J.J. Edwards’ Market Analysis at FenzoFx
- Thread starter fxnews.me
- Start date
- Watchers 2
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.
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.
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.
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.
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.
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.
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.
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.
Litecoin's Uptrend Eased at $80.0
FenzoFx—Litecoin climbed from $64.45 but faced resistance at $80.0, easing its uptrend. It currently trades at $77.9, slightly below this resistance. The 4-hour chart indicates a bullish trend, with prices above the 50-period simple moving average. Bulls need to close above $80.0 to target $88.5.
Immediate support lies at $76.4. A drop below this level could trigger a bearish wave, pushing LTC toward $71.0.
Bitcoin Bulls Pave Path to $100,000
FenzoFx—Bitcoin is trading bullishly, staying above the 50-period SMA and the 81,160 support. Currently, it hovers around $85,650, testing resistance. As long as prices hold above 81,160, the next target could be $88,650.
However, if bears push below $82,811, consolidation may occur, with support at 81,160.
Ripple Trades Sidways: What's Next?
FenzoFx—Ripple (XRP) remains above $2.091, trading sideways in a low-momentum market. With support at $2.091 and resistance at $2.218, the trend is bullish as prices stay above the 50-period SMA.
The uptrend could extend if XRP/USD closes above $2.218, aiming for $2.355. However, a correction may begin if prices fall below $2.091, with $1.999 as the next support.
Ethereum is Bearish: Watch this Resistance Level
FenzoFx—Ethereum is trading sideways, stabilizing above the 50-period SMA but has yet to form higher-highs. While the price remains above $1,755, the primary trend is considered bearish. A drop below this resistance could push the price toward $1,370 support.
On the other hand, if bulls manage to close above $1,755, a bullish wave could emerge, setting $1,950 as the next target.
EURUSD Analysis
FenzoFx—EURUSD is trading bullishly but has eased after hitting a high of $1.1470. Currently, it trades sideways near $1.1342. Despite the bullish trend, the pair is overbought and may dip below $1.1296 toward $1.1296 support.
If bulls close above $1.1470, a further rally could target $1.1710.
GBP/USD Breaks $1.3202: Bullish Market Insights
FenzoFx—The GBP/USD currency pair shows strong bullish momentum, breaking above $1.3202 yesterday. With overbought signals from the Stochastic indicator, a consolidation phase may lead to declines toward $1.3144 and $1.3030.
Traders should watch for bullish candlestick patterns near these support levels.
Litecoin Analysis
FenzoFx—Litecoin is trading at $75.9 after closing below $76.4 and testing it as resistance. The Stochastic Oscillator signals oversold conditions, suggesting a possible price bounce, although the bearish trend persists below $80.0.
If the bearish momentum continues, the next target could be $71.0. Alternatively, stabilization above $80.0 may extend gains toward $88.5.
Similar threads
