J.J. Edwards’ Market Analysis at FenzoFx
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AUD/USD Analysis
FenzoFx—AUD/USD bullish momentum stalled at $0.6407, a strong resistance. The Stochastic Oscillator dropped below 80, signaling weakening buying pressure.
Technically, AUD/USD appears overbought, suggesting a potential dip toward the $0.6276 support. A consolidation phase may emerge, so traders should watch for bullish candlestick patterns at this level.
Crude Oil Analysis
FenzoFx—Crude Oil started a bullish wave from $55.15, trading at around $62.20. Momentum slowed near $63.90 resistance. The price may dip toward $58.90 support, with further pressure potentially driving it to $55.15.
If Crude Oil surpasses $63.90, the bearish outlook invalidates, targeting $65.10 resistance.
Ethereum Analysis
FenzoFx—Ethereum trades sideways, unable to surpass $1,690 resistance. Currently, it hovers at $1,565, testing this level as support. The bearish trend persists below $1,755. Stabilization under $1,565 may lead to dips toward $1,470 and potentially $1,370 if selling pressure increases.
Litecoin Analysis
FenzoFx—Litecoin slipped below $76.4 and is currently testing this level as support. With bearish momentum stemming from $80.0, the market outlook remains bearish while the price stays below this threshold.
>LTC/USD may target $71.00 next, and selling pressure could drive it further down to $64.45.
> A bullish shift would require a break above $80.0, paving the way toward $88.50 resistance.
Ripple Trades Sideways: What's Next?
FenzoFx—Ripple (XRP) closed and stabilized below the $1.2091 support. This downtick in momentum began after the price failed to surpass the $2.218 resistance.
The outlook of the market is bullish, but with the prices below the 50-SMA and the $1.2091 support, the downtrend could extend to the $1.9990 support zone. This zone stands between the bullish and the bearish market, making it a critical support level.
EUR/USD Breaks Resistance, Bullish Momentum Continues
FenzoFx—The EUR/USD currency pair broke above $1.147 resistance, continuing its bullish path and trading around $1.1572. While indicators like Stochastic and RSI 14 signal overbought conditions, EUR/USD may consolidate and test support levels at $1.147 and $1.1296.
Traders should watch for bullish candlestick patterns at these levels, with the market outlook remaining strong as long as prices stay above $1.1296, supported by the 50-period moving average.
AUD/USD Secures Bullish Momentum Above $0.6407
FenzoFx—AUD/USD closed above $0.6407 and remains stable, signaling a bullish trend supported by the 50-period simple moving average.
However, indicators like Stochastic and RSI 14 suggest an overbought condition, hinting at a possible correction. Key support lies at $0.6395, with traders watching for bullish signals such as candlestick patterns.
The outlook stays bullish above $0.6276, while dips below this level could trigger extended consolidation.
GBP/USD is Overbought at Critical Resistance Level
FenzoFx—GBP/USD climbed to $1.3435, a key resistance near the September 2024 high. While the trend remains bullish, overbought signals from Stochastic and RSI-14 suggest limited upside.
If the pair stays below $1.3435, it may retreat to 1.3295 or even 1.3202.
Litecoin Up by 3.5%: What’s Next?
FenzoFx — Litecoin is trading above the 50-period SMA, gaining 3.5% to around $79.35 after briefly testing the $82.00 resistance. As long as LTC stays above $77.40, the trend remains bullish, with potential retests of $82.00 and a target of $88.50 if buying pressure continues.
Bearish Scenario
A close below $77.40 could trigger a decline toward $75.20.
AUD/USD is Bullish: More Gains Ahead?
FenzoFx—The AUD/USD pair rebounded from the $0.6363 support level, aided by the 50-period simple moving average, and is currently trading near $0.6413. Resistance stands at $0.6444. A close above this level may extend the bullish move toward $0.6940 and $0.7200.
Bearish Scenario: A drop below $0.6363 would invalidate the bullish outlook, potentially triggering a decline toward $0.6322.
EUR/USD Analysis
FenzoFx—EUR/USD declined from $1.1571, as anticipated, due to overbought signals from the Stochastic and RSI 14 indicators. The pair now trades below the 50-period simple moving average, near $1.1350.
The Stochastic Oscillator has dropped below 20, suggesting the U.S. dollar is overvalued short-term. As long as the price remains above the $1.1259 support, the bullish outlook holds. Potential upside targets include $1.147 and $1.1571.
Bearish Scenario: If the price falls below $1.1259, bearish momentum may drive EUR/USD toward the next support at $1.1146.
GBP/USD Analysis
FenzoFx—GBP/USD fell from $1.3435, testing the 50-period simple moving average near $1.3276. The Stochastic Oscillator is nearing the 20 level, suggesting the US dollar is overbought in the short term.
Support lies at $1.3202. The outlook remains bullish while above this level, though a close above $1.3295 is needed to confirm upward momentum. A retest of $1.3435 could follow.
Bearish Scenario: A drop below $1.3202 would invalidate the bullish view, potentially extending the decline to $1.3144 or even $1.3030 under sustained selling pressure.
Bitcoin Walks into a Robust Resistance Zone
FenzoFx—Bitcoin remains bullish above the 50-period simple moving average at around $93,950. A doji candlestick on the daily chart signals potential consolidation or a bearish move.
Resistance spans from $94,990 to $99,420, suggesting a possible reversal. We recommend waiting for Bitcoin’s reaction before planning a strategy.
Ethereum Trades Sideways: Bulls Need a Push
FenzoFx—Ethereum is trading sideways but remains above the 50-period simple moving average, signaling a bullish market. ETH is currently priced around $1,785. A close above $1,835 could trigger a move toward the $1,950 resistance.
Bearish Scenario:
If Ethereum falls below $1,690, supported by the 50-period simple moving average (4-hour chart), it could decline toward the $1,565 support level.
Crude Oil Analysis
FenzoFx—Crude oil trades sideways at approximately $63.0, slightly above the 50-period simple moving average. This indicates that the market is bullish.
Immediate support is located at $61.75. The market outlook remains bullish as long as black gold trades above this level. In this scenario, the immediate resistance at $65.1 could be retested.
Bearish Scenario: The bullish outlook would be invalidated if crude oil dips below the immediate support. If this occurs, the next bearish target could be the support level at $58.90.
Bullish Bitcoin Find Resistance
FenzoFx—Bitcoin remains bullish above the 50-period simple moving average but lost momentum near the $95,995 resistance. It currently trades around $94,650.
A breakout above $95,995 could trigger a move toward $99,560. Conversely, a close below $92,875 may lead to a drop toward $91,720, with further downside potential to $88,830 if selling pressure intensifies.
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