Bitcoin Technical Analysis
The BTCUSD is trading around $26,395 this morning after a failed attempt to break the $27,116 last week. The previous daily candle is a long wick shadow candle, showing the strength of the bears in the market. This scenario is stronger with the RSI indicator hovering below the level of 50.
With the price below the $27,000 barrier, it is likely for Bitcoin to decline and test the $25,000 support again.
Crude Oil Update: Key Resistance Breached
Crude Oil has successfully breached the significant resistance level of $94, reaching as high as $95 in early trading sessions. Currently, it’s trading around $93, forming a long wick candlestick pattern. It’s important to note that the weekly pivot is also situated at $93. This resistance level is crucial, and with the price surpassing it, Crude Oil may be poised to reach the psychological level of $100.
The RSI indicator is currently in the overbought zone, suggesting a need for close monitoring of today’s price action on the daily chart. If bearish forces manage to push the price down, forming an inverted hammer or a long wick shadow candlestick pattern, we could see some corrections to lower levels such as $90, followed by $85.
AUDUSD Technical Analysis
In the recent analysis of AUDUSD, we observed a robust rebound from the 0.63 mark, with the currency pair now hovering around 0.648. The Relative Strength Index (RSI) is currently in the overbought territory, indicating a potential deceleration in the ongoing upward trend. The critical level to monitor for AUDUSD is the resistance at 0.651. There’s a possibility that AUDUSD may reverse its course and enter a bearish phase from this point onwards.
Yesterday, Bitcoin managed to break above the downward trendline and successfully closed above the $27,997 R1 resistance level. The Relative Strength Index (RSI) is now approaching the overbought territory. Given this RSI indicator, it’s possible that BTCUSD might experience a sideways range. With Bitcoin surpassing the R1 support level, there’s a likelihood that the bulls could drive the BTCUSD price up to $29,031, and potentially even reach $30,579.
EURUSD Analysis: Persistent Decline
The EURUSD pair is on a steady decline, unable to break the midpoint of the downward channel. The RSI dipping below 50 signals a likely continuation of this bearish trend.
The 1.0409 support level is a key marker. If the pair holds above this, it could slow the bearish momentum. However, if it fails to maintain this level, the downtrend may continue to lower levels.
US Oil Analysis: Bears Targeting the $87 Support
US oil prices are falling from a high of $95 and trading below the $90.36 pivot point due to various factors. The next support level is at $87.63, which could act as a buffer against further declines. The market conditions are fluid and vigilance is key.
Bitcoin Bulls Hold the Fort: An Analysis of Current Market Trends
The bears put pressure on the bitcoin from $28,708 and currently bitcoin is testing the $27,349 pivot. The RSI indicator is hovering above the 50 level and with the BTCUSD holding above the broken trendline and pivot, bitcoin bulls are yet in control and we can expect the bitcoin price to rise and test the R1 resistance again.
Turkish Lira Weakens Against Strong US Dollar
The Turkish lira is falling against the strong US dollar. The USDTRY is up 0.4% as Turkey’s inflation was slightly lower than expected, which might influence the CBRT’s approach. Despite recent changes, the USDTRY is still on an upward trend.
Yearly inflation in Turkey: 61.53% (Expected: 61.6%, Previous: 58.94%)
Monthly inflation in Turkey: 4.75% (Expected: 4.8%, Previous: 9.09%)
AUDUSD Technical Analysis
The decline of the AUDUSD currency pair has temporarily halted as the RSI indicator, previously in the oversold territory, is now hovering at the 37 level. The market maintains a bearish trend, and the support level at 0.634 presents an attractive price point for bears to intensify their selling pressure.
EURUSD Technical Analysis
The EURUSD currency pair is currently navigating within a downward channel and is positioned below the pivot in the 4-hour time frame. A minor resistance level is observed at 1.049, and at present, the pair is maintaining a position above this level. The RSI indicator has surged above the 50 mark, suggesting the potential onset of a bullish wave. Given the prevailing market conditions and the dominant bearish trend, our recommendation is to wait for the EURUSD to hit either the pivot or the 1.066 resistance level before initiating sell orders.
Please note that this bearish outlook will be invalidated if the EURUSD bulls manage to push the currency pair out of the downward channel.
GBPUSD Analysis
The GBPUSD is currently trading below the pivot point of 1.219. Interestingly, the RSI indicator is flipping above the critical level of 50, which might indicate an upcoming bullish wave. However, for this to materialize, it’s crucial for the bulls to close above the pivot point, as this would pave the way towards the next resistance level at 1.228.
USDCAD Analysis: Technical View
The USDCAD is currently trading above a crucial broker resistance zone, spanning from 1.3655 to 1.3648. This zone serves as a strong support for the bullish trend. As long as the price remains above this level, we can expect the USDCAD bulls to push higher and challenge the next resistance zone, which lies between 1.3877 and 1.3976.
Conversely, if the bears manage to push the price below 1.3655, and if the RSI indicator dips below the 50 level, it could signal a bearish turn. In this case, the USDCAD might aim for the 1.355 pivot point.