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GBP/USD and GBP/JPY Could Resume Decline GBP/USD started a fresh decline from well above 1.3640 and traded below 1.3400. GBP/JPY is also declining and trading below 135.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a fresh decline from well above 1.3600 against the US Dollar. There is a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD. GBP/JPY also started a fresh decline after it failed to clear the 156.75 resistance. There was a break below a short-term contracting triangle with support near 154.65 on the hourly chart. GBP/USD Technical Analysis After facing resistance near 1.3620, the British Pound found started a fresh decline against the US Dollar. The GBP/USD pair gained pace below the 1.3500 support zone to enter a bearish zone. There was also a break below the 1.3450 zone and the 50 hourly simple moving average. It traded as high as 1.3269 on FXOpen and is currently correcting losses. There was a minor recovery wave above the 1.3350 level. GBP/USD Hourly Chart The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low. However, the pair faced a strong resistance near the 1.3450 level. There is also a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD. The trend line is near the 50% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low. The next major hurdle is near 1.3500, above which the pair could surge towards 1.3550 in the near term. If there is no upside break, the pair could correct lower below 1.3320. The next major support is near the 1.3300 level. If there is a break below the 1.3300 support, the pair could test the 1.3250 support. If there are additional losses, the pair could decline towards the 1.3200 level. Read Full on FXOpen Company Blog...

If you want to go BIG, Stop Thinking SMALL Forex Trading in Geo Political Crisis Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum

Gold Price and Crude Oil Price Could Rally Further Gold price gained bullish momentum above $1,950 before correcting lower. Crude oil price is holding the $92.00 support and might start a fresh increase. Important Takeaways for Gold and Oil Gold price started a major increase above the $1,900 and $1,920 levels against the US Dollar. There was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold. Crude oil price corrected lower, but it found support near $91.00. There is a major bullish trend line forming with support near $92.10 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold Price Hourly Chart Gold price formed a support base near $1,850 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,900 level to move into a positive zone. There was a clear move above the $1,920 level and the 50 hourly simple moving average. The price even climbed above the $1,950 resistance level. A high was formed near $1,974 on FXOpen before the price started a downside correction. There was a break below the $1,950 level. Besides, there was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold. The price even spiked below the $1,900 level, but it found support near $1,880. A low is formed near $1,878 and the price is rising again. There was a move above the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low. On the upside, the price is facing resistance near the $1,915 level and the 50 hourly simple moving average. The main resistance is now forming near the $1,935 level. The 50% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low is also near $1,935. A close above the $1,935 level could open the doors for a steady increase towards $1,950. The next major resistance sits near the $1,975 level. On the downside, an initial support is near the $1,900 level. The first major support is near the $1,880 level. If there is a downside break below the $1,880 level, the price could decline to $1,850. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 24th FEB, 2022 ETHUSD: Bearish Engulfing Pattern Below $2,900 Ethereum failed to clear its resistance level of $3,200 last week and started moving into a bearish channel which continues today, pushing the price below the $2,500 handle in the European trading session. Ethereum markets are witnessing a strong bearish phase with the investors selling their holdings in the wake of Russia attacking Ukraine. We have seen that the safe haven status of the USD holds, which continues to push down the prices of ETHUSD in the medium-term scenario. We can clearly see a bearish engulfing pattern below the $2,900 handle, which signifies the end of a bullish phase and the start of a bearish phase in the markets. ETH is now trading just above its pivot level of $2,352 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,235 and Fibonacci resistance level of $2,320 after which the path towards $2,100 will get cleared. The relative strength index is at 27 indicating a WEAKER demand for Ethereum and the continuation of selling pressure in the markets. All of the technical indicators are giving a STRONG SELL market signal. All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $2,200 to $2,100 in the short-term range. ETH is now trading below both the 100 hourly and 200 hourly simple moving averages. A bearish reversal seen below the $2,900 mark The short-term range appears to be strongly BEARISH The daily RSI is below 50 at 32 indicating a BEARISH market The average true range is indicating LESS market volatility Ether: Strong Bearish Momentum Seen Below $2,900 ETHUSD is now moving into a strong bearish momentum with the prices trading below the $2,400 handle in the European trading session today. Both the Williams percent range (daily) and StochRSI (daily) is indicating an OVERSOLD market, which means that a pullback in the level of Ethereum is expected soon. We can see that the bearish trend line has extended, and now a move below $2,200 is expected in the short-term. The prices of ETHUSD need to remain above the $2,100 handle for any bullish reversal in the markets. At present, we are looking for immediate targets of $2,200 after which it is expected to enter into a consolidation and correction phase. The key support level to watch is $2,100, and the key resistance level is $2,500 for this week. ETH has declined -12.29% with a price change of -332.72$ in the past 24hrs, and has a trading volume of 20.564 billion USD. We can see an increase of 36.99% in the total trading volume in the last 24 hrs due to the broad-based selling in the crypto markets globally. The Week Ahead Ethereum is now moving into a consolidating level above $2,200 which if completed will give the buyers a chance to pull back its level towards an important resistance zone located at $2,500. The ongoing Russia-Ukraine war crisis is also affecting the global cryptocurrency markets including Ethereum because the investors are unwilling to hold Ethereum in view of the market liquidity crunch in Europe and Russia. If the prices of ETHUSD continue to remain above the $2,000 handle as seen today, it will start the next leg of its bullish move towards $2,500 handle next week. The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook for Ether is BULLISH towards the $3,000 handle. This week, Ether is expected to move in a range between the $2,000 and $2,500, to trade at levels above $2,500 next week. Technical Indicators: The moving averages convergence divergence (12,26): at -71.42 indicating a SELL The commodity channel index (14-day): at -82.77 indicating a SELL The rate of price change: at -9.82 indicating a SELL The Stoch (9,6): at 20.89 indicating a SELL Read Full on FXOpen Company Blog...