Daily Price Outlook

• The GBPUSD pair is on the upswing, eyeing a bullish trend with a target of 1.2680, spurred by a double bottom pattern.
• Some sideways movement is possible due to Stochastic indicator’s current negativity, but keep an eye on the 1.2545 mark – breaking it could lead to testing support at 1.2470.
• Today’s trading range is likely between 1.2500 support and 1.2660 resistance, with a bullish trend expected.

The GBPUSD pair is making positive strides, gearing up to continue its anticipated bullish run in the near future, fueled by the momentum from the recently formed double bottom pattern. We’re setting our sights on an impressive target of 1.2680 as the pair climbs.

However, the current Stochastic indicator hints at a little turbulence; we might witness some sideways zigzagging before the pair gets its rocket boosters back on.

Take note though, if the pair slips below 1.2545, it’s like walking on a tightrope as it may dive to test critical support at 1.2470 before making another shot at the moon.

For today’s trading landscape, keep an eagle eye on the 1.2500 support and 1.2660 resistance levels.

GBP/USD Price Chart – Source: Tradingview

GBP/USD – Trade Idea

Entry Price – Buy Above 1.25595

Stop Loss – 1.25241

Take Profit – 1.26264

Risk to Reward – 1: 1.89

Profit & Loss Per Standard Lot = +$669/ -$354

Profit & Loss Per Micro Lot = +$66/ -$35

Daily Price Outlook

• Ethereum’s recent break below the $1,770 support in a symmetrical triangle pattern signals strong selling pressure.
• With RSI and MACD both indicating a selling trend, Ethereum may target the $1,700 support level if it stays below $1,760-$1,770.
• A rebound above $1,770 could shift momentum, pushing Ethereum towards resistance levels at $1,818 and $1,850.

Ethereum is currently experiencing significant fluctuations. According to technical analysis, Ethereum recently broke below a symmetrical triangle pattern, losing support at around $1,770.

This has caused Ethereum to slide further below $1,740. The appearance of a bearish engulfing candlestick, followed by a doji candlestick, indicates that sellers are dominating the market. Furthermore, the Relative Strength Index (RSI) is below 50, hinting at a stronger selling trend.

The Moving Average Convergence Divergence (MACD) is also indicating a selling trend, reinforcing the bearish sentiment. As long as Ethereum remains below $1,760 to $1,770, the downward trajectory may continue, possibly targeting the $1,700 support level, which has historical significance.

If the price falls below $1,700, it may continue to decline to around $1,647 or potentially even $1,600.

On the flip side, if Ethereum manages to break above the $1,770 level, it could move towards the next resistance levels at $1,818 and $1,850. These levels could be seen as exit points for some investors.

In conclusion, it is crucial to closely monitor the $1,770 level, as a break in either direction could be indicative of Ethereum’s next major move.

ETH/USD Price Chart – Source: Tradingview

ETH/USD – Trade Idea

Entry Price – Sell Below 1760.0

Stop Loss – 1784.8

Take Profit – 1703.3

Risk to Reward – 1: 2.2

Profit & Loss Per Standard Lot = +$567/ -$248

Profit & Loss Per Micro Lot = +$56/ -$24

Daily Price Outlook

• Gold closed below the $1960.00 level, suggesting increased negative pressure and a potential target of $1925.35 in upcoming sessions.
• A bearish bias is expected today, with support from trading below the EMA50. Breaking above $1960.00 could reestablish a bullish trend with a target of $2000.00.
• The projected trading range for today is between $1925.00 support and $1965.00 resistance. The overall trend forecast is bearish.

The price of gold closed below the $1960.00 level yesterday, indicating a potential increase in negative pressure in the upcoming sessions as it heads towards the target level of $1925.35.

Consequently, a bearish bias is anticipated for today, supported by trading below the EMA50. However, if the price manages to break above the $1960.00 level and hold above it, it could reactivate the bullish trend scenario with the next target set at $2000.00.

The projected trading range for today is expected to be between the support level of $1925.00 and the resistance level of $1965.00. Overall, the forecasted trend for today is bearish.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1960

Stop Loss – 1950

Take Profit – 1980

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Micro Lot = +$200/ -$100

Daily Price Outlook

• Bitcoin has found support around the $26,200 level, as indicated by the formation of doji and hammer candles.
• The $26,200 level is being reinforced as strong support for Bitcoin.
• The 50-day exponential moving average is acting as resistance near $26,500, creating additional pressure on Bitcoin.

Bitcoin has found a level of support around $26,200, as evidenced by the formation of doji and hammer candles. This suggests a possible weakening of the bearish sentiment and signs of exhaustion among sellers.

The $26,200 level is solidifying as strong support for Bitcoin. However, there is a discrepancy between the RSI and MACD indicators, with the RSI in the oversold zone and the MACD indicating a buy zone.

Bitcoin is facing resistance near the $26,500 mark, primarily due to the presence of the 50-day exponential moving average. This resistance is putting additional pressure on Bitcoin’s price, making it advisable to wait for a breakout from the current trading range.

If the price breaks below the $26,200 level, it could result in further downward movement, potentially reaching the $25,400 mark.

Conversely, a confirmed breakout from the current range could create selling opportunities, with a potential target around $24,750.

On a positive note, if Bitcoin manages to hold above $26,200, it could set its sights on resistance levels at $26,000 and $27,400. Breaking through the resistance at $26,500 is crucial for further upward movement.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Entry Price – Buy Limit 26177

Stop Loss – 25791

Take Profit – 27360

Risk to Reward – 1: 3

Profit & Loss Per Standard Lot = +$1183/ -$386

Profit & Loss Per Micro Lot = +$118/ -$386

Daily Price Outlook

• SEC targets Binance and Coinbase, causing market decline
• Ethereum faces downward pressure, trading between $1860 and $1830
• Watch out for the crucial $1830 level, as Ethereum may drop towards $1800 or even lower to $1775 or $1760.

The SEC is on a mission, targeting Binance and Coinbase, and the market took a tumble. Poor Ethereum couldn’t escape the downward pressure and is now bouncing between $1860 and $1830. The technical indicators are definitely feeling bearish vibes.

The 50-day moving average is putting up a fight at $1854, suggesting more potential downside. And guess what? The RSI and MACD indicators are joining the bear party too.

Watch out for that crucial $1830 level! If it breaks, Ethereum could take a plunge towards $1800. And if it falls below that psychological level, brace yourself for a wild ride towards $1775 or even $1760. Keep an eye on those charts

ETH/USD Price Chart – Source: Tradingview

ETH/USD – Trade Idea

Entry Price – Sell Stop1824

Stop Loss – 1861.4

Take Profit – 1782.9

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$41.9/ -$36.6

Daily Price Outlook

• XRP is priced at $0.521745 with a trading volume of $1,609,517,823 in the past 24 hours.
• It holds the sixth position on CoinMarketCap with a market cap of $27,123,960,742.
• Technical analysis shows a slight bullish bias as XRP bounces off the support at $0.5108.

The current price of XRP is $0.521745 with a 24-hour trading volume of $1,609,517,823. Over the past 24 hours, XRP has decreased by 1.53%.

It holds the sixth position on CoinMarketCap with a live market cap of $27,123,960,742. There are 51,987,017,573 XRP coins in circulation out of a maximum supply of 100,000,000,000 XRP coins.

Technically, Ripple (XRP) shows a slight bullish bias after bouncing off the support zone around $0.5108. On the four-hour chart, a doji candle followed by a hammer candlestick pattern suggests weakening selling pressure and potential dominance by buyers.

The presence of an uptrend line indicates increased bullish strength. However, the Relative Strength Index (RSI) hovers around the 50 level, signaling a neutral stance.

The Moving Average Convergence Divergence (MACD) forms histograms around the middle line, reflecting a balance between buying and selling pressures.

Resistance is seen at $0.5345, and a breakout could generate higher demand and propel XRP towards the target level of $0.5478.

Possibilities include a breakout above $0.5478, which could drive XRP towards $0.5595 or higher. Conversely, if XRP breaks below the support level at $0.5108, it may target subsequent supports at $0.5000 and $0.4895.

XRP/USD Price Chart – Source: Tradingview

XRP/USD – Trade Idea

Entry Price – Buy Above 0.51040

Stop Loss – 0.49490

Take Profit – 0.53411

Risk to Reward – 1: 1.27

Profit & Loss Per Standard Lot = +$22/ -$14

Daily Price Outlook

• Bitcoin finds support around $26,200, with doji and hammer candle formations indicating weakening bearish bias and seller exhaustion.
• Divergence between RSI and MACD, with oversold RSI and buy zone MACD, adds complexity to Bitcoin’s price movement.
• $26,500 acts as resistance with the 50-day exponential moving average, urging caution and a wait for breakout confirmation.

During the Asian session, Bitcoin found support around the $26,200 level, indicated by the formation of doji and hammer candles. This suggests a potential weakening of the bearish bias and exhaustion among sellers.

The $26,200 level is being reinforced as strong support for Bitcoin. However, there is a divergence between the RSI and MACD indicators, with RSI in the oversold zone and MACD showing a buy zone.

The 50-day exponential moving average is acting as resistance near $26,500, adding pressure to Bitcoin. It is advisable to wait for a breakout from the current range.

A break below $26,200 could lead to further downward movement towards $25,400, while a confirmed breakout could provide selling opportunities, potentially targeting $24,750.

On the other hand, if Bitcoin holds above $26,200, it could aim for resistance levels at $26,000 and $27,400. Breaking through the $26,500 resistance is crucial.

The current candlestick patterns, including the hammer candle, suggest investor uncertainty regarding the cryptocurrency’s trend. Monitoring for fundamental events that could impact the price is essential.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Entry Price – Buy Above 26162

Stop Loss – 25295

Take Profit – 27350

Risk to Reward – 1: 1.27

Profit & Loss Per Standard Lot = +$1188/ -$867

Profit & Loss Per Micro Lot = +$118/ -$86

Daily Price Outlook

• Gold is trading around the $1943 level after bouncing off support at $1939. It attempted to break above $1948 but is currently consolidating, with a bearish sentiment indicated by the RSI and MACD indicators.
• A break below $1939 could lead gold to target $1932 and continue the downward trend towards $1923 and $1990.
• Surpassing $1948 may push gold towards the next targets at $1955 or $1958. Monitoring the price action around $1948 is crucial for determining the potential continuation of the downward trend.

On Thursday, the price of gold is trading in a range around the $1943 level after bouncing off the support level at $1939. It made an attempt to break above $1948 but failed to sustain above this level and is currently consolidating.

The overall trading sentiment for gold appears to be bearish as indicated by the relative strength index (RSI) and moving average convergence divergence (MACD) indicators.

The RSI has a value of 38, suggesting selling pressure, while the MACD is holding around -3. Additionally, the 50-day exponential moving average is acting as resistance around the $1950 level, indicating a stronger bearish sentiment.

If gold breaks below the $1939 level, it could potentially reach the target of $1932 and continue its downward trend towards $1923 and $1990. On the other hand, if gold surpasses the $1948 level, the next target could be around $1955 or $1958.

Therefore, it is important to monitor the price action around the $1948 level as a break below this level may signal a continuation of the downward trend in the price of gold.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Above 1948

Stop Loss – 1958

Take Profit – 1931

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1640/ -$1026

Profit & Loss Per Micro Lot = +$164/ -$102

Daily Price Outlook

• Bitcoin is rebounding from the $25,400 level and currently trading around $26,900.
• Resistance is observed around the $27,350 level, indicating increased selling pressure and potential dominance by sellers in the market.
• Breaking through the $27,350 level is crucial for Bitcoin to maintain upward momentum.

Bitcoin is currently rebounding from $25,400 and trading around $26,900. It faces resistance at $27,350, indicating increasing selling pressure.

Technical indicators show divergence, with bullish territory suggesting buying pressure. Breaking through $27,350 is crucial for upward momentum.

Immediate support is around $26,600, with potential decline to $26,175 and $25,400. Breaking $27,350 could target $28,000 and $28,400. Monitoring $27,350 is important for traders.

BTC/USD Price Chart - Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Buy Stop 27450

Stop Loss – 26656

Take Profit – 28293

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$843/ -$794

Profit & Loss Per Micro Lot = +$84/ -$79

Daily Price Outlook

• EUR/USD pair starts the day on a negative note, breaking the intraday bullish trend line and targeting a decline towards 1.0745.
• Today’s trading outlook suggests a bearish bias as the price remains below the EMA50.
• Traders should expect a trading range between 1.0730 support and 1.0875 resistance for today’s session.

The EUR/USD pair kicked off today’s trading session with a clear negative tone, breaking the intraday bullish trend line. The focus now turns to the expected decline, with an initial target set at 1.0745.

Traders should closely monitor the price action at this level, as a break below it could extend the bearish momentum, potentially leading to a test of the 1.0630 region as the next major support zone.

Today’s trading outlook suggests a bearish bias, supported by the price trading below the EMA50. However, if the pair manages to breach the 1.0870 level, it could halt the negative scenario and pave the way for a resumption of the main bullish wave.

Traders should anticipate a trading range between support at 1.0730 and resistance at 1.0875 for today’s session. Overall, the expected trend for today is bearish.

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Trade Idea

Entry Price – Sell Below 1.0688

Stop Loss – 1.07197

Take Profit – 1.06348

Risk to Reward – 1 : 1.75

Profit & Loss Per Standard Lot = +$540/ -$309

Profit & Loss Per Micro Lot = +$54/ -$30