Hubufx Shares Trading Ideas

[HubuFX]

Navigating the XAUUSD Downtrend: Key Levels to Watch

The XAUUSD, or gold price, has been on a downward trend. This happened after the upward trendline was broken. The decline in gold prices slowed when it reached a significant support level at $1894.6, which is just below the 50% mark of the Fibonacci retracement tool. Please note, the RSI indicator is hovering near the oversold area.

For those who are bullish on gold, it’s crucial to prevent the price from closing below this level on the daily chart. They need to push the price above the 50% Fibonacci level to halt the steep decline. If they succeed, there’s a possibility for the price to fluctuate between $1894 and $1945.

However, if the price closes below this key level, the next target could be the 0.618 level of the Fibonacci retracement around $1865.​

 

[HubuFX]

Bitcoin's Double Bottom Pattern: A Sign of Hope?

Bitcoin is back in a key area of support, which ranges from 28,484 to 28,266. This happened after the bulls failed to overcome the strong resistance at 30,000. This point is not just a pivot point, but also a level that carries a lot of psychological importance. The bears have taken over and pushed the price down from the pivot area. They are currently testing the high of May 28th, which is between 28,484 and 28,266.

Our team of analysts at Hubufx suggests being patient at this stage. They advise against rushing into a long trade. The important thing is to watch if the bears can close below the low of August 1st. If they can't, we might see a double bottom pattern forming in the support area.

When we look more closely at the 4-hour timeframe, we see a long wick candlestick. This shows that the bulls are trying to keep the price above 28,000. So far, they have stopped the bears from closing below this important level. If a double bottom pattern does form, Bitcoin's market price could surge to test the psychological resistance at 30,000. The minor resistance at 28,794 is crucial in this situation. For the uptrend to continue and for confirmation of a double bottom pattern, it's vital for the market to close above this resistance.

On the flip side, if the bears manage to break through the support at 28,240, we could see Bitcoin's value continue its downward trend towards lower support levels as shown on the daily chart.​

 

[HubuFX]

GBPJPY Recent Decline: A Technical Perspective

The GBPJPY currency pair is currently hovering around the 184.81 mark. This comes after a noticeable break in the rising trendline, a development that was somewhat expected. The reason for this anticipation was the RSI indicator, a tool used by traders to identify potential market reversals. The RSI had been lingering in the overbought zone for several sessions, hinting at a possible decline.

This recent drop in GBPJPY is seen as a correction, a common occurrence in financial markets. It has allowed the bears, or those betting on a price decrease, to temporarily take control of the market. This has led to a lowering of the price to the 0.236 level of Fibonacci retracement, a popular technical analysis tool used by traders. Following this, the price has reached the 183.26 support level, which serves as a robust supply zone for GBPJPY bulls, or those betting on a price increase.

As long as this level holds firm, the market direction of GBPJPY is considered bullish, indicating an upward trend. The resistance level, another key concept in technical analysis representing a price level that an asset struggles to exceed, is at the recent high of 186.46.

Despite these market fluctuations, the outlook for GBPJPY remains bullish. The 0.236 level of Fibonacci and the 183.26 supply zone provide a reasonable bid for bulls to enter long positions in the market.

Our dedicated analysis team at HubuFX suggests keeping a close eye on these two levels and looking out for candlestick patterns and price action behaviors. These are key elements of technical analysis that can provide valuable insights into future price movements. We will continue to provide more updates on the GBPJPY pair in future sessions. So stay tuned with us for more insightful technical analysis on GBPJPY and make informed trading decisions.​