Insights from the Market Desk by FenzoFx.com

[FxNews]

Oil Left Bulls Bruised and Bankrupt: A Silver Lining for Recovery



FenzoFx—Crude Oil remains bearish, taking out bulls and breaking July's low this week—an unexpected move for the month. The commodity currently trades near $65.2, aligning with its prior market structure shift from bearish to bullish, marked by a bullish engulfing on June 6.

Immediate resistance stands at July's low of $65.5. If price breaks above, Oil may begin to recover some losses. Technically, the next upside target is the order block at $67.29.

[FxNews]

Solana Surges, Yet Still Lags Behind LTC




FenzoFx—Solana targeted the primary descending trendline after it broke the structure by closing above $164.5. While LTC, which is a cryptocurrency like Solana with a price range between $100.0 and $200.0, reached its previous monthly highs, Solana still lags behind.

Currently, SOL is testing the average volume weight at approximately $173.0, in conjunction with the primary descending trendline. With the primary support at $161.2, we expect SOL/USD to resume its uptick momentum. In this scenario, the price should target the order block with peak resistance at $182.6.

[FxNews]

ETH/USD Rebounds, Faces Key Resistance




FenzoFx—Ethereum rebounded from the previous day's low, now trading near $3,639.0. This level contains an order block that triggered bearish reactions earlier this week. The trend remains bullish as price holds above the VWAP from July 1st. A close above $3,724.0 is needed to confirm continuation.


If bullish momentum holds, ETH may target $3,818.0 and $3,941.0. However, a drop below $3,546.0 would invalidate the bullish outlook. In that case, ETH/USD could revisit $3,410.0 and $3,354.0.

[FxNews]

EUR/USD Breaks Daily Lows as Consolidation Deepens




FenzoFx—EUR/USD consolidates after the impulsive bullish momentum. The uptrend initiated after the price swept below the monthly lows at $1.1400. In the current trading session, the price dipped below the previous day's low, meaning the consolidation period will likely extend to a lower support level.

The immediate resistance is at the previous day's high, the $1.159 resistance. From a technical perspective, we expect the currency pair to trade lower, near the support at $1.146, the bullish break of structure.

This level can provide a discounted price to join the dominant trend, which is bullish. We expect the Euro to rise toward $1.169 after the end of the consolidation period.

[FxNews]

AUD/USD Consolidates: Liquidity Sweep in Focus




FenzoFx—AUD/USD trades sideways between the order block with support at $0.641, and the bearish FVG with resistance at $0.649. The pair remains bearish during the long session, failing to break above the resistance. The critical order block with support at $0.637 remained intact. This level is the previous monthly low, which hasn't been tested yet.

Market is keen to move from one liquidity zone to another. Since the monthly lows at $0.637 haven't been taken out, we expect the current downtick in momentum to extend to $0.637. Please note that the bearish outlook should be invalidated if AUD/USD closes at or above $0.649.

A trading hint: We suggest avoiding trading this pair until the price either breaks above the $0.649 resistance or bounces from the support at $0.637.

[FxNews]

Gold: Key Support Zone Holds Bullish Potential




FenzoFx—Gold turned bullish after testing the order block at $3,267.0. Stochastic is overbought, suggesting possible consolidation. The bullish candle on August 1st created a fair value gap and broke structure, but no discount entry has formed yet.

Immediate support lies at $3,324, backed by weekly VWAP, FVG, and volume point of interest. Traders should wait for price to revisit this zone for a bullish setup. If support holds, momentum could push gold to $3,395.0. The setup offers a favorable risk-to-reward ratio of at least 1 to 6.

[FxNews]

Bitcoin Cash Breaks Structure with Bullish Momentum




FenzoFx—Bitcoin Cash remains bullish, trading back above the VWAP from July 24 near $582.9. Today’s breakout above $572.6 featured a strong bullish engulfing pattern, leaving a fair value gap now under test.


The outlook favors revisiting the $607.0 high, and with the trend still positive, it’s advisable to leave a runner open. A further rally toward $630.0 remains likely if momentum persists.

[FxNews]

Nasdaq Finds Support at $23,305.0





FenzoFx—Nasdaq dipped yesterday and formed a bearish FVG. However, the selling pressure eased as soon as the price tested the ascending trendline. The last day's low at $23,305.0 is the immediate support. That said, a close above the immediate resistance at $23,375.0 can trigger the uptrend, targeting the highs at $23,535.0.

[FxNews]

Gold Holds Trendline Amid Rising Momentum




FenzoFx—Gold remains above the ascending trendline, trading around $3,386.0. Technical indicators like RSI 14 and Stochastic show rising momentum, reinforcing the bullish bias. Immediate support lies at $3,347.0. If this holds, XAU/USD may climb toward the monthly VWAP at $3,412.0.

The bullish outlook is invalidated if Gold closes below $3,347.0, which opens the door for further downside toward the next support at $3,307.7.

[FxNews]

FenzoFx—WTI Crude Oil broke resistance at $68.9 in the last session, now trading near $70.6. This breakout supports a bullish shift. Yet, RSI 14 and Stochastic indicate overbought conditions, suggesting possible consolidation. Support at $68.9 could offer a discounted entry if prices retreat.


Watch for bullish signs like candlestick formations and inverted FVG around the $68.9 support.