Trading spotlight
Every day we analyse the market trends, select the most newsworthy asset, and prepare technical analysis on it—to help you reduce risks and get prepared.
- All
- GBPJPY
- EURJPY
- BTCUSD
Keep GBPJPY in sight
What happened earlier
The GBPJPY slowly declined to 142.241 due to the uncertainty in the U.K. and E.U. trade discussions surrounding Brexit. Their main snag involves the U.K. fishing industry.
What the picture is now
The Bollinger Bands are narrowing, suggesting a reduction in volatility. The Stochastic and the RSI both pointing to a downtrend.
What the possible outcomes are
- In the most likely scenario, we could see a downwards correction towards the first support level of 141.504 before an upwards surge towards the middle line of Bollinger indicator.
- If the pair falls below the first support level, we expect a continued downtrend towards the second support level of 140.972.
- Another possible scenario may see the pair move towards the first resistance level of 142.241 before recoiling and dropping towards the first support level.
- If the pair can advance beyond the first resistance level, the next logical move is towards the second resistance level of 142.764.
Pay attention to EURJPY
What happened earlier
The EURJPY fell to the support level of 126.013 upon investors' fears of renewed lockdowns amid rising regional coronavirus cases.
What the picture is now
The Bollinger Bands are narrowing, indicating a decrease in volatility, and display a bearish sentiment. The RSI, which is under 50, and the Stochastic both points to a possible correction downwards.
What the possible outcomes are
- In our most likely scenario, EURJPY may challenge the first support level of 126.013 before recovering towards the middle line of Bollinger indicator.
- If the pair falls below the first support level, we should expect a continued downtrend towards the second support level of 125.671.
- Conversely, it's possible to see the pair fail to break the first support level and rebound towards the first resistance level of 126.489.
- In our least likely scenario, if the pair breaks the first resistance level, we can expect a rise towards the second resistance level of 126.767.
Stay aware of the BTCUSD movement
What happened earlier
The BTCUSD pair almost hit the 40,412.60 mark. Investors are eagerly waiting for the new stimulus package from the Biden administration. However, instead of Bitcoin reaching new highs, the price dropped after Biden gave his speech in the U.S. Congress.
What the picture is now
The price is under the 25 and 15-day moving averages, which means that a downtrend may prevail. The RSI, which is under 50, and the Stochastic both pointing to a downtrend.
What the possible outcomes are
- In our most likely scenario, BTCUSD may challenge the first support level of 38,047.14, before recovering towards the moving averages.
- If the pair falls below the first support level, we can expect a further decline to the second support level of 35,791.71.
- Conversely, it's possible to see the pair fail to break the first support level and regress towards the first resistance level of 40,412.60.
- If the pair manages to surpass the first resistance level, we should expect a continued surge towards the second resistance level of 42,151.04.
Please note! This is not a direct instruction on which order to open. When applying this information, you remain solely responsible for the decision you make and financial risks you take.