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EURUSD Trading Below Middle Line of Declining Channel

The EURUSD currency pair is currently experiencing a downward trend, trading below the middle line of the declining channel at approximately 1.0920. The bears have managed to close under the 1.0915 support level, and the market is now testing this level as it acts as resistance. The long wick of the candlestick and the RSI indicator, which hovers below the 50 signal line, both indicate that the bears are still in control. As a result, another drop to the 1.08833 support level is possible.



In summary, the outlook for the EURUSD currency pair remains bearish as long as it continues to trade within the downward channel.

Navigating the XAUUSD Downtrend: Key Levels to Watch

The XAUUSD, or gold price, has been on a downward trend. This happened after the upward trendline was broken. The decline in gold prices slowed when it reached a significant support level at $1894.6, which is just below the 50% mark of the Fibonacci retracement tool. Please note, the RSI indicator is hovering near the oversold area.

For those who are bullish on gold, it?s crucial to prevent the price from closing below this level on the daily chart. They need to push the price above the 50% Fibonacci level to halt the steep decline. If they succeed, there?s a possibility for the price to fluctuate between $1894 and $1945.



However, if the price closes below this key level, the next target could be the 0.618 level of the Fibonacci retracement around $1865.

GBPUSD: A Close Look at Resistance and Support

The GBPUSD currency pair failed to breach the 1.2785 resistance level once again and declined from the resistance, closing below the 1.273 pivot. There is a minor support for GBPUSD at 1.2704. With the RSI hovering below the 50 line, there is a high chance for the bears to break this level and continue the downtrend.

The HubuFX analysis team suggests waiting for the price action around this level before making a decision. It is wise to wait since the GBPUSD price around the 1.2704 support has been erratic, as seen in the 1-hour chart. A close below the 1.27038 support will be considered a continuation of the downtrend, and the GBPUSD price is likely to target the 1.2622 supply zone.



The resistance level remains at 1.2785. The bulls must break this level in order to rise the price to upper levels.

It is important to note that the forex and stock markets always move between support and resistance levels. Therefore, it is vital to trade the assets based on when and how these levels are breached.

EURUSD Near Resistance: Short Opportunities Ahead

The EURUSD currency pair has recently bounced from the support zone at 1.085 and is currently testing the resistance area between 1.0915 and 1.0935. Interestingly, the EURUSD formed a bullish engulfing candlestick on its daily chart, which is usually a signal for the start of an uptrend or the end of a downtrend. However, it is important to note that based on price action trading, the 1.0915 - 1.0935 area is a significant barrier for the bulls and the market must close above this level on EURUSD before we can confirm the bullish scenario.

Despite this, the overall outlook for the EURUSD remains bearish as long as it is trading below 1.0935.



On the other hand, the EURUSD is currently hovering near a demand zone where selling pressure is likely to increase. As such, traders looking to go short on EURUSD should consider placing a stop loss above 1.0935 with a potential reward target at the previous low around 1.085.

In summary, while there are some bullish signals for the EURUSD currency pair, it remains in a bearish trend and traders should exercise caution when considering going long on this pair. As always, it is important to manage risk carefully and use appropriate stop loss levels when trading.

GBPUSD Bounces from Support, But Turns Bearish Again

The GBPUSD currency pair experienced a strong bounce from the 1.2621 support level and broke through the 1.271 weekly pivot point. After testing this level, the pair once again turned bearish in today?s trading session. The presence of a doji candle and a long wick candle pattern indicates market uncertainty at this level. With the GBPUSD now back below the pivot point, we can view last day?s high as a resistance level and consider the market direction to be bearish, with 1.2621 as its first target. The RSI indicator supports this bearish bias by remaining below the 50 level.



In summary, the bearish scenario remains valid as long as the 1.2732 resistance level remains unbreeched.


Trade Idea:
The HubuFX Analysis team suggests entering a short trade at GBPUSD while limiting the risk at 1.2745 and setting a target at 1.263. This strategy is designed to minimize potential losses for short traders on GBPUSD while maximizing potential gains. It is important to carefully consider the risks and potential rewards before entering any trade.


About GBPUSD

The GBPUSD pair, also known as ?The Cable,? is a foreign exchange term used to describe the British pound versus the US dollar. It is one of the oldest traded currency pairs. The GBPUSD exchange rate tells us how many US dollars are required to purchase one British pound. For example, if GBPUSD is currently trading at 1.4000, it means that every 1.4 US dollars would be equivalent to one British pound.

The GBPUSD pair is popular and widely traded due to its deep liquidity and high volatility characteristics, offering opportunities for both day trading and swing trading. It is highly impacted by certain economic reports such as GDP, employment reports, inflation, and more. However, central bank activity is one of the biggest drivers of volatility and price direction in the GBPUSD currency pair. This relates to both the central bank decisions coming from the Bank of England as well as the FOMC, which is the branch of the Fed tasked with making interest rate decisions.

EURUSD Technical Analysis, Bulls Need to Act Soon

The EURUSD downtrend has recently extended to the 0.786 Fibonacci level, reaching a low of 1.07731. Despite this, the fundamentals are not in favor of a bullish scenario. As a result, we do not recommend entering into a long trade at this time. In fact, the US economy is performing well, and there is a possibility that an even more bearish scenario could be on the horizon.



From a technical standpoint, the EURUSD has formed a hammer pattern on the 4-hour chart, clinging to both the bottom line of the declining channel and the 0.786 Fibonacci level. Although the RSI is not yet in oversold territory, there is a chance that the market may experience a pullback to correct the recent sharp declines.

As previously mentioned, the bullish scenario for the EURUSD is currently very weak. Therefore, it is recommended to closely observe the price action of the EURUSD near important resistance levels such as the 0.618 Fibonacci level and the 1.089 pivot point. These two levels could potentially provide a decent demand zone for bearish traders looking to enter short positions.

Bitcoin Analysis: Can The Bulls Take Control?

Bitcoin Technical Analysis: Bullish Signals for BTCUSD

The crypto market has experienced a growth of 1.6% in its capitalisation over the last 24 hours, reaching a total of $1.066 trillion. This impressive growth was observed on Wednesday afternoon. Following the strong rally in US tech stocks, buyers are now cautiously investing in cryptocurrencies after the recent sell-off.

In addition, the decline of Bitcoin has halted near the $25,000 support and it is currently trading in a range area between 25K and 27K.



From a technical analysis standpoint, we see a hammer and a bullish engulfing candlestick pattern in the daily chart which signals that bulls might take the role in the upcoming sessions. The RSI indicator is still hovering in the oversold zone under the level 30, making it 3 bullish signals for BTCUSD.

It is important to note that these bullish signals are formed in the daily chart which augments the bullish scenario. However, there is a minor resistance around the 27K that needs to be breached by the bulls in order to confirm the bullish scenario. If this breach happens in the following sessions, the target for buyers at Bitcoin will be the 28K resistance.

On the other hand, for the decline to continue, bears on Bitcoin need to close below 25K.

EURUSD Analysis: Can the Bears Hold Below 1.083 Pivot Level??

The EURUSD Currency pair is currently trading near the 1.083 pivot level. A bearish long wick shadow candle has formed near this level, indicating potential downward pressure on the pair. Additionally, the RSI indicator is hovering below the signal line, further supporting the bearish market outlook for EURUSD.



If the 1.083 pivot level holds, a decline to 1.073 is likely. However, on the flip side, if the bulls can close above the 1.083 pivot, a target of 1.089 can be considered.

A long wick shadow candle is a line on a candlestick chart that shows the highest and lowest prices a stock has traded at during a specific time period. It helps to show how the price of the stock has changed compared to its opening and closing prices. In simpler terms, it?s a way to see the range of prices a stock has had over a certain time.