J.J. Edwards’ Market Analysis at FenzoFx

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EUR/USD Needs to Break $1.0534 to Invalidate Bearish View

FenzoFx—The EUR/USD currency pair hit the 78.6% Fibonacci resistance level at $1.0497. Meanwhile, the Stochastic indicator is overbought, meaning the bullish wave from $1.0360 could pause in the current and next session. A dip below the 61.8% Fibonacci support level can trigger a new bearish wave, targeting the 38.2% Fibonacci at $1.0427.

Please note that the bearish outlook of the currency pair invalidates if EUR/USD exceeds $1.0534.

 

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Bears Target $78,320 as Bitcoin Dips to Key Support Level

FenzoFx—Bitcoin's dip from $95,050 now nears the 78.6% Fibonacci support level at $81,900. Meanwhile, the Stochastic Oscillator %K line records show 10, and the Awesome Oscillator shifted below the signal line in the 4-hour chart. This means the downtrend and price can potentially bounce from this point; therefore, a new breakout is required for the next wave.

The immediate support is $81,900. From a technical perspective, if bears push the prices below the 78.6% Fibonacci, BTC/USD could fall toward the $78,320 mark.

 

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Litecoin Oversold at $100​

FenzoFx—Litecoin is oversold at the $100.0 psychological support level, signaled by Stochastic and RSI 14. A new bullish wave could emerge if the bull pulls the prices above the immediate resistance at $106.0. In this scenario, LTC will likely target $115.0.

On the flip side, a dip below $100.0 can trigger the downtrend, targeting $95.0 followed by $90.0. Please note that the bearish outlook should be invalidated if LTC/USD exceeds $106.0.​

 

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Apple Trades Sideways but Outlook Remains Bullish​

FenzoFx—Apple Inc. dipped from $250.0 and tested the ascending trendline at $233.0 as support. The Stochastic Oscillator was in oversold territory then. Hence, the price bounced from $233.0, but the bullish momentum eased in the middle band of the Bollinger indicator.

Please note that the trend outlook remains bullish as long as the Stock trades above the ascending trend line or the $233.0 support. That said, the market will likely resume its sideways momentum in the current trading session, between the $244.0 resistance and the $233.0 support.

 

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XRP's Recovery: Signs of a Bullish Momentum Ahead​

FenzoFx—The XRP downfall from $3.0 paused at $2.208 and began a mild bullish wave from $2.208. As of this writing, Ripple (XRP) trades at approximately $2.45, while the Awesome and the Stochastic oscillators are rising, signaling that bullish momentum should resume.

The immediate resistance is at $2.544. Interestingly, the 4-hour chart formed a 'long upper shadow' candlestick pattern, indicating bears' power.

From a technical perspective, bulls must close and stabilize above $2.544 for the uptrend to continue. If this scenario unfolds, the 78.6% Fibonacci resistance level at $2.776 could be the next bullish target.

On the other hand, if $2.544 holds, XRP will likely retest the ascending trendline, followed by $2.208 as support.

 

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USD/CHF: Oversold Indicators Hint at Potential Rebound​

FenzoFx—USD/CHF is up by 0.04% in today's trading session, trading at approximately 0.889. The primary trend is bearish; however, Stochastic and RSI 14 indicators. The record shows 15.0 and 37.0 in the description, meaning the market is oversold, and correction toward the upper resistance level could be imminent.

That said, the immediate resistance is at 0.891. From a technical perspective, the current bullish momentum can extend if bulls close and stabilize above the 0.891 mark. If this scenario plays out, the middle band of the Bollinger could be the next bullish target.

 

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AUD/USD Nears Resistance, Momentum May Ease​

FxNews—The Australian dollar exceeded $0.6255 in today's trading session, nearing the critical $0.6329 resistance. The recent buying pressure caused the Stochastic oscillator to step into overbought territory, meaning the momentum will likely ease before the uptrend resumes.

That said, the primary resistance is at $0.632. If this level holds, AUD/USD can potentially dip toward 0.6272 and test this area as support.

Please note that the market outlook remains bullish as long as the $0.6272 support holds. Furthermore, a break above the $0.632 resistance can trigger the bullish trend, targeting $0.6407.

 

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Solana Tests $151.5 Resistance with Growing Momentum​

FenzoFx—Solana formed a head-and-shoulders pattern in the 4-hour chart and is currently testing the 151.5 resistance level. Meanwhile, the RSI 14 hovers above the median line, and the Stochastic oscillator depicts 61 in the description.

This means the market is not overbought, and the current uptick in momentum can extend to a higher resistance level. That said, the immediate resistance is at 151.5. From a technical perspective, the current uptick in momentum can target the 179.5 mark if bulls close and stabilize the price above the immediate resistance.

Conversely, a break below the immediate support at $140.0 will likely trigger the downtrend, which targets $126.5.

 

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Warmer Weather Forecast Weighs on NATGAS Bearish Momentum​

FenzoFx—NATGAS trades sideways while investors look for a breakout. Warmer weather is forecasted for the upcoming week. Considering the Stochastic signals are overbought in the 4-hour chart, a break below $4.28 can trigger a new bearish wave, targeting $4.10.

Please note that the bearish outlook should be invalidated if the Natural Gas price exceeds $4.60.

 

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Ethereum Bullish Rally Faces Key Resistance at $2,300​

FenzoFx—Ethereum trades bullish from $1,990.0, currently testing the descending trendline as a resistance level at approximately $2,300.0. Meanwhile, the Stochastic oscillator hints at an overbought market, meaning the cryptocurrency could consolidate or turn bearish.

The immediate support is at $2,170.0. From a technical perspective, a break below this level can trigger a new bearish wave, targeting the March 4 low at $1,990.0.

On the other hand, the bullish wave from $1,990.0 could extend to $2,550.0 if ETH/USD exceeds Bollinger's upper band.

 

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AUDUSD Retreats as Overbought Signals Spark Bearish Outlook​

FenzoFx—The AUDUSD bullish run hit the 78.6% Fibonacci resistance level at $0.636 amid an overbought signal by the Stochastic Oscillator. As a result, the pair dipped below $0.6329, active resistance.

From a technical perspective, if the $0.6329 resistance holds, the current bearish momentum could extend to $0.6272. Furthermore, if the selling pressure exceeds $0.6272, the 23.6% Fibonacci support level will likely be targeted.

 

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XRP Suffers From Uncertainty: What's Next?​

FenzoFx—XRP tested the ascending trendline amid overbought signals. As of this writing, Ripple trades at approximately $2.5, stabilizing above the trendline. The Stochastic Oscillator stepped down from overbought territory as the RSI 14 clings to the median line. This means the market is no longer overbought but suffers from uncertainty.

The immediate support is at $2.40. From a technical perspective, the current bearish momentum can extend to lower support levels if bears push the prices below $2.40. In this scenario, the next bearish target could be $2.209.

Conversely, if bulls stabilize above the immediate resistance at $2.544, the bullish wave from $1.953 can target the 78.6% Fibonacci resistance level at $2.776.

 

[FenzoFx]

Gold Trades Sideways, Investors Await Breakout​

FenzoFx—Gold has traded sideways since March 4 at approximately $2,910. The RSI 14 and Stochastic oscillator hover near the median line, meaning the market lacks momentum. The immediate resistance is at $2,930. From a technical perspective, if bulls pull the prices above this resistance, the uptrend could target a $2,955 high.

Conversely, a dip below the immediate support at $2,895 can trigger a new bearish wave, targeting the 23.6% Fibonacci retracement level at $2,860.

 

[FenzoFx]

Silver Holds Steady at $32.55 in Low Momentum Market.​

FenzoFx—Silver trades sideways in a low momentum market at approximately $32.55. The Stochastic oscillator left the overbought territory, meaning Silver is no longer overpriced. However, the consolidation phase from $32.75 paused at $32.11 immediate support.

From a technical perspective, the market awaits a breakout. A close above $32.75 can trigger the uptrend, which targets $33.4.

Conversely, a dip below the immediate support at $32.11 can trigger a new bearish wave, which could result in the XAGUSD falling toward $31.47.

 

[FenzoFx]

Bitcoin Finds Support in Bear Market​

FenzoFx—Bitcoin traded in a bear market at approximately $83,200 in today's trading session. The Stochastic oscillator stepped away from oversold territory, meaning the downtrend has eased.

The immediate resistance is at the 61.8% Fibonacci level, the $84,650 mark. From a technical perspective, a close above this level can trigger a new bullish wave, targeting the 38.2% Fibonacci at $88,670.

Conversely, the bullish outlook should be invalidated if BTC falls below $81,800.

 

[FenzoFx]

GBP/JPY Downtrend: 188.0 in Sight?​

FenzoFx—GBP/JPY is in a bear market, testing the 189.0 mark as support. Meanwhile, the Awesome Oscillator has shifted below the signal line, indicating that the downtrend should prevail.

The primary support is at 189.6. From a technical perspective, a downtrend will likely target 188.0 if GBP/JPY closes below the immediate support.

Conversely, if bulls maintain their position above 189.0 and stabilize above the 38.2% Fibonacci resistance level, a new bullish wave could potentially form, targeting 192.9.

 

[FenzoFx]

Ripple Tests Resistance: Will XRP Hit $2.544 Next?​

FenzoFx—XRP tested the February 25 low at 1.9530 as support and bounced from it as expected. At the time, the Stochastic and RSI 14 were signaling overbought. As of this writing, Ripple trades at approximately $2.117.

The immediate resistance is at $2.208. From a technical perspective, a new bullish wave will likely form if XRP closes and stabilizes above this resistance. In this scenario, Ripple could rise toward $2.40, followed by $2.544.

Please note that the bullish scenario should be invalidated if XRP/USD dips below $1.9530.

 

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USDCHF Downtrend Pauses at Key Fibonacci Support​

FenzoFx—USDCHF trades bearish, but the downtrend eased at the %50.0 Fibonacci support level. Meanwhile, the stochastic oscillator stepped outside the oversold territory, strengthening bullish momentum. The Awesome Oscillator bars also turned green but below zero, indicating the market can consolidate near the upper resistance levels.

The immediate resistance is at 0.8858 CHF. From a technical perspective, if the $50.0 Fibonacci support level holds, USD/CHF will likely test this level. Traders and investors should monitor 0.8858 support for bearish signals, such as candlestick patterns.

Please note that the bearish outlook should be invalidated if USD/CHF exceeds 0.8858. If this scenario unfolds, the currency pair will likely test 0.8914 resistance.

 

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NATGAS Consolidates; $4.60 Break Could Spark Rally​

FenzoFx—NATGAS started consolidating after it peaked at $4.95, trading slightly below the $4.60 resistance. As long as the price is above the ascending trendline, the trend outlook should be considered bullish.

Cold weather is forecasted for North America. That being said, a close above $4.60 could spark a new bullish wave targeting $4.95. Please note that the bullish outlook should be invalidated if NATGAS falls below the ascending trendline.

 

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Gold Rebounds: Bullish Momentum Targets $2,930​

FenzoFx—Yesterday, gold broke below the $2,892 support level but unexpectedly reversed upward, currently trading at approximately $2,910. The latest bar of the Awesome Oscillator has turned green, suggesting that the current bullish momentum may resume.

In this scenario, $2,930 could be the next target for buyers. Furthermore, a break above $2,930 could ignite a new rally, with $2,955 as the subsequent target.

Please note that the bullish outlook would be invalidated if XAU/USD closes and stabilizes below the immediate support level at $2,893.