HubuFX Shares Trading Ideas

[HubuFX]

Bitcoin's Double Bottom Pattern: A Sign of Hope?

Bitcoin is back in a key area of support, which ranges from 28,484 to 28,266. This happened after the bulls failed to overcome the strong resistance at 30,000. This point is not just a pivot point, but also a level that carries a lot of psychological importance. The bears have taken over and pushed the price down from the pivot area. They are currently testing the high of May 28th, which is between 28,484 and 28,266.

Our team of analysts at Hubufx suggests being patient at this stage. They advise against rushing into a long trade. The important thing is to watch if the bears can close below the low of August 1st. If they can't, we might see a double bottom pattern forming in the support area.

When we look more closely at the 4-hour timeframe, we see a long wick candlestick. This shows that the bulls are trying to keep the price above 28,000. So far, they have stopped the bears from closing below this important level. If a double bottom pattern does form, Bitcoin's market price could surge to test the psychological resistance at 30,000. The minor resistance at 28,794 is crucial in this situation. For the uptrend to continue and for confirmation of a double bottom pattern, it's vital for the market to close above this resistance.

On the flip side, if the bears manage to break through the support at 28,240, we could see Bitcoin's value continue its downward trend towards lower support levels as shown on the daily chart.​

 

[HubuFX]

GBPJPY Recent Decline: A Technical Perspective

The GBPJPY currency pair is currently hovering around the 184.81 mark. This comes after a noticeable break in the rising trendline, a development that was somewhat expected. The reason for this anticipation was the RSI indicator, a tool used by traders to identify potential market reversals. The RSI had been lingering in the overbought zone for several sessions, hinting at a possible decline.

This recent drop in GBPJPY is seen as a correction, a common occurrence in financial markets. It has allowed the bears, or those betting on a price decrease, to temporarily take control of the market. This has led to a lowering of the price to the 0.236 level of Fibonacci retracement, a popular technical analysis tool used by traders. Following this, the price has reached the 183.26 support level, which serves as a robust supply zone for GBPJPY bulls, or those betting on a price increase.

As long as this level holds firm, the market direction of GBPJPY is considered bullish, indicating an upward trend. The resistance level, another key concept in technical analysis representing a price level that an asset struggles to exceed, is at the recent high of 186.46.

Despite these market fluctuations, the outlook for GBPJPY remains bullish. The 0.236 level of Fibonacci and the 183.26 supply zone provide a reasonable bid for bulls to enter long positions in the market.

Our dedicated analysis team at HubuFX suggests keeping a close eye on these two levels and looking out for candlestick patterns and price action behaviors. These are key elements of technical analysis that can provide valuable insights into future price movements. We will continue to provide more updates on the GBPJPY pair in future sessions. So stay tuned with us for more insightful technical analysis on GBPJPY and make informed trading decisions.​

 

[HubuFX]

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.​

 

[HubuFX]

USDJPY Forecast: 143.86 Support in Focus

The USDJPY currency pair experienced an uptrend that came to a halt after reaching a high of 146.51 on August 17. Subsequently, it returned to the previous high around the 145 area, which now acts as support for the USDJPY. The outlook for the USDJPY remains bullish, with the 145 level providing support for the bulls. As a result, it is likely that the price will continue to rise and target the 149.14 resistance level.

On the other hand, if the market closes below the 145 support level on USDJPY, the path will be cleared for a test of the 143.86 support level. This scenario could potentially lead to further downside movement in the USDJPY currency pair.​

 

[HubuFX]

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.​

 

[ForexMaverickMax]

EURUSD stands at resistance, supported by a bullish engulfing pattern. However, confirmation above 1.0935 is required for a shift in sentiment. Bearish outlook persists unless broken. Potential for short positions near the demand area with caution around the resistance level.

 

[HubuFX]

RSI Indicator Flips Above Signal Line for NZDUSD

The NZDUSD currency pair is currently experiencing a surge as it moves toward the upper band of the declining channel in the 4 hour time frame. Interestingly, the RSI indicator has flipped above the signal line, providing a favorable forecast for bulls. This indicates that the NZDUSD has the potential to touch channel resistance and possibly even break outside the channel to test the 0.236 level of fibonacci.

Despite the RSI signaling a rise in the value of NZDUSD, there are two bullish engulfing patterns and a hammer that are in line with this bullish scenario. However, for this scenario to be considered more valid, the NZDUSD bulls must close above the 0.5963 minor resistance. Only after this occurs will the road to 0.6019 be paved.

It is important to note that the overall outlook for the NZDUSD remains bearish and that this recent rise can be considered as a correction. The 0.236 fibonacci retracement level plays a crucial role in determining the future outlook of the pair. As long as the pair continues to trade within the channel and under the 0.6019 resistance, the bearish outlook will remain valid.


Trading Ideas:
HubuFX analysis team suggests closely monitoring the price action and candlestick patterns to identify an optimal entry point for a short order, either around the upper band of the channel or near the 0.236 Fibonacci retracement level.​

 

[HubuFX]

Shorting AUDUSD on Bearish Engulfing Pattern

The AUDUSD currency pair recently returned from the resistance zone near the 0.65 area and began trading in a declining channel, as illustrated in the daily chart. Upon closer inspection of the 4-hour time frame, a bearish engulfing pattern emerges, indicating that the bears have gained control over the bulls. At the time of writing this technical analysis, the AUDUSD is approaching the 0.643 pivot. It is highly probable that the breakout from the channel was a false alarm and that the decline will persist, starting with the recent lower lows.

The resistance for AUDUSD stands at 0.65, and bulls must overcome this threshold to pave the road to 0.66.

Trade Idea
The bearish engulfing pattern near the critical resistance area presents a favorable opportunity to enter a short trade, with a risk of being stopped at 0.65 and a potential reward around the 0.63 area.​

 

[HubuFX]

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.​

 

[HubuFX]

Bitcoin Technical Analysis: Bullish Signals for BTCUSD

The crypto market has experienced a growth of 1.6% in its capitalization 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.​

 

[HubuFX]

GBPUSD Forex Analysis: Downtrend Likely to Continue

Stay updated with the latest Forex Analysis and Forex News in this article for the GBPUSD currency pair. You will find valuable information about both technical and fundamental analysis related to GBPUSD.

The GBPUSD currency closed under the 1.2591 support and the 0.382 level of Fibonacci retracement. Zooming to the 4 hour chart, the pair has tested the broken support which now acts as resistance. Consequently, the downtrend of GBPUSD is likely to continue, and the next target would be the 1.2468 area if the 1.264 pivot is not breached. Please note that as long as the GBPUSD trades below the pivot, the bearish scenario remains valid.

On the flip side, resistance is at the pivot at 1.2626. The bulls must close above the pivot to raise the GBPUSD price to 1.2779 again. This level of resistance is very strong and the market couldn't break through it in the last couple of weeks.​

 

[HubuFX]

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.​

 

[HubuFX]

GBPUSD: The Pivot Prevailed

The GBPUSD currency pair experienced a decline after reaching the 1.264 pivot point. The downward trend is expected to persist, with targets set at 1.255 and 1.248.

 

[HubuFX]

Crucial GBPUSD Levels to Watch: 1.255 Support and 1.274 Resistance

The GBPUSD currency pair experienced a strong bounce from the 1.255 area, with an upbeat halt at the 1.264 pivot, which consequently serves as the main resistance area for the bulls.

However, upon closer examination of the 1-hour chart, we can observe three bearish engulfing candle patterns signaling the pressure of bears near the pivot. The bearish scenario appears stronger, given that the overall outlook of the GBPUSD is bearish.

It is important to note that, as long as the 1.264 pivot holds, the market’s primary objective is to retest the 1.255 support level, followed by a potential further decline to the 1.248 level. This information is crucial for traders and investors who are closely monitoring the market’s movements and seeking to make informed decisions.

On the other hand, if the bulls manage to close above the 1.265 pivot on GBPUSD, it would pave the way for a potential rise to the 1.274 resistance level.


The US Dollar is trying to recover from recent losses. US Treasury yields fell, which put downward pressure on the Dollar. Economic data from the US was disappointing, which made investors think the Federal Reserve might not raise interest rates soon. This put more downward pressure on the Dollar. Investors are waiting for more data from the US to see what the Federal Reserve will do. There is no significant data from the UK this week, so investors are focusing on the US economy. The upcoming datasets include the US ADP Employment Change for August and the preliminary Gross Domestic Product Annualized for the second quarter (Q2). These will be released later in the North American trading session and could provide more insight into the economic outlook of the United States.​

 

[HubuFX]

Bitcoin Analysis: ETF Approved as Traders Celebrating

Bitcoin is trading around $27,300 after it broke the minor resistant at 26.734 after a US court has approved the first Bitcoin ETF, marking a major win for crypto investors. The SEC’s decision to deny Grayscale Investments’ Bitcoin ETF was overruled by the DC Court of Appeals. This allows investors to gain exposure to Bitcoin without owning it, causing a surge in crypto token prices

Yesterday, Bitcoin experienced a rise of about 5%, reaching the resistance level of $28,099, and currently the bears added pressure to correct the recent gains. Market analysts predict that Bitcoin will trade within a range of $25K to $28K in the upcoming sessions, unless the bulls manage to close above the $28,099 barrier. If this happens, the surge in Bitcoin’s value is expected to continue, with the first target being the psychological level of $30K.​

 

[HubuFX]

Missed Data and Falling Dollar in Gold Analysis: How Gold Prices are Rising

Gold prices have been rising this week due to two key factors. Firstly, there was a miss in the US JOLTS job openings data, which measures the number of job openings in the US economy. Secondly, there was a miss in the US consumer confidence data, which measures how confident consumers are feeling about the economy. These two misses indicate that the US job market is slowing down, which is in line with the Federal Reserve's objectives. The Federal Reserve wants to cool down the US economy by raising interest rates. As a result of these misses, gold prices surged higher on Tuesday as yields and the dollar fell.

On Thursday, there will be another important data release that could impact gold prices: the PCE print. The PCE print measures inflation in the US economy and is closely watched by the Federal Reserve. If the PCE print comes in below market expectations, it could cause yields and the dollar to fall again, which would lift gold prices. The Core PCE print is expected to come in at 4.2%, slightly higher than the previous reading of 4.1% for June. The headline print is expected to come in at 3.3%, up from the previous reading of 3%. It's important to remember that the PCE inflation data is the Fed's preferred measure of inflation, so they will be paying close attention to this data release.

Gold is currently testing the broken trend line, which is also near the 1,951 pivot. The bulls must break the pivot to push the price to higher levels such as 1,979 - 1,986. On the flip side, monitoring the price action and candlestick pattern in the pivot zone may provide decent opportunities to go short on XAUUSD.

The bearish candlestick patterns you want to look for are Shooting Star, Bearish Engulfing, Evening Star, and Dark Cloud Cover. These patterns can indicate a potential reversal in the market and provide traders with an opportunity to enter a short position on Gold. By carefully analyzing the price action and candlestick patterns in the pivot zone, traders can make informed decisions about their trades and potentially profit from market movements.​

 

[HubuFX]

Crude Oil Analysis: Strong Rise on the Price

Today’s PCE (Personal Consumption Expenditures) data was as expected, and this helped stock prices to rise as August came to an end. Even though interest rates won’t be lowered, the fact that they won’t be raised again this year has made people want to buy more stocks. Lower bond yields have also made stocks more attractive, and they are ending the month in a better position than they were a week ago.

However, there is a potential problem. Investors are feeling more positive about the global economy, which means they think demand for oil will increase. The price of oil has gone up over the past week, and this could lead to higher inflation later in the year. If prices go up and interest rates start to rise again, this could be bad news for the stock market.

The crude oil is currently testing the $84 barrier. The Weekly chart shows the Crude Oil is trading in a range area between the $84 resistant and the $66 support. This level has been tested four times this year and the bears could decline the price every time. The bulls must close above the $84 barrier to pave the road to $92 which is likely to be seen in the coming weeks based on the current fundamental.

On the other hand, the $77 price point serves as a minor support level for crude oil. In order to maintain a bullish outlook, it is crucial that this level holds. If the price forms a bearish engulfing or a shooting star candlestick pattern near the demand zone ($84), we can expect a decline. As such, it is highly recommended to closely monitor these levels and analyze technical data to make informed decisions.​

 

[HubuFX]

EURUSD Analysis: Price is Steady as Traders Awaits Important Data

At present, the EURUSD rate is holding steady, as the market eagerly awaits an important announcement about US job figures. However, this calm was disrupted on Thursday when the European currency experienced a dip, effectively reversing some of its gains from earlier in the week. This downturn was anticipated, given the significant news expected to be released on Friday.

In addition to this, the European currency was dealt another blow due to disappointing retail sales figures from Germany. These figures serve as a stark reminder of the ongoing concerns surrounding the trajectory of the European economy.

Despite these challenges, the European Central Bank continues to maintain a firm stance. This is largely due to persistently high consumer prices. The tough rhetoric from the bank in response to these inflationary pressures is playing a crucial role in bolstering the value of the European currency.

Given these circumstances, it seems prudent at this point to adopt a 'wait and see' approach. With an important announcement on the horizon, it's advisable to hold off on making any major decisions until more information becomes available.

The EURUSD currency pair is currently undergoing a critical test of the 1.083 pivot point. A close examination of the 4-hour chart reveals no significant candlestick patterns, indicating a lack of clear direction for the pair.

Adding to this uncertainty, the Relative Strength Index (RSI) indicator has flipped below its signal line, suggesting a bearish outlook for the EURUSD. However, for this bearish scenario to fully materialize, it is crucial for the bears to close below the pivot line. If this occurs, their next target would be the 1.073 support level, with the decline likely to continue within the bearish channel.

On the other hand, the bulls face a strong resistance at 1.0946 and the upper band of the declining channel. In order to invalidate the bearish scenario and shift momentum in their favor, they must first escape from the channel and close above the 1.0946 resistance level.

Traders and investors would do well to closely monitor developments and be prepared to act accordingly.​

 

[HubuFX]

WTI Oil Prices Soar: Russia and Saudi Arabia Cut Production

WTI oil prices are rising due to falling crude oil inventories and production cuts by Russia and Saudi Arabia. However, concerns about an economic slowdown in China may limit further gains. Oil traders are watching upcoming reports, including the Chinese Caixin Services PMI and the US ISM Services PMI.

WTI is the US benchmark for crude oil prices. On Monday, it was trading around $85.2, close to its YTD high of $85.52. WTI prices are also supported by a significant drop in US crude oil stocks.

Russia agreed with OPEC+ to limit oil output, with details to be announced later this week. Russia is expected to cut its oil exports, while Saudi Arabia is expected to continue its voluntary oil cut. These developments helped WTI prices reach a YTD high on Friday.

However, concerns about an economic slowdown in China may limit further gains for WTI. Moody’s recently revised its 2024 GDP forecast for China downward. Oil traders are watching upcoming reports, including the EIA Crude Oil Stocks Change data.

WTI Crude Oil recently broke through the $84 resistance level and is currently trading near $85.8. The RSI indicator is hovering near the overbought zone, suggesting a correction may be due. The $84 support area offers a reasonable entry point for buyers.

Overall, the outlook for WTI Crude Oil remains positive, but traders should remain cautious and keep an eye on key indicators and market developments.​

 

[HubuFX]

GBPUSD Recovery Uncertain as UK Factory Activities Decline

The GBPUSD is trying to recover from 1.2600, but its recovery is uncertain as UK factory activities keep declining. Despite this, the Bank of England (BoE) is expected to raise interest rates for the 15th time in a row this month. This has put pressure on UK firms, who have shifted their focus to stabilizing margins and reducing costs by cutting inventories and their workforce.

The GBPUSD pair is trying to make a significant comeback after a severe sell-off, which was caused by growing recession concerns. However, the recovery effort seems fragile as UK factory activities are being affected by the BoE’s higher interest rates.
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In today's trading session, the GBPUSD currency pair is making a concerted effort to correct the losses it incurred on Friday. Currently, the GBPUSD is trading near a key resistance level and the pivot zone at 1.263. Given the prevailing market conditions, the outlook for this currency pair is a downtrend. Consequently, for the bears to maintain this bearish scenario, it's crucial that they keep the pair below the 1.263 pivot point.

On the other hand, if the bulls manage to close above the 1.265 resistance level, it could potentially invalidate the current bearish scenario. In such a situation, we could see the GBPUSD surge towards the 1.27 resistance level, and possibly even extend towards 1.28.​