Daily Price Outlook

• Bitcoin struggles at a crucial resistance level of $28,300, with technical indicators pointing towards an overbought market, suggesting a potential price correction.
• If Bitcoin can’t break through $28,300, shorting opportunities may arise, with targets set at $27,500 and even $27,000.
• A successful breach and close above $28,300 might motivate investors to go long, aiming for resistance levels at $29,000 and potentially $29,450.

In technical analysis, Bitcoin faces a significant hurdle at the $28,300 mark, emphasized by the four-hour ‘double tap’ pattern. The frequent candle closures below this point hint at buyer fatigue, suggesting a potential shift in market control to sellers.

Key technical indicators such as RSI and MACD are in the overbought zone, with RSI near 76.75 and MACD displaying extended histograms around 171. The wide gap between the 50-day EMA (approximately $27,000) and Bitcoin’s current market price (close to $28,000) suggests the market is overbought, signaling a potential price correction.

Investors might get a chance to short Bitcoin below $28,300, targeting $27,500 or even $27,000, if Bitcoin fails to surpass this level. Alternatively, breaking and closing above $28,300 could push investors to go long, aiming first for $29,000, then potentially higher near $29,450.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Buy Above 27700

Stop Loss – 27000

Take Profit – 29000

Risk to Reward – 1 : 1.85

Profit & Loss Per Standard Lot = +$1300/ -$700

Profit & Loss Per Micro Lot = +$130/ -$70

Daily Price Outlook

• The EUR/USD pair displays a somewhat bullish trend, having found significant support at the 1.0706 level.
• A possible hurdle at the 1.0740 level might impede its progress, while a breach above this level could lead to the 1.0760 mark.
• With the Euro trading within the range of 1.0706 and 1.0760, we can expect a choppy session. A break below 1.0706 could provide a shorting opportunity.

On the technical front, the EUR/USD currency pair is exhibiting a somewhat bullish trend after finding significant support around the 1.0706 level. At present, the Euro has climbed above the 50-day exponential moving average (EMA), which is now providing it with additional support at the 1.0717 level.

A hurdle may be encountered around the 1.0740 level, which is extended by a downward trending line visible on the four-hour timeframe.

A bullish breach above the 1.0740 level has the potential to guide the EUR/USD pair towards the 1.0760 level. However, one could say that the EUR/USD pair is currently operating within a narrow trading range, with an upper boundary at the 1.0760 level and a lower boundary at the 1.0706 level. As long as the EUR/USD pair remains within this specific range, we can anticipate a choppy session.

Nevertheless, if the Euro manages to break below the 1.0706 level, we may have an opportunity to short the EUR/USD pair. For now, it is crucial to keep a close watch on the 1.0700 level; a breach below this could offer another opportunity to short the EUR/USD pair.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Sell Below 1.0750

Stop Loss – 1.0779

Take Profit – 1.0680

Risk to Reward – 1: 2.40

Profit & Loss Per Standard Lot = +$700/ -$295

Profit & Loss Per Micro Lot = +$70/ -$29

Daily Price Outlook

• Bitcoin sees a downturn as it fails to breach the 26,600 resistance level.
• Technical indicators show divergence; RSI signals a sell zone, while MACD indicates a buy zone.
• Strategy for the day involves looking for a sell position below 26,600 with a take-profit around 26,000.

On Friday, the leading cryptocurrency Bitcoin displayed a downward trend based on British trading data, following its failure to breach the resistance level of 26,600, as observable on the two-hour timeframe. The closing of doji and spinning top candles beneath the 26,600 mark suggests the exhaustion of bulls and potential takeover by sellers.

Consequently, Bitcoin’s immediate support is projected around the 26,000 level, and a break below this threshold could steer the Bitcoin price toward the next support level at 25,800.

Upon examining the prominent technical indicators, namely the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), we note mixed signals. The RSI is indicating a sell zone, whereas the MACD rests in a buying zone, thereby displaying divergence.

This suggests a wait-and-watch approach may be necessary, requiring additional Bitcoin candle closings under the 26,600 level before considering a sell position.

Conversely, if Bitcoin breaks through the 26,600 level, it has the potential to aim for the next target of 27,000 or even higher, possibly up to 27,400. Hence, the strategy for today is to look for a sell position below 26,600, with a take-profit around the 26,000 level.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Sell Below 26500

Stop Loss – 26850

Take Profit – 25900

Risk to Reward – 1 : 1.7

Profit & Loss Per Standard Lot = +$600/ -$350

Profit & Loss Per Micro Lot = +$600/ -$35

Daily Price Outlook

• AUD/USD finds support around 0.6490 level, trading at 0.6520.
• Bullish inside bar pattern formed on the four-hour timeframe, indicating a potential reversal.
• Targeting 23.6% Fibonacci retracement level at 0.6530, with further upside if resistance at 0.6555 is breached.

During the Asian session, the AUD/USD currency pair found support near the 0.6490 level and is currently trading around 0.6520. On the four-hour timeframe, a bullish inside bar pattern formed, characterized by a hammer candle followed by a strong bullish candle. This suggests a potential reversal from the previous bearish trend, with bullish momentum building.

The pair could experience a modest bullish movement, targeting the 23.6% Fibonacci retracement level at 0.6530. Further upside may be expected if the pair breaks above the resistance level at 0.6555, which coincides with the 38.2% Fibonacci retracement level. A breakthrough of the 0.6550 level could lead to the next target at the 61.8% Fibonacci retracement level around 0.6599.

However, if the pair violates the support level at 0.6490, it could decline towards the next support level at 0.6453. In summary, the 0.6490 level is likely to play a significant role as a pivot today, and traders should closely monitor for potential bullish retracement opportunities.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Trade Idea

Entry Price – Buy Above 0.64895

Stop Loss – 0.64614

Take Profit – 0.65550

Risk to Reward – 1 : 2.33

Profit & Loss Per Standard Lot = +$655/ -$281

Profit & Loss Per Micro Lot = +$655/ -$28

Daily Price Outlook

• Gold experienced a downward movement, finding support around $1,936.
• Resistance is expected around $1,955, with a possibility of further upside towards $1,965.
• Core durable goods orders and UoM consumer sentiment from the US economy are important factors to monitor for gold’s price action.

On Friday, the precious metal gold experienced a downward movement, finding support around the $1,936 level. Analyzing the 4-hourly timeframe, it appears that gold may see a bullish trend following the formation of a doji candlestick pattern. Additionally, an engulfing candlestick pattern indicates weakening of the bearish sentiment and a potential shift towards a bullish sentiment.

The immediate resistance for gold is expected to be around the $1,955 level. If there is an increased demand for precious metals, gold has the potential to break through the $1,955 level and target the next resistance at $1,965. On the downside, support for gold is seen around the $1,935 level, and a break below this level could lead to a further decline towards $1,919.

It is important to monitor the core durable goods orders and the UoM consumer sentiment from the US economy, as these factors could impact the price action of gold and the US dollar.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) - Trade Idea

Entry Price – Buy Above 1945

Stop Loss – 1935

Take Profit – 1960

Risk to Reward – 1 : 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100

Daily Price Outlook

• Gold is facing resistance at the $1960 level
• Support is expected around the $1952 level
• Violation of the $1952 level could expose gold to support levels at $1944 and $1936

Gold is currently trading around the $1955 level, with a bearish sentiment prevailing in the market. On the four-hour timeframe, a descending candle pattern is forming, indicating a strong selling trend in gold.

The immediate resistance for gold is expected around the $1960 level, while support can be found around the $1952 level. A breach of the $1952 level may lead to a further decline towards the next support levels at $1944 and $1936.

Conversely, if gold manages to hold above the $1950 level, it could trigger a bullish bounce. A break above the $1960 to $1968 range may indicate a potential bullish correction.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) - Trade Idea

Entry Price – Buy Above 1952

Stop Loss – 1942

Take Profit – 1968

Risk to Reward – 1 : 1.7

Profit & Loss Per Standard Lot = +$1649/ -$924

Profit & Loss Per Micro Lot = +$164/ -$92

Daily Price Outlook

• GBP/USD is trading with a bearish bias
• Key support level breached at 1.2390
• Waiting for retracement to consider sell position below 1.2395 or around 1.2375

The GBP/USD currency pair is currently trading with a bearish bias as the US dollar strengthens due to solid fundamentals emerging from the US economy. The pair is currently hovering around the 1.2345 level.

On the four-hour timeframe, GBP/USD has formed three consecutive black candles followed by a bearish engulfing candle, indicating dominance by the British base in the market.

The pair has also breached the key support level at 1.2390, and a close below this level suggests a bearish sentiment. The RSI and MACD indicators are both in the oversold zone, signaling a potential bullish correction.

The price is currently in the middle of the upper range at 1.2395 and the lower range at 1.2300. It is advisable to wait for a retracement in the market and consider taking a sell position below 1.2395 or around 1.2375, with a target around 1.2300 or 1.2275.

GBP/USD Price Chart – Source: Tradingview

GBP/USD - Trade Idea

Entry Price – Sell Below 1.23750

Stop Loss – 1.24000

Take Profit – 1.23000

Risk to Reward – 1 : 3

Profit & Loss Per Standard Lot = +$750/ -$250

Profit & Loss Per Micro Lot = +$75/ -$25

Daily Price Outlook

• Bitcoin finds support around $25,800 during the Asian session.
• Hammer pattern formation suggests a potential bullish reversal.
• Resistance at $26,600, reinforced by the 50-day exponential moving average, acts as a barrier for Bitcoin’s upward movement.

During the Asian session, the leading cryptocurrency Bitcoin has found support around the $25,800 level. The formation of a hammer pattern on the four-hour timeframe above the $25,800 level suggests a potential bullish reversal, indicating weakening bearish momentum.

However, Bitcoin faces resistance around the $26,600 level, which is reinforced by the 50-day exponential moving average. This level previously acted as support but now serves as a resistance after being violated. On the downside, if Bitcoin breaks below the $25,800 level, it could target the $25,500 level.

The RSI and MACD indicators are in the oversold zone, indicating the possibility of a minor bullish correction. Therefore, it is important to monitor the $25,800 level, as a break above it could lead to a slight bullish correction towards the $26,400 or $26,600 level.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Buy Above 25900

Stop Loss – 25644

Take Profit – 26616

Risk to Reward – 1 : 2.8

Profit & Loss Per Standard Lot = +$716/ -$256

Profit & Loss Per Micro Lot = +$71/ -$25

Daily Price Outlook

• Ethereum’s price has dropped to $1,824, following Bitcoin’s bearish trend.
• The 50-day moving average suggests potential support around $1,835.
• Bearish indicators such as the RSI and MACD indicate a downward sentiment, urging investors to monitor the $1,835 level for further downside potential.

Ethereum, the second-largest cryptocurrency, has mirrored Bitcoin’s bearish trend, with its price dropping to $1,824. The 50-day moving average on both daily and hourly timeframes suggests potential support around $1,835. A bearish engulfing candle further confirms the downward trend, indicating seller dominance and weakening buyer activity.

Downside potential indicates a possible target of $1,810, with the hourly trendline extending to the psychological level of $1,800. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are currently in the bearish zone, with RSI below 50 and MACD below zero, reflecting a bearish sentiment.

Investors should closely monitor the $1,835 level as a break below it could lead to further downside momentum, potentially testing support levels at $1,800 or $1,885. On the upside, if Ethereum surpasses $1,835 and reaches $1,838, resistance levels at $1,850 or $1,875 may come into play.

ETH/USD Price Chart – Source: Tradingview

ETH/USD - Trade Idea

Entry Price – Sell Below 1830

Stop Loss – 1840

Take Profit – 1795

Risk to Reward – 1 : 3.5

Profit & Loss Per Standard Lot = +$350/ -$100

Profit & Loss Per Micro Lot = +$35/ -$10

Daily Price Outlook

• EUR/USD focuses on Germany’s business climate economic event and the release of the FOMC meeting minutes.
• A descending triangle pattern on the four-hour timeframe suggests support at 1.076 and the potential for bearish movement.
• Breaking above 1.0800 could lead to resistance at 1.0825 or 1.0860, while breaching 1.0760 may target 1.0720.

Good morning everyone, today holds significant events for the EUR/USD currency pair. The European economy is expected to release Germany’s business climate economic event, which is projected to decrease to 93 from the previous figure of 93.6. This suggests a potential slight variation in the euro’s strength against the US dollar.

However, the major focus will be on the release of the FOMC meeting minutes, as they are expected to provide insights into the stance of the US central bank. Depending on the clues provided, the EUR/USD pair will determine its upcoming direction.

From a technical standpoint, the EUR/USD has formed a descending triangle pattern on the four-hour timeframe, which indicates a potential support level around 1.076. A breakthrough of the lower support level could trigger a bearish move in the currency pair.

On the other hand, if the EUR/USD manages to surpass the 1.0800 level, it may target resistance levels at 1.0825 or 1.0860. Conversely, if the EUR/USD breaches the 1.0760 support level, the next target could be around 1.0720.

Today’s strategy is to closely monitor the 1.076 level. A break below this level could trigger selling pressure, while staying above it may suggest further upside potential for the EUR/USD pair.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy Above 1.07611

Stop Loss – 1.07129

Take Profit – 1.08594

Risk to Reward – 1 : 2

Profit & Loss Per Standard Lot = +$983/ -$482

Profit & Loss Per Micro Lot = +$98/ -$48