J.J. Edwards’ Market Analysis at FenzoFx

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GBP/USD Weakens Below Trendline​

FenzoFx—GBP/USD broke below the ascending trendline and currently trades slightly below the VWAP at $1.322. Immediate resistance is at $1.357. From a technical perspective, the downtrend will likely extend to $1.313 if this level holds.

The bearish outlook should be invalidated if GBP/USD closes and stabilizes above $1.357.

 

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Litecoin: VWAP and Oversold Signal Potential Bounce​

FenzoFx—Litecoin formed a double top at $116.4, causing a price dip. Currently, LTC trades near $110.1 after forming a double bottom. The Stochastic Oscillator is in oversold territory, suggesting a potential bounce, supported by VWAP from July 15.

Technically, if LTC holds above $110.1 and key support at $104.0, the uptrend could resume. In this scenario, the bullish targets would be $116.4 and $112.3.

 

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XRP: Support at $2.960 Holds the Bullish Setup​

FenzoFx—XRP dipped from $3.666 but stabilized near the monthly anchored VWAP at $2.960. Immediate resistance lies at $3.332, aligned with the descending trendline. A close above this level may propel XRP to $3.432. Strong buying could extend gains to the recent high of $3.666.

The bullish outlook stands while XRP/USD holds above key support at $2.960. A drop below this level would invalidate the bullish scenario.

 

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EUR/USD at Discount Level: Bullish Setup in Focus​

FenzoFx—EUR/USD bearish momentum extended to $1.154, the lower line of the flag. This is a support area backed by the Bullish FVG.

The immediate resistance is at $1.157. From a technical perspective, a close above this level can trigger an uptrend, targeting the bearish FVG at approximately $1.170 to $1.175.

Please note that the bullish outlook should be invalidated if EUR/USD falls below the main support level at $1.145.

 

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WTI Crude Eyes Bullish Momentum Above $68.9​

FenzoFx—WTI Crude Oil broke resistance at $68.9 in the last session, now trading near $70.6. This breakout supports a bullish shift. Yet, RSI 14 and Stochastic indicate overbought conditions, suggesting possible consolidation. Support at $68.9 could offer a discounted entry if prices retreat.

Watch for bullish signs like candlestick formations and inverted FVG around the $68.9 support.

 

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Gold Holds Trendline Amid Rising Momentum​

FenzoFx—Gold remains above the ascending trendline, trading around $3,386.0. Technical indicators like RSI 14 and Stochastic show rising momentum, reinforcing the bullish bias. Immediate support lies at $3,347.0. If this holds, XAU/USD may climb toward the monthly VWAP at $3,412.0.

The bullish outlook is invalidated if Gold closes below $3,347.0, which opens the door for further downside toward the next support at $3,307.7.

 

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Nasdaq Finds Support at $23,305.0​

FenzoFx—Nasdaq dipped yesterday and formed a bearish FVG. However, the selling pressure eased as soon as the price tested the ascending trendline.

The last day's low at $23,305.0 is the immediate support. That said, a close above the immediate resistance at $23,375.0 can trigger the uptrend, targeting the highs at $23,535.0.

 

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Crude Oil: Buying Pressure Strengthens​

FenzoFx—Crude Oil maintained its bullish trend with an ideal dip for entry on July 25. Stochastic and RSI 14 indicate overbought conditions, suggesting intensified buying pressure. A breakout seen yesterday reinforces the bullish bias.

Our projection remains optimistic, targeting a move toward the Fair Value Gap zone, extending to $73.8. However, if Oil closes below the $69.3 support, the bullish outlook will be invalidated.

 

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Bitcoin Cash Breaks Structure With Bullish Momentum​

FenzoFx—Bitcoin Cash remains bullish, trading back above the VWAP from July 24 near $582.9. Today’s breakout above $572.6 featured a strong bullish engulfing pattern, leaving a fair value gap now under test.

The outlook favors revisiting the $607.0 high, and with the trend still positive, it’s advisable to leave a runner open. A further rally toward $630.0 remains likely if momentum persists.

 

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USD/CHF: Order Block Rejection Signals Downtrend Continuation​

FenzoFx—USD/CHF started a new bearish wave after it reached the order block at approximately 0.817. Today, the pair is filling the bearish fair value gap by approaching the immediate resistance at 0.8113.

From a technical perspective, if this level holds, USD/CHF will likely resume its bearish trajectory. In this scenario, the price has the potential to target the 'buy-side' liquidity zone at 0.7955.

 

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Gold: Key Support Zone Holds Bullish Potential​

FenzoFx—Gold turned bullish after testing the order block at $3,267.0. Stochastic is overbought, suggesting possible consolidation. The bullish candle on August 1st created a fair value gap and broke structure, but no discount entry has formed yet.

Immediate support lies at $3,324, backed by weekly VWAP, FVG, and volume point of interest. Traders should wait for price to revisit this zone for a bullish setup. If support holds, momentum could push gold to $3,395.0. The setup offers a favorable risk-to-reward ratio of at least 1 to 6.

 

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AUD/USD Consolidates: Liquidity Sweep in Focus​

FenzoFx—AUD/USD trades sideways between the order block with support at $0.641, and the bearish FVG with resistance at $0.649. The pair remains bearish during the long session, failing to break above the resistance.

The critical order block with support at $0.637 remained intact. This level is the previous monthly low, which hasn't been tested yet.

Market is keen to move from one liquidity zone to another. Since the monthly lows at $0.637 haven't been taken out, we expect the current downtick in momentum to extend to $0.637. Please note that the bearish outlook should be invalidated if AUD/USD closes at or above $0.649.

A trading hint: We suggest avoiding trading this pair until the price either breaks above the $0.649 resistance or bounces from the support at $0.637.

 

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EUR/USD Breaks Daily Lows as Consolidation Deepens​

FenzoFx—EUR/USD consolidates after the impulsive bullish momentum. The uptrend initiated after the price swept below the monthly lows at $1.1400. In the current trading session, the price dipped below the previous day's low, meaning the consolidation period will likely extend to a lower support level.

The immediate resistance is at the previous day's high, the $1.159 resistance. From a technical perspective, we expect the currency pair to trade lower, near the support at $1.146, the bullish break of structure.

This level can provide a discounted price to join the dominant trend, which is bullish. We expect the Euro to rise toward $1.169 after the end of the consolidation period.

 

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ETH/USD Rebounds, Faces Key Resistance​

FenzoFx—Ethereum rebounded from the previous day's low, now trading near $3,639.0. This level contains an order block that triggered bearish reactions earlier this week.

The trend remains bullish as price holds above the VWAP from July 1st. A close above $3,724.0 is needed to confirm continuation.

If bullish momentum holds, ETH may target $3,818.0 and $3,941.0. However, a drop below $3,546.0 would invalidate the bullish outlook. In that case, ETH/USD could revisit $3,410.0 and $3,354.0.

 

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Solana Lags While LTC Surges​

FenzoFx—Solan trades sideways, slightly above the previous day's high. Sol's price did not rise while other cryptocurrencies, such as LTC, had a significant surge in price this week. Therefore, we expect the price to rise, and we will be bullish on this cryptocurrency.

The immediate resistance is at $167.5. From a technical perspective, we expect a bullish move toward the previous day's high at $171.7 if this level breaks. If this scenario unfolds, we can market this level as a break of structure.

Please note that the bullish outlook should be invalidated if Solana falls below the previous day's low. If this scenario unfolds, the current bearish momentum will likely target $155.7.

 

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Litecoin: Eyeing Discount Entry Near $108​

FenzoFx—Litecoin's uptrend stalled near March’s peak at $130.3, a strong resistance level. The price now trades at $120.7, below July’s high, breaking the bullish structure.

Immediate support lies at $115.6. A bearish close below this level could trigger further downside toward $108.4. This zone is backed by a volume point of interest, offering a potential discount entry aligned with the broader bullish trend.​

 

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Solana Surges, Yet Still Lags Behind LTC​

FenzoFx—Solana targeted the primary descending trendline after it broke the structure by closing above $164.5. While LTC, which is a cryptocurrency like Solana with a price range between $100.0 and $200.0, reached its previous monthly highs, Solana still lags behind.

Currently, SOL is testing the average volume weight at approximately $173.0, in conjunction with the primary descending trendline. With the primary support at $161.2, we expect SOL/USD to resume its uptick momentum. In this scenario, the price should target the order block with peak resistance at $182.6.​

 

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Oil Left Bulls Bruised and Bankrupt: A Silver Lining for Recovery​

FenzoFx—Crude Oil remains bearish, taking out bulls and breaking July's low this week—an unexpected move for the month. WTI Crude currently trades near $65.2, aligning with its prior market structure shift from bearish to bullish, marked by a bullish engulfing on June 6.

Immediate resistance stands at July's low of $65.5. If price breaks above, Oil may begin to recover some losses. Technically, the next upside target is the order block at $67.29.

 

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Litecoin Eyes Buy Side Liquidity Shift After $124.2 Sweep​

FenzoFx—Litecoin remains in a bullish channel, with the current wave originating from the order block at $115.2. LTC now trades around $121.7. Yesterday, it swept liquidity above the $124.2 resistance, signaling a potential shift toward bearish pressure. If momentum fades, price may revisit the $115.2 support zone.

However, if LTC/USD closes above $124.2, this bearish outlook is invalidated. In that case, the next target is the order block with resistance at $129.1.

 

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Bitcoin Pulls Back After Testing Bearish Block​

FenzoFx—Bitcoin hit the bearish order block and pulled back as expected. RSI 14 dropped below the overbought zone to, signaling increased selling pressure.

Immediate support lies at $120,946. A close below this level could extend the downtrend, targeting the bullish order block at $119,000.00. No bullish setup is expected until price consolidates near discount levels at $119,000.00 and $116,560.00.