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[HubuFX]

Bullish Outlook for Bitcoin After Channel Break

Recently, Bitcoin broke through its channel and tested the significant $30,000 psychological level. After this break, the outlook for Bitcoin has become increasingly bullish. In fact, the BTCUSD pair has returned to test the broken channel in the 4H time frame, which now acts as support. Additionally, the pivot point is located at 29,183 and with a hold above this level, there is a high chance that we will witness a rise to the 30,739 resistance level.


Furthermore, the dip that occurred a few hours ago provides buyers with an opportunity to enter their buy orders in the market at a cheaper price. Moreover, with the RSI hovering above the signal level, there is strong support for the bullish scenario. Overall, the current market conditions present an attractive opportunity for buyers to enter the market and potentially profit from a rise in Bitcoin's value.

[HubuFX]

EURUSD May Break the Channel as RSI Indicator Crosses Signal Line

The EURUSD currency pair has recently responded to the support level at 1.093. It is now testing the weekly pivot at 1.099, which coincides with the upper band of the declining channel in the 4-hour time frame. The RSI indicator has crossed the signal line and is hovering above the 50 line. This suggests that the rise that started yesterday may lead to a break of the channel upward.



It is important to note that horizontal support and resistance levels are generally considered more valid and reliable than trend lines or channels. With this in mind, the main resistance level for bulls is the 0.382 Fibonacci retracement level, which is around 1.105. As long as this level is not breached, the market outlook will remain bearish. The decline may continue to test the previous low around 1.093, followed by 1.086.

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What is a Channel in Forex Technical Analysis?


In forex technical analysis, a channel is a trading range. It is defined by two lines: a trend line and a concurrent line. These lines are plotted through opposite peaks or troughs. There are three types of channels based on price direction: ascending, descending, and sideways (also known as ranging). Channels are commonly used in technical analysis to confirm trends and identify breakouts and reversals.

[HubuFX]

USDJPY Surges Towards Previous High

The USDJPY currency pair recently experienced a bounce from the 0.382 Fibonacci retracement level. This bullish wave was initiated by a long wick shadow candlestick pattern in the 4-hour time frame. As a result, the pair is now surging towards its previous high of around 144.0.




In addition, the RSI indicator is currently hovering above the 50 level, indicating that there is still room for it to reach the 70 level or enter the overbought zone. This suggests that the market expects the USDJPY to continue its upward trend and test the 144.0 resistance level in the next trading session at least.




When looking at the daily time frame, the outlook for the USDJPY remains bullish. The next major resistance level is R1 at 145.71. Furthermore, machine learning indicators signal that bulls are in control of the market. A dip to the pivot point could provide an opportunity for buyers to go long on the currency pair.

[HubuFX]

Bitcoin Analysis: Key Levels to Watch

The BTCUSD is currently trading above the 28,099 support level within a declining channel. Despite the bearish channel, the overall outlook for Bitcoin remains bullish. However, in order for this bullish trend to continue, the bulls must break out of the channel and surpass the key psychological level of 30,000. If this scenario plays out, the BTCUSD pair could target 31,111 and test the previous high for a break.

Market uncertainty can be observed by analyzing the candlestick patterns on the daily time frame. Over the past 11 days, a mix of doji candles and long wick shadow candles have formed, indicating indecision among traders.




On the other hand, if bears manage to close below the 28,099 support level, the BTCUSD price could fall to 26,968 followed by 25,000. As such, HubuFX's analysis team suggests keeping a close eye on market behavior within the downward channel.

In summary, while the overall outlook for Bitcoin remains bullish, there are key levels to watch on both the upside and downside. A breakout above 30,000 could signal a continuation of the bullish trend, while a close below 28,099 could indicate further downside potential. Traders should remain vigilant and monitor market behavior closely.

[HubuFX]

XAUUSD Bulls Must Hold Above Trend Line and $1,916

The XAUUSD pair is currently trading above an ascending trend line, hovering around $1941. Gold faces minor resistance at $1,951, which serves as a pivot point for the market to potentially shift from a bearish to a bullish bias. If gold can hold above the trend line, it has a bullish outlook with the potential to target and test resistance at $1980. However, it's important to note that the bulls must keep XAUUSD above both the trend line and support at $1,916.




On the flip side, if bears manage to close below support at $1,916, the decline may continue to previous lower highs around $1,900, followed by support 2 at $1,866.


Noteworthy

China's gold imports rise in June. China's gold imports rose in June, as the country's demand for the precious metal remained strong. Imports rose to 89.4 tonnes in June, up from 78.4 tonnes in May. This was the highest level of imports since March 2022. China is the world's largest gold consumer.

[HubuFX]

HubuFX: The Ultimate Forex Broker for Serious Traders


In-house trading platform: HubuFX offers its own in-house trading platform, which is designed to be user-friendly and powerful. The platform offers a variety of features and tools that can help traders of all experience levels to succeed, including charting and analysis tools, automated trading, and a variety of order types.


Non-dealing solution: HubuFX does not have a dealing desk, which means that your orders are not routed through a central broker. Instead, your orders are sent directly to the liquidity providers, which are the banks and other financial institutions that provide the forex market with its liquidity. This can lead to faster execution and better prices for traders.


True STP broker: HubuFX is a true STP broker, which means that all trades are executed directly on the interbank market. This eliminates the possibility of price manipulation or slippage, and it ensures that you are getting the best possible prices for your trades.


Tier 1 liquidity provider brokers: HubuFX only uses tier 1 liquidity provider brokers, which are the most reputable and reliable banks and financial institutions in the world. This ensures that your trades are executed quickly and efficiently, and that you are protected from fraud or other risks.

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[HubuFX]

EURUSD: Downtrend Continues, But Bulls Have a Chance at R2

The EURUSD pair is trading in a downtrend and has broken below the 55 Moving Average and the pivot line at 1.099. This suggests that the decline is likely to continue, with the next target being S1 at 1.093 and S2 at 1.086. These levels coincide with the lower line of the channel.



Overall, the outlook for EURUSD is bearish, but there are some bullish factors that could support the price. The 1.035 and 1.1049 levels provide support, and if the price closes above this zone, the bulls could target R2 at 1.112. Traders should be cautious and wait for a clear breakout before taking a position.

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Fundamental factors for EURUSD:

• ECB President Lagarde to speak at Jackson Hole symposium. ECB President Christine Lagarde will be speaking at the Jackson Hole symposium today. Her speech is closely watched by markets for any clues about the future of monetary policy in the eurozone.
• German industrial production data. German industrial production data for July is due to be released today. Economists are expecting a decline of 0.5% from the previous month. A weak reading could weigh on the euro.
• US retail sales data. US retail sales data for July is due to be released tomorrow. Economists are expecting a strong increase of 0.8% from the previous month. A strong reading could boost the dollar.

[HubuFX]

AUDUSD: Is the Uptrend Over?

The AUDUSD currency pair is currently trading at around 0.6549. Recently, the pair bounced off the resistance level at 0.6589 and formed a doji candlestick pattern on the 4-hour time frame. This pattern suggests a bearish bias in the market. It is important to note that the bearish trend remains valid as long as the price stays below the resistance level of 0.65959. If this scenario plays out, the downward momentum could continue, with the price potentially targeting May's lower lows in the range of 0.6492 to 0.6445.



On the other hand, if the price breaks above the resistance level of 0.6595, we could see a continuation of the correction. In this case, the price of the asset may rise to test the next resistance level at 0.6638.

In summary, traders should keep an eye on key levels of support and resistance when making their trading decisions for the AUDUSD currency pair. A break above or below these levels could signal a potential change in market direction.

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According to the latest news, the AUDUSD pair is preparing to extend losses below the immediate support of 0.6595 as the United States Automatic Data Processing (ADP) reports that employment additions were higher than expectations. The US labor market witnessed an addition of fresh 324K private payrolls, significantly higher than the estimates of 189K but lower than the former release of 497K. The AUDUSD broke below the key support area at 0.6600 and tumbled to 0.6527, reaching the lowest level since June 1. The decline added negative pressure to the Aussie, which still persists. The pair is currently looking for the next support.

[HubuFX]

USDCAD Resistance at 1.3386, Bounce to 1.332 Possible

On August 2, the USDCAD pair broke out of its channel and surged higher after retesting it. It is currently trading near the resistance at July’s higher highs of 1.3386, which also coincides with the 50% Fibonacci retracement level. The RSI indicator is hovering in the overbought area, signaling potential exhaustion in the trend or a possible trend reversal with a double top pattern.

Hubufx recommends closely monitoring price action and candlestick patterns around the 1.3388 resistance level. If the resistance holds, the market could bounce to 1.332, followed by 1.329.



If the USDCAD pair closes above 1.3386, it would indicate a continuation of the upward trend. In this scenario, buyers should exercise patience and wait for the market to retest this level before entering a long position. By waiting for a retest, professional traders can minimize their risk and increase the potential outcome of their trade.

[HubuFX]

GBPUSD Tests 1.26 Support, Bulls Ready for Reversal

The GBPUSD currency pair is currently trading below the broken trendline, around 1.2696. At the moment, the bears are testing the support area, which extends from 1.2681 to 1.26. This support zone is clearly shown in green on the GBPUSD daily time frame. Interestingly, this support was tested once on June 29, and the bullish trend extended its legs to as high as 1.3141 until July 13.




If we take a closer look by zooming into the 4-hour time frame, we can see a long-wick candlestick. This signals a possibility of a trend reversal or an exhaustion in the bearish bias from July 13. Please note, the green area acts as the supply zone all the way down to S1 support at 1.261. Consequently, there is a high chance for the bulls to regain control if the latter level holds.




On the other hand, for the bears to keep their bearish bias valid, they have to close below the S1 barrier. HubuFX suggests monitoring the price action in the green zone closely before executing a new order or exiting a current short trade.