Daily Market Analysis By FXOpen

Commercial Content Analysts
281

AUD/USD and NZD/USD Signals Downside Extension


AUD/USD is correcting gains from the 0.7150 resistance zone. NZD/USD is also declining and reaching an important support at 0.6450.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar started a fresh decline from the 0.7150 resistance against the US Dollar.

· There was a break below a key bullish trend line with support near 0.7080 on the hourly chart of AUD/USD.

· NZD/USD also started a downside correction after it failed to clear 0.6540.

· There is a connecting bullish trend line forming with support near 0.6440 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar gained pace above the 0.7100 resistance zone against the US Dollar. The AUD/USD pair even spiked above the 0.7150 level before the bears appeared.

The pair traded as high as 0.7157 on FXOpen and started a fresh downside correction. There was a clear move below the 0.7120 and 0.7100 support levels. The pair declined below the 50% Fib retracement level of the upward move from the 0.6983 swing low to 0.7157 high.

AUD/USD Hourly Chart

Besides, there was a break below a key bullish trend line with support near 0.7080 on the hourly chart of AUD/USD. The pair is now trading below 0.7080 and the 50 hourly simple moving average.

On the downside, an initial support is near the 0.7050 level. It is near the 61.8% Fib retracement level of the upward move from the 0.6983 swing low to 0.7157 high. The next support could be the 0.7000 level. If there is a downside break below the 0.7000 support, the pair could extend its decline towards the 0.6940 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7080 level. The next major resistance is near the 0.7100 level.

A close above the 0.7100 level could start another steady increase in the near term. The next major resistance could be 0.7150.
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282

Watch FXOpen’s January 30 - February 3 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 CHATGPT means for investors
  • Brent Crude Oil price takes a bashing overnight
  • Markets focus on Bitcoin as volatility takes it to 5-month high
  • The reaction of financial markets to the decision of the Fed

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

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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.

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283

GBP/USD Drops Sharply While EUR/GBP Gains Momentum

GBP/USD started a fresh decline below the 1.2200 support zone. EUR/GBP is rising and trading above the 0.8920 support zone.

Important Takeaways for GBP/USD and EUR/GBP

· The British Pound started a fresh decline from the 1.2400 resistance against the US Dollar.

· There is a key bearish trend line forming with resistance near 1.2120 on the hourly chart of GBP/USD.

· EUR/GBP started a steady increase above the 0.8900 and 0.8920 levels.

· There is a major bullish trend line forming with support near 0.8945 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a major decline from well above the 1.2350 level against the US Dollar. The GBP/USD pair gained pace below the 1.2300 level to move into a bearish zone.

There was a clear move below the 1.2200 level and the 50 hourly simple moving average. The bears even pumped the price below the 1.2120 level and a low is formed near 1.2031 on FXOpen. It is now consolidating losses and trading below the 1.2100 level.

GBP/USD Hourly Chart

On the upside, an initial resistance is near the 1.2100 level. The first major resistance is near the 1.2120 level. It is close to the 23.6% Fib retracement level of the downward move from the 1.2400 swing high to 1.2031 low.

There is also a key bearish trend line forming with resistance near 1.2120 on the hourly chart of GBP/USD. A clear move above the 1.2120 level could spark a decent increase.

The next major resistance sits near the 1.2215 level or the 50% Fib retracement level of the downward move from the 1.2400 swing high to 1.2031 low. Any more gains might send the pair towards the 1.2250 resistance zone.

On the downside, an initial support is near the 1.2030 level. The next major support is near the 1.2000 level. Any more losses could lead the pair towards the 1.1920 support zone.

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284

British Pound hits the deck as Western markets raise interest rates

At the end of last week, the much anticipated action from many central banks across the Western world took place, and interest rates were increased once again.

There were many forecasts during the advent of the interest rate rises which largely focused on the United States Federal Reserve Bank’s anticipated rate rise, however the European Central Bank and the Bank of England both conducted interest rate increases at the same time.

In the United Kingdom, which has been reported to have the least investable provincial economy in Europe, placing it alongside Greece, the effect has been the greatest.

The British Pound dipped to its lowest point against the US Dollar in over a month, and is currently trading at 1.21.

This has ended the steady climb in the value of the British Pound which has taken place over the past few weeks, as it hauled itself out of oblivion after many months of declining values during the summer of 2022, ending in November.

Interest rates in the United Kingdom were raised to 4%, which is not far off the 5% that was predicted by many investment banks in the summer of 2022, whose analysts predicted that by January 2023, interest in the UK would rise to approximately 5% which appeared a grave prediction given their very low position back then which was under 2%.

Now, at 4%, there is grave concern, and even before this level had been reached, mortgage lenders across the United Kingdom had been removing mortgage products from the market to avoid borrowers being unable to service monthly payments should the interest rates increase to these levels.

Whilst it may sound alarmist, 4% is nowhere near the 15% interest that was demanded back in 1991 and 1992, but back then borrowing was quite low, and even though that period was considered to be very much a period of austerity, it was recoverable quite quickly.

Today, borrowing is at a much higher level and mortgage lenders are often exposed to individual borrowings exceeding £500,000 whereas in the early 1990s it was between £10,000 and £20,000. At the end of the 1990s, the average property price rocketed and more than doubled in just one year, and has been rising ever since, but salaries have not kept up with this, hence greater exposure to debt.

When interest rates were less than 1%, this was not a problem, but now with increasing rates, the cash strapped are finding themselves lumbered with unserviceable repayments.

London remains a global powerhouse and has its own economy which is still flourishing as it is an influential capital which conducts global business at top level, however the rest of the country is a very different matter.

Just two weeks ago, the Institute for Public Policy Research, a well recognized think tank, noted that outside London, especially the north of England is fiscally barren. The report stated that only Geece has lower levels of public and private investment in a ranking of Organisation for Economic Co-operation and Development (OECD) countries, and that if it was not for London, the UK would be alongside Greece in its economic performance.

A very grave set of statistics, which perhaps show why the British Pound showed the biggest decline of any major currency over the past few days despite all of Europe and the United States also having conducted interest rate rises.

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285

After a long decline, Tesla leads the charge as EV stocks are back in vogue

The past few months have demonstrated that, like most extremely high profile phases and fads, the euphoria surrounding the world’s sudden focus on electric vehicles after over 120 years of celebrating the internal combustion engine faded, and with that, down went the massively inflated stock prices of some of their manufacturers.

Tesla was the disrupting influence that suddenly appeared from Silicon Valley just over 10 years ago with a roadster based on the Lotus Elise which very few people can remember, before suddenly heading onto the streets with its first ever sedan, the Model S, which in 2014 took the world by storm largely because it looked and drove like a normal luxury car, but was fully electric.

Before this, there had been some electric car prototypes by mainstream car manufacturers, and one or two that had gone to market, only to be met with derision and criticism, and were largely viewed as extremely unfashionable examples of social awkwardness on wheels.

Tesla changed all that, and since then has changed quite a lot of other aspects of how technology firms do business - it is the first publicly listed company to become a cryptocurrency whale for example, and did so without any concern or objection from shareholders or the exchange it is listed on.

This year, however, the extreme faddishness which has surrounded electric vehicles to the extent that almost every mainstream manufacturer has spent the past three years rallying to introduce new electric models when they had no intention of doing so prior to the Tesla era, and marketing campaigns everywhere from the internet to billboards are depicting the very latest electric car from almost everywhere across the globe, has faded.

Tesla stock, listed on the NASDAQ exchange, has been depreciating like a 1970s Lancia after a winter in Manchester, and some newcomers to the electric vehicle market, set up as new companies over the past few years and which only produce electric vehicles, have been following the declining trend that Tesla has experienced.

Perhaps it was inevitable, as some of them, total newcomers to the automotive industry and without a credible product, had raised billions of dollars via Special Purchase Acquisition Company (SPAC) listings on NASDAQ, meaning that they could bypass the usual levels of due diligence required to list on a public exchange and simply raise billions without, in some cases, even delivering a single product.

In this arena of newcomers to the auto industry, Tesla remains the stalwart and its stock has started to rebound.

Tesla stock was up a considerable 4.78% at the close of the US trading session yesterday, and some of the less well known electric vehicle producers are also experiencing a resurgence in values.

Currently analysts are looking at Rivian, the electric truck manufacturer, North American luxury electric car brand Lucid and Polestar, Volvo’s performance electric car division.

Tesla stock has been rising from the doldrums over the past month, and is a remarkable 62% higher than it was 30 days ago, showing that whilst the world has got used to Tesla models now that they are no longer a novelty and are utterly ubiquitous, and even have been subject to some degree of criticism for being bland or less of a quality product than the established luxury brands, there is still a degree of interest in Elon Musk and his forward thinking ideology.

Unlike other car brands which tend to toe the conservative line, Tesla is the product of Elon Musk, who is well known for edge-of-the-seat commercial decisions and for the public not knowing what he will do next!

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286

BTCUSD and XRPUSD Technical Analysis – 07th FEB 2023


BTCUSD – Bullish Harami Pattern Above $22658

Bitcoin continues its bullish momentum from last week and after touching a low of $22658 on 07th Feb, the prices started to correct upwards against the US Dollar and are now ranging above the $23000 handle in the European trading session today.

The price is back over the Pivot point in the daily timeframe indicating bullish trends.

We can clearly see a bullish Harami pattern above the $22658 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 22658 in the Asian trading session and an intraday high of 23037 in the European trading session today.

The momentum indicator is back over zero in the 4-hourly timeframe indicating a bullish scenario.

The MACD indicator is giving a bullish divergence signal in the 1-hourly timeframe.

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 RSI indicator is back over 50 in both the 30-minutes and 1-hourly timeframe indicating bullish trends.

Relative strength index is at 58.15 indicating a strong demand for Bitcoin, and the continuation of the buying pressure in the markets.

Bitcoin is now moving below its 100 hourly Simple Moving average and below its 100 hourly Exponential Moving averages.

Most of the major technical indicators are giving a BUY signal, which means that in the immediate shor-term we are expecting targets of 23500 and 24500.

Average true range is indicating less market volatility with a mild bullish momentum.

  • Bitcoin bullish continuation seen above $22658.
  • The Williams percent range is indicating an overbought level.
  • The price is now trading just above its Pivot levels of $22887.
  • Short-term range is mild bullish.

Bitcoin Bullish Continuation Seen Above $22658

The prices of Bitcoin witnessed a downwards correction after crossing the $24000 levels. Now the markets are ranging into a consolidation channel above the $22500 handle.

After the consolidation phase is over, we are expecting upside moves in the range of $23500 to $24500 levels.

We can see the formation of a bullish price crossover pattern with the Adaptive Moving average AMA20 in both the 30-minutes and 1-hourly timeframes.

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

Bitcoin support zone is located at $22342 which is a 14-3 Day Raw Stochastic at 50% and at $22581 which is a 3-10 Day MACD Oscillator Stalls.

The price of BTCUSD is now facing its classic resistance levels of 23053 and Fibonacci resistance levels of 23352 after which the path towards 23500 will get cleared.

In the last 24hrs BTCUSD has increased by 0.84% by 190.97$ and has a 24hr trading volume of USD 24.800 Billion. We can see an increase of 13.07% in the trading volume as compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin has reached its highest levels this month at $24209 which was last seen on 20th Aug, 2022. We are now looking to cross the $25000 levels this month.

Daily RSI is printing at 62.55 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 trendline from $22658 towards the $24118 levels.

The prices of BTCUSD are now facing its resistance zone located at $23406 which is a 14-Day RSI at 70% and at $23594 at which the price crosses 9-Day Moving Average Stalls.

Weekly outlook is projected at $25000 with a consolidation zone of $24000.

Technical Indicators:

Moving Averages Convergence Divergence (12,26): It is at 2.60 indicating a BUY.

Ultimate Oscillator: It is at 57.18 indicating a BUY.

Rate of Price Change: It is at 0.226 indicating a BUY.

Bull/Bear Power (13): It is at 175.73 indicating a BUY.

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287

EUR/USD Reverses Gains While USD/JPY Aims Higher


EUR/USD is correcting lower and trading below 1.0800. USD/JPY is rising and might aim more upsides if it stays above the 130.20 support.

Important Takeaways for EUR/USD and USD/JPY

· The Euro started a downside correction from the 1.1035 resistance zone.

· There is a key bearish trend line forming with resistance near 1.0750 on the hourly chart of EUR/USD.

· USD/JPY is attempting a fresh increase above the 131.00 support zone.

· There was a break above a major contracting triangle with resistance near 130.00 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro gained pace above the 1.0950 resistance against the US Dollar. The EUR/USD pair even broke the 1.1000 and 1.1020 resistance levels.

However, the pair failed to surpass the 1.1035 level. A high was formed near 1.1033 and the pair started a fresh decline. There was a clear move below the 1.0950 support zone and the 50 hourly simple moving average.

EUR/USD Hourly Chart

The pair even broke the 1.0850 support level. A low is formed near 1.0670 on FXOpen and the pair is now correcting losses. There was a move above the 1.0700 level.

On the upside, an immediate resistance is near the 1.0750 level. There is also a key bearish trend line forming with resistance near 1.0750 on the hourly chart of EUR/USD. The trend line is close to the 23.6% Fib retracement level of the downward move from the 1.1033 swing high to 1.0670 low.

The next major resistance is near the 1.0800 level. An upside break above 1.0800 could set the pace for another increase. In the stated case, the pair might visit 1.0850 or the 50% Fib retracement level of the downward move from the 1.1033 swing high to 1.0670 low.

Any more gains might send the pair towards 1.0920. If not, it could continue to move down. An initial support on the downside is near the 1.0700 level. The first major support is near the 1.0670 level.

The main support sits near the 1.0650 zone, below which the pair could start a major decline. In the stated case, the pair might dive towards the 1.0520 support zone.

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288

Bitcoin values decline as major exchange halts Dollar transfers

The now rather infamous ‘crypto winter’ which referred to the latter part of 2022 had appeared to show some signs of subsiding recently.

After many months of relatively low and somewhat stagnant cryptocurrency values, some of the more popular digital currencies had begun to make a little bit of headway over the first few weeks of 2023.

By the end of January 2022, it looked as though the value of many of the most popular cryptocurrencies, especially Bitcoin and Ethereum, were emerging from the doldrums and beginning to make a resurgence in value, with Bitcoin hitting $23,783 on January 30.

Of course, this is a far cry from the $60,000 ballpark which Bitcoin reached in 2021, but considering the under-$20,000 range it has been languishing in for a few months, it is a considerable upturn in fortunes.

However, since yesterday, Bitcoin has been declining in value once again, going from $23,380 during the night (1.15am UK time) to $23,159 by 11.00am UK time today.

That is a 66 point decrease in value, 0.28% in percentage terms, which may not seem a large movement, but it does represent a downturn of considerable monetary value, putting an end to the climbing values.

It could be that accessibility may be a factor, as Binance, one of the world’s largest cryptocurrency exchanges announced yesterday that will suspend U.S. dollar withdrawals and deposits for international customers beginning today, resulting in a significant capital outflow from Binance and Bitcoin withdrawal figures going up overall.

Binance stated that it remained ‘net positive’ after the withdrawal run took place, however such a rush to divest from an exchange in one go means that actual trading volume in Bitcoin would likely be affected, which may also be contributing to the lower values today.

Binance has stated that this suspension of US dollar transactions is temporary, but of course any action which causes a mass withdrawal of assets from a trading venue is always likely to affect overall trading volume.

So, whilst overall Bitcoin is being viewed through a bullish lens, largely because of the US Federal Reserve bank’s latest less aggressive rate hike of just 25 basis points, which helped Bitcoin to maintain its rising trajectory and outperform as compared to other asset classes, any action affecting trading in which a mass withdrawal takes place is likely to have some effect.

It may be temporary, and if so, volatility is definitely on its way back to the crypto market.

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289

Gold Price Turns Red And Crude Oil Price Could Correct Gains


Gold price is moving lower and trading below $1,880. Crude oil price is facing a strong resistance near the $79 zone and might correct lower.

Important Takeaways for Gold and Oil

· Gold price started a strong decline below the $1,900 level against the US Dollar.

· It traded below a key rising channel with support near $1,872 on the hourly chart of gold.

· Crude oil price started a fresh increase from the $72.50 support zone.

· There is a connecting trend line forming with resistance near $79.10 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price struggled to stay above the $1,950 level against the US Dollar. The price started a strong decline and traded below the $1,920 support zone.

The bears even pushed the price below $1,900 and the 50 hourly simple moving average. Recently, there was a break below a key rising channel with support near $1,872 on the hourly chart of gold. The price traded below the $1,865 level.

Gold Price Hourly Chart

A low is formed near $1,859 on FXOpen and the price is now consolidating losses. On the upside, an immediate resistance is near the $1,870 level.

The stated level is near the 23.6% Fib retracement level of the downward move from the $1,890 swing high to $1,859 low. The next key hurdle is near the $1,875 level or the 50 hourly simple moving average.

The 50% Fib retracement level of the downward move from the $1,890 swing high to $1,859 low is also near the $1,875 level. A clear upside break above the $1,875 resistance could send the price towards $1,890.

An immediate support on the downside is near the $1,858 level. The next major support is near the $1,850 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,832 support zone.
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290

Watch FXOpen’s February 6 - 10 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.

  • British Pound hits the deck as Western markets raise interest rates
  • After a long decline, Tesla leads the charge as EV stocks are back in vogue
  • On the state of the US economy
  • Natural gas prices are nearing new lows of the year

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

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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.

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291

GBP/USD Could Extend Losses, USD/CAD Breaks Key Support

GBP/USD is showing bearish signs below the 1.2150 resistance. USD/CAD traded below the 1.3400 support, which might now act as a resistance.

Important Takeaways for GBP/USD and USD/CAD

· The British Pound started a fresh decline from the 1.2200 resistance zone.

· There is a key bearish trend line forming with resistance near 1.2065 on the hourly chart of GBP/USD.

· USD/CAD is struggling below the 1.3420 and 1.3400 support levels.

· There was a break below a connecting bullish trend line with support near 1.3380 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a fresh decline from well above 1.2400 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.2250 support.

The pair even broke the 1.2150 support level and the 50 hourly simple moving average. The recent swing high was formed near 1.2193 on FXOpen before the price started another decline. There was a move below the 50% Fib retracement level of the upward move from the 1.1961 swing low to 1.2193 high.

GBP/USD Hourly Chart

It is now trading below 1.2050 and the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 1.2065 on the hourly chart of GBP/USD.

An immediate resistance is near the 1.2060 level. The next major resistance is near the 1.2100 level and the 50 hourly simple moving average. Any more gains could lead the pair towards the 1.2200 barrier in the near term.

If not, the pair could continue to move down and might even break the 1.2040 support. The next major support is near 1.2000 or the 76.4% Fib retracement level of the upward move from the 1.1961 swing low to 1.2193 high.

If there is a downside break, GBP/USD might test the 1.1960 support. The next major support sits at 1.1850, where the bulls might take a stand.

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292

British Pound and Euro head for 1 month low against US Dollar

The once-lacking volatility among major currencies is back again, and this time it is the remarkably steady US Dollar which is creating a gulf between itself and some of its peers on the other side of the Atlantic.

This morning, the US Dollar rose in value against the Euro and British Pound so significantly that it plunged the Euro and British Pound to sudden lows, with the Euro hitting its lowest value against the US Dollar in over a month, and the British Pound hitting its second lowest point in over a month against the greenback.

The sudden upsurge of the US Dollar against these two majors is quite fascinating, and demonstrates the US Dollar’s continued strength despite the precarious economic and geopolitical circumstances that surround the United States.

This morning, the British Pound headed down to 1.20 against the US Dollar, and the Euro to 1.07.

The United States has been faced with similar economic challenges to those faced by Europe over the past two years, and in some cases has had greater difficulties such as higher inflation this time last year, before it subsided in November 2022, and even more stringent lockdowns and involvement in geopolitical instability than some parts of Europe.

Despite this, the US Dollar has held up extremely well, and now that the inflation level in the United States is back to 6.5% and has been for some momnths compared to double figures in the United Kingdom and Europe ranging from 10% in the western European nations to over 25% in some of the Baltic states which are European Union members, things continue to improve for the Dollar.

It may appear that the lower US inflation figure compared to that of Europe and that of the US a few months ago is a good thing, but this has caused higher costs for large corporations in the United States who have to continue to pay more for supplier contracts or to operate their subsidiaries in Europe, leading to lower revenue figures for many.

The US involvement in the ongoing Ukraine war is also a huge cost, and potentially destabilizing factor, however despite having spent over $100 billion on it, plus pledging to escalate the situation by sending more munitions and last week’s revelation by an American investigative journalist that the Nord Stream explosion which occurred in November 2022 was allegedly the work of the US armed forces, the Dollar continues to grow.

Whether its overall stability compared to European and British currency is artificial, or whether the US economy is genuinuely less encumbered than that of mainland Europe or Britain is debatable - however this level of volatility in the light of such unusual times is of great interest within the currency markets.

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293

FTSE 100 hits 1-year high as 8,000 points is in sight

Another exciting period for the FTSE 100 index is in full swing.

The basket of stocks, which consists of the 100 most prestigious and well capitalized publicly listed companies on London Stock Exchange, is once again heading for the stratosphere.

This morning, the FTSE 100 index is trading at 7,982.99, which represents its highest point in over one year, following a gradual climb which began some four months ago, with only a minor slowing in mid-December which soon gave way to the consistent climb gaining momentum once again.

Over the course of 12 months, the FTSE 100 has increased in value by an 499 points, which is a steady 5.9%, proving that whilst across the Atlantic in New York, the tech stocks listed on NASDAQ are less steady or reliable than the old-school array of mining, pharmaceutical, transport and retail stocks listed on London’s FTSE 100.

Old tech appears to be performing better than new tech, if these recent months are anything to gauge it by.

On London’s stock exchange, perhaps one of the most ubiquitous sectors is the telecommunications industry, which is well represented within the FTSE 100 index given that Britain is home to some long standing corporate giants, once again alluding to the ‘old tech’ nature of this particular index. In that regard, Vodafone’s stock has risen after Liberty Global has acquired a 4.9% stake, giving a substantial lift to the index.

As the opening bell rang in London, things were on the up and by 9.00am the blue-chip index was at 7,993.23, up 45.63 points (0.57%) putting it within touching distance of the 8,000 mark.

Despite clear signals from economists that inflation is not showing any signs of slowing, and with Britain dealing with a real inflation figure of around 10.5%, the economy is growing and wage inflation appears to be in line with price inflation.

Yes, there are high interest rates, and the economic issues concerned around that would potentially be a weakening of access to private home ownership, therefore denting the overall prosperity of the nation, but London’s stock exchange is made up of firms that do not become affected by such overall circumstances.

For example, Coca-Cola HBC (the UK-based bottling firm which packages soft drinks) was in demand, having reported a strong year of organic growth. Retail products and foodstuffs will always be in demand regardless of overall economic circumstances such as high inflation or interest rates, whereas expensive electric trucks manufactured by companies with no provenance and listings on NASDAQ via the SPAC method of bypassing due diligence are not essential items with sales affected if the economic woes are too high.

Hence, NASDAQ has been suffering, especially in the electric vehicle stock and internet stock department, whereas the trad stocks of London are prosperous.

Should the 8,000 point barrier be crossed, this will mark a milestone for the London Stock Exchange’s FTSE 100 index, similar to the euphoria surrounding its break through the 7,000 barrier in 2021 during the period of recessions, supply chain woes and ongoing draconian lockdowns hampering the economic situation, with the FTSE 100 being the beacon of light in a very dark tunnel.

Interesting times indeed.

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294

BTCUSD and XRPUSD Technical Analysis – 14th FEB 2023

BTCUSD: The Evening Star Pattern Below $23432

Bitcoin was unable to sustain its bullish momentum last week and after touching a high of $22432 started to decline against the US dollar, touching a low of $21450 on 13th Feb.

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

We can clearly see the evening star pattern below the $23432 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

Bitcoin touched an intraday high of 21839 in the Asian trading session and an intraday low of 21683 in the European trading session today.

We can see the formation of a three black crows pattern in the weekly time frame indicating bearish trends.

The Ichimoku price is under the cloud in the 2-hour time frame indicating bearish trends.

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 RSI indicator is back under 50 in the 2-hour time frame indicating the bearish nature of the markets.

The relative strength index is at 48.77 indicating a NEUTRAL demand for bitcoin, and the shift towards the consolidation phase in the markets.

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

Some of the major technical indicators are giving a SELL signal, which means that in the immediate short term, we are expecting targets of 21000 and 20500.

The average true range is indicating LESS market volatility with a mildly bearish momentum.

  • Bitcoin: bearish reversal seen below $23432.
  • The commodity channel index is indicating a NEUTRAL level.
  • The price is now trading just below its pivot levels of $21764.
  • The short-term range is mildly bearish.

Bitcoin: Bearish Reversal Seen Below $23432

The price of Bitcoin was unable to cross the $24K mark last week, and we can see a continuous fall in the levels now trading below the $22K handle.

As some of the technical indicators are also giving a neutral stance of the markets, we are expecting that a bullish reversal is possible after touching the $20500 level.

We have also detected the formation of bearish engulfing lines in the 30-minute time frame.

The MACD crosses down its moving average in the 15-minute time frame indicating the bearish nature of the markets.

We can see the formation of a bearish price crossover pattern with the adaptive moving average AMA20 in both the 30-minute and 2-hour time frames.

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

Bitcoin’s support zone is located at $20027 at which the price crosses the 40-day moving average, and at $20937 at which the price crosses the 18-day moving average stalls.

The price of BTCUSD is now facing its classic support level of 21703 and Fibonacci support level of 21502 after which the path towards 21000 will get cleared.

In the last 24hrs BTCUSD has increased by 0.57% by 122.76$ and has a 24hr trading volume of USD 21.364 billion. We can see an increase of 0.42% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin is now facing the extended crypto winter due to which the prices are unable to rise above the $25000 level.

We are now heading towards the $21500 level this week.

The daily RSI is printing at 47.08 which indicates a NEUTRAL demand for bitcoin and the continuation of the bearish phase present in the markets in the short-term range.

We can see the formation of a bearish trend line from $23432 towards the $21576 level.

The price of BTCUSD is now facing its support zone located at $20884 which is a 38.2% retracement from a 13-week high.

The weekly outlook is projected at $21000 with a consolidation zone of $20500.

Technical Indicators:

The average directional index (14): It is at 28.57 indicating a SELL.

The ultimate oscillator: It is at 39.72 indicating a SELL.

The rate of price change: It is at -5.67 indicating a SELL.

Bull/bear power (13): It is at -1085.58 indicating a SELL.

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295

EUR/USD Could Extend Losses While USD/CHF Aims Higher

EUR/USD is facing a strong resistance near the 1.0800 zone. USD/CHF is rising and might aim a clear move above the 0.9240 resistance zone.

Important Takeaways for EUR/USD and USD/CHF

· The Euro started a fresh decline from the 1.0800 resistance against the US Dollar.

· There is a key bearish trend line forming with resistance near 1.0750 on the hourly chart of EUR/USD.

· USD/CHF started a fresh increase above the 0.9200 resistance zone.

· There is a major bearish trend line forming with resistance near 0.9240 on the hourly chart.

EUR/USD Technical Analysis

After testing the 1.0650 support zone, the Euro started a steady increase against the US Dollar. The EUR/USD pair gained pace above the 1.0700 level to move into a bullish zone.

The pair even climbed above the 1.0750 resistance and settled above the 50 hourly simple moving average. However, the bears were active near the 1.0800 resistance. It traded as high as 1.0804 on FXOpen and recently started a downside correction.

EUR/USD Hourly Chart

There was a move below the 1.0750 level. There was a clear move below the 50% Fib retracement level of the upward move from the 1.0655 swing low to 1.0804 high.

It is now trading above 1.0700 and the 50 hourly simple moving average. On the downside, an immediate support is near the 1.0710 level. It is near the 61.8% Fib retracement level of the upward move from the 1.0655 swing low to 1.0804 high.

The next major support is near the 1.0690 level. A downside break below the 1.0690 support could start another decline towards the 1.0650 level.

An immediate resistance is near the 1.0730 level. The next major resistance is near the 1.0750 level. There is also a key bearish trend line forming with resistance near 1.0750 on the hourly chart of EUR/USD.

A clear move above the 1.0750 resistance zone could set the pace for a larger increase towards 1.0800. The next major resistance is near the 1.0850 zone.
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296

Apple stock maintains highs, flying in face of tech drop

The dystopian reality that has plagued the stocks of large technology and internet companies which are listed on North America’s most prestigious exchanges is now a few months long.

The overall decline in US tech stock values over a prolonged period compared to the buoyant baskets of ‘old fashioned’ stocks on the other side of the Atlantic is a clear indication that relative newcomers to a big cap market with little provenance are not necessarily that favorable among investors at the moment.

London’s mining, entertainment, food production, telecommunications, construction, travel and retail stocks have held up well, despite being legacy industries, compared to the avantgarde internet giants and EV startups of Silicon Valley which are listed on NASDAQ and NYSE. Even Tesla has been losing value at the rate of a depleting battery over recent months.

There is one exception, however, and that is Apple.

Two days ago, Apple stock was at its highest point in over one month, and today, whilst that steady climb that has taken place during the past 30 days has begun to tail off, the value of Apple stock is still strong, finishing the New York session and beginning today’s trading at $153.20.

Over the past month, Apple stock has been relatively volatile, however the overall upward direction demonstrates a 12.7% increase over its price this time one month ago, with the five-day moving average looking a little more volatile, with some sharp upward and downward movements having taken place during the past week. However, despite those sharp movements, the overall value has remained steady with only a 0.41% drop over the past five days.

Perhaps one of the factors that has made Apple stock stand out from the other big tech stocks which have experienced value decreases compared to Apple’s increases is that Warren Buffett’s Berkshire Hathaway investment company has increased its stake in Apple this week.

Berkshire Hathaway already had a very large steak in Apple, however the fund management company has now acquired Alleghany, which is an American insurance company which owned shares in Apple. As part of the takeover by Berkshire Hathaway, Alleghany’s share in Apple was transferred to Bershire Hathaway.

Berkshire Hathaway’s overall Apple stake, which includes around 20 million shares held by its New England Asset Management subsidiary, stood at 916 million shares or 5.8% of the company at the end of December last year, however the position was worth over $140 billion as of Tuesday’s close, making it easily the most valuable holding in Berkshire’s portfolio.

Warren Buffett is well known for his astute shrewdness and conservative attitude to risk, which puts his interest in Apple at a different end of the spectrum to those SPAC listings which took place 2 years ago where a gung-ho approach was taken and previously unknown companies with unproven products had suddenly become valued at tens of millions of dollars, only to decrease once the reality sets in.

Apple’s reality is solid business and backing by one of the world’s most prudent and astute fund managers. That difference is clear when looking at investor response.

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297

ETHUSD and LTCUSD Technical Analysis – 16th FEB, 2023

ETHUSD: Double Bottom Pattern Above $1462

Ethereum was unable to sustain its bearish momentum and after touching a low of $1462 on 13th Feb, the price started to correct upwards against the US dollar now ranging above the $1650 handle today in the Asian trading session.

We can see a continuous escalation in the price of Ethereum which is expected to push up its price above the $1700 handle.

The price of ETH has touched a new record high of 5 months.

We can clearly see a double bottom pattern above the $1462 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 1681 and moving into a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1687 and Fibonacci resistance level of 1693 after which the path towards 1800 will get cleared.

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

The relative strength index is at 75.92 indicating a very strong demand for Ether and the continuation of the buying pressure in the markets.

The RSI is giving an overbought signal, 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 level of $1683.

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

  • Ether: bullish reversal seen above the $1462 mark.
  • The short-term range appears to be strongly bullish.
  • ETH continues to remain above the $1650 level.
  • The average true range is indicating LESS market volatility.

Ether: Bullish Reversal Seen Above $1462

ETHUSD has now resumed its bullish trend and we are now expecting a retest of the $1800 level soon after which the next visible targets are located at $1800 and $2000 levels.

We can see the formation of a bullish price crossover pattern with the adaptive moving average AMA20 in the weekly time frame.

We have also detected the formation of a white gravestone/inverted hammer pattern in the daily time frame conforming to the bullish reversal.

ETHUSD touched an intraday high of 1707 and an intraday low of 1664 in the Asian trading session today.

The Aroon indicator is giving a bullish trend in the daily time frame.

The key support levels to watch are $1657 at which the price crosses 9-day moving average stalls, and $1679 which is a 3-10 day MACD oscillator stalls.

ETH has increased by 8.76% with a price change of 135.58$ in the past 24hrs and has a trading volume of 12.329 billion USD.

We can see an increase of 34.47% in the total trading volume in the last 24 hrs which is due to the heavy buying seen at lower levels.

The Week Ahead

ETH has now moved into a breakout zone which is expected to continue this week and now we are heading towards the $1800 level.

At present the prices are moving in a super bullish zone above the $1650 levels.

We can see the formation of a bullish ascending channel from $1462 towards the $1713 level.

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 $1809 which is a 14-Day RSI at 70%, and at $1842 which is a pivot point 3rd level resistance.

Weekly outlook is projected at $1900 with a consolidation zone of $1850.

Technical Indicators:

The STOCH (9,6): is at 58.99 indicating a BUY.

The moving average convergence divergence (12,26): is at 32.22 indicating a BUY.

The Williams percent range: is at -20.25 indicating a BUY.

The rate of price change: is at 5.77 indicating a BUY.

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298

AUD/USD and NZD/USD At Risk of More Losses

AUD/USD is moving lower below the 0.6880 support zone. NZD/USD is also declining and might accelerate lower below the 0.6220 support.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar started a fresh decline from the 0.7000 resistance against the US Dollar.

· There is a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD.

· NZD/USD also started a fresh decline below the 0.6285 support zone.

· There is a major bearish trend line forming with resistance near 0.6260 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar struggled to clear the key 0.7000 resistance zone against the US Dollar. The AUD/USD pair even spiked above the 0.7000 level before the bears appeared.

The pair traded as high as 0.7028 on FXOpen and started a fresh decline. There was a clear move below the 0.6920 and 0.6880 support levels. Recently, the pair declined below the 50% Fib retracement level of the recovery wave from the 0.6840 swing low to 0.6906 high.

AUD/USD Hourly Chart

The pair is now trading below 0.6860 and the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD.

It is trading just below the 76.4% Fib retracement level of the recovery wave from the 0.6840 swing low to 0.6906 high. On the downside, an initial support is near the 0.6840 level. The next support could be the 0.6800 level.

If there is a downside break below the 0.6800 support, the pair could extend its decline towards the 0.670 level. On the upside, the AUD/USD pair is facing resistance near the 0.6880 level. The next major resistance is near the 0.6920 level.

A close above the 0.6920 level could start another steady increase in the near term. The next major resistance could be 0.7000.

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299

Watch FXOpen’s February 13 - 17 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.

  • SEC putting pressure on the crypto industry
  • UK GDP declined in December
  • FTSE reaches record high
  • Apple stock maintains highs, flying in face of tech drop

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.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo

300

GBP/USD Eyes Recovery While GBP/JPY Could Rise Further

GBP/USD is attempting a recovery wave above the 1.2000 resistance. GBP/JPY could rise further unless there is a downside break below the 160.50 support.

Important Takeaways for GBP/USD and GBP/JPY

· The British Pound is slowly moving higher above 1.2000 against the US Dollar.

· There was a break above a key bearish trend line with resistance near 1.1970 on the hourly chart of GBP/USD.

· GBP/JPY started a fresh increase above the 160.00 resistance zone.

· There was a break above a key bearish trend line with resistance near 161.10 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound extended its decline below the 1.2000 support against the US Dollar. The GBP/USD pair even traded below the 1.1950 level and traded towards 1.1920.

The pair traded as low as 1.1912 on FXOpen and recently started a minor upside correction. There was a clear move above the 1.1950 resistance and the 50 hourly simple moving average. The pair even cleared the 23.6% Fib retracement level of the downward move from the 1.2268 swing high to 1.1915 low.

GBP/USD Hourly Chart

It is now trading near the 1.2020 zone. An immediate resistance on the upside is near the 1.2050 level. It is near the 50% Fib retracement level of the downward move from the 1.2268 swing high to 1.1915 low.

The next major resistance is near the 1.2100 level, above which the pair could start a steady increase towards 1.2150. An upside break above 1.2150 might start a fresh increase towards 1.2200. Any more gains might call for a move towards 1.2250 or even 1.2320.

An immediate support is near the 1.2000 and the 50 hourly simple moving average. The next major support is near the 1.1950 level. If there is a break below the 1.1950 support, the pair could test the 1.1910 support. Any more losses might send GBP/USD towards 1.1840.

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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.