Insights from the Market Desk by FenzoFx.com

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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.

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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.

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Ripple (XRP) Analysis





FenzoFx—XRP/USD has gained 23.0% since April 7, testing $1.999 as resistance. A close below this level could trigger a new bearish wave, targeting $1.736.


Conversely, if the price exceeds $2.10, the bullish momentum could potentially extend to $2.218.

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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.

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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.

[FxNews]

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.

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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.

[FxNews]

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.

[FxNews]

EURUSD Made a New Higher Lows





FenzoFx—EURUSD trades bullish above the immediate support level of $1.0992, in conjunction with the 50-period simple moving average. The bullish trend remains valid above this level. In this scenario, the price can potentially revisit $1.109, followed by $1.1147.

[FxNews]

USD/JPY Double Bottom Signal Amid Sell-Off




FenzoFx—USD/JPY formed a double bottom pattern with the immediate support at 144.56. If this level holds, a consolidation phase toward $148.20 could be imminent.


Traders should monitor this level for bearish signals to join the downtrend.