BINANCE (BNBUSD) Price Retests $41 Price Level and Bounces Off

BINANCE (BNBUSD) Price Retests $41 Price Level and Bounces Off

BNBUSD Price Analysis – January 15

In case the sellers were able to push the price below the support level of $37 and the daily candlestick close below the level, then, the price may decline further to test the $31 and $27 support level. Inability to break down the support level of $37, the bullish trend may continue to target the resistance levels at $41, $44, and $48.

GBP/JPY Market
Key levels:

Supply levels: $41, $44, $48
Demand levels: $37, $31, $27

BNBUSD Long-term trend: Bullish

The bulls return to the BNBUSD market after price retracement. In other words, BNB is bullish in the long-term outlook. On December 19, the bulls take over the market by breaking up the resistance level of $31. The price soars towards the resistance level of $44 after it breaks up the resistance levels of $37 and $41. The price pulled back to retest the broken level of $31. The bulls are taken over the BNBUSD market at the moment.

BNBUSDDaily chart, January 15

The price has retested the dynamic support levels of 21 periods EMA and the 9 periods EMA and the coin is trading above the two EMAs at the close range which connotes the gradual increase of the bulls’ momentum. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing down to indicate a sell signal which may be a pullback. In case the sellers were able to push the price below the support level of $37 and the daily candlestick close below the level, then, the price may decline further to test the $31 and $27 support level. Inability to break down the support level of $37, the bullish trend may continue to target the resistance levels at $41, $44, and $48.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. Last week. The coin tested the resistance level of $44 on January 10 but there is no enough pressure to penetrate the level. A bearish engulfing candle emerges; which indicates an increase in the bears’ momentum. The price descends and tested the support level of $36. The Crypto bounces and increases to test the $41 price level. The price may continue its bearish movement.

BNBUSD 4 hour chart, January 15

The 9 periods EMA is trying to cross the 21 periods EMA downside while the coin is trading below the two EMAs which connotes a decrease in the bulls’ momentum. The RSI indicator period 14 is above 40 levels and the signal lines bending up to indicate a buy signal.

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EURJPY Bears Extend Fall Beneath 126.00 Level Ending the Week in a Negative Zone

EURJPY Bears Extend Fall Beneath 126.00 Level Ending the Week in a Negative Zone

EURJPY Price Analysis  – January 15

The common European currency has declined versus the Japanese Yen for 6 days in a row at the same time to sub 126.00 level while exiting the week in a negative zone. The currency pair is exchanging under the moving average of 5 and 13. The upside potential against the JPY could be limited due to a combination of factors such as ECB fiscal policy.

Key Levels
Resistance Levels: 127.50, 127.07, 126.09
Support Levels: 125.00, 123.90, 121.61
EURJPY Long term Trend: Ranging
EURJPY initially opened higher on Friday at 126.14 and traded to 126.19. The pair pulled back, bears appeared as traders turned their attention to levels below 126.00. To begin exploring the bearish scenario, it is necessary to establish a decisive fall below 125.00. The pair may continue to decline with a potential target for bearish traders around the sub 125.00 level.

In a broader context, growth from 114.39 is seen as a mid-term phase of growth within a long-term consolidation trend. Further gains are anticipated as long as the 119.31 support level is held. However, a solid breakout of 119.31 would prove that the rally from 114.39 has ended and has brought this low back into focus.
EURJPY Short term Trend: Ranging
EURJPY is still in a range from 127.50 high, and initially, intraday bias remains tilted to the downside. Another rise is expected if the resistance at 125.00 stays as support. On the other hand, a decisive rebound past 126.00 will resume full gains from 114.42.

The next target will be the mid-term level of 128.67. On the other hand, a break of revised support at 125.00 could reverse the downtrend to widen the range from 127.07 with another phase of decline.

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USDCHF Upside Traction Awaits Break of 0.8920 Barrier as US Dollar Stays on the Back Foot

USDCHF Upside Traction Awaits Break of 0.8920 Barrier as US Dollar Stays on the Back Foot

USDCHF Price Analysis – January 15

The USDCHF pair is on the path to probe the 0.8918 December highs. The upside traction awaits a break of 0.8920 barriers and above would open the path towards the mid 0.9000 level. Recent fundamentals of President-elect Biden’s fiscal plan underlines the negative backdrop for USD that lies ahead.

Key Levels
Resistance Levels: 0.9304, 0.9187, 0.8998
Support Levels: 0.8858, 0.8746, 0.8639
USDCHF Long term Trend: Ranging
USDCHF is moving within the 13 moving average, indicating a continuation of a ranging trend. Markets could indicate that price could test a further downside at 0.8858 and then resume its move down to 0.8746. Another signal in support of the continuation of the consolidation will be a rebound from the upper border of the downtrend channel.

In a broader context, the decline from 1.0231 is seen as the third phase of the trend from 1.0342. There are no evident signs of finishing now. The following aim should be 138.2% forecast from 1.0342 to 0.9191 levels from 1.0231 at 0.8639 levels. In the subsequent scenario, a breakout of the 0.9304 resistance level is required to signal a mid to long term uptrend.
USDCHF Short term Trend: Ranging
USDCHF is still capped in a range from the low of 0.8822 level. Initially, intraday sentiment remains neutral. In the event of another bounce, upside potential should be limited by the 0.8998 support level, which has turned into a resistance level, which will lead to the renewal of another decline.

On the other hand, a breakout of 0.8858 could lead to a 61.8% forecast from 0.9902 to 0.8998 from 0.9296 at 0.8746 next. The pair failed to capitalize on the rebound attempts made in the prior session and a clear breach beneath 0.8858 may not deter 0.8800 from being tested.

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EOSUSD Bottomed at $2.4 Support Level, Bulls May Take Over

EOSUSD Bottomed at $2.4 Support Level, Bulls May Take Over

Price Analysis – January 14

Should the bears maintain their momentum to break down the support level of $2.4, then, the price may test the $2.1. In case the bulls defend the support level of $2.4, the resistance level of $3.0, $3.3 and $3.7 may be the target. The bullish trend may continue.

Key Levels:

Resistance levels: $3.0, $3.3, $3.7

Support levels: $2.7, $2.4, $2.1

EOS/USD Long-term Trend: Bearish

EOSUSD is bearish in the long-term outlook. The coin was under the strong bullish momentum last week. The bullish momentum pushed the coin to reach the resistance level of $3.7 after breaking up the $3.3 price level. The bulls’ pressure could not withstand the opposition built by the bears at resistance level of $3.7. The strong bearish candle emerges that pushed the price back below $3.0 price level.  The support level of $2.4 was tested and currently, the price is pulling back.

EOSUSD daily chart, January 14

At the moment, the price is carrying out retracement towards the level of $3.0. The price is trading below the 9 periods EMA and 21 periods EMA as an indication of the bearish trend. Should the bears maintain their momentum to break down the support level of $2.4, then, the price may test the $2.1. In case the bulls defend the support level of $2.4, the resistance level of $3.0, $3.3 and $3.7 may be the target. The bullish trend may continue. Meanwhile, the relative strength index period 14 is bending up above 40 levels which indicate a buy signal.

EOS/USD Price Medium-term Trend: Bullish

On the 4 – hour chart, the buyers are gradually taken over the EOS market. The coin bottomed at the support level of $2.4 on January 11. A morning star candle pattern formed; this is a bullish reversal candle pattern. The bulls gradually increase their momentum and the price is trying to penetrate the resistance level of $2.7.

EOSUSD 4 hour chart, January 14

The price is struggling to trade above the 9 periods EMA and the 21 periods EMA. The relative strength index is bending down at 50 levels to indicate a sell signal which may be a pullback.

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AUDUSD Retains Upside Bias Towards 0.7800 Amid $2 Trillion US Stimulus Plan

AUDUSD Retains Upside Bias Towards 0.7800 Amid $2 Trillion US Stimulus Plan

AUDUSD Price Analysis – January 14

AUDUSD pair continues upside move with a fresh bid during the European session, now extending the upside bias towards 0.7800 amid $2 trillion US stimulus plan announcement, as markets await further trading impetus.

Key Levels
Resistance Levels: 0.8170, 0.8136, 0.7800
Support Levels: 0.7725, 0.7635, 0.7461
AUDUSD Long term Trend: Bullish
As seen on the daily charts, AUDUSD bulls need a sustained break above the 0.7800 level to retain the bullish pattern. The 0.7800 areas are also an obstacle to growth. Meanwhile, a pullback below the 13 moving average at 0.7700 may initially nullify the bullish sentiment and send AUDUSD mid-term sellers to a weekly low around mid 0.7700.

In a broader context, sustained trading past horizontal resistance at 0.7725 is a sign of medium-term bullish sentiment. However, AUDUSD may need to reverse the retracement from 1.1079 high to 0.5506 low at 0.7725 to finally signal the end of a long-term downtrend from 1.1079. A deviation from the 0.7725 level would instead maintain a long-term bearish trend.
AUDUSD Short term Trend: Ranging
The AUDUSD shift remains neutral during the session, and further rally beneath 0.7800 is possible. On the other hand, a breakout of 0.7800 may sustain a larger upsurge from 0.5506 to 61.8%, forecast of 0.7414 from 0.7000 to 0.8170 level.

On the other hand, a breach of the 0.7635 support level would indicate a short-term top, subject to bearish divergence on the 4-hour RSI. Intraday bias may be reversed downward for a deeper correction towards the 0.7461 support level.

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EURUSD Retreats Beneath 1.2150 in Reaction to $2 Trillion US Stimulus Package

EURUSD Retreats Beneath 1.2150 in Reaction to $2 Trillion US Stimulus Package

EURUSD Price Analysis – January 14

The EURUSD pair remains on the back foot and retreats beneath 1.2150 to register a European session low of 1.2135 level. At the time of this post, the European currency is hovering up at the 1.2164 level. The new American administration is set to announce a generous stimulus package worth $2 trillion which boosted markets and the dollar.

Key Levels
Resistance Levels: 1.2350, 1.2272, 1.2220
Support Levels: 1.2150, 1.2058, 1.1920
EURUSD Long term Trend: Ranging
EURUSD adds to prior sessions’ corrective downside and takes the price to fresh lows in the 1.2135 area. EURUSD appears to be fading after its upside run halts under barrier 1.2220 level. The pair is off its highs could extend its downward correction.

On the other hand, a breakout of 1.2220 level would target 1.2272 level en route to 1.2300 resistance level. The alternative scenario will see the loss of the 1.2150 zones as an initial bearish signal, which would be boosted on a breach beneath (Jan 11) low at the 1.2132 level.
EURUSD Short term Trend: Ranging
The intraday bias in EURUSD stays neutral for some range trading beneath the 1.2220 temporary high level. Meanwhile, the downside of the retreat should be contained by the 1.2058 support level to bring another increase.

On the upside, breach of 1.2272 level may aim for 61.8% forecast of 1.0635 to 1.2011 levels from 1.1602 at 1.2300 level next. The pair is currently signaling a short-term downside correction towards 1.2058 levels. Any more losses could lead the pair towards the 1.2011 support zone.

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XRPUSD Price: $0.39 Resistance Level Holds

XRPUSD Price: $0.39 Resistance Level Holds

XRP/USD Market January 13

Should the bulls increase their pressure, the price may penetrate the resistance level of $0.39 level; the price may increase to $0.39 and $0.62. In case the resistance level of $0.39 holds, the price may reverse and the support levels of $0.28, $0.21, and $0.17 may be tested.

Key Levels:

Resistance levels: $0.39, $0.49, $0.62
Support levels: $0.28, $0.21, $0.17

XRP/USD Long-term Trend: Bullish

XRPUSD found support at the $0.21 level; it could not penetrate the support level due to weak momentum. The bulls also have not enough pressure to push up the price, then; the price commences a consolidation at the mentioned support level. On January 07, the bulls gain more pressure and push the coin to break up the former resistance level of $0.28, the bulls’ and the bears’ momentum became weak again and started consolidation till the moment.

XRPUSD daily chart, January 13

The price is trading between the 9 periods EMA and 21 periods EMA struggling to break up the confluence at the resistance level of $0.36. Should the bulls increase their pressure, the price may penetrate the resistance level of $0.39 level; the price may increase to $0.39 and $0.62. In case the resistance level of $0.39 holds, the price may reverse and the support levels of $0.28, $0.21, and $0.17 may be tested. The relative strength index period 14 is at 50 parallel with the level to indicate that consolidation is ongoing.

XRP/USD Medium-term Trend: Ranging

On the medium-term outlook, XRPUSD is in the ranging mode. After the coin broke out of the first stage of consolidation that took place within the $0.20 and $0.25 level, the price increases to test the resistance level of $0.39 and pulls back to retest the $0.29 level but unable to penetrate the level. The coin started a ranging movement within $0.39 and $0.29 price levels.

XRPUSD 4 hour chart, January 13

The two EMAs are interlocked to each other and the price is trading over and around the 9 periods EMA and 21 periods EMA. However, the relative strength index period 14 is flat to the level at 50 levels to indicate a ranging market.

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EURCAD Remains in Consolidation Past the 1.5500 Level After Upside Rejection

EURCAD Remains in Consolidation Past the 1.5500 Level After Upside Rejection

EURCAD Price Analysis – January 13

The EURCAD pair trades under the 1.5550 level after meeting a strong barrier at the 1.5785 level in an upside correction. EURCAD is slipping to sellers’ territory and well on its way for prospects of a price correction. Crude oil made a new swing high and at the same time, CAD may see some upside.

Key Levels
Resistance Levels: 1.5785, 1.5675, 1.5609
Support levels: 1.5422, 1.5376, 1.5200
EURCAD Long term Trend: Ranging
The emergence of some fresh CAD buying, in turn, was seen as one of the key factors that capped the upside for the EURCAD pair beneath the 1.5550 level. The downside, however, remained cushioned on the back of weaker crude oil prices at the 1.5422 level. In the larger context, a fall from the 1.5785 level is seen as the 3rd phase of the corrective pattern from prior highs.

The rejection by the moving average 5 is keeping the trend bearish. But we’d expect a loss of downside momentum as it approaches the key support at the 1.5422 level. On the upside, a firm break of the 1.5550 resistance level is needed to indicate a price rebound. Otherwise, the trend may continue to consolidate in case of a rebound.
EURCAD Short term Trend: Ranging
EURCAD intraday bias remains neutral as consolidation continues from the 1.5785 high. On the other hand, a breach lower of 1.5500 would target the 1.5422 low level. The breach will resume the stronger fall from the 1.5970 level.

However, a break higher of the 1.5550 resistance level will extend the consolidation pattern from 1.5389 with a new phase of growth. Instead, the intraday bias will be directed up towards the 1.5609 level. Besides, the likelihood of a short-term trading stop being triggered above the level of 1.5675 contributes to its increase.

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Dollar’s Rebound Loses Momentum As Pound Increases on BoE Statement

Dollar’s Rebound Loses Momentum As Pound Increases on BoE Statement

The dollar came under selling pressure in America in the afternoon, as equities cut intraday losses and showed moderate gains and US Treasury yields increased.

Sterling generally jumped today after the head of the Bank of England criticized negative interest rates associated with many problems. Commodity currencies are currently the next strongest, having partially overcome this week’s pullback.

The head of the Bank of England said that negative rates are “a controversial issue” and there are “many problems” with that. He added that negative rates would complicate banks’ efforts to generate returns and could potentially hurt their lending.

On the other hand, the dollar is now the weakest of the day as the short-term recovery has lost momentum. The yen and the euro are the next weakest at the moment. Major pairs spent most of the day consolidating around Monday’s close amid improving market sentiment. However, in the absence of a clear catalyst, caution prevailed.
Managing COVID-19 Across Countries
Canadian Prime Minister Justin Trudeau announced on Tuesday that they have reached an agreement with Pfizer/BioNTech to purchase an additional 20 million doses of COVID-19 vaccine, Reuters reported. Canada will extend its border closure with the United States until February 21, Trudeau added.

As for the pandemic, the UK has 45,000 new cases, below all-time highs recorded last week. However, the authorities warned of an unstable situation in the health care system. German Chancellor Angela Merkel reiterated that the worst is yet to come, adding that the country is likely to have restrictive measures in place at least until April.

The good news came from Israel: An initial analysis by the Clalit Health Foundation, the largest healthcare provider in Israel, showed that 14 days after the first dose of Pfizer/BioNTech vaccine, the number of COVID-19 cases dropped 33%, an Israeli news publication Ynet disclosed. The country’s population is 8.89 million, and about 20% of the population has already been vaccinated.

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USDCHF Rebound Pauses Under 0.8920 Level As USD Factors & Risk Appetite Dictates the Pace

USDCHF Rebound Pauses Under 0.8920 Level As USD Factors & Risk Appetite Dictates the Pace

USDCHF Price Analysis – January 12

The USDCHF pair rebound continues to the upside but pauses temporarily under the 0.8920 level after rallying as high as the 0.8916 level. The major factor hurting risk assets on the day has been the rise in US real and nominal bond yields which continues to dictates pace.

Key Levels
Resistance Levels: 0.9187, 0.8998, 0.8920
Support Levels: 0.8858, 0.8757, 0.8639
USDCHF Long term Trend: Ranging
The USDCHF is confronted by a mild resistance at the 0.8920 level limiting its upside advance temporarily, selling at the 0.8816 level, and declined steadily due to continued broad-based USD weakness on risk sentiment. The price tumbled to an intraday low at the 0.8890 level.

Meanwhile, in the larger context, the decline from the 1.0231 level is seen as the third phase of the trend from 1.0342 (high). There is no clear sign of completion yet. It is followed by the 138.2% projection of 1.0342 to 0.9191 level from 1.0231 at 0.8639 level. In any case, a break of 0.9296 resistance level is required to signal medium term bottoming.
USDCHF Short term Trend: Ranging
On the 4-hour time frame, the USDCHF edged higher to the 0.8920 level in prior sessions. The present intraday bias stays on the upside. In the scenario of another recovery, the USDCHF upside may be restrained by the 0.8920 resistance level to usher in another slight decline.

On the downside, the sustained breach of 0.8858 level may aim the 61.8% forecast of 0.9902 to 0.8998 levels from 0.9296 at 0.8746 levels next. As long as the 0.8920 level holds intact, marginal weakness is envisaged but reckon 0.8858 level may remain intact. Only beyond the 0.8920 level risks gain towards the 0.8998 level.

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  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.