Energies
Bitcoin is nearing its all-time high again as the crypto currency broke above the critical $107,000 resistance level in today’s trading. As the U.S. dollar weakens, bitcoin is expected to hold its grounds above the psychological level of $100,000
In the Forex market, the Euro still shows strength against the US dollar as demand for greenback plummets. The overall trend for the EURUSD pair is bullish after forming a base around 1.1130.
Moving averages MA(5), MA(10), and MA(30) confirm the bullish momentum as they all are trending upwards holding price above.
MACD also shows bullish momentum as crossover is confirmed with clear higher highs on the indicator and no clear bearish divergence noted.
The EURUSD outlook remains bullish with upward movements expected after pullbacks to the dynamic support levels of the moving averages.
EURUSD 1H Chart
| Resistance | 1.1365 | 1.1381 | 1.1400 |
| Support | 1.1296 | 1.1271 | 1.1246 |
USDCHF shows a clear bearish trend accelerating to the downside as it correlates negatively with the EURUSD.
Moving averages MA(5), MA(10), and MA(30) are all sloping downward with prices far below them.
MACD shows bearish momentum. However, minor corrections to the upside are expected following these sharp declines. Moving averages are expected to hold prices down. No sign of major trend reversal yet.
USDCHF 1H Chart
| Resistance | 0.8255 | 0.8269 | 0.8288 |
| Support | 0.8209 | 0.8186 | 0.8176 |
Gold shows a strong bullish uptrend from the $3,122 low.
Technical indicators also support the bullish momentum as all Moving Averages: MA(5), MA(10), and MA(30) are holding prices up.
MACD is positive and increasing; MACD line above signal line, confirming bullish momentum.
As the upward trend continues, stay on the lookout for pullbacks toward MA(30) before price continues up.
Gold (XAUUSD) 1H Chart
| Resistance | $3,326 | $3,347 | $3,369 |
| Support | $3,286 | $3,273 | $3,249 |
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