FXOpen daily analysis forex and crypto trading

radex78

radex78

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Jun 23, 2020
90
Points
183
LTC AND EOS – THE START OF A ANOTHER RECOVERY SEEN MOST LIKELY


LTC/USD

The price of Litecoin has been on the rise since Tuesday when it came down to $104.9 at its lowest point. From there we have seen an increase of 27% as it reached $133.3 at its highest point today. Currently, it is trading slightly lower but is still in an upward trajectory.



On the hourly chart, we can see that the price fell into a lower low compared to the May 23rd one and spiked to the upside, reaching the broken downtrend support which is being now tested for resistance. If the price finds resistance here another move to the downside would be expected, but only as a pullback before further upside continuation. This is so because on the 22nd we have most likely seen the end of the corrective five-wave move from the 27th of May so now a move to the upside like it developed from the 23rd till the 27th would be expected.

The price could now increase as much as 35% but it would be expected to go lower than on the 27th when it came up to $209. This is because the price made a lower low which is why a lower high would be more likely. Another possibility could be that we have seen the start of a completely new impulse wave to the upside and that the 22nd of June’s low was the completion of the higher degree down move. But this is going to be validated from the type of descending move we see after this expected rise.

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radex78

radex78

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Verified
Jun 23, 2020
90
Points
183
AUD/USD AND NZD/USD EYE MORE UPSIDES ABOVE RESISTANCE


AUD/USD started a decent recovery wave above 0.7550. NZD/USD is also rising and it could continue to rise if it clears the 0.7100 resistance zone.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar found support near 0.7475 after a steady decline against the US Dollar.
  • There is a key bullish trend line forming with support near 0.7560 on the hourly chart of AUD/USD.
  • NZD/USD also started a decent increase from the 0.6925 zone, and it climbed above 0.7000.
  • There is a major bullish trend line forming with support near 0.7050 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

After a major decline, the Aussie Dollar found support near the 0.7475 zone against the US Dollar. The AUD/USD pair started a steady recovery after it broke the 0.7500 resistance zone.

It broke the 0.7550 resistance zone and the 50 hourly simple moving average. The pair even broke the 38.2% Fib retracement level of the key decline from the 0.7715 high to 0.7476 low (formed on FXOpen).



An initial resistance on the upside is near the 0.7595. It is near the 50% Fib retracement level of the key decline from the 0.7715 high to 0.7476 low. A proper break above the 0.7595 and 0.7600 resistance levels could open the doors for a steady increase.

The next major resistance is near the 0.7660 level. Any more gains could lead the pair towards the 0.7700 level. Conversely, the pair could correct gains from 0.7600.

An initial support on the downside is near the 0.7560 level. There is also a key bullish trend line forming with support near 0.7560 on the hourly chart of AUD/USD. The next major support is near the 0.7550 level. If there is a downside break below the trend line support, the pair could extend its decline towards the 0.7500 level.

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radex78

radex78

Well-known member
Verified
Jun 23, 2020
90
Points
183
GBP/USD AND EUR/GBP: BRITISH POUND COULD CONTINUE TO STRUGGLE


GBP/USD failed to clear the key 1.4000 resistance zone and corrected lower. EUR/GBP is rising and it might gain pace if it clears the 0.8600 barrier.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound failed to gain pace above the main 1.4000 resistance zone.
  • There is a major bearish trend line forming with resistance near 1.3920 on the hourly chart of GBP/USD.
  • EUR/GBP started a fresh increase after it found a strong support near the 0.8530 zone
  • There is a short-term contracting triangle forming with resistance near 0.8595 on the hourly chart.

GBP/USD Technical Analysis

The British Pound failed to reclaim the 1.4000 handle and it started a fresh decline against the US Dollar. The GBP/USD pair broke the 1.3900 support zone and the 50 hourly simple moving average.

The pair even spiked below 1.3800 before it found support near 1.3785. A low was formed near 1.3786 and the pair recently started an upside correction. There was a break above the 1.3850 and 1.3900 resistance levels.



The pair even moved above 1.3950, but it failed to clear the 1.4000 resistance zone. A high was formed near 1.4000 and the pair is now moving lower.

It broke the 50% Fib retracement level of the upward move from the 1.3786 swing low to 1.4000 high. It is now trading below 1.3900 and the 50 hourly simple moving average. There is also a major bearish trend line forming with resistance near 1.3920 on the hourly chart of GBP/USD.

An immediate support on the downside is near the 1.3865 level. It is near the 61.8% Fib retracement level of the upward move from the 1.3786 swing low to 1.4000 high.

A downside break below the 1.3865 level might call for a fresh decline towards the 1.3800 level. On the upside, an immediate resistance is near the 1.3920 level. The next major resistance is near the 1.4000 level.

A successful close above 1.3920 and a follow up move above 1.4000 could open the doors for a move towards the 1.4120 resistance.

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radex78

radex78

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Verified
Jun 23, 2020
90
Points
183
EUR/USD EYES FRESH INCREASE, USD/JPY COULD EXTEND LOSSES


EUR/USD is likely to start a steady increase if it clears the 1.1920 resistance zone. USD/JPY could extend its decline below the 110.40 support zone in the near term.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro is consolidating losses above the 1.1880 support zone
  • There is a key bearish trend line forming with resistance near 1.1915 on the hourly chart of EUR/USD.
  • USD/JPY declined below the 110.00 and 110.60 support levels.
  • There is a major declining channel forming with resistance near 110.85 on the hourly chart.

EUR/USD Technical Analysis

After a close below 1.2000, the Euro saw bearish moves against the US Dollar. The EUR/USD pair even tested the 1.1850 support zone before starting a decent upward move.

The pair climbed above the 1.1900 resistance zone. It even broke 1.1950 and the 50 hourly simple moving average. However, the pair failed to clear the 1.2000 zone. A high was formed near 1.1974 on FXOpen and the pair corrected gains.



It tested the 1.1880 zone and it is now rising. There was a break above the 23.6% Fib retracement level of the recent decline from the 1.1974 high to 1.1877 low.

It is now facing resistance near the 1.1915 zone and the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 1.1915 on the hourly chart of EUR/USD. The next key resistance is near the 1.1925 level.

The 50% Fib retracement level of the recent decline from the 1.1974 high to 1.1877 low is also near 1.1925. A close above 1.1915 and 1.1925 could open the doors for a steady increase.

An intermediate support is near the 1.1880 level. The next major support is near the 1.1850 level, below which the pair could drop towards the 1.1800 support.

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radex78

radex78

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Jun 23, 2020
90
Points
183
GOLD PRICE AND CRUDE OIL PRICE AIM HIGHER


Gold price started a decent recovery wave from the $1,750 support. Crude oil price is rising and it is now trading nicely above the $74.00 level.

Important Takeaways for Gold and Oil

  • Gold price started a fresh recovery wave after forming a base above $1,750 against the US Dollar.
  • There is a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.
  • Crude oil price climbed higher and it even surged above the $75.00 resistance.
  • There was a break above a major contracting triangle with resistance near $73.65 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

This week, gold price formed a decent support base above the $1,750 zone against the US Dollar. The price started a fresh upward move and it surpassed the $1,760 resistance zone.

The price even settled above the $1,765 level and the 50 hourly simple moving average. However, the price seems to be facing a strong resistance near the $1,780 zone. There is also a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.



A high is formed near $1,782 on FXOpen and the price is now consolidating gains. An upside break above the trend line could spark more gains above $1,782.

An immediate resistance on the upside is near the $1,795 level. The first major resistance is near the $1,800 level. If the price breaks the $1,800 level, it could accelerate higher. In the stated case, the price could rise towards the $1,840 zone.

Conversely, the price might resume its decline below $1,775. An initial support is near the $1,765 level. It is near the 50% Fib retracement level of the recent increase from the $1,750 low to $,1782 high.

The first major support is near the $1,760 level. The next key support is near the $1,750 level, below which the price might continue to move down towards the $1,720 level in the near term.

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radex78

radex78

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Jun 23, 2020
90
Points
183
GBP/USD AND GBP/JPY: BRITISH POUND EYES STRONG RECOVERY


GBP/USD is slowly recovering, but it must break 1.3850 for more upsides. Similarly, GBP/JPY could gain pace if it clears the 1.3850 resistance zone in the near term

Important Takeaways for GBP/USD and GBP/JPY
  • The British Pound is attempting a decent recovery wave above the 1.3800 zone against the US Dollar.
  • There is a key bearish trend line forming with resistance near 1.3835 on the hourly chart of GBP/USD.
  • GBP/JPY seems to be forming a base above the 153.00 support zone.
  • There was a break above a major bearish trend line with resistance near 153.40 on the hourly chart.

GBP/USD Technical Analysis

In the past few sessions, the British Pound saw bearish moves below the 1.4000 zone against the US Dollar. The GBP/USD pair traded below many supports near 1.3900 and 1.3850 to move into a bearish zone.

The pair even traded below the 1.3800 level and the 50 hourly simple moving average. A low is formed near 1.3731 on FXOpen and the pair is currently correcting losses. There was a break above the 1.3780 resistance zone.



The pair recovered above the 23.6% Fib retracement level of the key decline from the 1.3999 high to 1.3731 low. The pair is now trading above the 1.3800 zone and the 50 hourly simple moving average.

On the upside, an initial resistance on the is near the 1.3835 level. There is also a key bearish trend line forming with resistance near 1.3835 on the hourly chart of GBP/USD. The next major resistance is near the 1.3850 level.

The main resistance is near 1.3865 level. It is close to the 50% Fib retracement level of the key decline from the 1.3999 high to 1.3731 low. The next key resistance is near the 1.3900 level, above which the pair could rise towards the main 1.4000 resistance.

On the downside, an initial support is near the 1.3800 level and the 50 hourly SMA. If there is a break below the 1.3800 support, the pair could test the 1.3750 support. If there are additional losses, the pair could decline towards the 1.3640 level.

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radex78

radex78

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Verified
Jun 23, 2020
90
Points
183
BTC AND XRP – BREAKOUT FROM THE RANGE WILL DICTATE THE NEXT TREND

BTC/USD

The price of Bitcoin has been on the rise since the 26th of Jun and made it back to the $36,000 area on the 29th. From there we have seen a descending move with the price moving sideways after. Currently, it is being traded at $$33,893 and made a lower high today compared to yesterday’s one and is moving to the downside.



Looking at the hourly chart, you can see that a triangle is being formed which could be the 2nd sub-wave of the higher degree descending move. Considering that the prior move ended most likely as the ABC correction to the upside with the price falling back inside the territory of the lower range of the 1st wave from the 22nd. this is currently more likely. In this case, the price is to form the 3rd wave from the descending move that started on the 16th of Jun when another three-wave ABC to the upside completed.

If this is true, then we will see a breakout to the downside below the $31,000 mark, which served as a strong horizontal support level. However, this sideways movement that formed a triangle could be a consolidation range before another move to the upside that is set to break the $36,183 horizontal resistance. This is why the validation will come as a breakout direction from the mentioned triangle and will dictate the next dominant trend.

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radex78

radex78

Well-known member
Verified
Jun 23, 2020
90
Points
183
EUR/USD AND EUR/JPY: EURO REMAINS AT RISK OF MORE DOWNSIDES



EUR/USD started a fresh decline and it settled below 1.1900. EUR/JPY is showing bearish signs and upsides are likely to remain limited above 131.00.


Important Takeaways for EUR/USD and EUR/JPY
  • he Euro declined below the 1.1920 and 1.1900 support levels, and tested 1.1800.
  • There was a break below a short-term ascending channel with support near 1.1865 on the hourly chart.
  • EUR/JPY started a major decline after it failed to stay above the 131.50 support.
  • There is a key bearish trend line forming with resistance near 131.80 on the hourly chart.

EUR/USD Technical Analysis

The Euro started a fresh decline from the 1.2000 resistance zone against the US Dollar. The EUR/USD pair broke the 1.1920 and 1.1900 support levels to move into a bearish zone.

The pair even settled well below 1.1900 and the 50 hourly simple moving average. Recently, there was a break below a short-term ascending channel with support near 1.1865 on the hourly chart.



A low was formed near 1.1807 on FXOpen and the pair is now consolidating losses. An immediate resistance is near the 1.1828 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1894 high to 1.1807 low.

The first major resistance is near the 1.1850 level. It is near the 50% Fib retracement level of the recent decline from the 1.1894 high to 1.1807 low.

Any more gains could set the pace for a move towards the 1.1900 level. The next major resistance is near the 1.1950 level. On the downside, an immediate support is near the 1.1800 level.

If there is a downside break, EUR/USD might continue to move down towards the 1.1760 support. Any more losses could open the doors for a test of the 1.1700 region. An intermediate support could be near the 1.1720 level.

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radex78

radex78

Well-known member
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Jun 23, 2020
90
Points
183
LTC AND EOS – FURTHER LOWS EXPECTED


LTC/USD

The price of Litecoin reached $148 on the 4th of July which was the same level as on the prior high. From there we have seen the start of a descending move and is currently being traded at $130 and is still in a downward trajectory.



On the hourly chart, you can see that the price broke out from the ascending support level from the 22nd of June. This is the first signal that the prior recovery ended and now we have seen the start of a descending move of the same degree as the one that lasted from the 22nd of June till the 4th of July.

July 4th high came up to the descending trendline which is the upper level of the descending triangle which formed from the 23rd of May. As the price found resistance again this validated that the previous recovery was corrective in nature in conjunction with the wave structure. This is why it is counted as the 4th corrective wave with now most likely the 5th one to the downside developing.

If this is true then we are to see a lower low compared to the one on the 22nd of June when the price of Litecoin fell to $105 area. If the descending triangle is still in play another third interaction with its support level could be seen which brings the price target to $90.

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radex78

radex78

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Jun 23, 2020
90
Points
183
AUD/USD AND NZD/USD REMAIN AT RISK OF MORE DOWNSIDES


AUD/USD started a fresh decline from well above the 0.7550 level. NZD/USD also declined heavily and it even tested the 0.6920 support zone.

Important Takeaways for AUD/USD and NZD/USD
  • The Aussie Dollar started a major decline after it failed to clear 0.7600 against the US Dollar.
  • There is a key bearish trend line forming with resistance near 0.7435 on the hourly chart of AUD/USD.
  • NZD/USD also started a major decline from well above the 0.7050 level.
  • There is a major bearish trend line forming with resistance near 0.6975 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

After struggling to clear the 0.7600 resistance, the Aussie Dollar started a major decline against the US Dollar. The AUD/USD pair broke the 0.7550 and 0.7520 support levels to move into a bearish zone.

The pair even broke the 0.7480 support and the 50 hourly simple moving average. It spiked below 0.7420 and traded as low as 0.7409 on FXOpen. It is now consolidating losses above the 0.7400 level..



An immediate resistance is near the 0.7430 level. It is near the 23.6% Fib retracement level of the recent decline from the 0.7533 swing high to 0.7409 low. There is also a key bearish trend line forming with resistance near 0.7435 on the hourly chart of AUD/USD.

The next major resistance is near the 0.7465 level and the 50 hourly SMA. The 50% Fib retracement level of the recent decline from the 0.7533 swing high to 0.7409 low is also near the 0.7470 level.

To move into a positive zone, the pair must settle above 0.7470 and the 50 hourly SMA. An initial support on the downside is near the 0.7410 level. The next major support is near the 0.7400 level. If there is a downside break below the 0.7400 support, the pair could extend its decline towards the 0.7350 level.

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radex78

radex78

Well-known member
Verified
Jun 23, 2020
90
Points
183
EUR/USD REMAINS AT RISK, USD/CHF EYES LARGER INCREASE


EUR/USD declined heavily below 1.1900 and it tested 1.1770. USD/CHF is rising and it could gain momentum if it manages to clear the 0.9200 resistance.

Important Takeaways for EUR/USD and USD/CHF

  • [*The Euro started a fresh decline from well above the 1.1900 zone against the US Dollar.
  • There was a break below a major contracting triangle with support near 1.1855 on the hourly chart of EUR/USD.
  • USD/CHF started a fresh increase after it found support near 0.9123.
  • There was a break above a key bearish trend line with resistance near 0.9168 on the hourly chart.

EUR/USD Technical Analysis

The Euro struggled to gain pace above the 1.1900 level and it started a major decline against the US Dollar. As a result, the EUR/USD pair broke the 1.1850 support zone to move into a bearish zone.

The pair even declined below the 1.1820 support zone and settled below the 50 hourly simple moving average. There was also a break below a major contracting triangle with support near 1.1855 on the hourly chart of EUR/USD.



A low was formed near 1.1772 on FXOpen and the pair is now consolidating losses. An immediate resistance on the upside is near the 1.1795 level.

It is near the 23.6% Fib retracement level of the recent drop from the 1.1875 high to 1.1772 low. If there is an upside break above the 1.1800 resistance zone, the price could recover steadily towards the 1.1825 resistance zone.

The 50% Fib retracement level of the recent drop from the 1.1875 high to 1.1772 low is also near 1.1825. Any more gains might call for a test of 1.1850.

On the downside, there is a major support forming near the 1.1770 zone. A downside break below the 1.1770 support could start another decline. The next major support could be near the 1.1710 level.

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radex78

radex78

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Jun 23, 2020
90
Points
183
LTC AND EOS – UPSIDE EXPECTED BUT COULD BE CORRECTIONAL


LTC/USD

The price of Litecoin was on the rise from yesterday and came up by 6% from its low of $124.3 to $131.8 at its highest point today. We have seen a minor pullback to $127.6 and currently it started moving to the upside again.



On the hourly chart, you can see that yesterday’s low was the third lower low from the 29th of Jun. This could have marked the completion of the corrective ABC structure after a five-wave impulse from the 22nd of Jun. If this is true then the price is now set to continue moving to the upside in an impulsive manner.

Another possibility could be that the price made a three-wave increase from the 22nd till the 29th in which case we have seen a corrective ABCDE after, but in both cases, the price would be expected to continue moving higher. Either as the continuation of the corrective WXY of the higher degree in a negative scenario or the 3rd wave from the five-wave impulse in a positive one.

The pullback seen from yesterday is most likely the 2nd sub-wave of starting move to the upside so shortly a breakout would be expected from the descending resistance level and a higher high compared to yesterday’s one. Moving forward we are going to see from the price action which scenario is going to get validated.

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radex78

radex78

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Jun 23, 2020
90
Points
183
GOLD PRICE COULD EXTEND GAINS WHILE CRUDE OIL PRICE CORRECTS LOWER


Gold price started a decent recovery wave above the $1,820 resistance. Crude oil price is declining and it might even break the $70.00 support zone.


Important Takeaways for Gold and Oil
  • Gold price started a fresh recovery wave after forming a base above $1,790 against the US Dollar.
  • There is a key bullish trend line forming with support near $1,825 on the hourly chart of gold.
  • Crude oil price failed to settle above $75.000 and it started a fresh decline.
  • There was a break below a major bullish trend line with support near $74.55 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

This week, gold price formed a decent support base above the $1,790 zone against the US Dollar. The price started a fresh upward move and it surpassed the $1,800 resistance zone.

The price even settled above the $1,810 level and the 50 hourly simple moving average. The price even broke the $1,820 resistance and it traded as high as $1,833 on FXOpen. Recently, there was a minor downside correction below the $1,830 level.



The price even traded below the 23.6% Fib retracement level of the upward move from the $1,791 low to $1,833 high. However, the bulls are protecting the $1,820 support.

There is also a key bullish trend line forming with support near $1,825 on the hourly chart of gold. The 50 hourly SMA is also near the trend line. If there is a downside break, the price could test the $1,810 support.

An intermediate support could be the 50% Fib retracement level of the upward move from the $1,791 low to $1,833 high at $1,812. An immediate resistance on the upside is near the $1,832 level.

The first major resistance is near the $1,835 level. If the price breaks the $1,835 level, it could accelerate higher. In the stated case, the price could rise towards the $1,850 zone.

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radex78

radex78

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Jun 23, 2020
90
Points
183
GBP/USD AND EUR/GBP: BRITISH POUND REMAINS AT RISK


GBP/USD started a steady decline below the 1.3900 zone. EUR/GBP is rising and it might continue to rise if it breaks the 0.8600 resistance zone

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound failed to recover above the key 1.3900 resistance zone.
  • There is a major bearish trend line forming with resistance near 1.3855 on the hourly chart of GBP/USD.
  • EUR/GBP started a fresh increase after it found a strong support near the 0.8500 zone.
  • There was a break above a major bearish trend line with resistance near 0.8550 on the hourly chart.

GBP/USD Technical Analysis

The British Pound made many attempts to clear the 1.3900 and 1.3910 resistance levels against the US Dollar. The GBP/USD pair started a major decline and it settled below the 1.3850 pivot level.

The pair even broke the 1.3800 support level and it settled below the 50 hourly simple moving average. The recent low was formed near 1.3746 and the pair is now showing a lot of bearish signs.



An immediate resistance on the upside is near the 1.3775 level. The 23.6% Fib retracement level of the downward move from the 1.3861 swing high to 1.3746 low. The first major resistance is now forming near the 1.3800 zone.

The 50% Fib retracement level of the downward move from the 1.3861 swing high to 1.3746 low is also near the 1.3800 zone. The next major resistance near the 1.3820 level and the 50 hourly simple moving average.

There is also a major bearish trend line forming with resistance near 1.3855 on the hourly chart of GBP/USD. To move into a positive zone, the pair must clear the bearish trend line and then 1.3900.

An immediate support on the downside is near the 1.3745 level. A downside break below the 1.3745 level might call for a fresh decline towards the 1.3700 level. Any more losses could lead the pair towards the 1.3650 level in the near term.


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radex78

radex78

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Jun 23, 2020
90
Points
183
BTC AND XRP – ONCE AGAIN MOVING TO THE DOWNSIDE


BTC/USD

The price of Bitcoin has been falling downwards and made a decrease of 9.14% from Sunday’s high of $32,289 to its lowest point today at $29,336. It has broken the significant horizontal support zone and is currently interacting with the descending support level from the channel in which it was since the ending days of May.



On the hourly chart, you can see that this is another downfall back to its lows of the 26th of June and is eyeing out the one on the 22nd. This downward trajectory is the continuation of the descending triangle from the start of July which was broken on the downside today. This area is still considered as support so we might see a bounce for another minor recovery but the picture still looks bearish with the price most likely headed further down in the upcoming period.

If this last descending support breaks the price will move further down and with no significant support close it could continue moving to the $18,000 zone where the next one is. This would be expected in either way but potentially these low levels would be viewed as a good buying opportunity for some, which can lead to a minor recovery first.


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radex78

radex78

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Jun 23, 2020
90
Points
183
EUR/USD REMAINS AT RISK, USD/JPY EYES MORE UPSIDES



EUR/USD started a major decline and it traded below 1.1800. USD/JPY is attempting an upside break above the 110.00 resistance zone.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro is facing an increase in selling pressure below the 1.1800 level.
  • There is a major bearish trend line forming with resistance near 1.1800 on the hourly chart of EUR/USD.
  • USD/JPY started a fresh increase after it found support near the 109.10 zone.
  • There is a key bearish trend line forming with resistance near 110.00 on the hourly chart.

EUR/USD Technical Analysis

After a close below 1.1850, the Euro started a major decline against the US Dollar. The EUR/USD pair gained bearish momentum and it broke the 1.1820 support zone.

The pair settled below the 1.1800 level and the 50 hourly simple moving average. It traded as low as 1.1755 on FXOpen and the pair is still showing a lot of bearish signs. Recently, there was a minor upside correction above 1.1770.



The pair surpassed the 23.6% Fib retracement level of the recent decline from the 1.1825 high to 1.1755 low. It is now facing resistance near the 1.1780 level.

The first key resistance is 1.1790 zone and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.1825 high to 1.1755 low. There is also a major bearish trend line forming with resistance near 1.1800 on the hourly chart of EUR/USD.

A close above 1.1780 and 1.1800 could open the doors for a steady increase. If not, the pair might continue to move down below 1.1765. An intermediate support is near the 1.1755 level.

The next major support is near the 1.1750 level, below which the pair could drop towards the 1.1700 support in the near term.

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radex78

radex78

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Jun 23, 2020
90
Points
183
LTC AND EOS – HIGHER HIGH EXPECTED BEFORE THE COMPLETION OF THIS RISE

LTC/USD

The price of Litecoin has been on the rise from Tuesday’s low of $104 and made an increase of 13.86% as it came up to $118.8 today. Since then we have seen some sideways movement but the price is in an upward trajectory overall.



Looking at the hourly chart, you can see that this increase is counted as the starting impulse from the new count which is why now a higher high would be expected. The sideways movement we’ve seen is in that case the 4th wave and is likely going to end as a flat correction, establishing support above the 0.786 Fib level.

If this is true, then the price is now set to continue moving to the upside for a higher high which would be the end of this first impulsive move after which a retracement would be expected of the same degree. But the price would then be expected to continue moving upward for at least one more wave if this is an ABC to the upside. If this is the 1st sub-wave of the higher degree impulsive move then we are to see even higher levels of the price of Litecoin in the upcoming period, potentially above the $150.

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radex78

radex78

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Jun 23, 2020
90
Points
183
GBP/USD AND GBP/JPY: BRITISH POUND COULD GAIN STRENGTH



GBP/USD started a fresh increase after a drop to 1.3580. Similarly, GBP/JPY started a decent increase and it broke the 151.00 resistance zone.


Important Takeaways for GBP/USD and GBP/JPY

  • The British Pound traded as low as 1.3571 before climbing higher against the US Dollar.
  • There was a break above a major bearish trend line with resistance near 1.3700 on the hourly chart of GBP/USD.
  • GBP/JPY also climbed higher above the 150.00 and 151.00 resistance levels.
  • There was a break above a key bearish trend line with resistance near 150.15 on the hourly chart.

GBP/USD Technical Analysis

This past week, there was a strong decline in the British Pound below the 1.3800 level against the US Dollar. The GBP/USD pair even broke the 1.3700 and 1.3650 support levels.

It traded as low as 1.3571 on FXOpen before it started a fresh increase. There was a steady upward move above the 1.3650 resistance level. The price surpassed the 1.3680 resistance level and the 50 hourly simple moving average.



There was also a break above a major bearish trend line with resistance near 1.3700 on the hourly chart of GBP/USD. The pair is now trading nicely above the 1.3750 level.

It traded as high as 1.3798 before correcting lower. There was a break below the 1.3760 level. The pair tested the 23.6% Fib retracement level of the recent increase from the 1.3571 low to 1.3798 high. It is now trading inside a contracting triangle with resistance near 1.3760.

A clear break above the triangle resistance could set the pace for a larger increase above 1.3780. The next key resistance is near 1.3800, above which the pair could rise towards the 1.3880 level.

On the downside, an initial support is near the 1.3735 level and the 50 hourly SMA. If there is a break below the 1.3735 support, the pair could test the 1.3700 support. If there are additional losses, the pair could decline towards the 1.3650 level.

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radex78

radex78

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Jun 23, 2020
90
Points
183
BTC AND XRP – UPWARD MOVE LIKELY ENDED



BTC/USD

The price of Bitcoin has been on the rise since the 20th of July when it fell down to $29.316 at its lowest point. From there we have seen an increase of 38.7% as it came up to $40,679 at its highest point yesterday. Today the price fell down to $36,500 area and is now moving to the upside again, but the downfall of 10% might be indicative of the completion of the prior upward movement.



You can see that the price almost reached its most significant resistance zone at around $41,000 but failed to make interaction. The upward move from the 20th of July was impulsive in sections but the wave structure doesn’t imply a five-wave pattern. Instead, we could be looking at an ABC correction to the upside before the next downward move. The upward movement looks completed either way so now at least a retracement would be expected if not a start of a new downtrend.

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