a potential change in direction, but with room to make another upward move. However, on the STOCH indicator we are moving above the upper limit, which causes the growth to slow down and a possible recovery.
by cryptodailyuk
📈Ethereum/BTC Analysis: Potential Shifts in DeFi Dominance🚨🔍Today, we're analyzing Ethereum/BTC in the weekly timeframe, crucial for understanding Ethereum's position relative to Bitcoin, especially amid the DeFi landscape where Ethereum plays a significant role. 💎Towards the end of 2021, ETH/BTC encountered resistance at 0.08511 and has since been undergoing correction. Upon plotting the Fibonacci retracement, we observed a bounce at the 0.382 level, signaling a possible continuation. However, failure to breach the previous high suggests dwindling buyer strength, potentially leading to downward pressure if sellers enter the market. 🔒Simultaneously, we notice a trendline resistance restraining the price, indicating that price has yet to gather enough momentum to break above it. 📊Examining volume since mid-2023, it appears to be in a range-bound state. However, short-term analysis shows decreasing red candle volume as we approach support at 0.05061. We need to observe if a break of this support correlates with a significant increase in volume. 💥RSI oscillator is currently hovering around support at 39.87. A candle closing below both price and RSI support levels could signal the beginning of a new downward trend. ❌Finally, it's essential to note that the current support level we are testing is critical for the vitality of this chart. If breached, Ethereum may underperform Bitcoin, especially during corrections. Therefore, it's unlikely that the Ethereum community, particularly heavy ETH holders, would allow this support to falter easily.
Long
by itsparham96
BTC Market Trend AnalysisLooking at the chart, we can see that the price is currently below the moving averages (SMA). Specifically, the SMA20 line has crossed both the SMA50 and SMA100 lines, and is moving downwards, significantly diverging from both SMA50 and SMA100. This clearly indicates that the market is undergoing a pronounced downward trend. Furthermore, upon examining the Relative Strength Index (RSI), we also observe that it is below the average level. This indicates the strength of selling pressure and suggests signs of impending price decline.
OANDA:BTCUSD
by Ariana_alila
1
GBP/USD Sets Recovery Target Amid UK Economic GrowthThe GBP/USD pair has set a target to extend its recovery time to the highest level within a week, reaching 1.2660 in Thursday's trading session in London. This is the result of positive growth in the UK economy. Meanwhile, the US Dollar is showing weakness due to the ISM Services PMI data from the United States. The decline in US economic activity has reduced the value of the USD against the GBP. Technical analysis shows that the price has crossed above the simple moving averages SMA 20 and SMA50, indicating the possibility of a short-term uptrend. If the price breaks above the SMA 100, it could experience a stronger rally. The Relative Strength Index (RSI) is currently oscillating in the 60 range, indicating growth in the price trend. This provides a positive outlook for the GBP/USD currency pair in the near future on the international market.
by Ariana_alila
USD/JPY Weakens Amid BoJ's Cautious OutlookIn the European session on Thursday, the USD/JPY pair continued to experience a period of weakness. The subdued outlook from the Bank of Japan (BoJ), with predictions of continued monetary policy easing in the near future, coupled with inflationary risks, are the primary factors contributing to the weakening of the Japanese yen. This suggests that despite speculations of intervention from the Japanese government to support the domestic currency, speculators have still been unable to significantly diminish the value of the JPY. From a technical analysis standpoint, the price surpassing the simple moving averages (SMA) indicates a positive signal for further upward movement. The Relative Strength Index (RSI) has also exceeded the average level, further affirming the upward trend of this currency pair. Should the price surpass the 152.00 threshold, we can anticipate a strong continuation of the USD/JPY upward trend.
by Ariana_alila
GOLD CONTINUES TO RISEGold has yet again hit record highs due to safe haven demand.the yellow metal has been rising steadily from march as investors are betting on interest rates cut by the Fed's this year. Another rulling factor for this rise is led by the depreciation of other currencies against the dollar which is causing the yellow metal to rise together with a strong dollar. The gold market is currently led by speculations across investors and retail traders so tell me what do you think will happen in the coming months? #forex #xau/usd
FOREXCOM:XAUUSDLong
by MATTHEWSJACK
EURUSD Resilienced Amid Weakening USDIn the context of the weakening US dollar (USD), the Euro has begun to recover and rise again. The decline of the US dollar has created favorable conditions for the Euro, leading many investors to shift their focus towards the Euro currency. On the 4-hour chart, the Relative Strength Index (RSI) has increased to the 67 level, indicating the strength of the upward momentum and the potential for further price increases in the near future. The Euro has also surpassed simple moving averages such as the SMA 20 and SMA 50, and is currently approaching the SMA 100. This suggests a short-term uptrend in prices. If the price continues to surpass the SMA 100, a stronger upward trend is expected, possibly reaching the next resistance levels on the chart.
by Ariana_alila
Gold continued rising and reached a new resistance level at 2288Gold continued its ascent on Tuesday, pushing XAU/USD to a new high of 2276.90 in the US trading session. However, the US Dollar experienced a slight decline early in the session and lost further ground after Wall Street opened, despite generally optimistic US economic data and relatively uninspiring US economic indicators. As the trading session shifted to Asia, the price of gold continued to climb to a new high of 2288. On the 4-hour chart, the upward trend of XAU/USD remains intact. The Simple Moving Average (SMA) 20 continues its strong upward trajectory and remains significantly above the SMA 50 and SMA 100. The Relative Strength Index (RSI) is currently in overbought territory, indicating the market's bullish momentum. However, some investors are hopeful that prices will correct towards the support level around 2230 and potentially break through to seek support at 2190 and 2170.
OANDA:XAUUSD
by Ariana_alila
DOT/USDT 1DInterval Chart ReviewHello everyone, let's look at the 1D DOT to USDT chart as we can see that the price is moving below the local downtrend line. Let's start by setting goals for the near future that we can include: T1 = $9.67 T2 = $10.53 T3 = $11.89 AND T4 = $12.86 Now let's move on to the stop-loss in case of further market declines: SL1 = $8.22 SL2 = $7.23 AND SL3 = $5.97 Looking at the RSI indicator, you can see a movement below the downtrend line, but it is worth noting that it is at support. However, the STOCH indicator shows a movement at the lower limit, below the downward trend line, which may result in maintaining the price.
by cryptodailyuk