Daily Technical Analysis

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radex78

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XRP/USD analysis


The price of Ripple has continued decreasing from the last week’s interaction with the support level at $0.244 and came down to $0.20865 at its lowest point yesterday. From there we have seen an increase of 9.05% as the price came up to $0.22591 at its highest point today.



On the hourly chart, we can see a similar picture like in the case of Bitcoin especially the interactions with the Fib level as the price found support on the 1.272. The price fell below the previous low at $0.2276 with strong bearish momentum indicating that we are still in a corrective stage of a higher degree and invalidating the possibility of the developing impulse wave.


Read more at https://blog.fxopen.com/btc-and-xrp-impulsive-move-to-the-upside-invalidated/

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EOS/USD analysis


The price of EOS was sitting at $2.357 at its lowest point on Monday from where we have seen an increase of 15.76% measured to its highest point yesterday at $2.7288. A minor retracement has occurred with the price currently sitting slightly lower than yesterday but is above the previous minor high retesting its resistance for support.



On the hourly chart, we can see that like in the case of Litecoin the price made a lower low compared to the one at $2.66 which is actually currently being tested for resistance. This means that the corrective stage still hasn’t ended and that further lows could be expected before its completion.

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Read more at https://www.fxopen.blog/ltc-and-eos-recovery-seen-but-for-how-long/

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GBP/JPY Technical Analysis


Earlier this week, the British Pound formed a strong support near the 140.00 level against the Japanese Yen. As a result, the GBP/JPY pair started a strong upward move above the 140.50 and 141.00 resistance levels.

Moreover, the price climbed above the 141.50 level and the 50 hourly simple moving average. A high was formed near the 141.84 level and the pair is currently correcting lower.




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Read more at https://www.fxopen.blog/eur-jpy-and-gbp-jpy-primed-for-more-gains/

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GBPUSD analysis

GBPUSD is moving in ranging market conditions on the H4 time frame, where the Keltner channel gives an indication of dynamic support and resistance.

The price broke through the channel's top, and gave an indication of rising market volatility, on the FXOpen chart.

This morning there was no gap that occurred in this pair, so by taking into account the price currently at the top of the channel, the possibility of a descending movement can occur at the beginning of this week.

The market trend is quiet on Monday, towards the end of this year, the market changes are not very large



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USD/CAD Technical Analysis


The US Dollar remained well bid above the 1.3250 and 1.3260 support levels against the Canadian Dollar. However, the USD/CAD pair failed to continue above 1.3300 and 1.3310 resistance levels.

The last swing high was formed near 1.3313 before the pair declined and revisited the 1.3260 support area. A low was formed near 1.3267 and the pair is currently correcting higher.



It is trading above the 1.3280 level and the 50 hourly simple moving average. Besides, it is testing the 50% Fib retracement level of the last decline from the 1.3313 high to 1.3267 low.

On the upside, there are many resistances near the 1.3295 and 1.3300 levels. Additionally, there is a crucial bearish trend line forming with resistance near 1.3305 on the hourly chart.


Read more at https://www.fxopen.blog/gbp-usd-and-usd-cad-are-likely-to-continue-higher/

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XRP/USD Analysis


From last Friday when the price of Ripple came up to $0.23307 we have seen a decrease of 5.78% as the price came down to $0.2199 at its lowest point yesterday which is again currently being retested for support.



On the hourly chart, you can see that the price is made a five-wave recovery similar like on the chart of Bitcoin and formed an ascending triangle. With the price decrease now retesting the horizontal support we are yet to see if the support is present.


Read more at https://www.fxopen.blog/btc-and-xrp-have-we-seen-a-leading-diagonal/

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USD/JPY Technical Analysis


The US Dollar struggled to clear the 109.70 and 109.80 resistance levels against the Japanese Yen. As a result, the USD/JPY pair started a strong decline below the 109.50 support area.

Moreover, the pair traded below a couple of important bullish trend lines near 109.50 on the hourly chart. The decline was such that the pair tumbled below the 109.00 support and the 50 hourly simple moving average.



Finally, the price traded below the 108.65 support and a new weekly low was formed near 108.48. The pair is still trading with a bearish angle below the 108.65 level.

An immediate resistance is near the 23.6% Fib retracement level of the recent decline from the 109.20 high to 108.48 low. If there is an upside correction above the 108.65 level, the pair could test the 108.80 resistance.

Read more at https://www.fxopen.blog/eur-usd-recovering-while-usd-jpy-tumbling/

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EOS/USD Analysis


The price of EOS has also broken out from its ascending range but fell only by 7.36% from its highest point on Sunday at $2.81 to 2.61. Like in the case of Litecoin the price spiked to the upside yesterday coming to retest the 0.786 resistance level but shortly fell back to the levels from which the increase was made.



Looking at the hourly chart, we can see that the price of EOS formed an ascending channel in which the price moved in a five-wave manner. This could be interpreted as a leading diagonal especially considering that this occurred after an interaction with the 1.272 Fibonacci level and the decline from the breakout momentum out of the ascending triangle.

Read more at https://www.fxopen.blog/ltc-and-eos-corrective-retracement-or-downtrend-continuation/

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Oil Price Technical Analysis


This week, there was a nice upward move in crude oil price from the $55.40 support area against the US Dollar. The price even climbed above the $56.50 resistance area to move into a positive zone.

Furthermore, there was a break above the $57.00 hurdle and the 50 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $57.15 on the hourly chart of XTI/USD.



It opened the doors for more gains above the $58.00 level. The price traded as high as $56.02 and it is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent wave from the $55.31 low to $59.02 high.

On the downside, there are many supports near $57.75, $57.70 and $57.60. The 50 hourly simple moving average is also near the $57.75 level.

Besides, the 38.2% Fib retracement level of the recent wave from the $55.31 low to $59.02 high is near $57.17. If there are more downsides, the price could revisit the $57.00 support area.

Conversely, crude oil price could resume its upward move above the $58.50 and $59.00 resistance levels in the near term.


Read more at https://www.fxopen.blog/gold-price-and-crude-oil-price-likely-to-rise-further/

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