Daily Market Analysis By FXOpen

Commercial Content Analysts
241

BTCUSD and XRPUSD Technical Analysis – 03rd JAN 2023

BTCUSD: Bullish Engulfing Pattern Above $16372

Bitcoin was unable to sustain its bearish momentum and after touching a low of $16372 on 30th Dec, the prices started to correct upwards against the US dollar and are now ranging above the $16600 handle in the European trading session today.

The price of bitcoin is ranging near the support of the channel in the weekly time frame indicating a bullish trend.

We can clearly see a bullish engulfing pattern above the $16372 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday low of 16655 and an intraday high of 16781 in the Asian trading session today.

The price is forming an ascending channel with the current support of $16690 at which the price crosses the 9-day moving average.

Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected.

The relative strength index is at 58.47 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets.

Bitcoin is now moving above its 100 hourly simple moving average and above its 100 hourly exponential moving averages.

Some of the major technical Indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17500 and 18500.

The average true range is indicating HIGH market volatility with a mild bullish momentum.

  • Bitcoin: bullish reversal seen above $16372
  • The average directional index is indicating a NEUTRAL level
  • The price is now trading just below its pivot level of $16752
  • The short term range is mildly bullish

Bitcoin: Bullish Reversal Seen Above $16372

We can now see that the price of bitcoin is moving in the correction phase after the recent decline below the $16500 level. The immediate targets are $17500 and $18500 in the short-term range.

Once the price of bitcoin will touch $18000, we are expecting a rally into the markets towards the $20000 level.

We can see the formation of the bullish trend reversal pattern with the adaptive moving average AMA50 and AMA100 in the 1-hour time frame.

Any dips from the current levels remain well supported above the $16500 handle as the bitcoin price continues to gain traction against the US dollar.

The immediate short-term outlook for bitcoin is mildly bullish, the medium-term outlook has turned neutral, and the long-term outlook remains neutral under present market conditions.

Bitcoin’s support zone is located at $16662 which is a pivot point, and at $16723 which is a 3-10 day MACD oscillator stalls.

The price of BTCUSD is now facing its classic resistance level of 16765 and Fibonacci resistance level of 16773 after which the path towards 17000 will get cleared.

In the last 24hrs, BTCUSD has increased by 0.08% by 13.10$ and has a 24hr trading volume of USD 11.564 billion. We can see an increase of 5.89% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin’s price is expected to enter into a consolidation phase below the $17000 level. As the market liquidity increases, we will see the price upticking towards the $18000 handle.

As of now, the moves are expected to be in a narrow range between the $16000 and $17500 levels.

The daily RSI is printing at 47 which indicates a NEUTRAL demand for bitcoin and the possibility of a shift towards the consolidation/correction phase for a short term in the markets.

The price of BTCUSD is now facing its resistance zone at $17096 which is a 38.2% retracement from a 4-week low, and at $17333 which is a 14-3 day raw stochastic at 50%.

The weekly outlook is projected at $17500 with a consolidation zone of $17000.

Technical Indicators:

The MACD (12,26): is at 20.50 indicating a BUY

The commodity channel index, CCI (14): is at 73.18 indicating a BUY

The rate of price change, ROC: is at 0.048 indicating a BUYBull/bear power (13): is at 31.92 indicating a BUY

XRPUSD: Hammer Pattern Above 0.2987

Ripple was unable to sustain its bearish momentum and after touching a Low of 0.2987 on 02nd Jan, the price started to correct upwards against the US dollar crossing the $0.3400 handle today in the European trading session.

The price of Ripple is ranging near the support of the triangle in the daily time frame indicating a bullish trend.

We can clearly see a hammer pattern above the 0.2987 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Ripple touched an intraday high of 0.3540 and an intraday low of 0.3418 in the Asian trading session today.

The relative strength index is at 54.12 which signifies a NEUTRAL demand for Ripple at the current market prices and the shift towards the consolidation phase in the markets.

Some of the moving averages are giving a BUY signal at the current market level of 0.3474.

Both the STOCH and commodity channel index, CCI, are indicating a NEUTRAL level.

Ripple is now trading above its pivot level of 0.3471 and facing its classic resistance level of 0.3489 and Fibonacci resistance level of 0.3515 after which the path towards 0.3600 will get cleared.

Some of the major technical indicators are giving a BUY signal.

  • Ripple: bullish reversal seen above the 0.2987 level
  • The STOCHRSI is indicating an OVERBOUGHT level
  • The average true range indicates LESS volatility
  • Ripple gains bullish bias against the US dollar

Ripple: Bullish Reversal Seen Above 0.2987

We can see that the price of Ripple has started to resume the upwards trend after the recent decline below the $0.3000 handle. We are now looking for fresh upsides in the range of $0.3500 and $0.4000 levels.

We can see the formation of a bullish price crossover pattern with moving average MA20 in the 30-minute time frame.

We can see the bullish trend reversal pattern with the adaptive moving average AMA20 in the 1-hourly time frame.

The short-term outlook for Ripple has turned mildly bullish, the medium-term outlook is neutral, and the long-term outlook is neutral under present market conditions.

The price of XRPUSD has increased by 0.79% with a price change of $0.002717 in the past 24hrs and has a trading volume of 0.939 billion USD.

We can see a decrease of 1.14% in the trading volumes of Ripple compared to yesterday, which appears to be normal.

This Week Ahead

The price of Ripple is preparing for its next leg of upwards movement against the US dollar and bitcoin. There is a major bullish trend line formation with a support located at $0.3402 which is 14-3 day raw stochastic at 30%

We can see a continuous progression of a bullish trend line formation from $0.2987 towards the $0.3681 level.

The resistance zone is located at $0.3559 which is a 14-3 day raw stochastic at 50% and at $0.3576 which is a 3-10 day MACD oscillator stalls.

The weekly outlook for Ripple is projected at $0.3700 with a consolidation zone of $0.3650.

Technical Indicators:

The MACD (12,26): is at 0.001 indicating a BUY

The ultimate oscillator: is at 54.97 indicating a BUY

The ADX (14): is at 25.57 indicating a BUY

High/lows (14): is at 0.000 indicating a NEUTRAL

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242

British Pound crashes against the US Dollar on first working day of 2023


Today represents the very first full working day of 2023 across many markets in the Western World, and already the currency markets have got off to a dramatic start.

The British Pound, which made a rebound at the end of last year from its months-long decline in value, has once again taken a dive.

As the markets opened this morning, the British Pound dropped in value against the US Dollar, diving from 1.21 against the US Dollar at 7.30am UK time, to 1.19 against the US Dollar just 2 hours later.

This sudden collapse in value has almost wiped out the gains made by the Pound during the final weeks of 2022, which saw the Pound begin to climb back up against the US Dollar from its lowly 1.08 value in mid to late September when it ‘bottomed out’ against the US Dollar and many market analysts were looking at the possibility of parity between the two major currencies.

Had that taken place, it would have represented an historic moment because the Pound has been the most valuable currency in the world since the mid 1920s!

It did not, however, reach anywhere near parity with the US Dollar and the Pound began to rise in value once again during November and December.

Today’s crash in value represents the Pound’s lowest point in over two months, which happened suddenly this morning.

Volatility in the currency markets used to be a very rare thing, and for over two decades until 2020, there was very little movement on the major currencies to the extent that entire trading strategies were built on the basis of low volatility.

Now, with rampant inflation across many Western markets, and fears of the UK’s economic policy for the year being a damp squib, there was a strong demand for the US Dollar this morning as the markets opened, resulting in this sudden gulf in values.

It appears that despite the rollercoaster ride that occurred in 2022, there is still room for a surprise sudden movement in the major currency markets.

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243

EUR/USD and USD/CHF 2023 Chart Outlook


EUR/USD gained pace above the 1.0200 resistance zone. USD/CHF is declining and remains at a risk of more losses below the 0.9200 support.

Important Takeaways for EUR/USD and USD/CHF

· The Euro started a fresh increase above the 1.0200 resistance against the US Dollar.

· There was a break above a major bearish trend line with resistance near 0.9880 on the daily chart of EUR/USD.

· USD/CHF started a fresh decline below the 0.9750 and 0.9400 support levels.

· There was a break below a key rising channel with support near 0.9840 on the daily chart.

EUR/USD Technical Analysis

This week, the Euro started a steady increase from the 0.9600 zone against the US Dollar. The EUR/USD pair gained pace above the 1.0000 level to move into a bullish zone.

The pair even climbed above the 1.0200 resistance and settled above the 50-day simple moving average. During the increase, there was a break above a major bearish trend line with resistance near 0.9880 on the daily chart of EUR/USD.

EUR/USD Daily Chart

Moreover, there was a move above the 1.0500 level. It traded as high as 1.0735 on FXOpen and is currently consolidating gains. There was a move below the 1.0650 level. The pair traded below the 23.6% Fib retracement level of the upward move from the 1.0223 swing low to 1.0735 high.

On the downside, an immediate support is near the 1.0500 level. The 50% Fib retracement level of the upward move from the 1.0223 swing low to 1.0735 high is also near the 1.0500 zone.

The next major support is near the 1.0220 level. A downside break below the 1.0220 support could start another decline towards the 1.0000 handle.

An immediate resistance is near the 1.0750 level. The next major resistance is near the 1.0800 level. A clear move above the 1.0800 resistance zone could set the pace for a larger increase towards 1.1000. The next major resistance is near the 1.1200 zone.

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244

Oil price on the backfoot in early 2023 despite high demand

If the year 2022 can be remembered for any recurring feature in terms of demand for commonly traded commodities, it can be remembered as a year of high energy prices across many Western countries, with oil being one of the most prized consumable commodities of the year.

In the summer of 2022, Fuel stations across Europe and the United Kingdom were charging in excess of 2 euros / 2 pounds for a liter of unleaded fuel for vehicles, and energy costs for domestic heating, reliant on gas or oil, were soaring, especially in the United Kingdom where approximately 30 energy companies became insolvent and left the market in late 2021, resulting in far less competition at a time during which the raw material itself was in huge demand for geopolitical reasons.

Demand remains very high for crude oil, and as many European nations continue to enforce draconian sanctions on one of the world’s largest suppliers of oil - the Russian Federation - prices have been volatile throughout the last 12 months.

Interestingly, however, Brent Crude Oil (WTI) started the year 2023 in a stagnant position.

Indeed, Brent Crude Oil futures for February 2023 settlement are 1.86% down compared to the end of December and currently valued at approximately $78.1 per barrel.

Stocks in ‘big oil’ companies are still quite strong, however, as publicly listed North American oil giantr ExxonMobil is reportedly set to report $56 billion in profit for 2022, marking the highest number ever achieved by a non-state-owned company and almost triple its 2021 result.

Whether these companies are riding on their bonanza year which 2022 turned out to be is yet to be seen, as it is possible that investors may view these massive profits with caution if 2023’s initial few weeks does not demonstrate the same level of high prices as 2022 did.

If the natural gas market is any indicator of the performance of other commodities which are equally affected by the same geopolitical constraints, it is worth noting that natural gas prices are now back down to the level they were at this time a year ago, before the war started and before any sanctions on Russian gas companies were imposed which made it impossible for customers in Europe to pay Russian suppliers for gas, resulting in curtailing of supply.

It appears that those which owe money are now being chased, and just recently a Russian court approved an order that the assets of German industrial gas firm Linde worth $500 million be frozen at the request of a Gazprom-led joint venture, citing unfulfilled commitments.

There is a ‘new normal’ now that the markets are beginning to adjust to.

This morning, during the Asian trading session, Brent Crude oil crept back up slightly to the $79 per barrel mark, but, apart from a dip to $76 per barrel in mid-December, today’s value is the lowest it has been since December 2021, before all of the sanctions began.

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245

ETHUSD and LTCUSD Technical Analysis – 05th JAN, 2023

ETHUSD: Bullish Engulfing Pattern Above $1181

Ethereum was unable to sustain its bearish momentum and after touching a low of 1181 on 30th Dec, the price started to correct upwards against the US dollar moving into a consolidation channel above the $1200 handle today in the European trading session.

We can see the formation of bullish engulfing lines in the weekly time frame.

We can clearly see a bullish engulfing pattern above the $1181 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just below its pivot level of 1251 and moving into a consolidation channel. The price of ETHUSD is now testing its classic resistance level of 1254 and Fibonacci resistance level of 1257 after which the path towards 1300 will get cleared.

The relative strength index is at 69.10 indicating a STRONG demand for Ether and the continuation of the buying pressure in the markets.

The average directional index is indicating a NEUTRAL level, which means that the price is expected to remain under consolidation in the short-term range.

Most of the technical indicators are giving a BUY market signal.

Most of the moving averages are giving a BUY signal at the current market levels of $1250.

ETH is now trading Above its 100 hourly simple and 200 hourly exponential moving averages.

  • Ether: bullish reversal seen above the $1181 mark
  • The short-term range appears to be mildly bullish
  • ETH continues to remain above the $1250 levels
  • The average true range is indicating HIGH market volatility

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246

AUD/USD and NZD/USD 2023 Chart Outlook


AUD/USD started a decent increase in Oct 2022 and climbed above 0.6500. Similarly, NZD/USD was able to clear the 0.6000 resistance zone.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar gained pace above the 0.6400 and 0.6500 levels against the US Dollar.

· There is a crucial bearish trend line forming with resistance near 0.6840 on the daily chart of AUD/USD.

· NZD/USD also started a steady increase above the 0.6000 and 0.6200 levels.

· There was a clear move above a key bearish trend line with resistance near 0.6270 on the daily chart.

AUD/USD Technical Analysis

In Oct 2022, the Aussie Dollar found support near 0.6200 zone against the US Dollar. The AUD/USD pair remained well bid and started a fresh increase above the 0.6400 resistance zone.

The pair climbed higher steadily above the 0.6500 level, but it remained below the 50-day simple moving average. There was a clear move above the 50% Fibonacci retracement level of the last major decline from the 0.7145 high to 0.6170 swing low.

AUD/USD Daily Chart

However, there are many resistances forming on the upside near the 0.6830 and 0.6850 levels. More importantly, the 50-day simple moving average is positioned near the 0.6850 level.

There is also a crucial bearish trend line forming with resistance near 0.6840 on the daily chart of AUD/USD. Only a successful daily close above 0.6850 might start a strong recovery towards the 0.7150 level.

The 76.4% Fibonacci retracement level of the last major decline from the 0.7145 high to 0.6170 swing low is also near the 0.7150 level. Any more gains might send the pair towards the 0.7200 level.

On the downside, the key supports are 0.6720 and 0.6680, below which the pair may perhaps decline extend its decline towards the 0.6600 and 0.6550 levels. Any more losses might call for a move towards the 0.6400 level.

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247

Watch FXOpen’s January 2 - 6 Weekly Market Wrap Video

In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

  • What to expect in stock market in 2023
  • British pound crashes against USD
  • USD rally short-lived
  • Gold starts 2023 with strong growth

Watch our short and informative video, and stay updated with FXOpen.

FXOpen YouTube

Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

248

GBP/USD and GBP/JPY Aims Higher


GBP/USD is gaining pace above the 1.2100 zone. GBP/JPY is also rising and might gain pace if it clears the 160.20 resistance zone.

Important Takeaways for GBP/USD and GBP/JPY

· The British Pound is showing positive signs above 1.2000 against the US Dollar.

· There was a break above a major bearish trend line with resistance near 1.2065 on the hourly chart of GBP/USD.

· GBP/JPY started a fresh increase above the 158.50 resistance zone.

· There is a key contracting triangle is forming with resistance near 160.00 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound found support near the 1.1840 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.2000 level.

There was a clear move above the 1.2050 resistance and the 50 hourly simple moving average. During the increase, there was a break above a major bearish trend line with resistance near 1.2065 on the hourly chart of GBP/USD.

GBP/USD Hourly Chart

The pair even cleared the 1.2100 resistance. A high is formed near 1.2136 on FXOpen and the pair started a consolidation phase.

An immediate resistance on the upside is near the 1.2140 level. The next major resistance is near the 1.2200 level, above which the pair could start a steady increase towards 1.2250. An upside break above 1.2250 might start a fresh increase towards 1.2320. Any more gains might call for a move towards 1.2400 or even 1.2500.

An immediate support is near the 1.2080. The next major support is near the 1.2065 level. It is near the 23.6% Fib retracement level of the upward move from the 1.1841 swing low to 1.2136 high.

If there is a break below the 1.2065 support, the pair could test the 1.2050 support. It is near the 50% Fib retracement level of the upward move from the 1.1841 swing low to 1.2136 high. Any more losses might send GBP/USD towards 1.1820.

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249

Electric Vehicle stocks get a flat battery


Let’s take a quick trip back to 2021, a year in which tech stocks were flying high, and the new phenomenon of Special Purchase Acquisition Company (SPAC) listings on NASDAQ were de rigeur.

SPAC listings were the talk of the town during 2021, because they represented a new and ingenious way for privately held companies to circumvent the usual due diligence associated with listing on a prestigious public stock exchange by creating a ‘blank check’ company which acquires the firm that wishes to list, and then meets the criteria very quickly via the new entity.

For this reason, many companies which were almost startups managed to become publicly listed, and the most interesting of all of them were little-known electric vehicle manufacturers who had hardly sold any vehicles at all but were being valued at stratospheric levels, sometimes into the billions of dollars.

2022 was a very different year. Tech stocks were crashing in value, and the sobering reality of declining economies across North America and Europe was evident, punctuated by cost of living crises and high levels of inflation. Suddenly, 2021, the year of the speculative meme stocks and pie-in-the-sky multi-billion dollar valuations for unknown firms doing SPAC IPOs on NASDAQ seemed a distant memory.

The value of electric vehicle stocks in general absolutely reflects this dynamic.

The most established pure electric vehicle manufacturer of all, Tesla, which is the firm that swooped in and disrupted the traditional automotive industry in 2014 with its Model S luxury sedan has had a rotten 2022 and its values are still a shadow of what they were this time last year as 2023 is well underway.

In fact, all of the publicly listed electric vehicle companies have recorded a disastrous 2022, and the low values of their stock is continuing into the second week of 2023.

Rivian, which launched on NASDAQ on November 10, 2021 at $78.00 a share, raising nearly $12 billion, is a case in point. Its R1T electric pickup truck is a work of automotive art and it was surrounded by huge hype at its IPO considering that it is a relatively new company founded in 2009 and suddenly was raising billions from public investors.

Today, however, looking at the chart over a one year period makes for sobering reading. The line is a constant decline all year, and today Rivian stock sits at a lowly $16. A far cry from its post-IPO $78!

Traditional automotive giants such as Ford Motor Company sat quietly and watched these newcomers go through ‘boom and bust’ style stock listing exercises.

Even Tesla is on the backfoot, and this week sits at its lowest point by far in well over a year.

The hype is over. Electric and plug-in hybrid vehicles are the norm, and perhaps buyers would rather pay what amounts to a substantial outlay for a car made by Porsche, Volvo, and Jaguar Land Rover at the high end, or Ford, GM, Kia and Hyundai at the run of the mill end, because these are automotive firms with prominence.

There was one particular company which listed on NASDAQ via a SPAC listing in 2021 and valued itself at over $50 billion but had not delivered a single vehicle.

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250

BTCUSD and XRPUSD Technical Analysis – 10th JAN 2023

BTCUSD: Three Inside UP Pattern Above $16608

Bitcoin was unable to sustain its bearish momentum and after touching a low of $16608 on 03rd Jan, the price started to correct upwards against the US dollar and is ranging above the $17200 handle in the European trading session today.

We have seen a bullish opening of the markets this week.

We can clearly see a three inside up pattern above the $16608 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday low of 17133 in the Asian trading session and an intraday high of 17277 in the European trading session today.

The price of bitcoin is back over the pivot point in the daily time frame.

The ichimoku is indicating a bullish crossover with tenkan and kijun in the daily time frame.

Both the STOCH and STOCHRSI are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected.

The relative strength index is at 55.92 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets.

Bitcoin is now moving above its 100 hourly simple moving average and above its 100 hourly exponential moving averages.

Most of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17500 and 18500.

The average true range is indicating LESS market volatility with a strong bullish momentum.

  • Bitcoin: bullish reversal seen above $16608
  • The average directional index is indicating a NEUTRAL level
  • The price is now trading just below its pivot level of $17261
  • The short-term range is strongly bullish

Bitcoin: Bullish Reversal Seen Above $16608

The price of bitcoin continues to rise above the $17000 handle and after some consolidation we are expecting the immediate targets of $18000 and $19000.

There is an ascending channel forming with the current support at $16521 at which the price crosses 9-day moving average stalls.

The Williams percent indicator is back over -50 indicating a bullish tone present in the markets.

We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 1-hour time frame.

The immediate short-term outlook for bitcoin is strongly bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions.

Bitcoin’s support zone is located at $16802 at which the price crosses 18-day moving average, and $16926 which is a 1st Support point of the pivot point.

The price of BTCUSD is now facing its classic resistance level of 17271 and Fibonacci resistance level of 17289 after which the path towards 18000 will get cleared.

In the last 24hrs, BTCUSD has decreased by 0.08% by 14.08$ and has a 24hr trading volume of USD 15.993 billion. We can see an increase of 10.97% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin’s price is expected to enter a super bullish zone after crossing the $18000 level with the next upwards targets located at $19000 and $20000.

The daily RSI is printing at 60.20 which indicates a STRONG demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

The price of BTCUSD is now facing its resistance zone located at $17429 which is a 3-10 day MACD oscillator stalls, and $17789 which is a 38.2% retracement from a 13-week low.

The weekly outlook is projected at $18500 with a consolidation zone of $18000.

Technical Indicators:

The MACD (12,26): is at 25.00 indicating a BUY

The commodity channel index, CCI (14): is at 135.50 indicating a BUY

The rate of price change, ROC: is at 0.232 indicating a BUY

Bull/Bear power (13): is at 24.49 indicating a BUY

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251

Elon Musk makes Guinness World Record for biggest loss of personal wealth in history

Disruption was the rising trend of the 2010s and as a result, today’s big cap publicly listed companies on the world’s most prominent stock exchanges are relatively recently established internet and technology firms, whereas back in the 1980s and 1990s before the dot com boom, they were large motor manufacturers, construction companies, big pharmaceuticals and Japanese real estate investment companies.

The bricks-and-mortar gave way to the ether at the turn of this Millennium, and here we are, almost a quarter of a century in, and the world is a very different place to where it was when there was a 19 at the beginning of the year.

This shift away from physical products made by traditional industries toward internet-based tertiary services has created a massive opportunity for disruption, and shortened development cycles by a huge amount.

One of the world’s most famous disruptors is Elon Musk, who, himself a dot com boomer having founded PayPal in 1999, has been so influential over the past decade that he has changed the entire structure of some of the oldest and most established industries that exist, and in doing so, changed the behavior of people worldwide.

Not surprisingly, someone with this much influence and disrupting capability became the richest man in the world according to official statistics.

However, unlike old-school stalwarts like Warren Buffett who has to tread a careful path because he is responsible for people’s investments, Elon Musk does things his way and his way only. He even took Tesla into cryptocurrency investment, making it the first publicly listed company to become a cryptocurrency ‘whale’, without even so much as a peep from usually conservative shareholders.

Indeed Tesla, despite being a small, relatively new company, had 10 times the market capitalization of 120-year established global giant Ford Motor Company by 2021!

Unlike Ford Motor Company, however, Tesla is volatile and during 2022 its value dropped like a falling girder from a cliff.

Now, official data has been released to show that Elon Musk himself has lost the most personally held money ever recorded to the extent that the Guinness World Records official adjudicators have listed him this week as the person to have lost the most of a personal fortune in history.

Elon Musk has personally lost over $100 billion during 2022 due to the plummeting share price of Tesla.

According to an estimate by Forbes, Elon Musk’s personal fortune is still approximately $144 billion, but he is no longer the richest man in the world having sustained such a massive drop.

As per his usual ‘gung ho’ personality, Elon Musk appears unperturbed by this, and perhaps sees it as an opportunity.

After all he thrives on volatility and does not like stagnation!

Therefore this is a big stock worth watching.

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252

EUR/USD and EUR/JPY Could Climb Further Higher


EUR/USD is eyeing an upside break above the 1.0750 resistance zone. EUR/JPY is rising and might climb further higher above the 142.50 resistance.

Important Takeaways for EUR/USD and EUR/JPY

· The Euro started a fresh increase above the 1.0650 resistance zone.

· There is a key contracting triangle forming with resistance near 1.0745 on the hourly chart.

· EUR/JPY started a strong increase and settled above the 142.00 support zone.

· There is a major bullish trend line forming with support at 141.20 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a base above the 1.0500 zone and started a decent increase against the US Dollar. The EUR/USD pair was able to clear the 1.0550 and 1.0580 resistance levels.

There was a clear move above the 1.0650 level and the 50 hourly simple moving average. The pair even climbed above 1.0700 and traded as high as 1.0760 on FXOpen. Recently, there was a downside correction below the 1.0750 support zone.

EUR/USD Hourly Chart

On the downside, the pair might find support near the 1.0720 level. The next major support sits near the 1.0695 level. The 23.6% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high is also near 1.0695, below which the pair could even test the 1.0650 support zone.

If there is a downside break below the 1.0650 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0620 or the 50% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high.

On the upside, an immediate resistance is near the 1.0750 level. There is also a key contracting triangle forming with resistance near 1.0745 on the hourly chart.

The next major resistance is near the 1.0780 level. A clear move above the 1.0780 resistance might send the price towards 1.0850. If the bulls remain in action, the pair could visit the 1.0950 resistance zone in the near term.

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253

FTSE 100 rockets to 1 year high! Will it reach 8,000?


Today, London’s stock market is experiencing a bonanza, as the FTSE 100, which is the index that includes the 100 most prestigious and well capitalized blue-chip companies which are listed on the London Stock Exchange, has rocketed to an astronomic 7,741 points.

This represents the highest level that it has reached in over one year, by quite some margin.

In fact, today’s lofty value demonstrates a level that the FTSE 100 index did not even come close to during the entirety of 2022.

It was only a year and a half ago that the news channels were awash with sensationalism as the FTSE 100 index broke past the 7,000 mark, and now, at over 7,740, it is heading for the 8,000 mark!

There has been tremendous volatility within corporate stocks over the past two years, especially within the indices because these contain a range of different companies in different sectors, and whilst in 2020 and 2021 the big pharmaceuticals boomed, the travel and hospitality industries paid a large price for draconian lockdowns.

Equally, traditional goods manufacturers had their fortunes hampered by logistical problems which meant getting materials and goods from suppliers was difficult enough to cause them to be unable to deliver enough goods to meet orders. House builders did well because of the short-term break in stamp duty resulting in investors buying up smaller value properties, however the reintroduction of that plus rising interest rates curtailed that boom swiftly.

In 2022, it was all about energy companies and ‘big oil’, which boomed as the supply could not meet the demand, whereas some tech stocks and airline stocks languished.

Some analysts are saying that today’s FTSE 100 high value, which comes after a continued upward direction since the beginning of this year, has been helped by seasonal retail buying as JD Sports and Sainsbury’s made bumper profits.

JD Sports, one of Britain’s largest national chains of sportswear, reported revenues growth for the 22 weeks to 31 December of more than 10%, which compared with growth of 5% over the first half of its financial year.

Sainsbury’s, one of the UK’s largest supermarket chains stated that trading in general merchandise had been stronger than expected, with overall like-for-like sales growth of 5.9% in the 16 weeks to 7 January reflecting inflation and “relatively resilient” volume trends.

There is certainly a lot of volatility in the blue-chip stocks, which is a relatively new dynamic as such large firms which go to make up indices such as the FTSE 100 are traditionally very slow movers in terms of stock value, largely due to their conservative positions and need to please long-term shareholders.

Making this a little more interesting is FX Open’s recent decision to remove commission from all index CFDs, therefore trading the FTSE 100 is now commission-free, adding to the excitement of this week’s volatile markets.

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254

ETHUSD and LTCUSD Technical Analysis – 12th JAN, 2023

ETHUSD: Bullish Harami Pattern Above $1237

Ethereum was unable to sustain its bearish momentum and after touching a low of 1237 on 06th Jan, the price started to correct upwards against the US dollar crossing the $1400 handle today in the European trading session.

The prices are ranging near a new record high of 1 month.

We have seen a bullish opening in the markets this week.

We can clearly see a bullish harami pattern above the $1237 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just above its pivot level of 1398 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1401 and Fibonacci resistance level of 1403 after which the path towards 1500 will get cleared.

We have also seen the formation of an upside gap in the 15-minute time frame indicating the bullish nature of the markets.

The relative strength index is at 70.66 indicating a strong demand for Ether and the continuation of the buying pressure in the markets.

The Williams percent range is indicating an overbought market, which means that the price is expected to decline in the short-term range.

Most of the technical indicators are giving a STRONG BUY market signal.

Most of the moving averages are giving a STRONG BUY signal at the current market levels of $1399.

ETH is now trading Above both the 100 hourly simple and 200 hourly exponential moving averages.

  • Ether: bullish reversal seen above the $1237 mark
  • The short-term range appears to be strongly bullish
  • ETH continues to remain above the $1350 level
  • The average true range is indicating HIGH market volatility

Ether: Bullish Reversal Seen Above $1237

ETHUSD continues to trade higher against the US dollar and bitcoin. The price of Ethereum remains supported above the $1300 level and now we are testing the break of the $1500 handle.

The momentum Indicator is back over zero in the weekly time frame.

We can see the formation of a bullish price crossover pattern with moving average MA20 in the weekly time frame.

The resistance of the channel is broken in the daily time frame indicating bullish trends.

ETHUSD touched an intraday low of 1341 in the Asian trading session and an intraday high of 1417 in the European trading session today.

The daily RSI is printing at 75.77 indicating a STRONG demand for Ether in the long-term range.

The key support levels to watch are $1275 at which the price crosses 9-day moving average and at $1313 which is a 38.2% retracement from a 4-week high.

ETH has increased by 4.62% with a price change of 61.65$ in the past 24hrs and has a trading volume of 9.607 billion USD.

We can see an increase of 74.76% in the total trading volume in the last 24 hrs which is due to the heavy buying pressure seen in the global markets.

The Week Ahead

ETH has already made a successful attempt at crossing the $1400 level and the next targets are located at $1500 and $1600 levels in the medium-term.

We can see the formation of an ascending channel from $1237 towards $1421.

The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned bullish, and the long-term outlook for Ether is neutral under present market conditions.

The resistance zone is located at $1413 which is a 1-month high, and at $1442 which is a 38.2% retracement from a 13-week high.

The weekly outlook is projected at $1550 with a consolidation zone of $1500.

Technical Indicators:

The STOCH (9,6): is at 57.42 indicating a BUY

The MACD (12,26): is at 16.00 indicating a BUY

The ultimate oscillator: is at 51.75 indicating a BUY

The rate of price change: is at 4.24 indicating a BUY
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255

Gold Price and Crude Oil Price Extend Gains


Gold price is gaining pace above the $1,870 level. Crude oil price is also rising and might clear the $80 resistance zone in the near term.

Important Takeaways for Gold and Oil

· Gold price started a strong increase and tested $1,900 against the US Dollar.

· There is a key bullish trend line forming with support near $1,885 on the hourly chart of gold.

· Crude oil price started a fresh increase from the $74.00 support zone.

· There is a major bullish trend line forming with support near $75.40 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,820 level against the US Dollar. The price started a strong increase above the $1,840 and $1,850 resistance levels to move into a positive zone.

The bulls even pumped the price above the $1,880 and the 50 hourly simple moving average. The price even tested the $1,900 level. A high is formed near $1,901 on FXOpen and the price is now consolidating gains.

Gold Price Hourly Chart

An immediate support on the downside is near the $1,894 level. It is close the 23.6% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.

The next major support is near the $1,885 level. There is also a key bullish trend line forming with support near $1,885 on the hourly chart of gold. The trend line is near the 50% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.

The next major support is near $1,882, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,865 support zone.

On the upside, the first major resistance is near the $1,900 level. The next key hurdle is near the $1,912 level, above which it could even test $1,925. A clear upside break above the $1,925 resistance could send the price towards $1,950.
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256

Watch FXOpen’s January 9 - 13 Weekly Market Wrap Video

In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

  • Major events of the coming days
  • GBP/USD and GBP/JPY aim higher
  • FTSE 100 rockets to 1 year high! Will it reach 8,000?
  • The financial market is preparing for a shake-up

Watch our short and informative video, and stay updated with FXOpen.

FXOpen YouTube

Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

257

GBP/USD Gains Pace While EUR/GBP Corrects Lower


GBP/USD started a fresh increase above the 1.2200 resistance zone. EUR/GBP is slowly moving lower below the 0.8880 support zone.

Important Takeaways for GBP/USD and EUR/GBP

· The British Pound started a fresh increase above the 1.2200 resistance against the US Dollar.

· There is a key bullish trend line forming with support near 1.2220 on the hourly chart of GBP/USD.

· EUR/GBP started a downside correction below the 0.8880 support zone.

· There was a break below a connecting bullish trend line with support near 0.8860 on the hourly chart.

GBP/USD Technical Analysis

The British Pound remained well bid above the 1.2120 level against the US Dollar. The GBP/USD pair gained pace above the 1.2200 level to move into a positive zone.

There was a clear move above the 1.2220 level and the 50 hourly simple moving average. The bulls seem to be in control and a high is formed near 1.2287 on FXOpen. It is now consolidating gains and showing positive signs above the 1.2250 level.

GBP/USD Hourly Chart

On the upside, an initial resistance is near the 1.2300 level. The first major resistance is near the 1.2320 level. A clear move above the 1.2320 level could spark a decent increase.

The next major resistance sits near the 1.2200 level. Any more gains might send the pair towards the 1.2400 resistance zone. On the downside, an initial support is near the 1.2250 level or the 23.6% Fib retracement level of the upward move from the 1.2150 swing low to 1.2287 high.

The next major support is near the 1.2220 level. There is also a key bullish tend line forming with support near 1.2220 on the hourly chart of GBP/USD.

The trend line is near the 50% Fib retracement level of the upward move from the 1.2150 swing low to 1.2287 high. Any more losses could lead the pair towards the 1.2150 support zone.

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258

Crypto winter giving way to Crypto spring? Bitcoin suddenly wakes up

The long, drawn-out period which has lasted several months in which Bitcoin, previously as volatile as a piece of magnesium ribbon over a naked flame, has been utterly stagnant.

The days of $60,000 values and cliffhanger tweets by influencers suddenly crashing and inflating the value of the world’s most valuable cryptocurrency seem a distant memory.

If 2021 was the year of the Bitcoin-related rollercoaster ride, 2022 has been a year of absolute hibernation, representing a contrast so great that it is hard to imagine that it is the same investment vehicle.

The doldrums which have existed for a few months now have been dubbed ‘crypto winter’ by analysts and journalists, a term used to depict the low values and lack of market movement which has overshadowed the previous enthuaiasm for Bitcoin trading.

Today, however, during the Asian session, Bitcoin suddenly rose in value by a substantial amount, to $21,382 by 2.25am UK time.

On Thursday last week, Bitcoin was languishing at $18,880 therefore the rise over just 3 working days has been over $2,000.

As the price of Bitcoin headed toward the $20,000 mark at the beginning of this week, the total cryptocurrency market capitalization figure began to approach £1 trillion.

This is the first time that Bitcoin has passed the $20,000 mark since before the collapse of cryptocurrency exchange FTX in November.

Last week, cryptocurrencies began to rise in value, with Ethereum, the world’s second most popular cryptocurrency, having also increased its capitalization leading to a speculation among some analysts that the crypto winter may be over and some degree of resurgence is beginning.

Of course, these small increases are a far cry from the huge surges in value experienced in 2021, but they are significant when considering the totally flat values that have been in place for a few months.

Crypto-denominated stocks are also on the up, largely due to the sudden bullish approach to cryptocurrencies that has come about, and some pundits are considering that the lingering issue of continued inflation among centrally issued currencies and centralized economies dogged by recessions and rising costs are waking up the prices of cryptocurrencies as people look toward another year of high costs and depreciating fiat currencies and search for alternatives.

These opinions all amount to guesswork, however, but what is for sure is that there is a definitive sudden interest in cryptocurrencies once again and that is clearly demonstrated by looking at the chart patterns this morning.

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259

FTSE 100 still at highest levels in 5 years despite this morning’s drop


The performance of the 100 most prestigious companies listed on the London Stock Exchange has made for exciting viewing over recent days, with the FTSE 100 index that tracks them having rocketed in value.

Last week, the FTSE 100 index raced to its highest point in over three years, with some analysts across the City of London having begun to wonder whether it may reach 8,000 points.

Yesterday, the rally continued, and the FTSE 100 reached its highest position in five years, which is a remarkable milestone, as the trading day ended at a very high 7,856.

This morning, the trading bonanza came to an abrupt end, as a sudden drop took place at 9.00am during the London trading session, signaling a break in the FTSE 100 index’s almost unstoppable rally.

However, even after such a drop, the FTSE 100 was still standing at 7,845 points which is still its highest point in five years apart from yesterday’s peak.

The sudden drop was quickly reversed, and by 9.30am there was a slight movement upwards once again, which by 9.45am resulted in a climb back to 7,849 points.

Now it is hard to tell whether this upward movement will continue and cancel out this morning’s drop entirely, or whether this is the end of the massive rally experienced by the FTSE 100 index over recent weeks.

Interestingly, in this age of high technology in which internet giants such as Amazon and Google dominate the world’s corporate stage, NASDAQ has been hit badly with weakening overall stock values as the US tech stocks and electric vehicle manufacturers’ poor performance has had an impact.

Meanwhile the FTSE 100 which tracks traditional firms such as airlines, mining companies, banks, pharmaceuticals, retail giants, supermarkets and healthcare firms among others, is booming.

All this with a backdrop of a weak economy in the United Kingdom and high inflation compared to greater production output and lower inflation in the United States.

For the moment, it certainly appears that there is life in ‘low tech’ and that London’s trading floor is a hive of activity.

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260

BTCUSD and XRPUSD Technical Analysis – 17th JAN 2023

BTCUSD: Three Inside Up Pattern Above $17323

Bitcoin continues its bullish momentum from last week and after touching a low of $17323 on 11th Jan, the price started to correct upwards against the US Dollar and is now ranging above the $21000 handle in the European trading session today.

We can see an upwards rally in the BTCUSD which managed to touch the level of $21390 on 16th Jan.

We can clearly see a three inside up pattern above the $17323 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday high of 21288 and an intraday low of 20952 in the Asian trading session today.

The price of bitcoin is ranging near a new record high of 1 month.

The ichimoku is indicating a bullish crossover with tenkan and kijun in the 30-minute time frame.

Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected.

The resistance of the channel is broken in the 15-minute time frame indicating bullish trends.

The relative strength index is at 72.09 indicating a very strong demand for bitcoin, and the continuation of the buying pressure in the markets.

Bitcoin is now moving above its 100 hourly simple moving average and above its 100 hourly exponential moving averages.

Most of the major technical indicators are giving a buy signal, which means that in the immediate short term, we are expecting targets of 22000 and 23500.

The average true range is indicating less market volatility with a strong bullish momentum.

  • Bitcoin: bullish continuation seen above $17323
  • The STOCHRSI is indicating an OVERSOLD level
  • The price is now trading just below its pivot level of $21167
  • The short term range is strongly bullish

Bitcoin: Bullish Continuation Seen Above $17323

The price of Bitcoin witnessed a rally after crossing the $18000 levels, and now we can see some market consolidation above the $21000 levels.

After the consolidation phase is over, we are expecting upside moves in the range of $22000 to $24000 levels.

There is an ascending channel forming with the current support at $17379 which is a 14-3 day raw stochastic at 20%.

We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 15-minute time frame.

The immediate short-term outlook for bitcoin is strongly bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions.

Bitcoin’s support zone is located at $18865 which is a 50% retracement from a 4-week high/low and at $19892 which is a 14-3 day raw stochastic at 70%.

The price of BTCUSD is now facing its classic resistance level of 21263 and Fibonacci resistance level of 21320 after which the path towards 22000 will get cleared.

In the last 24hrs BTCUSD has increased by 1.28% by 266.18$ and has a 24hr trading volume of USD 22.330 billion. We can see a decrease of 4.90% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin’s price rocketed higher recently and moved to a 2-month high crossing the $21000 levels. We are now looking for the next upwards move towards the $22000 and $24000 levels.

The daily RSI is printing at 86.91 which indicates a very STRONG demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

We can see the formation of a bullish trend line from $17323 towards the $21324 level.

The price of BTCUSD is now facing its resistance zone located at $21466 which is a 13-week high and $22981 which is a 3-10 day MACD oscillator stalls.

The weekly outlook is projected at $23000 with a consolidation zone of $22000.

Technical Indicators:

The MACD (12,26): is at 689.90 indicating a BUY

The commodity channel index, CCI (14): is at 86.32 indicating a BUY

The rate of price change, ROC: is at 1.60 indicating a BUY

Bull/bear power (13): is at 593.30 indicating a BUY
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