S&P 500 Backpedals on China’s Coronavirus, but Consistent Rally Stays Unabated

S&P 500 Price Analysis – January 26

S & P 500 exited prior session with a decrease of -0.27% to a level of 3,293.6. Regardless of the retreat, the continuous rally stays unabated. US stock indices generally exited at the previous session after the advent of the Chinese coronavirus. The Centers for Disease Control and Prevention established the first casualty in the United States.

Key Levels
Resistance Levels: 3400, 3350, 3330
Support Levels: 3300, 3280, 3263

S&P 500 Long term Trend: Bullish

By the end of the previous trading session, the S & P 500 index fell, falling from 1.18% to 3,293.6, after a bullish increase at the beginning of last week, the retreat may find potential support near the price levels of 3300 and 3280.

The US stock index continues to trade in a bullish trend after the trendline support of the uptrend around the horizontal line at 3300. The path of least resistance is directed upward, and if the bulls overcome the resistance level of 3350, the market is likely to continue the bullish trend, trading at 3400 and 3450 levels.

S&P 500 Short term Trend: Bullish

Meanwhile, on the other hand of the 4-hour time frame, while the support level on the 3 205.0 stays intact, the current short-term uptrend is anticipated to expand to the 100% level from 2 853.0 to 3 069.3 with 2 772, 9 at 3,350.0 as follows.

In case the S & P 500 is trading past the level of 3300, then the bulls can aim at the levels of 3330 and 3350 in the future. In an alternative scenario, if the S & P 500 is trading beneath the 3300 levels, the bears can likely look down at 3280.8 and 3263.4 levels as targets.

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EURJPY Plummet and Rebound From the Near Term Low Level at 120.67

EURJPY Price Analysis – January 24

The currency pair is losing ground for the second consecutive session on Friday, falling under strong bearish pressure amid negative indicators of the single currency, aggravated after the ECB meeting on Thursday.

Key Levels
Resistance Levels: 124.31, 123.37, 122.87
Support Levels: 120.67, 119.99, 115.83

EURJPY Long term Trend: Ranging

The constant momentum of bears in the European currency has put pressure on the EURJPY pair in the last couple of sessions.
Nevertheless, the daily pullback in the FX pair met a barrier around the upper border of the support trendline at the daily time frame in the region of the level of 120.67.

In the larger structure, EURJPY remains in the fallen structure, set at about 127.52 (high). Progress from the level of 115.83 is considered as corrective growth at the moment. Strong resistance can be seen when the resistance of the structure appears to limit growth.

EURJPY Short term Trend: Bearish

EURJPY’s plunge from the level of 122.87 reaches the level of 120.67, and the intraday bias stays on the south side. Meanwhile, the moving averages 5 and 13 are removed, attention is now paid to the 120.17 level of support for the structure.

A steady breakthrough can prove that the general advance from the level of 115.83 has completed and altered the bearish trend. Nevertheless, a strong bounce from the current level, accompanied by a breakthrough of the minor resistance level of 121.74, can hold a short-term bullish mood.

Instrument: EURJPY
Order: Sell
Entry price: 121.01
Stop: 121.47
Target: 120.17

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Gold Weighed Down by a Combination of Price Levels in a Narrow Range

XAUUSD Price Analysis – January 24

A modest recovery of sentiment concerning global risks, as evidenced by the positive shift in trade around the stock markets, affected the status of a safe-haven for precious metals. XAUUSD sank lower at the start of the European session on Friday and is currently near daily lows, around $ 1,560 levels.

Key levels
Resistance Levels: $ 1625, $ 1595, $ 1575
Support Levels: $ 1540, $ 1517, $ 1500

XAUUSD Long-term Trend: Bullish

The XAUUSD exchange rate is trying to break beneath the level of $1,557.00. As of this morning, the rate was trading at a high of $ 1,563.30 level.

Underneath the horizontal line, observe that the yellow metal is bolstered by 5-day and 13-day moving averages, which are presently situated at $ 1,559.00 level. Gold, on the other hand, may range versus the US dollar during the next trading session. Besides, it is unlikely that its rate can break through the rising wedge in the south due to the support provided.

XAUUSD Short-term Trend: Ranging

The precious metal trimmed losses and returned to the $ 1,557.07 level support area. The consolidation pattern stays in the outlook. A breakthrough may lead to further advances.

Nevertheless, this may usher in the gold price to test prior highs. The inability to break higher can lead to price consolidation or correction to decrease.

Instrument: XAUUSD
Order: Sell
Entry price: $1,557.07
Stop: $1,575.00
Target: $1,540.00

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AUDUSD Rally Propels Gains Near the Level at 0.6870

AUDUSD Price Analysis – January 23

The subsequent closing in the prior two days with scanty losses, the FX pair recorded upward momentum in the Asian trading hours and rose to a daily high of 0.6878 level, after which it entered the consolidation stage in the European session. At the time of composing, the pair has grown by 0.35% per day to 0.6868.

Key Levels
Resistance Levels: 0.7085, 0.6933, 0.6878
Support Levels: 0.6827, 0.6754, 0.6670

AUDUSD Long term Trend: Ranging

In a larger structure with an intact resistance level of 0.7085, there is no clear confirmation of a trend reversal. That is, it is likely that the downtrend from the level of 0.7205 (high) may continue to the level of 0.6670 (low).

Nevertheless, a decisive breakthrough of the level at 0.7085 may establish its long-term decline and lead to a stronger rally to the upper horizontal barrier (now at 0.7205).

AUDUSD Short term Trend: Bearish

A temporary low is structured on the level at 0.6827 when AUDUSD recovered after receiving support from short-term horizontal lines. Intraday bias is primarily neutral. Recovery flow should be contained beneath the resistance level of 0.6933 to resume falling.

We think that the correctional increase from the level of 0.6670 was completed at the level of 0.7031. Beneath the 0.6826 level may change the tendency to lower the level of 0.6754 to establish this bearish scenario. However, a breakthrough of the 0.6933 level may switch attention to the 0.7031 level.

Instrument: AUDUSD
Order: Buy
Entry price: 0.6878
Stop: 0.6827
Target: 0.6933

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WTI Crude Oil May Plunge Past the Level at $55 per Barrel

USDWTI Price Analysis – January 23

The recent decline in crude oil prices could lead to a drop in prices to $ 55.00 level. Earlier this week, the EIA predicted that Brent crude prices could be slightly lower by mid-year.

Key Levels
Resistance Levels: $ 63.04, $ 60.34, $ 59.61
Support Levels: $ 55.00, $ 54.00, $ 52.24

USDWTI Long term Trend: Ranging

After the price reached $ 59.61 levels at the start of the week, crude oil prices began to plummet. The support level of 57.40 and 56.78 dollars was broken to start a new bearish wave.

If a break underneath happens past the level of $ 55.00, bears can push the price well underneath the support levels of $ 54.00. In this situation, crude oil prices may even test the support region of $ 52.24.

USDWTI Short term Trend: Bearish

Taking a view at the 4-hour WTIUSD chart, the price even plunged underneath the support region of $ 57.40 level and the moving average (5 and 13). This opened the entryway to more losses and the price broke support for $ 56.78 level.

The fall of the structure took place against the backdrop of the growth of open interest, at the moment leaving the bearish point of view untouched and allowing additional losses, initially towards a low of the end of November at around $54.77.

Instrument: USDWTI
Order: Buy
Entry price: $ 55.00
Stop: $ 54.00
Target: $ 57.40

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GBPJPY Extends Gains While Breaking Past the Level at 144.36

GBPJPY Price Analysis – January 22

The Fx pair is bullish after the weakening of the Japanese yen and the strengthening of sterling. Although the GBPJPY remains moderately changed, trading around 144.36 level during the Asian session into the European session. The pair struggled between optimistic news and widespread risk aversion of the prior day.

Key Levels
Resistance Levels: 148.66, 147.95, 146.81
Support Levels: 140.81, 135.49, 126.54

GBPJPY Long term Trend: Bullish

Technically, the GBPJPY pair faced key resistance on the level at 144.36, which contained pressure on the GBPJPY pair.

But the recent bullish breakout at this level can now extend the bullish trend to 146.81 level in the next session. However, a sustained breakout of support level 139.31 may weaken this scenario and initially change the long-term to neutral trend.

GBPJPY Short term Trend: Ranging

GBPJPY’s intraday bias remains neutral and the trend does not change. The correction from the level of 147.95 stands for a continued decline.

However, a breakthrough of the level at 140.81 may come close to a partial rollback of the level from 126.54 to 147.95 at 139.31. On the other hand, a break of the level at 146.81 may change the bias towards the upside to re-test the level at a high of 147.95 level.

Instrument: GBPJPY
Order: Buy
Entrance Price: 143.86
Stop: 143.00
Target: 146.81

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Gold Remains Vulnerable as Mixed Oscillators Give a Directionless Signal

XAUUSD Price Analysis – January 22

Gold came up short on a consistent directional inclination and changed between little additions/marginal losses in the European session on Wednesday. Returning to an early plunge in the region of $ 1,550 level, gold is presently near the upper limit of its daily trading range, although it remains beneath the two-week highs established in prior sessions.

Key levels
Resistance Levels: $ 1625, $ 1595, $ 1575
Support Levels: $ 1540, $ 1517, $ 1500

XAUUSD Long-term Trend: Bullish

The XAU / USD exchange rate could not exceed the level of 1560.00. As of this morning, the rate was trading below the level of 1560.00. Notice that the yellow metal is supported by the moving averages 5 and 13, currently located around the range of 1557.07.

Although, the price of gold may probably have an upward trend. It is unlikely that the exchange rate may exceed the horizontal resistance at the level of 1575.00.

XAUUSD Short-term Trend: Ranging

Over a 4-hour time interval, gold consolidates laterally against the US dollar around these moving averages. Besides, it is unlikely that bears can dominate the market, and the rate may plunge beneath the horizontal support level of 1540.25.

The present consolidation occurs near the minor support/resistance level of 1575 and 1540 levels. RSI also looks a little optimistic. But a breakthrough after 1575.00 is necessary to confirm the growth towards the upside for gold.

Instrument: XAUUSD
Order: Buy
Entrance Price: $ 1550.00
Stop: $ 1517
Target: $ 1575

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USDCHF Bulls Seemed Reluctant Amid a Cautious Mood, Approaching 0.9695 Level

USDCHF Price Analysis – January 21

The USDCHF pair fluctuated in a narrow trading range beneath 0.9695 level with the latest optimism about the long-awaited US-China trade deal at the first stage, which supported the recent rally in global financial markets and continued to put pressure on the perceived safe-haven status of the Swiss franc.

Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9762
Support Levels: 0.9659, 0.9613, 0.9540

USDCHF Long term Trend: Bearish

The FX pair rebounds from multi-day lows, trading beneath the main daily moving averages of 5. USDCHF plunge from the level of 1.0231, which is the handle within the structure and can aim the level at 0.9600 (low).

Maybe another increase may happen, a leap forward of the level at 1.0231 is important to show the resumption of an uptrend. Else, we can watch progressively further rallies with the danger of another dive.

USDCHF Short term Trend: Bullish

USDCHF is restricted in consolidation from the level at 0.9613, and the intraday predisposition remains flat. Maybe there’s another recovery, the development potential might be limited by the barrier level of 0.9762. Then again, a leap forward of the 0.9613 level may proceed toward the downtrend up to 100% of the projection of the level at 1.0231 to 0.9659 from 1.0027 to 0.9600.

Notwithstanding, given the condition of bullish convergence in the 4-hour time frame with the cooperation of RSI and moving average, a break of 0.9762 level may demonstrate a momentary inversion and turn the bull pattern for a more grounded bounce back to the level of 0.9800.

Instrument: USDCHF
Order: Buy
Entry price: 0.9670
Stop: 0.9613
Target: 0.9762

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CME Bitcoin Futures Options Activated, While Bitcoin’s (BTC) Price Stays Pressured

Bitcoin is currently exchanged for $ 8,631. Buyers are making every effort to ensure that the price does not exceed $ 8,600 below. Adding to selling pressure on $ 8,700 leads to resistance around the moving averages of 5 and 13. A break above $ 8,700 may take longer than expected, but when this happens, Bitcoin should be ready for more bearish actions at level $ 8000.

CME Group keeps on being a key player in the area of crypto derivatives, even though it was not the first available. To reinforce its situation in the market, CME dispatches regulated futures options on January 13, 2020. On the primary day of exchanging, CME option contracts crested over $ 2.3 million. Its rival Bakkt just figured out how to sell about $ 380,000 on the primary day of exchange. An announcement by the CME CEO after the dispatch says:

We know from experience that successful options products require a robust, liquid underlying futures market. Our CME Bitcoin futures have become one of the most liquid, listed Bitcoin derivatives products in the world over the past two years.

Most as of late, Bakkt entered the market sooner than CME with its regulated options for bitcoin futures. In any case, after the effective dispatch of its option contracts on January 13, it appears that the Chicago CME is by and by arriving at the highest point in the industry.

When CME option contracts debuted on Monday, trading volumes on the company’s opening day exceeded $ 2.3 million, more than five times the volume of Bakkt’s as main competitor, which traded just over $ 380,000.

On the eve of January 13, CME saw a surge in bitcoin futures. The first four trading days of 2020 showed that returns grew by almost 70% compared to the end of 2019. Analysts from J.P. Morgan was quick to associate this increase with the launch of the upcoming option, saying that it was expected.

The explanation behind the fanfare might be that asset underlying the CME option isn’t Bitcoin (BTC) itself, yet Bitcoin futures. options give dealers the chance to support their risk on the underlying resources, and futures are innately dangerous. In this manner, the forthcoming hedging capacity may clarify why such a large number of traders looked to get the fundamental resource.

BTC/USD Price Rage Continues in a Lackluster Trend
BTC / USD ran into bears for two days in a row, trading beneath the $ 9,000 level. This Monday, BTC / USD plunged from the level at $ 8,734 to $ 8,504.06. Currently, the price of the digital currency has risen to $ 8,625.71 level.

In the future, the pair BTCUSD may begin testing the support level of $ 8,000, with emphasis that the level of $ 8500 may be broken with certainty. BTCUSD bulls may push the cryptocurrency from a more striking level on the off-chance it targets the level of $ 8,000.

The BTCUSD stays bullish as long as it’s trending past the level of $ 8500, the key resistance is on the level at $ 9000 and $ 9,200.

However on the off-chance, the BTCUSD pair is trending beneath the $ 8,500 level, bears may test support levels of $ 8,000 and $ 7,700.

Supply Levels: $ 8,500, $ 8,200, $ 8,000

Demand Levels: $ 9,200, $ 9,000, $ 8,800

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EURUSD Sustains Bearish Bias, Trends Low Near the Level at 1.1070

EURUSD Price Analysis – January 20

EURUSD continued to fall during the American session and bottomed on the level at 1.1075, the lowest intraday level since December 24. At the time of composing, it is trading between the 1.1080 / 85 level, less than ten points beneath the exit on Friday.

Key levels
Resistance Levels: 1.1450, 1.1280, 1.1172
Support Levels: 1.1066, 1.0981, 1.0879

EURUSD Long term Trend: Ranging

The euro is moving towards a third consecutive loss and the lowest daily exit within a month as it consolidates beneath the moving averages of 5 and 13 while maintaining a steady negative bias.

In the long run, a rebound from the level of 1.0879 is seen as a corrective movement at this point and, possibly, a further increase, possibly restrained by a partial recovery from 1.1412 to 1.0879 at 1.1450 level. Although the downtrend from 1.1450 (high) level may continue at a later stage.

EURUSD Short term Trend: Bearish

The attention stays at the support level of 1.1085 in the EURUSD pair. A steady break can complete the upper and lower cycle. It may also claim that the entire corrective advance from the 1.0879 level is over.

In this case, the intraday bias can be altered for the downside in support of the level of 1.0981 to confirm and on the upward, after the level of 1.1172 it may instead move upward for the level at 1.1250.

Instrument: EURUSD
Order: Sell
Entry price: 1.1085
Stop: 1.1130
Target: 1.1040

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