FxNews.me — Latest Technical & Fundamental Analysis

[FxNews]

What Ethereum's Current Retracement Means for Traders


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 the 50% and 61.8% retracement levels. Therefore, the ETH/USD primary trend remains bearish as long as the price stays below $2,435.



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.

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[FxNews]

Watch EUR/USD's Critical $1.10 Support Level


FxNews.me—The EUR/USD pair's trend turned bearish when sellers pushed the price below the $1.109 critical support level. Subsequently, the strong sell-off drove the Stochastic oscillator into the oversold territory, with the indicator depicting a value of 6.

Forecast

The market is saturated with selling pressure. Despite this, the EUR/USD price has the potential to dip toward $1.10, followed by the $1.095 support.

Due to the Stochastic oversold signal, traders and investors should wait for EUR/USD to consolidate near the 100-period simple moving average (SMA). The $1.109 level, followed by the 100-SMA, provides a good opportunity to join the bearish trend.

Please note, the bear market should be invalidated if EUR/USD stabilizes above $1.109 or the 100-SMA.

[FxNews]

Cardano's Bearish Trend Faces Crucial Test


FxNews—Cardano's downtrend from $0.415 resulted in the price breaking below the ascending trendline. Subsequently, the robust bearish wave cooled near the $0.342 support.

Meanwhile, RSI (14) has entered oversold territory, signaling an oversold market. Additionally, the Awesome Oscillator (AO) histogram has turned green but remains below the signal line, indicating that the bearish momentum is weakening.

That said, the main trend remains bearish as long as ADA/USD trades below the 100-period simple moving average.


Forecast

The $0.342 mark is the immediate support, and the immediate resistance lies at $0.364. Cardano will likely range between these two levels this week. If the ADA/USD price exceeds $0.364, the uptrend will likely resume. In this scenario, the price could potentially rise to test the resistance at $0.377.

Conversely, if sellers break below the $0.342 support, the downtrend will likely be triggered again. If this scenario unfolds, the ADA/USD downtrend could extend to $0.326.

[FxNews]

US Stocks Fall Amid Middle East Tensions

FxNews—US stocks dipped again on Wednesday, continuing their decline from Tuesday. This drop of 0.3% in the main indexes was due to rising worries about increased tensions in the Middle East affecting investors' confidence. However, there was some positive news: the ADP employment report showed that more jobs were added than anticipated, indicating the job market is still robust.

Despite this, the likelihood of a 0.50% cut in the federal interest rate in November decreased significantly, now at just 34% compared to over 50% last week. In terms of sectors, consumer goods and services saw the biggest losses, while energy companies did better because of higher oil prices.

In corporate news, Tesla’s stock fell by about 3.5% after the company reported lower-than-expected vehicle deliveries for the third quarter. Also, Nike’s shares dropped 7.5% as the company canceled its yearly forecast just before changing its CEO.

[FxNews]

EUR/JPY Eyes 160 Resistance Amid Double-Bottom


FxNews—The EUR/JPY currency pair is stabilizing its price below the 50-period simple moving average at about 159, forming a double-bottom pattern. Meanwhile, the Awesome oscillator histogram changed its color to green, signaling the bull market gains momentum.


Forecast

The immediate resistance is at 160.0. If the EUR/JPY bulls close above the immediate resistance, the current uptick momentum can potentially target the 163.0 mark.


Bearish Scenario

Conversely, if the sellers push the price below the 100-period SMA, the downtrend will likely be triggered. In this scenario, the next bearish target could be revisiting the 155.5 critical resistance.

[FxNews]

Bitcoin Poised for Consolidation After Sell-Off


FxNews—Bitcoin's downtrend extended near the $59,500 supply zone after the sellers pushed the price below the 100-period simple moving average. The robust selling pressure moved the RSI 14 and Stochastic oscillator into the oversold territory, showing 31 and 17 in the description, respectively.


Forecast

Bitcoin's primary trend should be bearish because the price is below the 50- and 100-period simple moving averages. However, we anticipate the BTCUSD price to step into a consolidation phase, ranging between $61,190 and $62,770 for the subsequent few trading sessions.

[FxNews]

BTC/USD Oversold as Bearish Wave Extends



FxNews—Bitcoin dipped to $62,690, as expected. The Stochastic oscillator shows a reading of 16, indicating that BTC/USD is in an oversold condition. On the other hand, the Awesome Oscillator bars are red and below the signal line, signaling that the bear market is gaining more momentum.


Forecast

From a technical perspective, the market outlook remains bullish as long as the BTC/USD price stays above $62,690. The bearish wave, which began from $66,950, could potentially extend to the 100-period SMA at $60,900 if the price falls below $62,690.

On the flip side, immediate resistance rests at $64,860. The uptrend can resume if the bulls manage to stabilize the price above $64,860.

[FxNews]

Silver Consolidates Near $31.4 Resistance


FxNews—Silver is trading in an uptrend, consolidating near the $31.4 immediate resistance. The Awesome Oscillator's divergence signal predicted the recent dip in the XAG/USD price. Additionally, the Relative Strength Index (RSI) indicator flipped below the median line, indicating that the bear market is strengthening.


Forecast

From a technical perspective, if the bears (sellers) manage to close and stabilize below the $31.4 resistance, the consolidation phase that began from $32.7 will likely extend to the next resistance level at $30.2, which is near the 100-period simple moving average.

[FxNews]

Bitcoin Technical Analysis - September-27-2024



FxNews—Bitcoin is in a robust uptrend from $52.640. As of this writing, the BTC/USD price has stabilized above the $64,860 support, resuming its upward trajectory.

The Awesome oscillator signals divergence in its histogram, with green bars above the signal line. This development in the AO histogram indicates that the market might enter a consolidation phase soon.

Meanwhile, the stochastic oscillator stepped inside the overbought territory, signaling an overbought market.


Forecast

The primary trend is bullish because the price is above the 50- and 100-period simple moving averages. From a technical perspective, the uptrend should resume if the bulls maintain a position above the critical support level at $62,690, which the 50-period SMA backs.

If this scenario unfolds, the next bullish target will likely be $66,950.

Please note that the bull market should be invalidated if the BTC/USD price dips below the 50-SMA.

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[FxNews]

Crude Oil Signals Consolidation Phase Ahead


FxNews—Crude Oil crossed below the $68.5 support, but the market is still oversold, as the Stochastic oscillator hovers below 20. Additionally, the Awesome oscillator also signals divergence, meaning the Oil price can consolidate near the upper resistance levels.


Forecast

It is not advisable to go short when a market is oversold. Hence, we suggest traders and investors wait patiently for the price to complete the consolidation phase.

That said, the $70 resistance provides a decent ask price to join the bear market. Therefore, traders and investors should monitor this level for bearish signals, such as a shooting star candlestick or a bearish engulfing pattern.

Please note that the Oil market will remain bearish as long as the price is below the 100-period simple moving average.