Global Easy Forex's Forum - 外汇论坛 - منتدى فوركس
General Category => General Discussion => Topic started by: FXOpen Trader on October 19, 2023, 05:24:59 PM
-
Dear Forum Members!
Here you can find Daily Market Analysis of Forex, Cryptocurrency, Indexes, Metals, Oil and others.
We hope that this information will be helpful for your trading.
Best Regards
FXOpen Team
-
NFLX Price Soars 12% after Strong Report
(https://i.imgur.com/PpSIU23.jpg)
Yesterday's closing price was 345.83, but this morning, NFLX's price rose above USD 390 per share in premarket trading. The reason is a strong report:
→ earnings per share = USD 3.73, expected = USD 3.49;
→ revenue = USD 8.54 billion, a year ago = USD 7.9 billion.
→ the main surprise is that the number of subscribers grew by an impressive 8.76 million in the third quarter (about 6 million were expected). The number of subscribers worldwide is approaching 250 million.
Given the increase in demand for its service, Netflix has decided to raise the price of its basic plan in the US to USD 11.99 per month from USD 9.99, and raise the price of its premium subscription to USD 22.99 per month from USD 19.99. This could attract more earnings per share in the future, which is what has helped NFLX's price soar.
(https://i.imgur.com/Qfu0pm0.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
On Factors Influencing the Price of Oil: Biden, Israel, Venezuela
(https://i.imgur.com/UWBujHe.jpg)
Pushing off the lower boundary of the ascending channel, the price of Brent oil rose by more than 8% amid fears of an escalation of conflict in the Middle East, which should pose a problem both for the US economy, which suffers from high inflation, and for President Biden personally on the eve of the elections.
The situation is aggravated by the fact that oil reserves in US strategic storage facilities are near minimums since 2014. That is why:
→ it can be assumed that the goal of containing the rise in oil prices was one of the motives for Biden’s visit to Israel on Wednesday. It is expected that the price of oil may be affected by Biden's speech from the Oval Office, scheduled for Thursday evening 20:00 ET (or Friday night at 03:00 GMT+3);
→ the United States has eased sanctions against Venezuela, which has the largest oil reserves in the world.
From a technical analysis perspective, a rally from the October lows (B) after a decline from the September highs (A) may confirm that important divergent drivers are battling in the market.
(https://i.imgur.com/HBFQuL8.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
TSLA Stock Price Breaks 2023 Trend
(https://i.imgur.com/eHIhks3.jpg)
According to the earnings report published yesterday:
→ Tesla's revenue for the 3rd quarter amounted to USD 23.35 billion, expected USD 24.18 billion;
→ earnings per share amounted to USD 0.66, expected USD 0.73.
That is, the actual numbers turned out to be worse than forecasts. But the main negative can be considered the statements of Elon Musk, according to which:
→ investors' expectations from Cybertruck should be moderated; it may take from a year to 18 months for a positive effect from this product. Although the company already has about 1 million applications, the company will be able to start producing about a quarter of a million cars per year approximately in 2025;
→ the company is currently pausing the construction of a plant in Mexico;
→ the policy of high interest rates has a great impact on the activities of both the company and the global economy.
(https://i.imgur.com/HNOci3H.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Consolidation of Major Currency Pairs Continues
(https://i.imgur.com/TPI1QaA.jpg)
The US dollar has resumed growth in almost all directions, but key levels have not yet been broken. Thus, the AUD/USD currency pair is approaching October lows just below 0.6300, the pound/US dollar has retested 1.2100, and the US dollar/yen is consolidating near 150.00.
USD/JPY
A possible Fed rate hike due to rising inflation, as well as good data on the core retail sales index and industrial production in the US, published at the beginning of the week, keep the pair from developing a full-fledged downward correction. At the same time, as we see, incoming data is not yet enough to consolidate above 150.00. Most likely, buyers need an additional news background to resume impulse growth. If the foundation of the next trading sessions is positive for the American currency, a renewal of the recent high at 150.20 and a resumption of growth in the direction of last year’s extremes at 151.80m may occur. We could consider cancelling the upward scenario if the pair falls below 147.80.
Today's speech by Fed Chairman Jerome Powell will be important for the pair's pricing. Tomorrow morning, you should pay attention to the publication of data on the national core consumer price index (CPI) in Japan.
(https://i.imgur.com/huYezUx.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AUD/USD and NZD/USD Signal More Downsides
(https://i.imgur.com/zONDejZ.jpg)
AUD/USD declined below the 0.6355 and 0.6330 support levels. NZD/USD is also moving lower and might trade below the 0.5800 zone.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6355 level against the US Dollar.
- There is a key bearish trend line forming with resistance near 0.6330 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD declined steadily from the 0.5930 resistance zone.
- There is a connecting bearish trend line forming with resistance near 0.5840 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/IDxXIuf.png)
On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6400 zone. The Aussie Dollar started a fresh decline below the 0.6355 support against the US Dollar.
The pair even settled below 0.6330 and the 50-hour simple moving average. A low was formed near 0.6295 before there was an upside correction. The pair climbed above the 50% Fib retracement level of the downward move from the 0.6393 swing high to the 0.6295 low.
However, the bears were active near the 0.6355 resistance zone. It failed to clear the 61.8% Fib retracement level of the downward move from the 0.6393 swing high to the 0.6295 low.
There is also a key bearish trend line forming with resistance near 0.6330. On the downside, initial support is near the 0.6295 low. The next support sits at 0.6285. If there is a downside break below 0.6285, the pair could extend its decline.
The next support could be 0.6250. Any more losses might send the pair toward the 0.6220 support. On the upside, an immediate resistance is near the trend line at 0.6330.
The next major resistance is near 0.6355, above which the price could rise toward 0.6400. Any more gains might send the pair toward 0.6420. A close above the 0.6420 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6500.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P 500 Analysis: Threat of an Important Support Breakdown is Growing
(https://i.imgur.com/JBEXIcd.jpg)
On September 19, we analysed the S&P 500 index, indicating that the market is under pressure. This was an important long term analysis, and let's see what has changed in a month with the news that happened yesterday.
A month ago we marked turning points A, B, C, D on the chart.
Since then, new turning points have appeared: E, F, G, H.
As we indicated, in the pulse sequence A→B, B→C, C→D, D→E, each subsequent pulse was 50% shorter than the previous one. The same observation is true for the E→F movement, which is the last in a series of contracting impulses. That is, the market either compressed into a spring or formed an important balance of supply and demand.
However, the F→G impulse violated this trend. This means that the market has left the state of balance in a bearish direction. At the same time, the channel expanded by 2 times (according to the principle of a parallel channel), and the market found new support G at its lower border. Further, it is important that the movement G→H amounted to 50% of the decline, which corresponds to a bullish corrective movement within the framework of the dominant downward trend (as you understand, the trend began when the market came out of balance).
(https://i.imgur.com/CcSJeEi.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/JPY Analysis: a Deceptive Calm
(https://i.imgur.com/eB7L1Yk.jpg)
From early January to today, the GBP/JPY rate has risen by approximately 17%, driven by the Bank of Japan's ultra-loose policy of keeping rates below zero.
But since August, the upward trend began to weaken — perhaps faith in the pound was undermined by high inflation (the highest among the G7). This week:
→ data published on Wednesday showed that inflation in the UK has stabilized at 6.7%. In an interview with the Belfast Telegraph published on Friday, Andrew Bailey appeared calm when he said the Bank of England did not expect big changes in the data anyway;
→ retail sales data for September in the UK published on Friday turned out to be worse than expected: actual = -0.9%, expected = -0.3%, a month ago = +0.4%
(https://i.imgur.com/OHLjILX.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Dollar Falls Amid Powell's Dovish Comments
(https://i.imgur.com/xcHdI2p.jpg)
Federal Reserve Chairman Jerome Powell's comments at the economic forum were seen as generally dovish. The strength of the US economy and ongoing tight labour markets could justify further rate hikes, Powell said. But he also noted that the recent market rise in bond yields has helped tighten overall financial conditions significantly.
The official's speech turned out to be quite cautious, and, in general, signalled more in favour of maintaining monetary policy without changes. However, answering questions, the chairman did not rule out the possibility of an additional increase in the interest rate, emphasising that the current value is not the maximum.
In addition, the day before the market paid attention to a block of macroeconomic statistics from the United States. Thus, the number of initial applications for unemployment benefits for the week of October 13 decreased from 211.0k to 198.0k, while analysts expected 212.0k, and the number of repeated applications for the week of October 6 rose from 1.705 million to 1.734 million, which turned out to be significantly higher than forecasts of 1.710 million.
Investors were also somewhat disappointed by sales in the secondary housing market: in September the figure decreased by 2.0% after -0.7% in the previous month, and in absolute terms the dynamics slowed down from 4.04 million to 3.96 million, while experts expected 3.89 million. The dollar index was last down 0.27% on the day at 106.24.
EUR/USD
(https://i.imgur.com/eUsTOsM.png)
The EUR/USD pair is declining slightly, consolidating near the 1.0575 mark. The day before, the pair showed active growth, having managed to update local highs from October 12, which was associated with the speech of the head of the US Federal Reserve, Jerome Powell. The euro added 0.42% to $1.0581. The immediate resistance can be seen at 1.0591, a breakout to the upside could trigger a rise towards 1.0601. On the downside, immediate support is seen at 1.0525, a break below could take the pair towards 1.0442.
The focus of investors today will be on September statistics on the dynamics of manufacturing inflation in Germany: in monthly terms the index is expected to slightly accelerate from 0.3% to 0.4%, and in annual terms — a decrease of 14.2% after -12.6% in the previous month.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 16 - 20 October Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: POUND RISES, NASDAQ SEES A DIP, NFLX PRICE SOARS 12%, OIL
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- Inflation Stabilizes, Pound Rises in Price #Inflation #GBP
- Volatility and Geopolitics Grip US Stocks as NASDAQ Sees a Dip #NASDAQ
- On Factors Influencing the Price of Oil: Biden, Israel, Venezuela #Oil
- NFLX price soars 12% after strong report #NFLX #Netflix #earningsreport
Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/fVOwMnH.jpg)
FXOpen YouTube
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo
-
GBP/USD Attempts Recovery, USD/CAD Grinds Higher
(https://i.imgur.com/zoeGlB4.jpg)
GBP/USD is attempting a recovery wave from 1.2090. USD/CAD is rising and might aim for a move above the 1.3720 resistance zone.
Important Takeaways for GBP/USD and USD/CAD Analysis Today
- The British Pound is struggling to gain pace for a move above the 1.2200 region.
- There is a key bearish trend line forming with resistance near 1.2170 on the hourly chart of GBP/USD at FXOpen.
- USD/CAD is showing positive signs above the 1.3670 support zone.
- There is a bullish flag pattern forming with resistance near 1.3720 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/GbEkfT9.jpg)
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2200 zone. The British Pound traded below the 1.2140 support to move into further a bearish zone against the US Dollar, as mentioned in the previous analysis.
The pair even traded below 1.2115 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2090 level. A low was formed near 1.2093 and the pair is now attempting a short-term recovery wave.
There was a fresh upside above the 50-hour simple moving average. The pair climbed above the 50% Fib retracement level of the downward move from the 1.2191 swing high to the 1.2093 low.
Immediate resistance on the upside is near a key bearish trend line at 1.2170. It is close to the 76.4% Fib retracement level of the downward move from the 1.2191 swing high to the 1.2093 low. The first major resistance on the GBP/USD chart is near the 1.2190 level.
A close above the 1.2190 resistance might spark a decent recovery wave. The next major resistance is near the 1.2220 level. Any more gains could lead the pair toward the 1.2300 resistance in the near term.
Initial support sits near 1.2140. The next major support sits at 1.2115, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2020.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Bitcoin Breaks Psychological Level of $30k
(https://i.imgur.com/HP1QC4o.jpg)
On Friday-Sunday, the price of BTC/USD several times exceeded the round level of 30,000, but the excess was short-lived; soon, the price rolled back down. But the pressure of the bulls did not weaken, and since the beginning of Monday, the price of bitcoin rose above 37,000.
A combination of bullish factors contributed to the rise in bitcoin prices:
→ the threat of a financial crisis in the USA. Congress without a speaker, the budget has not been approved, the S&P-500 is near its 5-month low. Legendary investor Peter Schiff expresses the opinion that a crisis is inevitable due to the actions of the Fed.
→ Expectations that the SEC will approve a bitcoin ETF in the near future, and this will open bitcoin to institutional investors. According to JPMorgan, this will happen within a few months. Positive signals will come from BlackRock and VanEck, which have filed bids.
→ Refusal by the SEC to claim against Ripple Labs.
→ Geopolitical tensions in the Middle East. Bitcoin is gaining relevance as an asset that can become a safe haven for capital.
(https://i.imgur.com/AKBYxqj.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Cryptocurrency Market Capitalization Sets Year's High
(https://i.imgur.com/p60KhXr.jpg)
Amid the frenzy over expectations that the SEC will approve applications for spot bitcoin ETFs, the cryptocurrency market capitalization reached USD 1.25 trillion this morning, for the first time in 2023. Expectations have increased following reports that the US Securities and Exchange Commission will not appeal a court ruling that the rejection of Grayscale Investments' ETF application was improper.
It is important to understand that an ETF is a financial instrument that will allow a wide range of people to easily officially invest in bitcoin without opening an account on a crypto exchange, which can be associated with difficulties and dangers.
(https://i.imgur.com/bSIhuq0.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Eurostoxx 50 at Important Support. Production in Europe is Declining
(https://i.imgur.com/tM2ZUgx.jpg)
As data released this morning showed:
→ Purchasing Managers' Index (PMI) in France: actual = 42.6, expected = 44.4, a month ago = 43.6. Thus, the index dropped to its lowest level since the panic associated with the spread of coronavirus.
→ PMI in Germany: actual = 40.7, expected = 40.1, a month ago = 39.8.
Since the values of the PMI index (considered a leading indicator of the state of the economy, calculated by S&P Global) are significantly below 50, this indicates a contraction of the economy in the 2 most important countries of Europe in the context of high interest rates.
It is not surprising that the European stock index Eurostoxx 50 shows bearish dynamics: the price is below the SMA (100), which is directed downwards. The publication of PMI values added negativity. Will the bearish trend continue?
(https://i.imgur.com/3SBVB72.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
FTSE 100 Opens Lower as Barclays' Mixed Results Weigh on Banking Sector
(https://i.imgur.com/I41YtY6.jpg)
London's FTSE 100 index commenced the trading day on a weaker note, driven by a downturn in the banking sector following Barclays' release of mixed financial results.
At 8:15 AM, the FTSE 100 dipped by 3.78 points to 7,371.05, while its counterpart, the FTSE 250, displayed resilience with a gain of 28.03 points, equivalent to a 0.2% increase, closing the session at 17,087.02. The days of the FTSE 100 surpassing the 8,000-point threshold, which had until a few months ago never been reached, seem to be receding into the past.
Barclays, a high street lender, posted third-quarter profits that surpassed expectations. However, the bank simultaneously announced a downward revision of its UK net interest margin guidance and signalled an anticipated charge in the fourth quarter related to restructuring efforts.
Analysts have characterised this earnings period as less robust, primarily due to an impairment charge that exceeded forecasts. The downgrade in net interest margin guidance, attributed to shifts in deposit pricing and composition, raises concerns about potential negative ramifications in other sectors.
Despite these challenges, the persistently high interest rates continue to provide a favourable tailwind, effectively offsetting the adverse impact of a subdued mortgage market and changes in deposit levels.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Struggles While USD/CHF Turns Red
(https://i.imgur.com/7UzeRm6.jpg)
EUR/USD started a fresh decline below the 1.0625 support. USD/CHF is also declining and struggling below the 0.9000 region.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro struggled to clear the 1.0685 resistance and declined against the US Dollar.
- There is a key bullish trend line forming with support near 1.0585 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF is gaining pace below the 0.8975 support zone.
- There is a major bearish trend line forming with resistance near 0.8940 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/PaofEMf.jpg)
On the hourly chart of EUR/USD at FXOpen, the pair attempted a recovery wave above the 1.0640 zone, as mentioned in the previous analysis. The Euro climbed above 1.0660 but struggled near 1.0685 against the US Dollar.
The pair started a fresh decline below the 50-hour simple moving average and 1.0625. The bears were able to push the pair toward the 1.0585 pivot level. The pair traded as low as 1.0583 and is currently showing a lot of bearish signs.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0687 swing high to the 1.0583 low.
The first major resistance is near the 50-hour simple moving average at 1.0625. An upside break above the 1.0625 level might send the pair toward the 76.4% Fib retracement level of the downward move from the 1.0687 swing high to the 1.0583 low at 1.0660.
Any more gains might open the doors for a move toward the 1.0685 level. On the downside, immediate support on the EUR/USD chart is seen near a key bullish trend line at 1.0585. The next major support is near the 1.0530 level. A downside break below the 1.0530 support could send the pair toward the 1.0500 level.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AUD/USD Analysis: The Rate Reacts Sharply to News About Inflation
(https://i.imgur.com/rNUdnDT.jpg)
Today in Australia, data from the CPI indicator was published, which came as an unpleasant surprise, indicating that inflation in Australia does not want to decline:
Core Price Index was: actual = 5.6%, expected = 5.3%, a month earlier = 5.2%, two months earlier = 4.9%.
Perhaps the reason that inflation is raising its head again is high prices on the world oil market.
One way or another, the AUD/USD chart shows a surge in volatility and a sharp downward reversal from the level of 0.63900. The multidirectionality of impulses may indicate that the news was indeed unexpected.
According to Reuters, two of Australia's four largest banks — the Commonwealth Bank of Australia and ANZ — now expect a quarter-point rate hike in November. “While the current level of 4.35% could mark the peak of the cash rate, there is a risk that policy could tighten further. Any easing is still a long way off,” bank analysts say.
(https://i.imgur.com/kAY7WyE.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Federal Reserve Signals Prolonged Restrictive Monetary Policy, Impacting Markets
(https://i.imgur.com/PRBisSl.jpg)
Federal Reserve Chairman Jerome Powell's recent announcement underscores the central bank's unwavering commitment to an extended period of restrictive monetary policy, sparking fluctuations in the stock market, surges in the US 10-year Treasury yield, and an appreciation of the US dollar against the Japanese yen.
This resolute stance is designed to persist until there is a high degree of confidence that inflation has sustainably dropped to the targeted 2% over an extended period.
Despite recent US inflation rates aligning with the Federal Reserve's 2% target, Chairman Powell refrained from suggesting that the mission to rein in inflation has been successfully accomplished.
He notably indicated that significant inflation metrics are anticipated to recede in the near future. Powell's stricter warning surpasses investor expectations and runs counter to the backdrop of recent increases in long-term US interest rates and tighter financial conditions, which have evolved since the last Federal Reserve rate hike.
The Federal Reserve's hawkish stance is deeply rooted in its keen focus on future economic forecasts and the associated risks.
This position demonstrates the Federal Reserve's heightened willingness to accept the possibility of a recession rather than a resurgence of inflation. Moreover, the Federal Reserve relies on economic models, including the Phillips curve, which posits an inverse relationship between inflation and unemployment.
The Japanese yen has experienced considerable volatility over the past week, oscillating between gains and losses against the US dollar on multiple occasions.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AMZN Pulls NASDAQ Up, Expecting Help from AAPL
(https://i.imgur.com/yliS6KA.jpg)
Amazon's quarterly report provided a ray of light in a gloomy environment for the tech-heavy US stock market, as the NASDAQ index fell last week to levels last seen in May.
→ AMZN EPS: actual = USD 0.94, expected = USD 0.58
→ Gross revenue: actual = $143.5 billion, expected = $141 billion
→ For the Q4, AMZN expects revenue of USD 160-167 billion
→ Revenue from Amazon Web Services grew by 12.3% year on year
→ Advertising revenue increased by 26%
(https://i.imgur.com/U24kV58.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY Analysis: Playing with Fire Continues
(https://i.imgur.com/cHGnnFO.jpg)
Yesterday, the Nikkei newspaper reported that the Bank of Japan is considering adjusting its yield curve control (YCC) policy.
This provoked a strengthening of the yen (1). The USD/JPY rate dropped to a two-week extreme of 148.8 per US dollar in anticipation of news from the Bank of Japan.
The news followed this morning (2). The Bank of Japan kept interest rates at -0.1% and also said the 1% ceiling on the benchmark 10-year yield would be an upper bound rather than a hard limit.
As a result of the Bank's decision, the USD/JPY rate returned to the area above 150 yen per US dollar.
(https://i.imgur.com/vAaGPcW.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
FTSE 100 Sees Modest Gains Despite BP's Earnings Dip and GBP Slump
(https://i.imgur.com/ipTlOCQ.jpg)
In the early hours of trading, the FTSE 100 exhibited slight gains, although BP PLC's underwhelming performance during this earnings season limited further progress.
At 8:15 am, London's primary index rose by 7.44 points, marking a 0.1% increase and reaching 7,334.83, while the FTSE 250 experienced a more substantial increase of 64.64 points, equating to a 0.4% uptick and culminating at 17,082.23.
BP encountered a 4.1% decline after failing to meet City expectations for third-quarter profits. Weak results in gas marketing overshadowed the company's robust performance in oil trading. Adjusted net income for the third quarter was reported at $3.29 billion, down from $8.15 billion in the previous year but surpassing the $2.59 billion recorded in the prior period.
Richard Hunter, the head of markets at Interactive Investor, noted that there might be some room for disappointment, particularly in light of the market's anticipation of a $4.01 billion figure.
Vodafone Group PLC saw a 0.5% increase after confirming the sale of its Spanish business for a sum of up to €5 billion. Spectris PLC experienced a more notable rise of 2.8% following its forecast of top-end operating profits.
Rolls-Royce emerged as another strong performer, enjoying a 3.2% increase in its stock value. This surge was propelled by Barclays' decision to upgrade its rating from neutral to overweight while setting a price target of 270p.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Resumes Drop, USD/JPY Extends Surge
(https://i.imgur.com/idDFNRU.jpg)
EUR/USD is again moving lower below the 1.0615 support. USD/JPY surged and broke the 151.00 resistance zone.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro started a fresh decline below the 1.0675 support zone.
- There was a break below a key bullish trend line with support at 1.0570 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY climbed higher above the 150.00 and 151.00 levels.
- There was a break above a major bearish trend line with resistance at 149.85 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/oDMR0c8.jpg)
On the hourly chart of EUR/USD at FXOpen, the pair remained in a bearish zone below the 1.0700 level, as mentioned in the previous analysis. The Euro declined below the 1.0615 support zone against the US Dollar.
The pair even settled below the 1.0595 zone and the 50-hour simple moving average. More importantly, there was a break below a key bullish trend line with support at 1.0570. A low is formed near 1.0557 and the pair is now consolidating losses.
On the upside, the pair is now facing resistance near the 23.6% Fib retracement level of the recent decline from the 1.0675 swing high to the 1.0557 low at 1.0585.
The next key resistance is near the 50-hour simple moving average at 1.0595. The first key resistance is the 50% Fib retracement level of the recent decline from the 1.0675 swing high to the 1.0557 low at 1.0615.
A clear move above the 1.0615 level could send the pair toward the 1.0675 resistance. An upside break above 1.0675 could set the pace for another increase. In the stated case, the pair might rise toward 1.0750.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0560. The next key support is at 1.0525. If there is a downside break below 1.0525, the pair could drop toward 1.0500. The next support is near 1.0485, below which the pair could start a major decline.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P 500 Analysis: Powell Adds Bullish Momentum
(https://i.imgur.com/wBlfqbw.jpg)
As expected, the Fed left the rate unchanged. Market participants' attention was focused on Powell's press conference, as he said:
→ Risks have now become almost balanced;
→ Inflation expectations are at a good level.
The media publishes the opinions of experts who generally agree that although Jerome Powell has not ruled out the possibility of another rate increase, he does not seem to be very supportive of this idea. So the Fed is not as aggressive as it could be.
As a result, the probability of a rate hike in December has dropped to 20%, and the probability that the rate hike cycle has ended is at 70%.
(https://i.imgur.com/QmIeW7H.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Bitcoin Updates Its Maximum for the Year
(https://i.imgur.com/Ts2Ra8Q.jpg)
The cryptocurrency market showed a correlation with the stock market, gaining bullish momentum amid softening rhetoric from the Federal Reserve.
The price of the main cryptocurrency reached USD 35,900 for the first time in 18 months.
Wherein:
→ the positivity is also due to expectations that the US Securities and Exchange Commission will approve a Bitcoin ETF. According to analysts at Bernstein (an asset management firm), this could happen by the first quarter of 2024.
→ according to the same analysts, the price of Bitcoin could reach USD 150k by 2025;
→ Jurrien Timmer, director of global macroeconomics at Fidelity, called bitcoin a commodity currency or exponential gold that aims to be a store of value and a hedge against monetary depreciation.
(https://i.imgur.com/b8wbhsU.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Franc May Continue to Strengthen amid Low Inflation
(https://i.imgur.com/jogDlcT.jpg)
Today it became known about the level of inflation in Switzerland. Compared to the US, UK, and other countries, Switzerland can boast of a CPI of only 0.1%. The minimal increase in prices is due to an increase in fuel costs due to the rise in oil prices in the second half of the year. Thus, the country’s economy provides more arguments in favor of the protected harbor status.
On October 5, we wrote that the Swiss franc was near an important resistance, forming an AB double top. After this, the rate fell by 2.5% to form the October low, and now the chart provides a new piece of information for analysis, in particular about the 0.909 level, which acts as an important resistance.
The USD/CHF price has interacted with it before (as shown by the arrows), but note:
→ the level was able to stop the sharp increase on October 31;
→ did not allow the price to reach the upper boundary of the ascending channel (shown in blue);
→ the price only briefly stayed higher. The bulls were unable to gain a foothold above 0.909, and the rate fell to the lower border of the channel.
(https://i.imgur.com/2ujeSWb.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AUD/USD and NZD/USD Show Signs of Life
(https://i.imgur.com/IhRVrnv.jpg)
AUD/USD is moving higher and might climb above 0.6450. NZD/USD is also rising and could extend its increase above the 0.5915 resistance zone.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a fresh increase above the 0.6350 and 0.6400 levels against the US Dollar.
- There is a connecting bullish trend line forming with support near 0.6425 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is gaining bullish momentum above the 0.5870 support.
- There is a short-term contracting triangle forming with support near 0.5885 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/ELNAEMs.jpg)
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6320 support. The Aussie Dollar was able to clear the 0.6350 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6400 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6455 zone. A high is formed near 0.6456 and the pair is now consolidating gains.
On the downside, initial support is near the 23.6% Fib retracement level of the upward move from the 0.6318 swing low to the 0.6456 high at 0.6425. There is also a connecting bullish trend line forming with support near the same zone.
The next support could be the 50-hour simple moving average at 0.6400. If there is a downside break below the 0.6400 support, the pair could extend its decline toward the 76.4% Fib retracement level of the upward move from the 0.6318 swing low to the 0.6456 high at 0.6350.
Any more losses might signal a move toward 0.6320. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6455.
The first major resistance might be 0.6480. An upside break above the 0.6480 resistance might send the pair further higher. The next major resistance is near the 0.6550 level. Any more gains could clear the path for a move toward the 0.6620 resistance zone.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P 500 Analysis: Best Week of the Year, Despite Bad News from Labour Market
(https://i.imgur.com/GoHxgUe.jpg)
According to Friday's data, in the US:
→ the unemployment rate rose to 3.9% (expected = 3.8%). The last time the level was this high was in February 2022.
→ the number of workers employed in the non-agricultural sector increased over the month by only 150k (+178k expected). The last time the figure was below 150k was in February 2021.
Published negative data clearly indicate a cooling of the labour market. Why then did the E-mini S&P-500 futures price end the week up about 5.5%, marking the best week of 2023?
The point is that market participants are increasingly convinced that the Fed will no longer tighten monetary policy. That is, interest rates have peaked, the next step should be to ease them, which will allow companies to grow.
(https://i.imgur.com/pHmaanR.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
US Economic Conundrum: Will Rising Interest Rates Affect Spending or the Job Market First?
(https://i.imgur.com/arnFukh.jpg)
It is a classic economic puzzle akin to the Yield curve option-pricing modelsen-and-egg dilemma: as interest rates reach their highest levels in over two decades, which vital component of the economy will give way first—spending or employment?
When consumers tighten their purse strings, businesses experience a drop in revenue, and this, in turn, can lead to layoffs as profits dwindle. Conversely, when companies reduce their workforce, individuals find themselves with less money to spend. It is a delicate dance, and the intricacies of this relationship remain a subject of much debate among economists.
For now, it appears that spending remains robust, and businesses continue their hiring spree. The key question is why? Some contend that the robust job market is driving consumer spending, while others argue that strong consumer demand enables employers to maintain a solid hiring pace.
Consumer spending plays a pivotal role in the US economic landscape, contributing to approximately 70% of the nation's economic output. Consequently, it acts as a litmus test for the overall health and trajectory of the American economy.
Determining which will weaken first—spending or hiring—entails consideration of various nuances. Factors such as the lingering effects of pandemic-era savings, varying degrees of pent-up demand for specific goods and services, and the ever-evolving economic landscape across different business cycles all come into play.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
US Dollar Falls after Weak Employment Data
(https://i.imgur.com/sslgnUu.jpg)
The US dollar fell after data showed the world's largest economy created fewer jobs than expected last month, raising expectations that the Federal Reserve is likely to keep interest rates steady again at its December meeting. Nonfarm payrolls increased by 150,000 jobs last month, the data showed. Figures for September were revised down to show 297,000 jobs created instead of 336,000 as previously reported. The US dollar index, a measure of the greenback's exchange rate against six major currencies, fell 0.8% to 105.29. Investors also paid attention to the decline in business activity: the indicator in the services sector from S&P Global in October adjusted from 50.9 points to 50.6 points, while analysts did not expect changes, and the index from the Institute for Supply Management (ISM) — from 53. 6 points to 51.8 points, which also turned out to be worse than the expected 53.0 points.
EUR/USD
(https://i.imgur.com/EZLVnW6.png)
The EUR/USD pair is showing slight growth, developing the bullish momentum formed at the end of last week. The instrument is testing the 1.0735 mark for an upward breakout, updating local highs from September 14. The immediate resistance can be seen at 1.0758, a breakout to the upside could trigger a rise towards 1.0798. On the downside, immediate support is seen at 1.0703, a break below could take the pair towards 1.0596.
Investors are focusing on the October US labour market report, published on Friday. In turn, export volumes from Germany lost 2.4% in September after growing by 0.1% in the previous month, while experts expected -1.1%, and imports fell by 1.7% after -0 .3% with a forecast of 0.5%. Thus, Germany's trade surplus in September decreased from 17.7 billion euros to 16.5 billion euros, with expectations at 16.3 billion euros.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Price of Gold Drops Below $1,950
(https://i.imgur.com/oUE0Nzh.jpg)
This happened for the first time since mid-October, when gold was rapidly rising in price on fears related to the escalation of the military conflict in the Middle East.
At the same time, the psychological level of USD 2,000 per ounce demonstrated its importance.
Notice the volatility spikes around it — the bulls were active in the attacks, noticeable on the 4-hour chart, but all the progress made on the upward impulses was almost immediately canceled out by the bears.
The graph shows:
→ formation of a reversal pattern SHS (head-and-shoulders). With some subjectivity, we can assume that the “neck” level is around USD 1,970. But it has already been broken after a weak rebound;
→ the price dropped below EMA (100).
(https://i.imgur.com/Sx2oJSl.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/JPY Analysis: New High of the Year
(https://i.imgur.com/QIzz7H3.jpg)
For the first time since 2008, the rate exceeded the level of 161 yen per euro.
The strength of the euro and the weakness of the yen are contributed to by different policies of central banks.
The European Central Bank's chief economist said on Wednesday that he had not seen enough progress in curbing inflation. This may mean a continuation of the ECB's tight monetary policy and the “expensive euro”. The head of Ireland's central bank said on Wednesday that further interest rate hikes should not be ruled out, while the Bundesbank president said the "last mile" to the inflation target could be the hardest.
At the same time, in Japan, interest rates are effectively negative, making the yen fundamentally weak against the euro. The uptrend channel on the EUR/JPY pair (shown in blue) dates back to 2022. The stability of the trend is also evidenced by the upward-directed MA (100) — the rate is stably above it.
(https://i.imgur.com/LvenlgV.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
BTC/USD Analysis: New High of the Year
(https://i.imgur.com/MiCv3Db.jpg)
The bitcoin rate exceeded USD 36,500 per coin for the first time in 2023.
This is fueled by pending approval of Bitcoin ETF applications pending before the SEC. According to the latest information, SEC representatives are in contact with the Grayscale fund, one of those who submitted applications. This increased confidence that applications would be approved. Moreover:
→ applications can be approved all together and then several ETFs will start working simultaneously, making it possible that potentially billions of dollars will be directed to the purchase of bitcoins;
→ this can happen before January 10, 2024.
The creation of ETFs will open up new opportunities for a wide range of investors to easily invest in the main cryptocurrency, while reducing the risks associated with opening an account on a crypto exchange, hacked wallets, or sanctions from regulators.
The BTC/USD chart today shows that the price of bitcoin broke through the USD 36,000 level on an expanding candle, indicating the strength of demand.
How far can the bitcoin rate go up?
(https://i.imgur.com/1QEAzLY.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Gold Price Corrects Gains and Crude Oil Price Tumbles
(https://i.imgur.com/OR1iNMu.jpg)
Gold price is correcting gains below the $1,980 support. Crude oil prices declined heavily below the $80.00 support and moved into a bearish zone.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price failed to settle above the $2,000 region and moved lower against the US Dollar.
- It broke a major bearish trend line with resistance near $1,958 on the hourly chart of gold at FXOpen.
- Crude oil prices dived toward the $75 zone before the bulls appeared.
- A key bearish trend line is forming with resistance near $76.90 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/yFcJwxN.jpg)
On the hourly chart of Gold at FXOpen, the price struggled to settle above the $2,000 resistance. The price started a fresh decline below the $1,980 pivot level.
The price traded below the $1,965 support and the 50-hour simple moving average. It tested the $1,945 zone. A low is formed near $1,944.71 and the price is now attempting a fresh increase. It broke a major bearish trend line with resistance near $1,958.
There was also a spike above the 23.6% Fib retracement level of the downward move from the $2,005 swing high to the $1,945 low. It is now facing resistance near the $1,965 level.
The next major resistance is near the 61.8% Fib retracement level of the downward move from the $2,005 swing high to the $1,945 low at $1,980, above which the price could test the $2,005 resistance.
The next major resistance is $2,020. An upside break above the $2,020 resistance could send Gold price toward $2,032. Any more gains may perhaps set the pace for an increase toward the $2,050 level.
Initial support on the downside is near the $1,958 level. The first major support is near the $1,945 level. If there is a downside break below the $1,945 support, the price might decline further. In the stated case, the price might drop toward the $1,920 support.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
ETH/USD Growing Rapidly on News from BlackRock
(https://i.imgur.com/joPBrTz.jpg)
As it became known, BlackRock has filed an application with the SEC for an ETF based on spot Ethereum. Information about the iShares Ethereum Trust appeared on the Nasdaq website.
If such an expression is acceptable, the price of the second cryptocurrency has gone in pursuit of bitcoin, which is rewriting the highs of the year amid expectations associated with the approval of applications for ETFs for spot bitcoin — approval from the SEC already seems inevitable.
In just 10 hours after the news was published, the price of ETH/USD increased by more than 10%. The excitement is fueled by speculation that other Wall Street giants may file bids after BlackRock.
The ETH/USD chart shows that:
→ the price of Ethereum came close to the year’s high at 2140, set in April;
→ RSI indicates that the market is extremely overbought, which means it is vulnerable to a pullback.
(https://i.imgur.com/zPxgLZH.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 06 - 10 November Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: OIL FALLS, S&P500’s BEST WEEK, GOLD DROPS, EUR/JPY: NEW HIGH
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- Oil Prices Fall to Lowest Level since July #Oil
- S&P 500: Best Week of the Year, Despite Bad News from Labour Market #S&P500
- Price of Gold Drops Below $1,950 #Gold
- EUR/JPY: New High of the Year #eurjpy
Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/8zpeOtH.jpg)
FXOpen YouTube
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo
-
GBP/USD Dips Again While EUR/GBP Gains Strength
(https://i.imgur.com/EYNTXfM.jpg)
GBP/USD started a fresh decline from the 1.2430 resistance zone. EUR/GBP is rising and might climb above the 0.8755 resistance.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is showing bearish signs below the 1.2310 support.
- There is a key bearish trend line forming with resistance near 1.2245 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP is gaining pace and trading above the 0.8720 zone.
- There is a major rising channel forming with support near 0.8735 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/FKx3qjR.png)
On the hourly chart of GBP/USD at FXOpen, the pair attempted a fresh increase above 1.2370, as discussed in the previous analysis. However, the British Pound failed above 1.2430 and started a fresh decline against the US Dollar.
There was a clear move below 1.2310 and the 50-hour simple moving average. The bears pushed the pair below 1.2250. Finally, there was a spike below the 1.2200 support zone. A low was formed near 1.2187 and the pair is now consolidating losses.
There was a minor move above toward the 23.6% Fib retracement level of the downward move from the 1.2428 swing high to the 1.2187 low.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 50-hour simple moving average and a bearish trend line at 1.2245. The next major resistance is near the 50% Fib retracement level of the downward move from the 1.2428 swing high to the 1.2187 low at 1.2310.
A close above the 1.2310 resistance zone could open the doors for a move toward 1.2370. Any more gains might send GBP/USD toward 1.2430.
On the downside, there is a key support forming near 1.2210. If there is a downside break below the 1.2210 support, the pair could accelerate lower. The next major support is near the 1.2185 zone, below which the pair could test 1.2120. Any more losses could lead the pair toward the 1.2040 support.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/GBP Analysis: Price Reaches 6-month High
(https://i.imgur.com/jNjEj53.jpg)
In the fall of 2023, bullish sentiment developed in the EUR/GBP market: since September 1, the rate has risen by more than 2%, price dynamics have formed an ascending channel (shown in blue). Moreover, on Friday, the price reached its highest in approximately 6 months.
Growth drivers, among other things, are news related to the policies of the Bank of England and the ECB aimed at combating high inflation, and what signals the economy gives in such conditions.
The latest news about UK GDP turned out to be better than expected (actual = +0.2% for the 3rd quarter, expectations = +0.1%), but the pound sterling did not show a positive reaction, for two reasons from a fundamental point of view:
→ Firstly, the details show that a significant contribution to GDP growth came from imports, a category that tends to be quite volatile between quarters. Other key areas — notably consumption and business investment — posted negative results in the quarter.
→ Secondly, GDP may decline due to the fact that the high rate policy pursued by the Bank of England should be more fully felt in the coming 2024.
If the pound didn't strengthen on Friday on the GDP news, could the bullish trend continue?
(https://i.imgur.com/lDt9rRM.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Bank of England Initiates Stress Test In Aftermath of Liz Truss Budget Disaster
(https://i.imgur.com/5kCA7d4.jpg)
In a groundbreaking move, the Bank of England has called upon more than 50 financial institutions in the City to conduct a comprehensive stress test, simulating the repercussions of a sudden and drastic movement in bond prices. This initiative marks the first financial system-wide stress test of its kind, reflecting the central bank's proactive stance in assessing and fortifying the resilience of the financial sector.
The call for stress testing follows the turmoil experienced in bond markets and the sterling aftermath triggered by Liz Truss's mini-budget in September 2022. During this period, pension funds faced significant pressure, and some teetered on the brink of collapse. The pronounced shift in bond prices and corresponding interest rates underscored the inherent risks associated with specific forms of liability-driven investing (LDI), particularly concerning retirement savings.
This pivotal stress test, involving major players such as big banks, asset managers, hedge funds, pension funds, and major insurers, aims to evaluate how these entities would fare in the face of an unforeseen swing in bond prices. The participants are required to model and analyse the potential impacts on their operations, with results due to be shared with the central bank by January.
The stress test encompasses abrupt and sustained fluctuations in the value of both corporate bonds and sovereign debt, encompassing renowned government bonds like UK gilts. The Bank of England's scenario involves a 10-day-long "shock to rates and risky asset prices," combining multiple elements to simulate a comprehensive market disruption.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Dollar Falls against Euro and Rises against Yen
(https://i.imgur.com/l7VAsyT.jpg)
Last week, markets analyzed the results of the speech of US Federal Reserve Chairman Jerome Powell at a meeting organized by the International Monetary Fund (IMF). Representatives of the American regulator doubt that borrowing costs have reached their peak. Thus, the head of the US Federal Reserve noted that he fully admits one or more interest rate increases if the current economic situation requires it. Officials supported the idea of a possible tightening of monetary conditions if the rate of decline in inflation lags behind expectations. At the same time, the department is aware of the additional risks that a further increase in borrowing costs brings with it, but considers the American economy to be quite stable. In addition, on Friday, investors were disappointed by data on the consumer confidence index from the University of Michigan: in November, the indicator fell sharply from 63.8 points to 60.4 points, while the forecast was 63.7 points. Today in the United States the October report on federal budget execution is expected to be published: forecasts suggest a significant reduction in the deficit from -$171.0 billion to -$30.0 billion.
EUR/USD
(https://i.imgur.com/CjVkqAt.jpg)
The EUR/USD pair shows mixed trading dynamics, consolidating near the 1.0685 mark. The immediate resistance can be seen at 1.0690, a breakout to the upside could trigger a rise towards 1.0711. On the downside, immediate support is seen at 1.0664, a break below could take the pair towards 1.0648.
On Friday, the single currency fell moderately, updating local lows from November 3 against the backdrop of statements by representatives of the US Federal Reserve regarding the prospects for monetary policy. Last Friday's European statistics also failed to significantly support buying sentiment in the market. Thus, industrial production in Italy showed zero dynamics in September after growing by 0.3% in the previous month, while analysts expected -0.2%, and in annual terms the figure rose from -4.2% to -2.0 %. The focus of investors' attention today will be a summary of economic forecasts from the European Commission.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
BTC/USD Analysis: JP Morgan Analysts Warn of a Possible Correction
(https://i.imgur.com/2yquUZK.jpg)
Last week, the BTC/USD rate rose to the level of USD 38k per coin on the excitement associated with the expected launch of a spot Bitcoin ETF.
However, as the week begins, bitcoin price performance shows signs that the hype appears to be waning:
→ the speed with which the price dropped from the upper boundary of the channel and the high of the year to the middle of the channel (about -USD 1,700 in a few hours) indicates the aggressiveness of sellers;
→ the price tried to resume its upward trend, but failed. This can be seen from the downward reversals from the level of 37,500
→ the fact that the slopes of trend lines (shown in black) become less sharp is also a sign of weakening bullish sentiment.
It turns out that after a pronounced surge last week, the price has already dropped below the median line of the channel, and the MACD remains in the red zone.
(https://i.imgur.com/Li9h7gj.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Morgan Stanley Analysts Raise Forecasts for S&P 500
(https://i.imgur.com/kJU8GBz.jpg)
According to them:
→ the price of the S&P 500 index will reach 4,500 at the end of the year (previous forecast = 4,200);
→ the dollar will continue to remain strong.
According to Goldman Sachs analysts, published yesterday, the price of the S&P 500 index will fluctuate around current levels, forming a consolidation zone.
That is, a decline in the S&P 500 is not a priority scenario. An important test that will provide more important information about current market sentiment will occur today: US inflation data will be published at 16:30 GMT+3. According to forecasts, it will slow down from 3.7% to 3.3%.
(https://i.imgur.com/X1rozmc.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
London Markets Anticipate Opening Decline with Focus on US Inflation and UK Jobs Data
(https://i.imgur.com/QL41Q51.jpg)
As investors remain attuned to the imminent US inflation report and scrutinise the latest UK jobs data, London stocks are poised to open on a downward trajectory.
The FTSE 100 opened approximately 10 points lower at 7,416 this morning in the London session.
Earlier figures from the Office for National Statistics unveiled that wage growth in the three months to September experienced a mild deceleration. However, earnings growth surpassed inflation, while the unemployment rate maintained its stability.
Including bonuses, average wage growth dipped to 7.9%, down from an upwardly-revised 8.2% the previous month. This contrasts with the 6.7% inflation rate. Economists had anticipated a decline to 7.4% in wage growth, including bonuses.
Excluding bonuses, wage growth eased to 7.7% in the same period, slipping from 7.8%. The unemployment rate remained steady at 4.2%.
The Office for National Statistics in the UK noted that labour market figures depict a relatively unaltered scenario, with proportions of employed, unemployed, and those not actively seeking employment showing marginal changes from the previous quarter.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Major Currency Pairs in Correction Phase
(https://i.imgur.com/3bbPzn4.jpg)
After a sharp strengthening of the American currency at the end of the week, the main currency pairs entered the correction phase. The dollar's rise was largely due to the hawkish statements of Jerome Powell. The head of the Federal Reserve said that if necessary, the American regulator will continue to raise the base rate, taking into account incoming macroeconomic indicators. Jerome Powell's statements contributed to the USD/JPY pair renewing its recent high at 151.70. Commodity currencies fell to recent lows, with the pound and euro giving up much of their recent gains.
GBP/USD
(https://i.imgur.com/g27ywAy.jpg)
The British currency, after a spectacular rise to 1.2400, returned to 1.2200. However, buyers of the pair managed to gain a foothold above the alligator lines on the daily timeframe, and as long as the range 1.2200-1.2180 remains in support status, the likelihood of a resumption of the upward movement is quite high.
Today is an important fundamental day for the British currency. At 9:00 GMT+3 we are waiting for the publication of data on average wages for September, taking into account bonuses. Indicators on the unemployment rate for the same period will also be released.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Rallies Post US CPI While USD/JPY Takes Hit
(https://i.imgur.com/wmeQgHm.jpg)
EUR/USD started a fresh increase above the 1.0775 resistance. USD/JPY is declining and showing bearish signs below the 151.00 level.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro is rising and trading well above the 1.0835 resistance zone.
- There is a key bullish trend line forming with support near 1.0775 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY is trading in a bearish zone below the 151.00 and 150.70 levels.
- There was a break below a major bullish trend line with support at 151.65 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/BXAruUV.jpg)
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0660 zone. The Euro climbed above the 1.0750 resistance zone against the US Dollar.
The pair even settled above the 1.0775 resistance and the 50-hour simple moving average. Finally, it tested the 1.0885 resistance. A high is formed near 1.0887 and the pair is now consolidating gains.
If there is a downside correction, the pair might test the 23.6% Fib retracement level of the upward move from the 1.0665 swing low to the 1.0886 high at 1.0835. The next major support is forming near a key bullish trend line at 1.0775.
The trend line is close to the 50% Fib retracement level of the upward move from the 1.0665 swing low to the 1.0886 high. The next key support is near the 50-hour simple moving average at 1.0750. If there is a downside break below 1.0750, the pair could drop toward the 1.0705 support. The main support on the EUR/USD chart is near 1.0660, below which the pair could start a major decline.
On the upside, the pair is now facing resistance near 1.0885. The next major resistance is near the 1.0920 level. An upside break above 1.0920 could set the pace for another increase. In the stated case, the pair might rise toward 1.0980.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Important News on US Inflation Rock Financial Markets
(https://i.imgur.com/YnAEwus.jpg)
According to data published yesterday, the actual CPI value was = 3.2%, expected = 3.3%, previous value = 3.7%. The Core CPI value also dropped from the previous value = 0.2% to the current value = 0.1%.
Thus, inflation in the United States is confidently approaching the target of 2%, which minimises the likelihood of further tightening of monetary policy.
The news was followed by a sharp weakening of the dollar as market participants believe the rate hike cycle is over. Now the topic of discussion “when the Fed will start cutting rates” is becoming more relevant. It is expected that monetary policy easing is just around the corner, and a more affordable dollar will create conditions for business development.
As a result, US dollar-denominated financial assets rose sharply in price amid news of falling inflation:
→ gold rose in price by approximately 1.2% to the resistance level of 1,970;
→ shares went up in price. The S&P 500 index even broke through the upper boundary of the channel, which we indicated in yesterday's analysis, indicating signals of increased demand;
→ currencies rose in price paired with the dollar.
(https://i.imgur.com/gVo1Rp9.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Sterling Makes Modest Gains Following Cabinet Reshuffle by PM Rishi Sunak
(https://i.imgur.com/FJDkiNV.jpg)
In a move that echoed through financial markets, British Prime Minister Rishi Sunak undertook a cabinet reshuffle on Monday, elevating former Prime Minister David Cameron to the position of foreign minister while simultaneously dismissing Interior Minister Suella Braverman.
The impact on the financial landscape was subtle, with analysts emphasising that short-term fluctuations in sterling would be steered more by economic indicators and the U.S. dollar's trajectory than immediate political developments in the UK.
As of the latest update, the British Pound exhibited a 0.2% increase, reaching $1.2248, and a similar uptick against the euro, standing at 87.28 pence.
While the reshuffle prompted a 0.6% rise in the FTSE 100 and a 3 basis points drop in the benchmark 10-year UK gilt yields, experts suggest that domestic political matters, including cabinet shifts, may not exert significant influence on global investors.
Investors are turning their attention to the upcoming release of the consumer price index (CPI) for October on Wednesday. Economists polled by Reuters anticipate a 4.8% year-on-year increase, a decrease from September's 6.7%. This shift is attributed to the slower ascent in the costs of essentials such as energy and food in recent months.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Dollar Falls amid Falling Inflation in the US
(https://i.imgur.com/6DYK0Ye.jpg)
Corrective sentiment prevails in the market, as traders take profits on long positions against the backdrop of a rapid decline in the US dollar after the publication of October inflation statistics. Thus, the consumer price index in October showed zero dynamics on a monthly basis, while analysts expected an increase of 0.1%, and in the previous period the value was 0.4%. In annual terms, the indicator slowed from 3.7% to 3.2%, which was below expectations at 3.3%, and core inflation adjusted from 0.3% to 0.2% and from 4.1% to 4. 0%, respectively. Published data confirmed investors' assumption that the US Federal Reserve will not increase borrowing costs either this year or next. At the same time, experts note that it is still somewhat premature to talk about the possible timing of the start of the interest rate reduction cycle. The approach of inflation to the target levels of the US Federal Reserve was regarded as another signal to the end of the cycle of tightening monetary policy. Real macroeconomic statistics are more important for the market than the hawkish statements of the head of the regulator, Jerome Powell, who last week reiterated the potential for higher borrowing costs.
EUR/USD
(https://i.imgur.com/AZbxX4z.png)
The EUR/USD pair is trading in different directions, holding near the local highs of early September at 1.0872. The day before, the single currency showed its strongest growth in recent months, which was the market’s reaction to a significant slowdown in inflationary pressure in the United States.
The day before, the eurozone published statistics on gross domestic product (GDP) for the third quarter, which remained at -0.1% in quarterly terms and 0.1% in annual terms. In addition, the region's employment rate rose marginally from 0.2% to 0.3% and 1.3% to 1.4%, respectively, and the Center for European Economic Research (ZEW) Business Sentiment Index rose from -1.1 points to 9.8 points with a forecast of 5.0 points.
Based on the highs of last and this week, a new ascending channel has formed. Now the price has moved away from the upper border of the channel and may continue to decline.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Citi Analysts Expect Brent to Reach $73 in 2024
(https://i.imgur.com/V6vKQN5.jpg)
Since the beginning of November, the price of Brent oil has decreased by more than 5%. This is due, among other things, to easing concerns about the escalation of the military conflict in the Middle East. According to the latest news:
→ Reuters: Iran does not plan to fight with Israel on the side of Hamas;
→ the UN Security Council adopted a resolution regarding the conflict.
Data on the growth of oil reserves in the United States above expectations also contributed to the price decline. Commercial crude oil inventories rose 4% to 439.4 million barrels from 421.9 million barrels last week, according to the Energy Information Administration. This is the highest inventory level since August.
Technically, the price of Brent oil is in a downtrend (shown by red lines). Moreover:
→ on November 14, the Brent price tested the median line, which acted as resistance;
→ during this test, a bearish engulfing pattern was formed, which confirms the aggressiveness of sellers;
→ USD 81.81 may now serve as immediate resistance while another important level of USD 84.50 appears out of reach – at least in November.
(https://i.imgur.com/l9GOA4l.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Dollar Declines as Labour Market Cools
(https://i.imgur.com/YEDac0o.jpg)
EUR/USD
(https://i.imgur.com/Spv6xju.jpg)
The euro stabilised against the dollar on Thursday as optimism around the peak of policy tightening and possible rate cuts driven by easing inflation in major economies faded. During the week, inflation data from the US and UK fueled hopes that their central banks are done raising rates. The focus now turned to eurozone inflation on Friday. The euro was flat at USD 1.0853, up 2.5% for the month, while the dollar index, which tracks the greenback against a basket of currencies from other major trading partners, was marginally higher. According to EUR/USD technical analysis, the immediate resistance can be seen at 1.0881, a breakout to the upside could trigger a rise towards 1.0912. On the downside, immediate support is seen at 1.0833, a break below could take the pair towards 1.0761.
The price has broken through the lower boundary of the ascending channel and may continue to decline.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
MSFT Analysis: New All-time High
(https://i.imgur.com/OTnDMfD.jpg)
Yesterday, Microsoft's share price exceeded USD 375 for the first time ever. This happened against the backdrop of news about the company’s activities, which was favorably received by investors:
→ Microsoft introduced its own Maia 100 chip for cloud computing and AI programs that create content. The company is also testing Maia 100 for Bing and Office.
→ The company also presented Cobalt — a server processor,
→ and more: new AI tools from the Copilot series. For example, Copilot for Azure is an AI assistant for clients of a cloud computing service that works in chat mode.
Expectations that the Fed will cut rates, which intensified following Tuesday's inflation news, is another factor contributing to the bullish sentiment in Microsoft shares.
(https://i.imgur.com/eQU3DVs.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
BTC/USD Analysis: Bears Aggressively Defending 37,500 Level
(https://i.imgur.com/jQWtsAc.jpg)
The cryptocurrency market continues to be dominated by expectations for SEC approval of Bitcoin ETFs. A decision is expected by January 10. Although expectations alone do not seem to be enough at the moment to overcome the resistance level of 37,500, which became obvious this week.
The BTC/USD chart today shows that the bulls attacked the level 4 times.
At the same time, attempts 1-2-3 indicate a gradual weakening of the impulse.
Attempt number 4 had new fuel, as the growth rate was impressive. Moreover, the bulls even managed to overcome the level of 37,500. However, as the chart shows, not for long. The bears successfully coped with the attack and not only prevented the price from consolidating above 37,500, but also pushed it back to the lines from which the attack began.
Moreover, attempt number 4 brought an update to the maximum of the year, but the form in which it was made raises concerns. Because short-term exceeding top 1 is a bull trap.
(https://i.imgur.com/SEdjfGx.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AUD/USD and NZD/USD Dips Could Be Attractive
(https://i.imgur.com/q42r29q.jpg)
AUD/USD is correcting gains from the 0.6540 zone. NZD/USD is also moving lower and might attempt a fresh increase from 0.5920.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a downside correction from 0.6540 against the US Dollar.
- There is a key declining channel forming with resistance at 0.6480 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is also moving lower below the 0.5980 support zone.
- There is a major declining channel forming with resistance near 0.5975 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/hlX9qex.jpg)
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6340 support. The Aussie Dollar was able to clear the 0.6450 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6500 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6540 zone. A high is formed near 0.6542 and the pair is now correcting gains.
There was a move below the 0.6500 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6357 swing low to the 0.6542 high. There is also a key declining channel forming with resistance at 0.6480.
On the downside, initial support is near the 50% Fib retracement level of the upward move from the 0.6357 swing low to the 0.6542 high at 0.6450.
The next support could be 0.6420. If there is a downside break below the 0.6420 support, the pair could extend its decline toward the 0.6400 level. Any more losses might signal a move toward 0.6340. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6480.
The first major resistance might be 0.6500. An upside break above the 0.6500 resistance might send the pair further higher. The next major resistance is near the 0.6540 level. Any more gains could clear the path for a move toward the 0.6600 resistance zone.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 13 - 17 November Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: EUR/GBP’s NEW HIGH, US INFLATION, S&P500 FORECAST, BRENT CRUDE
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- EUR/GBP: Price Reaches 6-month High #EURGBP
- Important News on US Inflation Rock Financial Markets #USInflation
- Morgan Stanley Analysts Raise Forecasts for S&P 500 #SP500
- Citi Analysts Expect Brent to Reach $73 in 2024 #BrentCrude
Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/yZ9VYwa.jpg)
FXOpen YouTube
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo
-
GBP/USD Regains Strength While USD/CAD Weakens
(https://i.imgur.com/B16W46G.jpg)
GBP/USD started a fresh increase above the 1.2370 zone. USD/CAD is declining and trading below the 1.3730 support.
Important Takeaways for GBP/USD and USD/CAD Analysis Today
- The British Pound is eyeing a fresh increase above the 1.2500 resistance.
- There was a break above a key bearish trend line with resistance near 1.2430 on the hourly chart of GBP/USD at FXOpen.
- USD/CAD started a fresh decline after it broke the 1.3840 resistance.
- There was a break below a major bullish trend line with support near 1.3730 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/PVXTEbU.jpg)
On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.2185 level. The British Pound started a decent increase above the 1.2250 resistance zone against the US Dollar.
The pair gained strength above the 1.2300 level. The bulls even pushed the pair above the 1.2370 level and the 50-hour simple moving average and 1.2120. The pair cleared the 50% Fib retracement level of the downward move from the 1.2505 swing high to the 1.2373 low.
There was a break above a key bearish trend line with resistance near 1.2430. It is now trading above the 76.4% Fib retracement level of the downward move from the 1.2505 swing high to the 1.2373 low.
The RSI moved above the 65 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.2500. An upside break above the 1.2500 zone could send the pair toward 1.2550. Any more gains might open the doors for a test of 1.2620.
On the downside, the pair might find support near the 50-hour simple moving average at 1.2430. The next major support is 1.2370.
If there is a break below 1.2370, the pair could extend the decline. The next key support is near the 1.2300 level. Any more losses might call for a test of the 1.2185 support.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NIKKEI Analysis: High of 33 Years
(https://i.imgur.com/hoj5z2U.jpg)
The Japanese stock market index, made up of shares of 225 companies, is showing high volatility today, attempting to break through the September high. Reuters wrote that the index had reached its highest level since 1990. The record is due to low rates from the Bank of Japan, which are helping the country's export-oriented industry (in particular, the automobile industry) and financial sector to grow.
At the same time, in various financial markets, Nikkei-related instruments may not have recorded a maximum in 33 years — the reason is liquidity and what appears to be the top of the market:
→ there was a massive liquidation of short positions;
→ major market participants recorded profits.
Therefore, the daily candlestick on European Monday morning has a long upper shadow. Note that today's high could be a false breakout of the September top, which in turn is a false breakout of the August top.
The chart shows that the price of NIKKEI is forming a tapering wedge pattern (shown with blue lines) pointing upward. A bearish breakout of this pattern could lead to the development of a downtrend.
(https://i.imgur.com/dkUrxIX.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Federal Reserve's 2024 Interest Rate Outlook: A Measured Descent Expected
(https://i.imgur.com/IJlDSLX.jpg)
In the ever-watchful eyes of the financial world, the Federal Reserve's stance on interest rates in 2024 takes centre stage. While market expectations align with a gradual decrease in rates, the nuances in projections and potential economic scenarios add layers of complexity to the narrative.
As of now, the Fed Funds target rate stands at 5.25% to 5.5%. According to the CME FedWatch Tool, a reliable measure of debt market expectations, there is an anticipation of approximately a 1% reduction in this rate by the close of 2024. This implies a plausible range for short-term rates between 4% and 5% in December 2024.
Interestingly, the Federal Reserve's own projections, disclosed on September 20, paint a slightly more hawkish picture compared to the market consensus. These projections hint at rates potentially residing in the 4.5% to 5.5% range by December 2024. The upcoming interest rate decision on December 1 will provide an opportune moment for Fed policymakers to revisit and update these projections.
Throughout 2024, the Federal Reserve is scheduled to conduct eight meetings to deliberate on interest rates, with the flexibility to adjust monetary policy based on economic developments. While the Fed has emphasised the possibility of rates moving upward, this is now framed as a contingent scenario dependent on specific economic conditions rather than the primary trajectory.
The key dates for interest rate decisions and policy announcements in 2024 include March, June, September, and December. The Federal Reserve will unveil its decisions through written statements at 2 pm E.T., accompanied by a subsequent press conference. Detailed minutes of each meeting will be released three weeks later.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Dollar Falling Amid Falling Inflation
(https://i.imgur.com/dDe3DAJ.jpg)
Market expectations that the Federal Reserve has completed its rate hike cycle are weighing on the US dollar. Cooler-than-expected US inflation data on Tuesday and Wednesday accelerated market expectations for how soon the Federal Reserve will cut rates. Such a move would weaken major support for the US dollar and could happen as early as the first quarter of next year. Negative dynamics are developing against the backdrop of a weakening US dollar after the publication of inflation data: the October consumer price index fell from 3.7% to 3.2% in annual terms, approaching the upper limit of the US Federal Reserve's target range. In response to this, investors adjusted their forecasts regarding the timing of the launch of the monetary policy easing programme, and the most optimistic experts believe that the regulator could launch it in the first quarter of 2024. The position of the American currency was supported by statistics. Thus, the number of issued construction permits in October increased from 1.471 million to 1.487 million, while analysts expected a slowdown to 1.450 million, and the volume of started construction of houses — from 1.346 million to 1.372 million, with a forecast of 1.350 million.
EUR/USD
(https://i.imgur.com/TuFFZWN.jpg)
According to EUR/USD technical analysis, the EUR/USD pair updates local highs from August 31, testing the 1.0930 mark for an upward breakout. On the downside, immediate support is seen at 1.0843, a break below could take the pair towards 1.0827.
Investors currently expect the ECB to cut interest rates by 100 basis points in 2024. However, representatives of the regulator Robert Holzmann and Joachim Nagel, who spoke last Friday, announced the possibility of another increase in the value if necessary. Macroeconomic statistics from the eurozone, published on November 17, did not have a noticeable impact on the dynamics of the instrument: the consumer price index in October added 0.1% in monthly terms and 2.9% in annual terms, and core inflation remained at 0.2% and 4.2 %, respectively.
The focus of investors' attention today is the October data from Germany on the producer price index. In monthly terms, the figure decreased by 0.1%, in annual terms — by 11.0%, as predicted. Also during the day, the publication of a monthly report from the Bundesbank is expected.
Based on the highs of last week, a new ascending channel has formed. Now the price has moved away from the upper border of the channel and may continue to decline.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
FTSE 100 Volatility Alongside BoE Interest Rate Commentary
(https://i.imgur.com/bbAfcbC.jpg)
In a week marked by market undulations and anticipation of pivotal fiscal policy updates from the British government, the FTSE 100 opened on a cautious note. Ashtead Group, a prominent equipment rental firm, set a sombre tone for the week as its shares plummeted on a downbeat annual profit outlook. Investors, meanwhile, remained on the edge of their seats, eagerly awaiting insights into the evolving fiscal landscape and potential policy shifts in Parliament.
As the week unfolded, the FTSE 100 experienced a delicate dance of gains and losses. Amid this volatility, the index slipped by 0.1% by 09:53 GMT on Monday. The sterling, however, exhibited resilience, strengthening by 0.2% against the dollar. Notably, the FTSE 100 demonstrated resilience as the week progressed, showcasing the index's capacity to rebound from initial setbacks.
Looking at the five-day moving average reveals a dynamic trajectory for the FTSE 100. With a peak at 7,530 last Wednesday, the index showcased its inherent capacity for fluctuation. What distinguishes the FTSE 100's volatility is its composition—comprising long-established global corporations rather than the tech-centric profile of indices like the US NASDAQ. These blue-chip stocks, some over a century old, provide a stable yet responsive foundation for market movements.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Extends Rally While USD/CHF Dives
(https://i.imgur.com/malw7KY.jpg)
EUR/USD started a steady increase above the 1.0830 resistance. USD/CHF declined and now struggling below the 0.8900 resistance.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro rallied after it broke the 1.0830 resistance against the US Dollar.
- There is a short-term bearish trend line forming with resistance near 1.0930 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF declined below the 0.9000 and 0.8900 support levels.
- There is a connecting bearish trend line forming with resistance near 0.8840 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/HoZSIh3.jpg)
On the hourly chart of EUR/USD at FXOpen, the pair started a decent increase from the 1.0700 zone. The Euro cleared the 1.0750 resistance to move into a bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.0830. Finally, the pair tested the 1.0965 resistance. It is now correcting gains and trading below the 23.6% Fib retracement level of the upward wave from the 1.0824 swing low to the 1.0965 high.
Immediate support on the downside is near the 50% Fib retracement level of the upward wave from the 1.0824 swing low to the 1.0965 high at 1.0895. The next major support is 1.0880.
A downside break below the 1.0880 support could send the pair toward the 1.0830 level. Any more losses might send the pair into a bearish zone to 1.0750.
Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0930. There is also a short-term bearish trend line forming with resistance near 1.0930. The first major resistance is near the 1.0965 level. An upside break above the 1.0965 level might send the pair toward the 1.0985 resistance.
The next major resistance is near the 1.1000 level. Any more gains might open the doors for a move toward the 1.1050 level.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Brent Crude Surges to $82.51 Amid OPEC+ Anticipation
(https://i.imgur.com/oXAJ7uj.jpg)
Brent crude oil reached $82.51 per barrel by 8:00 am UK time today, reflecting heightened anticipation ahead of the upcoming OPEC+ meeting scheduled for November 26.
From the end of the last week, oil prices have exhibited a gradual upward trend as market participants brace for potential decisions from the OPEC+ alliance. Speculation is rife regarding the course of action OPEC+ may adopt, with indications pointing toward a potential extension of supply cuts into early 2024. Both Saudi Arabia and Russia, major players in the oil market, are reportedly leaning towards maintaining their voluntary reduction in supply.
While the anticipation centres around these key players, there is also speculation that the broader OPEC+ coalition may collectively consider further supply cuts. Should this materialise, coupled with the extension of voluntary cuts by Saudi Arabia and Russia, it could effectively eradicate the surplus expected in the first quarter of 2024.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AUD/USD Analysis: Price at Important Resistance Block
(https://i.imgur.com/BbHLvEm.jpg)
Yesterday's news from the FOMC is unlikely to have much impact on participants' views that the Fed's tightening cycle is over. According to published protocols:
→ The Fed will act cautiously;
→ all FOMC participants considered it appropriate to keep rates at current levels;
→ everyone also agreed that they would raise interest rates only if progress in controlling inflation slowed. In doing so, they left the door open to the possibility of further tightening, even as data showed a sustained slowdown in inflation.
Market participants are almost confident that the Fed will keep rates at its December meeting, while estimating the likelihood of a rate cut as early as March at about 30%, according to CME's FedWatch Tool.
The reaction of the foreign exchange market was a slight strengthening of the dollar index relative to other currencies, in particular AUD/USD.
By the way, yesterday, the head of the Reserve Bank of Australia, Michelle Bullock, warned that wages are growing at a pace that cannot be sustained without reversing the decline in productivity in the country, which indicates the possibility of another rate hike to suppress inflation.
“Inflation will be the most important issue in the next one to two years,” she said on Tuesday.
(https://i.imgur.com/oKsa1s8.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD, GBP/USD, and USD/JPY Analysis: US Dollar Falls to a Two-Month Low
(https://i.imgur.com/WUqqFiH.jpg)
American dollar quotes continue their local correction, the US dollar index is trading at 103.400 against the backdrop of weak statistics on the real estate market: sales volumes on the secondary housing market in October decreased by 4.1% after -2.2% in the previous month, from 3.95 million to 3.79 million, below preliminary estimates of 3.90 million. Investors hardly reacted to the published minutes of the US Federal Reserve meeting. Members of the Open Market Committee noted that they expect the value to remain at a high level for quite a long time. In addition, the regulator does not exclude the possibility of further tightening of monetary conditions if the rate of decline in inflation continues to slow down. Macroeconomic statistics published the day before put moderate pressure on the position of the American currency.
EUR/USD
(https://i.imgur.com/pkDrUX8.jpg)
According to the EUR/USD technical analysis, the EUR/USD pair is showing mixed trading, consolidating near the 1.0900 mark, awaiting the emergence of new drivers in the market. The immediate resistance can be seen at 1.0985, a breakout to the upside could trigger a rise towards 1.1000. On the downside, immediate support is seen at 1.0900, a break below could take the pair towards 1.0883.
The day before, the pair managed to move away from the new local highs of August 11, forming a new impulse for the development of a full-fledged corrective trend in the nearest time intervals. The day before, ECB head Christine Lagarde made a speech, warning against prematurely declaring victory over high inflation. According to her, the department will closely monitor the situation until the consumer price index decreases to the target of 2.0%, which it is projected to reach in 2025. At the same time, Lagarde also pointed to the rather tense situation in the labour market, where there is still a noticeable increase in wages. Earlier this week, the head of the Bank of France and ECB member François Villeroy de Galhau said that interest rates in the eurozone had reached a plateau, where they were likely to remain for several more quarters while officials assessed the effect of measures already taken.
At the highs of the week, a new ascending channel has formed. Now, the price is near the lower border of the channel and may continue to decline if it breaks through.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NVDA Shares Decline after Strong Report
(https://i.imgur.com/DeH0Oua.jpg)
The previous historical record and maximum for 2023 (USD 502.66 per share) was set on August 24 against the backdrop of the publication of the 2nd quarter report.
This week, NVidia published its report for the Q3, and again the price set a record high, as the report turned out to be better than expected:
→ earnings per share: actual = USD 4.02, forecast = USD 3.37;
→ gross revenue: actual = USD 18.12 billion, forecast = USD 16.18 billion.
However, after the publication of the report, the NVDA share price shows bearish dynamics — perhaps the information from the company disappointed overly optimistic investors. Or perhaps some market participants used the excitement associated with the publication of the report in order to lock in profits from the 2023 rally.
However, NVDA shares fell 2.6% yesterday after CFO Colette Kress said sales to China, impacted by recent US government export controls, would decline significantly in the fourth quarter.
(https://i.imgur.com/dAvr07L.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Price of WTI Oil Forming a Reversal Pattern
(https://i.imgur.com/yB6s4RR.jpg)
In our analysis of the price of WTI oil dated November 8, we wrote that the price could recover to the level of USD 80 per barrel.
After the price failed to reach the round level of USD 80 by only 36 cents (the median line of the descending channel prevented this from happening) on November 14, the bears again seized the initiative. The result of their pressure was a reduction in the price to a new autumn low on November 14 at the level of USD 73 per barrel, after which the price recovered again to the median line.
A new attempt by the bears to push the price down from the median line occurred on November 22, but note how quickly the price of oil recovered after falling below USD 75 per barrel. This is evidence of bull aggression and the strength of demand.
At the same time, the price forms an inverted head-and-shoulders reversal pattern, as a result of which a bullish breakdown of the current descending channel may occur, although if this event occurs, it is unlikely in the near future, since first the bulls need to overcome the resistance from the median line. Also, the bulls will have psychological resistance at USD 80 and, possibly, the SMA (100), directed downwards.
(https://i.imgur.com/iiYYAQX.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/CAD Analysis: the Rate Approaching Important Support
(https://i.imgur.com/uW1mXCw.jpg)
Bank of Canada Governor Tiff Macklem said yesterday that enough may have been done to curb inflation. As follows from his words, current policies can lead to inflation returning to the target of 2%.
The announcement fueled market and economist expectations that interest rates had peaked. It is acceptable to assume that the Bank of Canada instilled confidence in market participants, and therefore the Canadian dollar strengthened yesterday relative to other currencies.
Including relative to USD. Yesterday, by the way, data on the number of unemployment applications was published. They did not bring any surprises - the labour market continues to remain strong in the US (the actual number of applications was = 209k for the week, expected = 226k, a week ago = 233k). The news gave a reason to strengthen the USD, but overall the US dollar index is in a downward trend amid expectations of easing Fed policy.
(https://i.imgur.com/8uCZSHq.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/CAD, AUD/USD, EUR/USD Analysis: Commodity Currencies and Euro Poised to Resume Growth
(https://i.imgur.com/oWj2uXQ.jpg)
After the publication of the FOMC protocols on Tuesday, the dollar managed to partially regain its lost positions. Thus, in the dollar/yen pair one could observe a corrective pullback to figure 149, the US dollar/canadian dollar pair almost tested 1.3800, and the AUD/USD pair tested the important level of 0.6500, but as support. European currencies also retreated from previously reached highs. However, US dollar buyers have not yet been able to develop a full-fledged upward movement, and yesterday evening the main trends established in early November continued in many pairs.
USD/CAD
In the USD to CAD chart, we are seeing a rebound from the resistance located at the alligator lines on the daily timeframe. The pair continues to work out the reversal bearish combination from November 1st. With the appropriate foundation, a breakdown of the lower fractal at 1.3650 is possible and the pair may continue to decline in the direction of 1.3500-1.3400. We may consider canceling the downward scenario if the pair confidently consolidates above 1.3800.
Today at 16:30 GMT+3, we are waiting for data on wholesale sales and corporate income in Canada for the current quarter. The core Canadian retail sales index for September will be released at this time tomorrow.
(https://i.imgur.com/IxuGdDd.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
European Shares Rise on Improving PMI Readings
(https://i.imgur.com/9YB9eDT.jpg)
Yesterday, the values of the PMI index (it is characterized as a leading indicator of industrial production and services) for European countries were published:
→ in Germany: fact = 42.3; expected = 41.1; a month earlier = 40.7;
→ in France: fact = 42.6; expected = 43.2; a month earlier = 42.6;
Although the index values are below 50, indicating a contraction in the economy, the dynamics are encouraging. Thus, in France, the index stabilized after a series of declines. And in Germany, the index is consistently growing after a minimum of 38.8 in July. In this way, business is reacting to the fact that the ECB may have reached the peak of increases and monetary policy will not tighten in the future.
At the same time, the ESX50 index of 50 European shares gained bullish momentum and reached its highest levels since mid-August. Equity market participants may be feeling strongly positive about the rally of more than +9% in less than a month.
(https://i.imgur.com/WVBKaon.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Gold Price Dips From $2K While Crude Oil Price Recovers
(https://i.imgur.com/PU7t64u.jpg)
Gold price surged toward the $2,000 zone before the bears appeared. Crude oil price is attempting a recovery wave above the $75.00 zone.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price started a steady increase from the $1,965 zone against the US Dollar.
- A key bearish trend line is forming with resistance at $1,995 on the hourly chart of gold at FXOpen.
- Crude oil prices started a decent recovery wave from the $73.80 support.
- There is a connecting bearish trend line forming with resistance near $77.00 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/nZvl6I9.png)
On the hourly chart of Gold at FXOpen, the price found support near the $1,965 zone. The price remained in a bullish zone and started a strong increase above $1,985.
There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $1,985 and $1,995 resistance levels. Finally, the price tested the $2,005 zone before the bears appeared.
There was a minor downside correction below $2,000 and the RSI dipped below 50. There was a move below the 23.6% Fib retracement level of the upward move from the $1,965 swing low to the $2,007 high.
Initial support on the downside is near the 50% Fib retracement level of the upward move from the $1,965 swing low to the $2,007 high at $1,985. The first major support is near the $1,975 zone.
If there is a downside break below the $1,975 support, the price might decline further. In the stated case, the price might drop toward the $1,965 support.
Immediate resistance is near a key bearish trend line at $1,995 and the 50-hour simple moving average. The next major resistance is near the $2,005 level. An upside break above the $2,005 resistance could send Gold price toward $2,020. Any more gains may perhaps set the pace for an increase toward the $2,032 level.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 20 - 24 November Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: NASDAQ’S NEW TOP, USD/CAD NEWS, WTI OIL, NVDA SHARES DECLINE
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- NASDAQ: New Top of the Year #NASDAQ
- USD/CAD: The Rate Approaching Important Support #USDCAD
- The Price of WTI Oil Forming a Reversal Pattern #WTIOil
- NVDA shares decline after strong report #NVDA
Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/ndvUuVf.jpg)
FXOpen YouTube
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo
-
GBP/USD Rallies While EUR/GBP Slides Below Support
(https://i.imgur.com/fhVPqre.jpg)
GBP/USD is gaining pace above the 1.2575 resistance. EUR/GBP declined heavily below the 0.8720 and 0.8695 support levels.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is attempting a fresh increase above 1.2600.
- There is a key bullish trend line forming with support near 1.2575 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP is trading in a bearish zone below the 0.8720 pivot level.
- There is a major bearish trend line forming with resistance near 0.8695 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/V1sMlhs.jpg)
On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above the 1.2450 level. As mentioned in the previous analysis, the British Pound started a decent increase above the 1.2500 zone against the US Dollar.
The bulls were able to push the pair above the 50-hour simple moving average and 1.2530. The pair even climbed above 1.2575 and traded as high as 1.2615. It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 1.2449 swing low to the 1.2615 high.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2615. The next major resistance is near 1.2640.
A close above the 1.2640 resistance zone could open the doors for a move toward 1.2700. Any more gains might send GBP/USD toward 1.2740.
On the downside, there is a key support forming near a bullish trend line at 1.2575. If there is a downside break below 1.2575, the pair could accelerate lower. The next major support is near the 50% Fib retracement level of the upward move from the 1.2449 swing low to the 1.2615 high at 1.2530.
The next key support is seen near 1.2510, below which the pair could test 1.2450. Any more losses could lead the pair toward the 1.2370 support.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Results of Black Friday in Financial Markets
(https://i.imgur.com/drd2gsO.jpg)
As CNN reports, Black Friday brought single-day sales records in the United States. According to Mastercard SpendingPulse, offline sales increased by 1%, and online sales by 8.5%. According to Sensormatic Solutions, store traffic increased by 4.6% year on year. Shopify reported record sales growth of 22% year over year to $4 billion worldwide.
The activity of buyers indicates the stability of the US economy, which is reflected in the stock markets — the S&P 500 index is near the highs of the year. However, the beginning of the week may bring an unpleasant surprise: on Thursday, the publication of the values of the PME indicator, which is closely monitored by the Federal Reserve to assess inflation in the United States, will take place.
Meanwhile, Black Friday became a significant day in the cryptocurrency market — the price of bitcoin reached a new high of the year, exceeding the level of 38k dollars per coin. Perhaps the generosity of buyers on Black Friday helped create a record for the year, but the bulls failed to maintain the achieved levels. The BTC/USD chart shows that:
→ exceeding the level of 38k dollars looks like a false breakout of the previous top;
→ a false breakout formed a bearish engulfing pattern;
→ according to online metrics, on Black Friday, short positions on crypto exchanges were liquidated in the amount of $15 to $20 million;
→ The MACD indicator shows a series of decreasing highs 1-2-3-4, which may indicate the depletion of demand forces, which is stimulated by the anticipation of the approval of the bitcoin ETF.
(https://i.imgur.com/4nIr76F.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Australian Dollar Reaches Its Highest Since Early August
(https://i.imgur.com/1ss85zv.jpg)
Important events regarding AUD took place this morning:
→ the level of retail sales for the month in Australia unexpectedly fell: actual = -0.2%, expected = +0.1%, a month earlier = +0.9%.
→ a press conference was held by the head of the RBA, Michelle Bullock, according to whom inflation in Australia follows the path of overseas countries. That is, inflation is decreasing, as in the USA and Great Britain.
Against the background of these events, the AUD/USD rate exceeded the level of 0.663 for the first time since the beginning of August. The rally from the late October low is already about 5.5%. However, this upward trend has 3 important obstacles:
The upper limit of the November ascending channel (shown in blue).
The upper limit of the longer-term parallel channel (shown in red).
Level 0.660. During 2023, it worked as support once. Therefore, from the point of view of technical analysis, there is reason to expect that it will provide resistance.
(https://i.imgur.com/x74uUPK.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Natural Gas Prices Fall to More than 2-month Lows
(https://i.imgur.com/xI6PeV5.jpg)
Yesterday, XNG/USD quotes dropped below the 2,900 level for the first time since mid-September. This was helped by the fact that the NatGasWeather weather forecasting model late last week showed a cooling trend in December in the US, but this was replaced by warming over the weekend.
According to analyst forecasts from Analysts Tudor, Pickering, Holt & Co., published on Monday:
→ natural gas reserves at the end of winter could be 2 trillion cubic feet (previously forecast 1.9 trillion);
→ price could be USD 2.75 (previous forecast was USD 3 or less).
(https://i.imgur.com/3coaQNL.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY, GBP/USD, and EUR/USD Market Analysis: The US Dollar Continues to Fall
(https://i.imgur.com/mtvHDP1.jpg)
The downward movement in the American currency, which began at the end of October, resumed with renewed vigour at the beginning of the current five-day trading period.
Thus, the euro/US dollar pair is consolidating at 1.0900, the pound/US dollar pair has confidently strengthened above 1.2600, and USD/JPY sellers have broken through the resistance at 149. Nevertheless, the coming trading sessions are quite saturated with the fundamentals, so it is possible to see both the strengthening of existing trends and the beginning of corrective pullbacks from the main movements.
USD/JPY
The cooling of the US labour market and lower inflation are contributing to increased bearish sentiment on the dollar. More and more market participants are becoming confident that the most aggressive rate-tightening cycle of the last couple of decades is behind us, and the Fed could cut its benchmark interest rate as soon as the first quarter of 2024. On the contrary, the Bank of Japan has been adhering to a policy of ultra-low interest rates for a long time, and if it decides to change the current vector of monetary policy, the dollar/yen pair may suffer significant losses.
Last week, on the USD/JPY chart, the pair almost tested a significant support level at 147.00. Greenback buyers managed to correct to 149.70, but yesterday evening the pair was trading below 149.00.
Today we are waiting for data on the US consumer confidence index from CB for November. Analysts expect a decline in the indicator, which may contribute to a retest of 147.00. We could consider cancelling the downward scenario only after a confident strengthening above 150.00.
(https://i.imgur.com/RrB917G.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Extends Rally While USD/JPY Nosedives
(https://i.imgur.com/kVu3q5w.jpg)
EUR/USD gained bullish momentum above the 1.0930 resistance. USD/JPY is declining and showing bearish signs below the 148.20 level.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro remained in a bullish zone and climbed above the 1.0965 resistance zone.
- There is a key bullish trend line forming with support near 1.0975 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY is trading in a bearish zone below the 148.20 and 147.40 levels.
- There is a major bearish trend line forming with resistance near 147.40 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/bFxI67h.jpg)
On the hourly chart of EUR/USD at FXOpen, the pair started fresh above the 1.0900 zone. The Euro climbed above the 1.0930 resistance zone against the US Dollar, as mentioned in the previous analysis.
The pair even settled above the 1.0965 resistance and the 50-hour simple moving average. Finally, it tested the 1.1020 resistance. A high is formed near 1.1017 and the pair is now consolidating gains.
If there is a downside correction, the pair might test the 50% Fib retracement level of the upward move from the 1.0935 swing low to the 1.1017 high at 1.0975. There is also a key bullish trend line forming with support near 1.0975.
The next major support is near the 61.8% Fib retracement level of the upward move from the 1.0935 swing low to the 1.1017 high and the 50-hour simple moving average at 1.0965.
If there is a downside break below 1.0965, the pair could drop toward the 1.0930 support. The main support on the EUR/USD chart is near 1.0895, below which the pair could start a major decline.
On the upside, the pair is now facing resistance near 1.1020. The next major resistance is near the 1.1050 level. An upside break above 1.1050 could set the pace for another increase. In the stated case, the pair might rise toward 1.1140.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Analysis: Price Reaches the Level of 1.1000
(https://i.imgur.com/NZIHaJD.jpg)
Before yesterday's trading session, the last time 1 euro was 1.1 USD was in the first half of August.
The growth of the rate was facilitated by the weakening of the dollar, which occurred against the background of the words of Christopher Waller, a member of the Fed Board of Governors, who is known for his hawkish policies. But he has already softened his position.
"I am increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2 percent," he said yesterday, however, adding that if the decline in inflation continues “for a few more months... three months, four months, five months... we can start reducing the discount rate just because inflation is lower.”
The expected rate cut could mark the beginning of a new period of looser monetary policy. Therefore, financial markets reacted by increasing the prices of currencies relative to the dollar — in particular, the euro reached a psychological level.
(https://i.imgur.com/PLNFeN9.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NASDAQ Composite Index Heralds a Fine Time for Tech Stocks
(https://i.imgur.com/1JAysVL.jpg)
In the ever-fluctuating landscape of financial markets, the NASDAQ exchange, home to some of the world's most prominent technology stocks, has been a bastion of volatility over the past two years. This week, the NASDAQ index continues its upward trajectory, reaching its highest point in five days, marking a notable shift in sentiment for the technology-focused venue.
As of the close of the New York trading session yesterday, the NASDAQ index has demonstrated resilience and vigour. A closer look at the five-day moving average reveals a climb to the highest point in five days, showcasing the current bullish sentiment among investors. Over the course of the last month, the NASDAQ index has experienced an impressive gain of 12%, underlining the sustained positive momentum.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD, GBP/USD, USD/JPY Analysis: US Dollar Falls to Its Lowest Level Since Mid-August
(https://i.imgur.com/DWzdIxL.jpg)
EUR/USD
The euro strengthened on Monday as the dollar fell on expectations that the Federal Reserve will not raise rates again. Traders this week will have to weigh data on how the US economy performed in the third quarter, as well as key data on consumer inflation and spending, both of which could play an important role in setting expectations for the timing of the first rate cut.
The focus this week will be Thursday's October US Personal Consumption Expenditures Price Index (PCE) report, which is said to be the Fed's preferred measure of inflation, as well as eurozone consumer inflation data for greater clarity on where prices and monetary policy are heading. According to the EUR/USD technical analysis, the nearest resistance can be seen at 1.1023, a breakout to the upside could trigger a rise to 1.1046. On the downside, immediate support is seen at 1.0966, a break below could take the pair towards 1.0924.
At the highs of the week, a new ascending channel has formed. Now, the price has moved away from the upper border of the channel and may continue its corrective decline.
(https://i.imgur.com/ZRPS5uA.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Today OPEC+ May Announce New Oil Production Cuts
(https://i.imgur.com/quz6QpF.jpg)
According to WSJ, the reduction could be 1 million barrels per day. Saudi Arabia is in favour of cuts, but the idea causes disagreements among other members of the organisation.
In anticipation of news about the OPEC+ decision, the price of oil is rising - this indicates that market participants assess the possibility of new production cuts as quite real, even if we are not talking about 1 million barrels per day. The price is approaching its maximum for November.
(https://i.imgur.com/Utxv2HV.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
BTC/USD Analysis: New High for the Year Shows Bulls Are Indecisive
(https://i.imgur.com/CTKf9Ka.jpg)
During November, the price of bitcoin increased by approximately 10% in anticipation of the launch of a bitcoin ETF. But the positive sentiment of crypto investors is seriously overshadowed by news regarding Binance:
→ Changpeng Zhao resigned as head of Binance.US, pleading guilty to money laundering charges. He also agreed to pay $50 million in a lawsuit from the US Department of Justice, and his company will have to pay $4.3 billion. This fine to Binance was one of the largest in the history of punishment of corporations. In addition, Zhao faces up to 10 years in prison. The judges banned him from leaving the United States until the proceedings are completed.
→ Cristiano Ronaldo was sued for $1 billion for advertising Binance. This was done by people who claim they suffered losses by buying unregistered securities that the sports star was promoting.
(https://i.imgur.com/7pdLVqv.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Stock Market Reaction to US GDP News
(https://i.imgur.com/5M7vRHS.jpg)
According to data released yesterday, the US economy is growing at a stronger pace than expected. Thus, US GDP in the 3rd quarter increased by 5.3% in annual terms (an increase of 4.9% was expected).
Combined with softening rhetoric from the Federal Reserve, this is a positive signal for US stock markets, which have shown impressive performance: in November, the S&P 500 and Nasdaq Composite indices rose by 8.5% and 11%, respectively (the final figure will be known later, since today – last day of the month), which is the best month since July 2022.
(https://i.imgur.com/5av03OC.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
European Currencies at Strategic Levels
(https://i.imgur.com/7fwIfc0.jpg)
The downward trend in the US currency continues to gain momentum. Thus, the euro/dollar pair yesterday tested important resistance at 1.1000, the pound/dollar pair strengthened to 1.2700, and the usd/cad pair fell below 1.3600. A lot of important groundwork is expected today in both the European and American sessions. Depending on the published data, these pairs may either go into correction or continue the main movements.
GBP/USD
The British currency is growing for the third week in a row. Yesterday, buyers of the pair managed to rise above 1.2700, but so far there has been no confident consolidation above this level. A reversal bar has formed at 1.2660 on the daily timeframe. If it begins to work out, a corrective price reduction to 1.2600-1.2500 is possible. A price move above yesterday's high at 1.2730 may contribute to a test of the psychological level at 1.3000.
Today at 10:00 GMT+3, we are waiting for data on the Nationwide House Price Index in the UK for November.
(https://i.imgur.com/VMBtZ5t.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AUD/USD Trims Gains While NZD/USD Extends Increase
(https://i.imgur.com/7fQFgT5.jpg)
AUD/USD is correcting gains from the 0.6675 zone. NZD/USD is rising and could extend its increase above the 0.6185 resistance zone.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a downside correction below the 0.6650 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance near 0.6620 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is gaining bullish momentum above the 0.6120 support.
- There is a key bullish trend line forming with support near 0.6140 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/TPQgWty.png)
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6530 support. The Aussie Dollar was able to clear the 0.6600 resistance to move into a positive zone against the US Dollar.
Finally, the pair tested the 0.6675 zone before it started a downside correction. The recent swing high was formed near 0.6634 and the pair is now trading below the 50-hour simple moving average. There was a move below the 23.6% Fib retracement level of the upward move from the 0.6570 swing low to the 0.6634 high.
On the downside, initial support is near the 50% Fib retracement level of the upward move from the 0.6570 swing low to the 0.6634 high at 0.6600.
The next support could be the 0.6570 zone. If there is a downside break below the 0.6570 support, the pair could extend its decline toward 0.6530. Any more losses might signal a move toward 0.6450.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near a connecting bearish trend line at 0.6620. The first major resistance might be 0.6650.
An upside break above the 0.6650 resistance might send the pair further higher. The next major resistance is near the 0.6675 level. Any more gains could clear the path for a move toward the 0.6740 resistance zone.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The USD/CAD Rate Drops to Its Minimum of 2 Months
(https://i.imgur.com/r1Jsn6q.jpg)
This morning, 1 USD was selling for less than 1.354 Canadian dollars – for the first time since October 1st.
The strengthening of the Canadian dollar and the weakening of the USD was facilitated by the news published yesterday:
→ Canada's real gross domestic product (GDP) grew by 0.1% in September, which exceeded analysts' expectations and reduced the relevance of the recession scenario in Canada.
→ The number of applications for unemployment benefits in the US for the week amounted to 218k (a week earlier it was 211k), which may indicate a cooling of the US economy.
→ The price index for personal consumption expenditures (PCE) fell to 3% from the previous value of 3.4%. While 3% remains too high to declare victory over inflation, it marks a new series low that is sure to reduce the likelihood of a Fed rate hike.
In our previous analysis of the USD/CAD market, we wrote that the price could form a rebound from support in the area of 1.36625. However, the rebound to point E was very weak, and after the breakdown, the level 1.36625 showed resistance properties.
(https://i.imgur.com/NH2Iorw.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: UK100 Shows Bullish Signs
(https://i.imgur.com/usRx2T1.jpg)
On the morning of Friday, December 1, the UK stock market index rose to its November highs. This was facilitated by the fundamental background:
→ among the UK100 growth leaders are shares of companies mining ore and other resources. As metal prices rise and industry in China shows signs of recovery;
→ general sentiment on the world's stock markets due to the fact that the policy of raising rates pursued by the central banks of Western countries has come to an end. Fed Chairman Powell is expected to speak this evening, which could provide more evidence of this.
→ Since the UK100 index has performed weaker relative to other indices (due to higher inflation in the UK), it may be undervalued.
(https://i.imgur.com/aKOlSU0.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD, GBP/USD, and USD/JPY Analysis: US Dollar Growing Against Euro and Pound
(https://i.imgur.com/1sb971A.jpg)
The US personal consumer spending price index rose 3% in October from a year earlier, down from the three-month rate of 3.4%, although still above the Fed's 2% target, raising the possibility of an early rate cut. Jobless claims rose over the past week, indicating a slowing labour market. Inflation, as measured by the price index for personal consumption expenditures (PCE), remained unchanged in October after rising 0.4% in September.
EUR/USD
According to the technical analysis of EUR/USD, the pair is showing noticeable growth, correcting after an active decline the day before, which turned out to be the most significant in the last few weeks. The euro is testing the 1.0900 mark for an upward breakout, awaiting the publication of macroeconomic statistics from the EU and the USA. Among other things, speeches are expected throughout the day from the heads of the US Federal Reserve and the ECB, who are likely to comment on the likelihood of ending the monetary policy tightening program amid a sharp slowdown in price pressure.
The day before, November inflation data was published in the eurozone. The consumer price index in annual terms fell from 2.9% to 2.4%, which was significantly lower than forecasts of 2.7% and was the slowest growth rate since July 2021, and in monthly terms the figure was -0.5%. Core inflation slowed from 4.2% to 3.6% in annual terms, which was also below expectations at 3.9%, and in monthly terms the index decreased by 0.6%. At the same time, the day before, ECB head Christine Lagarde said that price growth could resume in the near future due to certain factors.
Immediate resistance can be seen at 1.0940, a break higher could trigger a rise towards 1.1000. On the downside, immediate support is seen at 1.0872, a break below could take the pair towards 1.0800.
Based on the lows of two days, a new downward channel has formed. Now the price has moved away from the lower border of the channel and may continue to rise.
(https://i.imgur.com/LySlM5v.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 27 November - 1 December Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: EUROPEAN CURRENCIES, US GDP NEWS, OPEC+, NATURAL GAS PRICES
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- European Currencies at Strategic Levels #EUROCurrencies
- Stock Market Reaction to US GDP News #USGDP
- Today OPEC+ May Announce New Oil Production Cuts #OPEC
- Natural Gas Prices Fall to More than 2-month Lows #NaturalGas
Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/TGd23YN.jpg)
FXOpen YouTube
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo
-
EUR/USD, GBP/USD, USD/JPY Analysis: US Dollar Weakens after Fed Chairman's Comments
(https://i.imgur.com/yixpmh4.jpg)
Today, investors are assessing the speech of US Federal Reserve Chairman Jerome Powell, who indicated that the interest rate is currently at a restrictive level, but the regulator allows for the possibility of another increase if necessary. The manufacturing business activity index from S&P Global in the US remained at 49.4 points, which coincided with analysts' forecasts, and the same indicator from the Institute for Supply Management (ISM) remained at 46.7 points, contrary to forecasts for growth to 47.6 points. The manufacturing index of gradual acceleration of inflation from the ISM in November sharply increased from 45.1 points to 49.9 points, while experts expected 46.2 points. In the US today, statistics on the volume of manufacturing orders will be presented: in October, the figure may lose 2.5% after growing by 2.8% in the previous month.
EUR/USD
(https://i.imgur.com/umo90Tk.jpg)
The EUR/USD pair is showing a moderate decline. According to the EUR/USD technical analysis, the euro is testing the 1.0870 level for a breakdown downwards, but activity on the market remains restrained. Investors today are watching publications from Germany, where exports in October adjusted from -2.5% to 0.2%, and imports from -1.9% to -1.2%, while the trade surplus widened from 16.7 billion euros to 17.0 billion euros, signaling the recovery of the national economy, despite the long-term hawkish course of the ECB. In addition, representatives of the European regulator, as well as its head Christine Lagarde, are expected to speak during the day. Officials may refine their plans for the monetary policy outlook given that inflation continues to show fairly consistent signs of decline.
Immediate resistance can be seen at 1.0892, a break higher could trigger a rise towards 1.0977. On the downside, immediate support is seen at 1.0822, a break below could take the pair towards 1.0758.
Based on last week's lows, a new downward channel has formed. Now, the price is in the middle of the channel and may continue to decline after approaching the upper border of the channel.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Bitcoin Surpasses $40,000 Per Coin
(https://i.imgur.com/b198yCp.jpg)
December begins extremely optimistically for the cryptocurrency market, resembling:
→ December 2020, when bitcoin grew by 46.9%;
→ December 2017, when bitcoin grew by 38.9%;
→ December 2016, when bitcoin grew by 30.8%.
If there are psychological patterns in the increase in demand on the eve of the holidays, then perhaps they come into force, since on the morning of December 4, the price of Bitcoin exceeded the psychological barrier of 40k and reached 41,700 per coin — for the first time since April 2022.
Fundamentally, demand is based on expectations of the approval of several Bitcoin ETFs. The fear and greed index reached a value of 74, indicating growing greed. Another driver is expectations of Fed rate cuts, which leads to more affordable loans and, accordingly, increased demand for risky assets.
(https://i.imgur.com/NTpjFz6.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
5 Stocks To Consider in December 2023
(https://i.imgur.com/jRVYvEA.jpg)
As we approach the curtain call for 2023, it's time to reflect on a year filled with market-shaping events. From the resurrection of tech stocks to the fall of financial institutions, the capital markets sector has been anything but dull. Against a backdrop of geopolitical shifts and the paradox of rising interest rates amid reduced inflation, investors and traders are closing the year with a multitude of perspectives.
In the heart of December, the spotlight is on tech stocks, particularly those powerhouse companies headquartered in Silicon Valley. Here are the top five movers in the global stock markets as the last month of the year gets underway, each with its own narrative and potential.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P500: The end of a significant rally?
(https://i.imgur.com/f5pJetT.jpg)
Opinions vary across the financial markets this morning as the S&P 500 index, a prestigious benchmark tracking the performance of 500 major US companies, takes centre stage in recent market discussions. Just days ago, on the first trading day of December, the S&P 500 soared to its highest point in over a year, capping off at 4,594.63 points.
This upward momentum persisted until yesterday morning when the US market concluded its session, witnessing a sudden tapering of the rally. While not indicative of a crash, the decline in the S&P 500's value has piqued the interest of financial analysts. The significance lies in whether this marks a temporary blip in the midst of a more extended upward trajectory or signals the conclusion of a sustained period of growth since its all-time high in 2022.
What adds intrigue to this scenario is the S&P 500's five-week upward trend, raising questions about the potential impact on the longer-term direction of the index. A critical point of comparison emerges when assessing these traditional 'bricks and mortar' stocks against the dynamic tech stocks listed on NASDAQ. The blue-chip Dow has recorded a modest 9% gain for the year, in stark contrast to the tech-heavy Nasdaq Composite's impressive 35% climb in 2023.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY, USD/CAD, and EUR/USD Analysis: The US Dollar Corrected in Anticipation of PMI Data Release
(https://i.imgur.com/UBnBigK.jpg)
In the first trading hours of the current five-day period, the American currency made a number of attempts to regain the positions lost last week and begin an upward correction. Thus, the USD/JPY pair found support just above 146.00 and tested resistance at 147.50, USD/CAD buyers defended support at 1.3500, and the EUR/USD pair dropped to the important level of 1.0800 yesterday. Whether there will be a continuation of yesterday's movements can be understood after the release of the incoming fundamentals of the current five-day period.
USD/JPY
(https://i.imgur.com/J26YxPZ.jpg)
Growing expectations among market participants regarding a reduction in the Fed's base interest rate next year is pushing the USD/JPY pair to new lows. If data on inflation and the labour market in the US disappoint officials, the timing of changes in monetary policy could change dramatically, which in turn could return the USD/JPY pair above 150.00.
Today at 17:45 GMT+3, we are waiting for the publication of data on the business activity index (PMI) in the US services sector for November. A little later, at 18:00 GMT+3, indicators on the number of open vacancies on the US labour market for October and the Purchasing Managers' Index for the non-manufacturing sector from ISM will be released. Tomorrow we are waiting for a preliminary report on employment in the US from ADR.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Gold Price Retreats From Highs and Crude Oil Price Dives
(https://i.imgur.com/nsjOKRz.jpg)
Gold price is correcting gains below the $2,050 support. Crude oil prices declined steadily below the $75.90 support and moved into a bearish zone.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price rallied to new highs above $2,120 before it corrected lower against the US Dollar.
- A key bearish trend line is forming with resistance near $2,025 on the hourly chart of gold at FXOpen.
- Crude oil prices extended downsides below the $75 support zone.
- A major bearish trend line is forming with resistance near $73.35 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/4W9E65Q.jpg)
On the hourly chart of Gold at FXOpen, the price rallied heavily above the $2,000 resistance. The price even traded to a new high at $2,135 before there was a downside correction.
There was a move below the $2,072 support level. The bears even pushed the price below the $2,050 support and the 50-hour simple moving average. It tested the $2,010 zone. A low is formed near $2,009.78 and the price is now attempting a fresh increase.
It is now facing resistance near a key bearish trend line at $2,025. The next major resistance is near the 23.6% Fib retracement level of the downward move from the $2,135 swing high to the $2,009 low at $2,040.
The main resistance could be $2,050, above which the price could test the $2,072 resistance. The next major resistance is $2,135. An upside break above the $2,135 resistance could send Gold price toward $2,220. Any more gains may perhaps set the pace for an increase toward the $2,350 level.
Initial support on the downside is near the $2,010 level. The first major support is near the $2,000 level. If there is a downside break below the $2,000 support, the price might decline further. In the stated case, the price might drop toward the $1,965 support.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
WTI Oil Price Drops to Lowest Level Since July
(https://i.imgur.com/VgL9A4q.jpg)
As the chart shows, the price of a barrel of US crude oil dropped below 72.10 per barrel yesterday for the first time since July 2023.
Fundamentally, this happened against the backdrop of:
→ Statistics showing that US oil exports are increasing. Volume is approaching a record 6 million barrels per day, with flows to Europe and Asia showing steady growth.
→ Previously announced measures to reduce oil production by OPEC+. However, either the price has already taken these statements into account in advance, or market participants are not confident that the reduction in OPEC+ supplies will be fully implemented — one way or another, so far the OPEC+ countries have not achieved the desired increase in oil prices. Perhaps, in order to discuss the oil market, Russian President Putin is flying to the UAE and Saudi Arabia today. And Deputy Prime Minister Alexander Novak said OPEC+ is ready to deepen oil production cuts in the first quarter of 2024 to eliminate “speculation and volatility” if existing production reduction measures are not enough.
(https://i.imgur.com/NkswotZ.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Will rate hikes end when 2023 ends?
(https://i.imgur.com/Pgt76Go.jpg)
Finally, after a seemingly endless period of interest rate increases by the US Federal Reserve over the past few years, there is some degree of inkling that the rate rises may come to an end at the end of this year.
This morning, some mainstream media speculation has surfaced, considering that Federal Reserve officials are finally looking at making no further interest rate increases in 2024.
Currently, this is pure speculation based on some recent sentiment from the central bankers, and there has been some mention of a potential cessation in increasing interest rates in the last quarter of this year, which did not come to fruition. Instead, the current monetary policy continued, despite inflation now being very much under control and nowhere near the double-digit figures of two years ago, which caused the Federal Reserve (and other central banks in Western markets) to increase interest rates.
Therefore, the currency markets have responded accordingly. Rather than a sudden rise in the value of the US dollar, the British pound has been forging ahead.
In the period between November 9 and December 1, the British pound surged against the US dollar, going from 1.2290 to 1.27. Such gains are relatively rare among major currencies, and quite often, just a 1-cent difference is considered a notable movement.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD, GBP/USD, USD/JPY Analysis: Dollar Stable Despite Weak Employment Data
(https://i.imgur.com/ZcFwhSo.jpg)
Yesterday, statistics from the United States on the dynamics of open vacancies from JOLTS were published. In October, their number decreased by 617.0k to 8.733 million, which turned out to be the lowest result since the beginning of 2021, while analysts expected a reduction from 9.35 million to 9.30 million. Further cooling of the American labour market, along with the weakening of inflation risks, serves as a factor in favour of the expected completion of the cycle of tightening monetary policy by the US Federal Reserve. Some experts suggest that interest rate reductions will begin as early as March 2024.
November data on business activity in the services sector provided support to the American currency: the index from the Institute for Supply Management (ISM) rose from 51.8 points to 52.7 points, which turned out to be better than forecasts of 52.0 points. The US dollar index remains at 103.400.
On Friday, final labour market statistics for November will be published: analysts suggest that the number of new jobs created outside the agricultural sector will increase from 150.0k to 185.0k, unemployment will remain at 3.9%, and the average hourly wages will increase from 0.2% to 0.3% in monthly terms.
EUR/USD
According to the EUR/USD technical analysis, the pair shows mixed dynamics, consolidating near the 1.0800 mark and new local lows from November 14, updated the day before. Immediate resistance can be seen at 1.0836, a break higher could trigger a move towards 1.0878. On the downside, immediate support is seen at 1.0800, a break below could take the pair towards 1.0731.
European statistics on business activity turned out to be positive: the indicator in the non-manufacturing sector increased from 47.8 points to 48.7 points, exceeding expectations at 48.2 points, and the composite index - from 46.5 points to 47.6 points with a forecast of 47.1 points. The German services business activity index rose from 48.2 points to 49.6 points, and the composite index from 45.9 points to 47.8 points. Indicators remained stagnant, confirming that the eurozone economy is approaching recession, despite some recovery in consumption during the Christmas holidays.
The focus of investors today will be on October statistics from the eurozone on the dynamics of retail sales: in monthly terms, the indicator is expected to grow by 0.2% after a decrease of 0.3% a month earlier, and in annual terms - a decrease of 1.1% after -2,9%.
The downward channel is maintained. Now, the price is in the middle of the channel and may continue to decline.
(https://i.imgur.com/uDEjBx4.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD, GBP/USD, and USD/JPY Analysis: Dollar on the Rise amid Good US Employment Data
(https://i.imgur.com/OlujgIZ.jpg)
The US Federal Reserve will publish its interest rate decision on Wednesday, December 13th. The American regulator is not expected to take steps towards tightening or easing monetary policy, given the strong November labour market report published last Friday. Thus, the number of new jobs created by the American economy outside the agricultural sector increased by 199.0k after an increase of 150.0k in the previous month, while analysts expected 180.0k. At the same time, the unemployment rate decreased from 3.9 % to 3.7%, and the growth rate of average hourly wages accelerated from 0.2% to 0.4%.
The dollar was further supported by an increase in the consumer confidence index from the University of Michigan in December from 61.3 points to 69.4 points, which turned out to be significantly higher than expected 62.0 points.
EUR/USD
According to the EUR/USD technical analysis, the pair shows mixed dynamics, remaining close to 1.0760. Immediate resistance can be seen at 1.0789, a break higher could trigger a move towards 1.0842. On the downside, immediate support is seen at 1.0770, a break below could take the pair towards 1.0714.
Activity in the market remains quite low, as investors are in no hurry to open new trading positions ahead of the meetings of the world's leading central banks this week. So, on Thursday, meetings of the ECB, the Swiss National Bank, and the Bank of England will be held. Investors expect all regulators to maintain current monetary policy without changes, and special attention will be paid to the comments of their representatives, as well as the general tone of their statements.
(https://i.imgur.com/vyqUxdb.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's Market Year Wrap 2023 Video
Yearly Market Wrap With Gary Thomson: INDICES, OIL, TECH STOCKS, CURRENCIES, BANKS INFLATION
Get the latest scoop on the year's hottest happenings, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- Inflation
- Indices market - S&P 500, Nasdaq
- Commodities - Oil market
- Equities - Tech stocks
- Currencies - AUD/USD, GBP/USD, EUR/USD
- Bank demises
- Monetary policy - Interest rates
Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/Nl23kbv.jpg)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenuk #fxopenint
-
Solana Is the Fourth Largest Cryptocurrency by Capitalisation. But for How Long?
(https://i.imgur.com/d0eKaZO.jpg)
2023 turned out to be a good year for cryptocurrencies, especially given the depressing mood that reigned at the end of 2022.
From the beginning of 2023:
- Bitcoin increased in price by more than 150% – including due to rumours related to the approval of applications for a Bitcoin ETF;
- Ethereum rose by approximately 85%.
But what has been particularly impressive is the progress made by the Solana project. This is a decentralised blockchain platform, which is characterised by high speed and scalability — they are achieved through the use of a unique architecture based on the Proof-of-History (PoH) protocol. In 2023, Solana became the first blockchain platform to reach 50,000 transactions per second. And a number of large investment funds, such as Grayscale and CoinShares, have added SOL to their portfolios.
SOL is a token that is used to pay for transactions and services on the Solana platform. It can also be used for staking to help support the network. The SOL/USD rate in 2023 has increased by more than 1000%!
At the same time, SOL now ranks 4th in terms of capitalisation of cryptocurrencies — after BTC, ETH, and the USDT stablecoin. December was the month when the price of the SOL token exceeded the psychological level of USD 100 for the first time since April 2022 (the historical high reached in the fall of 2021 exceeds the USD 250 level for SOL).
But will the price be able to stay above USD 100?
(https://i.imgur.com/P3TOckf.png)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
2023 In Review: A Look Back At The Highlights Of The Year
(https://i.imgur.com/fRcBWPF.jpg)
The year 2023 commenced after two years of economic uncertainty and heavy inflation across Europe and North America, home to leading financial markets, with major currencies such as the euro and the US dollar, and financial hubs including London, New York, Chicago, Frankfurt, and Toronto.
These continents, where major stock exchanges operate and the S&P 500, NASDAQ, and FTSE 100 indices represent the top stocks of the top listed companies in Britain and the US, witnessed a dynamic interplay of economic recovery, inflation challenges, and policy adjustments.
The European and North American economies had spent 2023 recovering from a sustained period of inflation and cost of living issues (Britain and mainland Europe), and in the US, yet more bank collapses and a close call with state insolvency as the US Government had to raise the debt ceiling to stop it defaulting on its existing commitments, highlighting the country's huge national debt.
Inflation did decline during 2023, but central bank policy on both sides of the Atlantic favoured continued increases in interest rates, despite the US inflation going down from 11% in mid-2022 to around 3.1% now, and the British inflation rate is 3.9% now whereas it was also in double figures during 2022. Now, we move on to looking at specific markets.
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Dollar Corrects in Thin Market
(https://i.imgur.com/43F44gW.jpg)
The American currency is strengthening slightly after Christmas. Thus, the pound/US dollar currency pair retreated from the recent high just above 1.2700 and the US dollar/yen pair found support at 142.00. The euro/US dollar pair is trying to retest Friday’s high at 1.1040. Both the Australian and Canadian currencies continue to rise against the dollar.
USD/JPY
A block of data from Japan published this morning contributed to a slight strengthening of the USD/JPY pair, as the incoming fundamentals turned out to be quite weak. Thus, the core consumer price index (CPI) from the Bank of Japan decreased to 2.7% against the forecast of 3.00%. The price index for corporate services also fell: 2.3% versus 2.4%. Also in the red zone was the ratio of vacancies to applicants: 1.28 to 1.30. Today at 21:00 GMT+3, it is worth paying attention to the publication of data on the auction for the placement of 2-year US Treasury notes.
On the daily and weekly USD/JPY chart, the pair is below the alligator lines, the priority is to sell on the breakdown of the lower fractal at 140.90. We can consider cancelling the downward scenario if the price confidently consolidates above 145.00.
(https://i.imgur.com/p2QtFnH.jpg)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Brent Oil Price Reaches New December High
(https://i.imgur.com/m5ZttAZ.jpg)
Financial markets are experiencing a traditional decline in trading activity associated with the holiday period. Notable events:
the S&P-500 and NASDAQ-100 stock indices updated their maximum for the year after the holiday Monday, thereby confirming the idea that the decline on Wednesday, September 20, was in the nature of a correction. Santa and his rally do not disappoint.
The dollar index drops to six-month lows due to expectations of an interest rate cut in March 2024.
The price of oil reached a new high in December.
The rise in oil prices is caused by geopolitical tensions:
WSJ: Iran-backed militias fire at US bases in the Middle East.
Bloomberg: Continued Houthi attacks on shipping and US strikes on targets in Iraq raise the risk of the war expanding in the Middle East.
Reuters: The war in Gaza will last several months. Concerns about the spread of the conflict are growing.
Barron's: Dispute between Venezuela and Guyana could threaten oil production and higher prices.
If military action disrupts the production and supply of oil, this could sharply increase its price.
The XBR/USD chart shows that:
the price is still in a downtrend (as shown by the red channel);
moving within the ascending channel (shown in blue) in December, the price has reached the upper limit of the red channel, and is now in a vulnerable position.
(https://i.imgur.com/1MU1abz.png)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
FTSE 100 Continues Pre-holiday Rally: Is 8000 in Sight?
(https://i.imgur.com/3LXTc3A.jpg)
Almost a year ago, the FTSE 100, which is a prestigious index comprising the most prestigious blue-chip stocks of companies listed on the London Stock Exchange, hit 8,000 points for the first time in history.
The euphoria that accompanied this historic breakthrough in mid-February 2023 echoed a similar response in 2021 when the index broke the 7,000 barrier for the first time ever. However, the brief venture above the 8,000 mark was relatively short-lived, and since then, the FTSE 100 index has languished anywhere between the mid-7,200 range up to the 7,700s during the last three quarters of this year.
Before the markets made their annual break for the holiday season that has just passed, the FTSE 100 index began to show a steady upward climb, which has been relatively consistent since October 27's low point of 7,259 at FXOpen.
Now, with the markets reopening this week, the FTSE 100's upward direction has continued to demonstrate buoyancy, and the possibility of reaching the lofty heights of 8,000 points is once again being openly discussed by market participants.
As the London trading session opened this morning, the FTSE 100 index jumped from 7,715 to 7,742 at FXOpen, giving further weight to opinions in mainstream media last week that a revisitation of the 8,000 mark may be in sight.
The reasons for this rally are being viewed by many analysts and commentators in a very basic form, largely centred on the possibility that central banks in Western continents, in which the main headquarters of companies listed in London and included in the FTSE 100 index, may reduce their interest rates as the talks about ending the prolonged policy of increasing them over recent years in an attempt to counter inflation.
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
ETH/USD Analysis: New Record of the Year
(https://i.imgur.com/eUal0aV.jpg)
Today, the price of Ethereum exceeded the level of 2,440 per token, thereby setting a new high for 2023. It is noteworthy that the price of Bitcoin did not support the bullish sentiment, continuing to fluctuate around the USD 43,000 level for the fifth day.
What is the reason for the growth of ETH/USD from a fundamental point of view? There is no obvious trigger in the media, so we can only make assumptions:
→ market participants considered ETH an undervalued asset against the backdrop of the growth of Bitcoin and Solana;
→ perhaps buyers assume that after the expected approval of applications for the BTC ETF, the ETH ETF story will be next?
→ Santa's rally and the positive sentiment associated with it.
From a technical point of view, the price of ETH/USD moved up beyond the balance period “B”, where the forces of supply and demand were balanced. The bullish momentum was maintained, with upward momentum above the 2,333 level attracting followers and forcing short sellers to take losses. According to on-chain analytical platforms, in just one hour, at the peak of growth, USD 14 million of bearish positions were liquidated on cryptocurrency exchanges—there was a short squeeze in the market to some extent.
What's next? Will the price be able to form a new balance period “C”, which will be above the period “B” (similar to the trend “A” → “B”)?
(https://i.imgur.com/M9pjddk.png)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
European Stock Index Shows Signs of Weakness
(https://i.imgur.com/3M3AMJf.jpg)
As the comparison chart shows, the ESX50 lags behind the US500. And this trend has been observed since mid-December, a period when central banks around the world published interest rate decisions and set expectations for the future. The divergence suggests that Europe's central bankers are in no rush to join the US turn to lower interest rates — even as investors continue to insist that they will have to accept easier monetary policy soon enough.
According to Bloomberg, after Federal Reserve Chairman Jerome Powell signalled that the focus is now on lowering borrowing costs, colleagues from Frankfurt to London said that a further slowdown in inflation cannot be taken for granted. That is, for now in Europe, policy easing is not yet on the agenda.
“We should absolutely not lower our guard,” European Central Bank President Christine Lagarde told reporters in December, while her Bank of England counterpart Andrew Bailey noted there was “still work to be done” in the fight to rein in consumer prices.
(https://i.imgur.com/VxMwM8q.png)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Brent Crude Oil Dips Back Below $80 Mark Despite Middle East Escalation
(https://i.imgur.com/iwnZpvv.jpg)
The commodities market is a wide-ranging and varied one, largely because the different physical products represent different uses. Oil is one of those rare commodities that is an actual consumable item, and due to its nature as a staple raw material for fuel production, combined with its concentration within certain countries that extract and sell it, its value is often intrinsically linked to geopolitical events and economic circumstances.
Currently, Brent Crude Oil is under some degree of observation by analysts and market participants due to its steadily decreasing value which has been consistent for the most part over the past two and a half months since the beginning of the war, which is taking place in the Middle East, a contrary pattern to what may be expected, when ordinarily circumstances like this cause increases.
Historically, oil prices across the board have been dramatically affected by wars involving Israel and its neighbouring countries, largely because many of the OPEC countries which supply oil globally are Middle Eastern nations and members of the Arab League.
For example, in 1973, during the Yom Kippur War, the OPEC nations imposed an oil embargo against the United States in an attempt to reverse the decision by the US government to supply weapons and funding to the Israel Defense Forces, resulting in fuel rationing and the imposition of a 55 miles per hour speed limit, as well as spiralling oil prices.
Despite the discourse from many OPEC countries relating to the current political situation and the escalation of war between Israel and the Gaza Strip, the price of Brent Crude Oil has actually decreased over recent days. During these recent days, there has been further escalation to the extent that other surrounding nations may begin a campaign against Israel.
On December 26, Brent Crude Oil was trading at $80.50 per barrel at FXOpen; however, by the next day, it returned to below the $80 per barrel mark and hit $79.15 at FXOpen at the end of trading yesterday before a slight rebound in the very early hours of the morning to $79.52 at FXOpen.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (http://"https://fxopen.com/blog/en/gt-brent-crude-oil-dips-back-below-80-mark-despite-middle-east-escalation/?utm_source=tpt_forum&utm_medium=posts")
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Regain Strength
(https://i.imgur.com/iLH6eeC.jpg)
AUD/USD is moving higher and might climb further above 0.6870. NZD/USD is also rising and could extend its increase above the 0.6370 resistance zone.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a fresh increase above the 0.6760 and 0.6800 levels against the US Dollar.
- There is a bullish flag forming with resistance near 0.6845 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is gaining bullish momentum above the 0.6320 support.
- There is a short-term contracting triangle forming with support near 0.6320 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/PVy9Hjj.jpg)
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6725 support. The Aussie Dollar was able to clear the 0.6760 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6800 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6870 zone. A high is formed near 0.6869 and the pair is now consolidating gains.
There was a minor move below the 23.6% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high.
On the downside, initial support is at 0.6820. The next support could be the 50% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high at 0.6800. If there is a downside break below the 0.6800 support, the pair could extend its decline toward the 0.6760 zone.
Any more losses might signal a move toward 0.6660. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6845. There is also a bullish flag forming with resistance near 0.6845.
The first major resistance might be 0.6870. An upside break above the 0.6870 resistance might send the pair further higher. The next major resistance is near the 0.6920 level. Any more gains could clear the path for a move toward the 0.7000 resistance zone.
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY Analysis: Outlook for 2024
(https://i.imgur.com/VzZrE6z.jpg)
The Japanese yen has been one of the worst performing currencies over the past couple of years. The situation could improve in 2024, writes WSJ.
The yen has lost about 20% against the dollar since the end of 2021, underperforming other major currencies. The reason is that Japan's central bank kept interest rates ultra-low while most of its peers raised them aggressively. This was possible because it did not grow so rapidly in Japan. Japan's core inflation rate, which does not include fresh produce, was 2.5% in November. Although this is already above its 2% inflation target, the Bank of Japan is reluctant to raise interest rates too quickly for fear of a hit to the economy.
But the situation may change in 2024. The central bank has already made several changes to its “yield curve control” policy in the bond market. And the yen has risen about 7% against the dollar since mid-November, partly because traders expect the Bank of Japan to continue reforms. On the other hand, the dollar may weaken, including due to the expected easing of Fed policy.
(https://i.imgur.com/6PeZ1R8.png)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD Retreats From Highs, USD/CAD Grinds Higher
(https://i.imgur.com/Q9SDTNj.jpg)
GBP/USD declined below the 1.2715 support zone. USD/CAD is rising and might aim for more gains above the 1.3330 resistance.
Important Takeaways for GBP/USD and USD/CAD Analysis Today
- The British Pound started a fresh decline below the 1.2715 support zone.
- There is a key bearish trend line forming with resistance near 1.2680 on the hourly chart of GBP/USD at FXOpen.
- USD/CAD is showing positive signs above the 1.3260 support zone.
- There was a break above a major bearish trend line with resistance near 1.3260 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/QJrF55I.png)
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2820 zone. The British Pound traded below the 1.2715 support to move further into a bearish zone against the US Dollar.
The pair even traded below 1.2680 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2610 level. A low was formed near 1.2610 and the pair is now attempting a recovery wave.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.2827 swing high to the 1.2610 low at 1.2660. The first major resistance is near a key bearish trend line at 1.2680 or the 50-hour simple moving average.
A close above the 1.2680 resistance might spark a steady upward move. The next major resistance is near the 50% Fib retracement level of the downward move from the 1.2827 swing high to the 1.2610 low at 1.2715. Any more gains could lead the pair toward the 1.2820 resistance in the near term.
Initial support sits near 1.2610. The next major support is at 1.2565, below which there is a risk of another sharp decline. In the stated case, the pair could drop towards 1.2500.
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Traders Adjust Their Expectations for Fed Action
(https://i.imgur.com/02s9FPr.jpg)
From the beginning of November to the end of December 2023, the dollar index futures price fell by approximately 5.5%, according to the CME exchange. The weakening of the USD was caused by the sentiment of traders who expected the Fed to cut interest rates in March. As a result of the sentiment that prevailed at the end of 2023, stock indices, gold (setting a historical maximum on December 4) and cryptocurrencies rose.
However, the start of 2024 indicated a sharp change in sentiment, with the dollar index futures price rising more than 1% during the January 3-4 sessions.
This can be interpreted as:
→ during the pre-holiday period, there was a certain emotional component that helped to look into the future with optimism;
→ after the end of the holidays, market participants adjusted their expectations regarding the easing of the Fed's actions.
Data released yesterday showed that there is no clear indication that the Fed may start cutting rates, as its members still see the need for policy to remain restrictive for some time.
That is, in the first days of 2024, there was a correction of bullish sentiment at the end of 2023. In the cryptocurrency market, which is characterised by a high degree of margin (opening positions with borrowed funds), the correction turned into an avalanche of sales — the BTC/USD rate dropped rapidly to the level of $41,000, forming a false bullish breakout of the consolidation zone at the end of 2023, which we wrote about yesterday.
We also note the decline in the NASDAQ technology stock index, which, according to Bloomberg, showed the worst start to the year since 2001 (the time of the dot-com crash).
(https://i.imgur.com/J3zO7R2.png)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Analysts Downgrade AAPL Shares
(https://i.imgur.com/5A6hGOO.jpg)
According to Yahoo Finance, Barclays analysts downgraded AAPL shares to “underweight” and lowered their price forecast: they expect the share price to drop to USD 160 (although AAPL traded above USD 184 yesterday).
Analysts justified their decision by their expectations of a decrease in demand for new iPhone models. “Our checks remain negative on volumes and mix for iPhone 15, and we see no features or upgrades that are likely to make the iPhone 16 more compelling.”
The news caused AAPL's share price to fall 3.6% on Tuesday, its biggest one-day percentage drop since September, and the decline wiped out more than USD 107 billion in market value. Concerns are growing due to:
→ growing competition from companies such as Huawei Technologies Co;
→ strict measures by the Chinese government against foreign-made devices.
(https://i.imgur.com/B1vBCu6.png)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
European Currencies Find a Short-term Bottom after Publication of Fed Minutes
(https://i.imgur.com/dxhQ2fz.jpg)
The beginning of this year turned out to be quite successful for the American currency. In just a few trading sessions, the euro/US dollar pair lost about 200 points, the pound/US dollar pair dropped to 1.2600, and the US dollar/yen managed to strengthen by more than 300 points. However, yesterday the upward correction on the greenback slowed down slightly, which allowed the major currencies to find short-term support.
GBP/USD
The pound/US dollar currency pair, after testing 1.2800, sharply rolled back. Weak volatility during the pre-holiday days contributed to increased sales of the pound, and yesterday the price fell to 1.2600. But by the end of the American session, the pair sharply rolled back up to 1.2670.
Today is an important fundamental day for the pair. At 12:30 GMT+3, the UK composite index for December will be published. The index of business activity in the services sector and the volume of mortgage lending for November will also be released. Analysts expect growth in indicators, which may contribute to the continued strengthening of the pair.
On the daily GBP/USD chart, we see the bearish reversal bar from December 28. At the moment, the pair's decline has slowed down at the intertwined alligator lines. If the level of 1.2000 is broken, we may expect a resumption of the decline to 1.2500.
(https://i.imgur.com/WFfyYQt.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (http://"https://fxopen.com/blog/en/ru-european-currencies-find-a-short-term-bottom-after-publication-of-fed-minutes/?utm_source=tpt_forum&utm_medium=posts")
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
5 Stocks To Consider in January 2024
(https://i.imgur.com/xD4buL6.jpg)
A new year means a new start. Market optimism appears to be the order of the day as the beginning of 2024 leads a foray into the new era in which the slow recovery of Western economies signalled in 2023.
With tech stocks back in the limelight over the course of recent months, will market conditions favour these even more during the year ahead?
Given that there is a wide range of speculations and expectations relating to a potential change in central bank policy, which would see a move away from the ultra-conservative methods being used on both sides of the Atlantic that have been in place for a long period, with increases in interest rates continuing despite the backdrop of reducing inflation, it may be worth considering that dynamic, modern high-tech companies whose stocks are listed on North American stock exchanges are very responsive to such changes.
In circumstances where monthly commitments are high, a very different corporate policy is often considered at times when the cost of meeting such commitments is considerably lower, allowing companies to reinvest in growth.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (http://"https://fxopen.com/blog/en/gt-5-stocks-to-consider-in-january-2024/?utm_source=tpt_forum&utm_medium=posts")
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price Corrects Gains While Crude Oil Price Aims Higher
(https://i.imgur.com/ILUnTTi.jpg)
Gold price is correcting lower from the $2,088 resistance. Crude oil price is rising and it could climb further higher toward the $75.90 resistance.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price failed to clear the $2,088 resistance and corrected lower against the US Dollar.
- A key contracting triangle is forming with support at $2,042 on the hourly chart of gold at FXOpen.
- Crude oil prices are moving higher above the $71.00 resistance zone.
- There is a key bullish trend line forming with support near $72.60 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/PcaQxg1.png)
On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,050 resistance. The price even broke the $2,078 level before the bears appeared.
The price traded as high as $2,088 before there was a downside correction. There was a move below the $2,060 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 50. Finally, it tested the $2,030 zone.
The price is now attempting a recovery wave above the $2,040 level. It climbed above the 23.6% Fib retracement level of the downward move from the $2,078 swing high to the $2,030 low.
If the bulls remain active, the price could start a fresh increase. Immediate resistance is near the 50-hour simple moving average at $2,046. The next major resistance is near the 50% Fib retracement level of the downward move from the $2,078 swing high to the $2,030 low at $2,055.
An upside break above the $2,055 resistance could send Gold price toward $2,078. Any more gains may perhaps set the pace for an increase toward the $2,088 level.
Initial support on the downside is near the $2,042 level. There is also a key contracting triangle forming with support at $2,042. The first major support is $2,030. If there is a downside break below $2,030, the price might decline further. In the stated case, the price might drop toward $2,010.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY: The Price Reaches Resistance at 145 Yen per US Dollar
(https://i.imgur.com/MoOJyiO.jpg)
As of Friday morning, the situation on the USD/JPY market deserves attention:
→ the US dollar is on course to demonstrate its strongest week since July 2023. The media writes that markets are adjusting expectations regarding the easing of monetary policy by the Fed.
→ The yen fell about 3% against the US dollar in the first week of the year, which could be its weakest weekly performance since August 2022.
The USD/JPY chart shows that:
→ the price moves within the descending channel (shown in red). Growth at the beginning of the year expanded its boundaries along the principle of a parallel channel.
→ the median line has been broken by the bulls. The price action around 142 shows increased demand. The price could not consolidate below this level in December, serving as a powerful support for ending panic on December 7 and 14-15. Also, demand forces did not allow the price to reach the lower border of the channel on December 28.
(https://i.imgur.com/mLBW1Vd.png)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Dollar On the Rise ahead of the US Non-farm Payrolls Report
(https://i.imgur.com/edgwHzA.jpg)
The American currency is receiving support after the publication of the meeting minutes of the Federal Open Market Committee, according to which officials may begin a cycle of interest rate cuts by the end of this year, while pointing to continued uncertainty in the economy. Trading participants are in no hurry to open new positions ahead of today's publication of the December report on the US labour market. Forecasts assume a slowdown in the growth rate of new jobs outside the agricultural sector from 199.0k to 170.0k. At the same time, the unemployment rate is expected to adjust from 3.7% to 3.8%, and the average hourly wage, from 4.0% to 3.9%. At the moment, investors are evaluating a report from Automatic Data Processing (ADP), which reflected an increase in employment in the private sector from 101.0k to 164.0k, while analysts expected 115.0k. In turn, the number of initial applications for unemployment benefits for the week of December 29 decreased from 220.0k to 202.0k, with a forecast of 216.0k.
EUR/USD
(https://i.imgur.com/UVnhlHe.png)
According to EUR/USD technical analysis, the pair shows mixed trading dynamics, consolidating near the 1.0940 mark. Immediate resistance can be seen at 1.0989, a break higher could trigger a move towards 1.1000. On the downside, immediate support is seen at 1.0911, a break below could take the pair towards 1.0839.
Activity in the market remains quite low, as investors are in no hurry to open new positions ahead of the publication of European statistics on consumer inflation and the December report on the US labour market. Forecasts suggest a moderate rise in the eurozone consumer price index in December from 2.4% to 3.0%, which could lead to the ECB taking a pause before the expected launch of a cycle of interest rate cuts this year. Yesterday, inflation statistics were published in Germany. In monthly terms, the indicator increased by 0.1% after declining by 0.4% in November, and in annual terms it accelerated from 3.2% to 3.7%, which turned out to be slightly worse than market expectations at 3.8%. The single currency was also moderately supported by statistics on business activity: the composite index in the eurozone manufacturing sector in December rose from 47.0 points to 47.6 points, and in the services sector from 48.1 points to 48.8 points, beating neutral forecasts.
Based on the lows of two days, a new downward channel has formed. Now the price is in the middle of the channel and may continue to decline after approaching the upper limit.
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Swiss National Bank Suffered Losses of 3 Billion Francs in 2023
(https://i.imgur.com/cc2YAvn.jpg)
The Swiss National Bank (SNB) reported an annual loss of 3 billion Swiss francs (USD 3.54 billion) in 2023 and said it would not make payments to Switzerland's central or local government or pay dividends to investors.
The loss is believed to have occurred as a result of interest rate hikes aimed at fighting inflation.
Although in Switzerland, perhaps, inflation is at the lowest level: according to yesterday's Core Price Index data, the actual value is = 0.0% (expected = 0.1%, a year ago = -0.2%, the highest actual value in 2023 was = +0.7 %). However, the SNB raised the rate to 1.75% twice in 2023, and this led to it making more payments to deposit account holders.
Note that the loss for 2023 is much less than the record minus 133 billion for 2022. Reuters writes that the losses will not affect the bank's current monetary policy, and interest rates could be cut during 2024.
On November 2, we wrote that the franc could continue to strengthen. Since then, USD/CHF has fallen about 6%, setting its 2023 low on December 28 at 0.83327.
(https://i.imgur.com/b37ekfu.png)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
British Companies Bullish on Economic Strength, but Pound Dips
(https://i.imgur.com/kQ775Uz.jpg)
The British economy, despite being free from the high-profile catastrophes during the past year that dogged progress in the United States, has been the subject of trepidation from corporate giants and investors alike recently.
There has been no such series of bank collapses or near-insolvent government coffers on Britain's shores. In contrast, last year, there was a host of large-scale fiscal disasters in the United States, including the demise of some long-established banks and a need for the US government to raise the debt ceiling to be able to borrow more money to stop the country becoming insolvent, despite its already very high national debt.
The anomaly amid these two yardstick economies is that during the course of last year, the US dollar remained very buoyant against all other majors despite these weaknesses, which could possibly be down to a highly productive workforce and inflation that became well under control before it did in Europe and the United Kingdom.
Today, a potential beacon of light for the British economy has emerged in the form of a report by PriceWaterhouseCoopers, which indicates that Britain may be well positioned to increase its standing as a global hub for manufacturing.
Such a report may come as a surprise to many, as Britain, along with many other Western countries with high-cost bases, is not often viewed as a nation with attractive entry points for goods manufacturers due to high salaries, energy costs, worker shortages, high taxation, logistical issues and more recently, the added cost and bureaucracy associated with Brexit.
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Revisits Support While USD/CHF Aims Higher
(https://i.imgur.com/rbMq3GP.jpg)
EUR/USD started a fresh decline below the 1.0980 support. USD/CHF is rising and might aim a move toward the 0.8620 resistance.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro struggled to clear the 1.1000 resistance and declined against the US Dollar.
- There is a major bearish trend line forming with resistance near 1.0945 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF is gaining pace above the 0.8500 resistance zone.
- There is a key bearish trend line forming with resistance near 0.8530 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/VxVuap4.jpg)
On the hourly chart of EUR/USD at FXOpen, the pair failed to clear the 1.1000 resistance. The Euro started a fresh decline below the 1.0980 support against the US Dollar.
There was a move below the 50-hour simple moving average and 1.0945. The bears were able to push the pair below the 1.0920 pivot level. The pair traded as low as 1.0910 and is currently consolidating losses.
Immediate resistance on the upside is near the 50% Fib retracement level of the downward move from the 1.0978 swing high to the 1.0610 low. There is also a major bearish trend line forming with resistance near 1.0945 and the 50-hour simple moving average.
The next major resistance is near the 1.0980 zone. An upside break above the 1.0980 level might send the pair toward the 1.1020 resistance or the 1.618 Fib extension level of the downward move from the 1.0978 swing high to the 1.0610 low. Any more gains might open the doors for a move toward the 1.1050 level.
On the downside, immediate support on the EUR/USD chart is seen near 1.0910. The next major support is near the 1.0890 level. A downside break below the 1.0890 support could send the pair toward the 1.0850 level.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Inflation in Australia Continues To Decline. AUD/USD Tests Important Support
(https://i.imgur.com/RlqWYQP.jpg)
Data today from the Australian Bureau of Statistics on Wednesday showed the monthly consumer price index (CPI) rose 4.3% year-on-year in November, the slowest pace since January 2022. Value a month earlier = 4.9%. Market forecasts = 4.4%.
This strengthened market expectations that interest rates would not have to rise further. Although the head of the Reserve Bank of Australia, Michele Bullock, warned of the risks of rising price pressures caused by domestic demand, for example, due to rising prices for rental housing.
Against the backdrop of the publication of news about inflation in Australia, no strong surges were noticed in the AUD/USD market. Perhaps this was due to the fact that there were no surprises.
Meanwhile, the 4-hour chart shows that the AUD/USD rate is nearing important support, which is formed by the lower line of the trend channel (shown in blue), within which the price has been moving since last fall.
(https://i.imgur.com/4G85dnQ.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P 500 Rebounds Despite Boeing's Commercial Disaster
(https://i.imgur.com/2Vh1zUW.jpg)
Stock markets in the United States have been very interesting over recent years. However, it has not just been a case of following the volatile tech stocks on the NASDAQ, as the more traditional companies that are included in the S&P 500 can also make waves.
This week, the S&P 500 index has experienced a very sudden change in fortunes, showing a noticeably different pattern compared to its very strong growth that has been consistent since November 2023.
At FXOpen, the S&P 500 index stood at 4,119 points on October 27 before beginning a substantial rally in which it increased over several weeks before touching 4,780 points on January 1 this year.
Such a strong rally showed consistent growth among the most prestigious large-cap companies on the American stock markets, demonstrating remarkable progress in the growth of the US economy overall; however, whilst the country itself may be back on track, there is one extremely high-profile aspect that has begun to dampen the progress made since November with regard to the S&P 500 index.
This week, in the aftermath of the incident, which took place in Portland, Oregon, in which a Boeing 737-9 MAX aircraft had made an emergency landing after a section of its fuselage disconnected from the aircraft mid-flight, there have been severe repercussions for its manufacturer.
Seattle-based Boeing Company, which is one of the world's largest civilian aircraft manufacturers, is a key component of the S&P 500 index, and its share price has been affected by this incident, which builds further on a previous issue in which a similar model of aircraft, a Boeing 737-8 MAX operated by Ethiopian Airlines crashed due to an innate design fault in 2019 killing 157 people with an ongoing litigation having cost Boeing approximately $20 billion so far.
This latest incident has caused Boeing stock to dive, and this week, the S&P 500's previously unstoppable rally ended, taking the value down to 4,694 on January 4 at FXOpen.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD, GBP/USD, USD/JPY Analysis: Dollar Strengthens ahead of Inflation Data Release
(https://i.imgur.com/tSABOJ0.jpg)
Yesterday, the US dollar rose against all major currencies, as it is unclear when the Fed will lower rates. The main economic data this week will be the December consumer price inflation report, which is scheduled to be released on Thursday. Expectations call for headline inflation to increase 0.2% month-on-month, reaching 3.2% year-on-year growth. If data confirms that inflation continues to slow, it could increase expectations of a rate cut in March.
A New York Fed survey released Monday showed consumers see lower inflation and slower growth in household income and spending over the next few years. Last week's better-than-expected employment figures, coupled with the latest Fed minutes that expressed ambiguity about the timing of rate cuts, have dampened expectations of an imminent US policy easing. The dollar is supported by macroeconomic statistics from the United States. The National Federation of Independent Business (NFIB) business optimism index rose from 90.6 points to 91.9 points in December, while analysts expected 90.7 points, and the IBD/TIPP economic optimism index rose from 40.0 points in January to 44.7 points with a forecast of 42.0 points.
EUR/USD
(https://i.imgur.com/w2CNGcG.png)
The EUR/USD pair shows mixed dynamics, remaining close to 1.0930. According to EUR/USD technical analysis, immediate resistance can be seen at 1.1000, a break higher could trigger a move towards 1.1045. On the downside, immediate support is seen at 1.0910, a break below could take the pair towards 1.0875.
Yesterday, the positions of the single currency came under pressure, but traders expect the emergence of new drivers for making trading decisions. Investors are concerned about the development of the crisis in the EU and, in particular, in Germany, which could be aggravated by large-scale protests by farmers across the country. In turn, German data on the dynamics of industrial production in November showed a decrease of 0.7% after -0.3% in the previous month, while analysts expected moderate growth of 0.25%, and in annual terms the decline accelerated from -3.4% to -4.8%.
The same trading range with boundaries of 1.0875 and 1.1000 remains. Now the price is in the middle of the range and may continue to rise.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY, GBP/USD, and EUR/USD Analysis: The Yen Resumes Its Decline, the Euro and the Pound Test Important Levels
(https://i.imgur.com/ZoCKJrV.jpg)
Towards the end of the current five-day trading period, in most currency pairs we are seeing a continuation of the sluggish flat movement. Thus, the pound/US dollar pair is trading near last week’s highs at 1.2770, the euro/US dollar pair is trying to get closer to the psychological level of 1.1000, and commodity currencies are also caught in narrow flat corridors. But the US dollar/yen pair paints a slightly different picture. After a downward pullback last Friday, buyers of the pair found support at 143.40 and strengthened the price by more than 100 points in just one day. We will see whether it will be possible to maintain the upward mood for the pair today after the publication of inflation data in the United States.
USD/JPY
(https://i.imgur.com/zlHqCyU.png)
Negative fundamental data from Japan published this week contributed to the resumption of the downward movement in the yen. Thus, the household expenditure index in November was at -2.9% against the forecast of -2.3%. The total income of employees in the form of wages in Japan also decreased over the same period: 0.2% versus 1.5%. As a result of such data, the price almost tested last week’s high at 146.00. If buyers manage to strengthen the pair above the mentioned level, the price may continue to rise in the direction of 147.00-148.00. A downward breakdown of the range 144.00-143.00 may contribute to a decline to the December extremes at 140.80-140.30.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (http://"https://fxopen.com/blog/en/ru-usd-jpy-gbp-usd-and-eur-usd-analysis-the-yen-resumes-its-decline-the-euro-and-the-pound-test-important-levels/?utm_source=tpt_forum&utm_medium=posts")
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Eye Key Upside Break
(https://i.imgur.com/eX5Lc1F.jpg)
AUD/USD is moving higher and might rally if it clears 0.6725. NZD/USD is also rising and could extend its increase above the 0.6255 resistance zone.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a fresh increase above the 0.6680 and 0.6695 levels against the US Dollar.
- There is a key bearish trend line forming with resistance near 0.6715 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is showing positive signs above the 0.6220 support.
- There is a major bearish trend line forming with resistance near 0.6255 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/vpJqaNN.jpg)
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6650 support. The Aussie Dollar was able to clear the 0.6680 resistance to move into a positive zone against the US Dollar.
The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.6725 swing high to the 0.6647 low. There was a close above the 0.6695 resistance and the 50-hour simple moving average.
Finally, the pair spiked above the 76.4% Fib retracement level of the downward move from the 0.6725 swing high to the 0.6647 low. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near a key bearish trend line at 0.6715.
The first major resistance might be 0.6725. An upside break above the 0.6725 resistance might send the pair further higher. The next major resistance is near the 0.6750 level. Any more gains could clear the path for a move toward the 0.6820 resistance zone.
If not, the pair might correct lower below the 50-hour simple moving average at 0.6695. The next support could be 0.6680. If there is a downside break below the 0.6680 support, the pair could extend its decline toward the 0.6650 zone. Any more losses might signal a move toward 0.6600.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
BTC/USD price and the “Three Black Crows” pattern
(https://i.imgur.com/fZUj1Wc.jpg)
On January 11, the highly publicized Bitcoin ETF began trading after it was officially approved by the SEC. On this day, the price of Bitcoin exceeded USD 48,800, as shown by the chart. Bloomberg writes that new US spot funds achieved net inflows of USD 819 million in the first two days of trading.
However, from the high on January 11, a dizzying fall began, and already at the low on January 12, Bitcoin was worth less than USD 41,800. This dynamic may illustrate the “buy the rumors, sell the facts” strategy, which we wrote about on January 3 when predicting the price of Bitcoin in 2024.
News of the ETF's approval sent the ATR above 1,100 on the 4-hour chart, the last time it did so was in mid-June 2022. The market was overly active, and what is important is that three bearish candles (marked with an arrow) summed up this activity. They can be interpreted as the three black crows pattern.
According to statistics from Tim Bulkowski, this pattern works in 78% of cases and means a trend change from bullish to bearish. According to CandleScanner statistics for 20 years, collected on the S&P 500 index market, the pattern turned out to be false only in 18.6% of cases out of 543 occurrences.
Does this mean that the statistics will work on the Bitcoin price chart?
(https://i.imgur.com/PF5QiM7.jpg)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD, GBP/USD, USD/CAD Analysis: The Dollar Declines after the Release of Data on the Producer Price Index
(https://i.imgur.com/ziviQ19.jpg)
The dollar fell on Friday after US producer prices fell unexpectedly in December, fueling expectations of an imminent US rate cut. The final demand producer price index decreased by 0.1%, which was due to a decrease in the cost of goods. Prices for services remained unchanged last month, raising the possibility of lower inflation in the coming months. The US currency previously benefited from risk aversion after strikes in Yemen came in response to attacks by Iran-backed Houthi forces on shipping in the Red Sea, widening the regional conflict caused by Israel's war in the Gaza Strip. Traders see an 80% chance of an interest rate cut in March, up from around 70% chance seen before the PPI report.
EUR/USD
(https://i.imgur.com/vKSofTL.png)
The EUR/USD pair is trading around the 1.0960 level, moving away from last week's lows. According to EUR/USD technical analysis, Immediate resistance can be seen at 1.1000, a break higher could trigger a move towards 1.1045. On the downside, immediate support is seen at 1.0940, a break below could take the pair towards 1.0910.
The euro was put under pressure by soft comments from the ECB. ECB President Christine Lagarde said on Thursday that the worst of inflation is likely over and that interest rates will be cut if inflation falls to 2%. Dismissing those expectations, ECB chief economist Philip R. Lane said recent inflation data broadly supported the central bank's current views, meaning rate cuts were not on the table for debate in the near future. On the data side, France's consumer price inflation (CPI) rose 4.1% year-on-year in December, while Spain's annual inflation fell to 3.1% last month.
The trading range with boundaries of 1.0875 and 1.1000 remains. Now the price is above the middle of the range and may continue to rise.
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Tesla's Bleak Month Continues, but Is It Really That Bad?
(https://i.imgur.com/ek9rvGu.jpg)
Share price volatility has been synonymous with Tesla for many years now, the company's unique, somewhat giant character echoing the polarising nature of its founder and CEO, Elon Musk.
An unusual company among its big-cap peers, Tesla is one of the most popular stocks on the global market, its volatility offering a diversion from steady, conservative bricks-and-mortar companies, which often dominate the top-tier blue-chip contingents of well-respected indices.
Since 2024 began just two weeks ago, Tesla shares have been declining in value at a rate that is relatively rapid for a firm whose stock is listed on a major exchange and whose peers are the 'Magnificent 7' tech firms which dominate North America's tech stock environment.
On December 28, 2023, FXOpen charts showed Tesla stock to be trading at $264 per share; however, as the new year began, Tesla started to decline and has continued on that trajectory thus far, arriving at $218.55 by the earliest hours of the European session this morning according to the FXOpen chart.
Some reports cite that Tesla stock has fallen by as much as 12% since the start of the year and allude to a 'sell-off' by many investors.
This is a very interesting period of volatility for Tesla, especially given the bullish trend towards tech stocks in general during the course of last year, in which they collectively rose from the doldrums that blighted the tech stock market during 2022 and doubled in value during the course of 2023.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Microsoft Becomes the Most Expensive Company in the World, Surpassing Apple
(https://i.imgur.com/uFZlsWJ.jpg)
According to the results of trading shares of AAPL and MSFT yesterday, the market capitalization is:
→ Apple: USD 2.875 trillion.
→ Microsoft: USD 2.887 trillion.
This is facilitated by:
→ positive expectations of investors in shares of MSFT, connected with the leading positions of the company in the field of artificial intelligence;
→ negative sentiments regarding AAPL and demand for its products (as we wrote on January 4). Moreover, the New York Times writes that the Justice Department is preparing to initiate a large-scale antitrust case against Apple because of the dominant position of Apple's devices on the market and the measures that the company used to protect against threats to its business.
MarketWatch provides FactSet statistics on analysts' forecasts:
→ AAPL: +6% for the next 12 months, MSFT: +9%.
→ MSFT has such ratings: "buy": 90%, "neutral": 10%, "sell": 0%.
→ AAPL has such ratings: "buy": 57%, "neutral": 34%, "sell": 9%.
While the price of AAPL is below the maximum of 2023 by approximately 6%, the price of MSFT shares managed to renew the historical record in 2024: at the peak on January 11, MSFT gave more than 390 USD per share.
On January 31, data will be published on Microsoft’s Q4. It is not excluded that while waiting for positive figures, the price of the stock will increase, approaching the psychological level of 400 USD.
(https://i.imgur.com/CPhj4DY.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
US Dollar a Bastion of Strength After Christopher Waller's Calm Speech
(https://i.imgur.com/rDl4cae.jpg)
Yesterday was a day that many corporate giants and private individuals across the United States had been waiting for, as it was the day during which Federal Reserve Bank governor Christopher Waller gave an official speech in the public domain regarding the possibilities of the United States economy reaching a point at which it can sustain an inflation rate of 2%.
Monetary policymakers within the United States had set themselves a target of driving down the rampant inflation the country experienced approximately two years ago to a sufficient level that it would reach 2% and remain at a steady 2% for the longer term.
Until yesterday's speech by Mr Waller, there was no tangible information from the Federal Reserve relating to how achievable this target would be. However, companies and investors alike may well have continued to tread a cautious route because of the continual interest rate rises the Federal Reserve had implemented over the course of last year despite inflation continuing to decrease.
This ultra-conservative monetary policy is not exclusive to the United States, of course. The European Central Bank and the Bank of England, both central banks which are responsible for the monetary policy of financial jurisdictions with equally important economies which are home to major currencies, had implemented comparatively strict measures to combat inflation by curbing spending with higher interest rates.
Another symptom of these rate rises alongside high inflation figures is that it increases the amount that private individuals and companies have to pay each month to cover their existing borrowing. This is a very important factor because if the proposed rate cuts take place this year on both sides of the Atlantic, more capital will likely be available from the same revenue figures, allowing companies to invest in growth or to report higher profits due to the lower operating costs compared to the past two years.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Dollar Continues to Strengthen since the Beginning of the Year
(https://i.imgur.com/KTOHRon.jpg)
The dollar index is hovering at a one-month high against a basket of currencies as remarks from Federal Reserve Chairman Christopher Waller dampened expectations of a March rate cut.
He said that while the U.S. is "within striking distance" of the Fed's 2% inflation target, the Fed should not rush to cut its benchmark interest rate until it is clear that lower inflation will be sustainable.
Market expectations for a rate cut in March fell to 62.2%, down from a forecast of 76.9% in the previous session, according to CME's FedWatch Tool.
The EUR/USD chart today shows that:
→ The rate dropped below the important psychological mark of 1.09 euros per dollar. Now (in case of testing) this level can serve as resistance.
→ The decline in EUR/USD from the peak at the end of December 2023 has already exceeded 2.3%. Will the trend continue?
(https://i.imgur.com/iHYct7r.jpg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price Dips Again and Crude Oil Price Turns Red
(https://i.imgur.com/Fmj5uqx.jpg)
Gold price is correcting gains below the $2,040 support. Crude oil prices declined steadily below the $72.90 support and moved into a bearish zone.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price climbed higher toward the $2,060 zone before it corrected lower against the US Dollar.
- A key bearish trend line is forming with resistance near $2,040 on the hourly chart of gold at FXOpen.
- Crude oil prices extended downsides below the $72.90 support zone.
- A major bearish trend line is forming with resistance near $72.20 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/mYodQKv.png)
On the hourly chart of Gold at FXOpen, the price rallied heavily above the $2,040 resistance. The price even spiked above $2,060 before there was a downside correction.
There was a move below the $2,040 support level. The bears even pushed the price below the $2,030 support and the 50-hour simple moving average. It tested the $2,020 zone. A low is formed near $2,019.32 and the price is now showing bearish signs.
Immediate resistance is near the 23.6% Fib retracement level of the downward move from the $2,062 swing high to the $2,019 low at $2,030.
The next major resistance is near a bearish trend line at $2,040. The trend line is close to the 50-hour simple moving average and coincides with the 50% Fib retracement level of the downward move from the $2,062 swing high to the $2,019 low.
The main resistance could be $2,055, above which the price could test the $2,070 resistance. The next major resistance is $2,080. An upside break above the $2,080 resistance could send Gold price toward $2,120. Any more gains may perhaps set the pace for an increase toward the $2,135 level.
Initial support on the downside is near the $2,020 level. The first major support is near the $2,012 level. If there is a downside break below the $2,012 support, the price might decline further. In the stated case, the price might drop toward the $1,980 support.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The UK100 Price Plummeted After the Publication of Inflation Data
(https://i.imgur.com/7CPgwXD.jpg)
Yesterday, the stock market in the United Kingdom experienced a sharp decline following the release of new inflation data. The UK100 price, reflecting the leading British stock index FTSE, dropped approximately 1.5%. Moreover, the RSI indicator on the 4-hour chart fell below the value of 18 for the first time since July 2023.
Analysts attribute this decline to the published inflation data, which not only failed to meet economists' expectations but also indicated a possible strengthening of inflationary pressure in the country. CPI values: actual = 4.0%, expected = 3.8%, previous value = 3.9%.
This raised concerns among investors regarding the Bank of England's future steps in managing interest rates and the potential slowdown in the country's economic growth.
Sectors most sensitive to changes in interest rates, such as real estate and finance, showed the greatest decline. Significant decreases were also observed in the stocks of companies in the retail and consumer goods sectors, reflecting growing concerns about consumer confidence and spending.
(https://i.imgur.com/ozNAcrO.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
OPEC Forecasts an Increase in Oil Demand in 2024
(https://i.imgur.com/5dqGPe1.jpg)
Yesterday, the monthly oil market review was published:
→ OPEC expects global oil demand to increase by 2.25 million barrels per day (b/d) in 2024, representing a 2.2% increase compared to 2023.
→ In 2025, OPEC predicts a demand increase of 1.85 million barrels per day, reaching 106.21 million barrels per day. It is anticipated that the growth in oil consumption in 2025 will be driven by China, the Middle East, and India.
This aligns with Occidental Petroleum's perspective, where they anticipate a global oil shortage starting in 2025, as the pace of global oil demand growth is roughly four times higher than the volumes of new reserves.
However, according to Citi analysts, the price of Brent crude oil in 2025 is expected to be $60 per barrel due to oversupply.
As of today, the price of Brent crude oil is fluctuating in the consolidation zone around $77 per barrel. Market participants are closely monitoring the potential for an increase in the Brent oil price due to geopolitical tensions. For instance, Maersk has reported that escalation in the Red Sea and the Gulf of Aden will lead to disruptions in global logistics.
(https://i.imgur.com/PCL7t5H.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (http://"https://fxopen.com/blog/en/oa-opec-forecasts-an-increase-in-oil-demand-in-2024/?utm_source=tpt_forum&utm_medium=posts")
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD, GBP/USD, USD/JPY Analysis: The Dollar Is Weakening Against the Euro and Pound
(https://i.imgur.com/oqduPzz.jpg)
Recent economic data and comments from Federal Reserve representatives have dampened expectations of a rapid interest rate cut. More optimistic than expected consumer sentiment data added to the list of reliable economic data published this week, including retail sales and unemployment benefit claims. The positive indicators eased expectations that the Fed would begin lowering the key rate as early as March and provided confidence that the US economy is not immediately threatened by a recession. The dollar index, which tracks the dollar's value against a basket of six currencies, fell by 0.08% to 103.26, although it rose by 0.8% over the week.
EUR/USD
(https://i.imgur.com/UW5PPT1.png)
The EUR/USD pair is showing a modest increase, developing a corrective impulse formed last week. The euro is testing the 1.0900 level for an upward breakout amid the absence of macroeconomic publications. According to EUR/USD technical analysis, immediate resistance can be seen at 1.0909, and a breakthrough could trigger an increase to 1.0958. On the other hand, the nearest support is at 1.0844, and a break below could lead the pair to 1.0800.
Investors will focus on the monthly report from the German Bundesbank during the day, which may influence market expectations regarding the pace of possible ECB interest rate cuts this year. Additionally, on Wednesday, January business activity statistics in the services sector will be presented in the EU and the US. Predictions suggest that the Eurozone services sector index from S&P Global will strengthen from 48.8 to 49.0, while in the US, it will decrease from 51.4 to 51.0. On Thursday, a meeting of the European regulator will take place, and officials may provide comments that will affect the movement of the single currency quotes, although no changes in the direction of the agency's monetary policy are expected: the interest rate is expected to remain at 4.50%, and the deposit rate at 4.00%.
The price broke the upper boundary of the descending channel and may continue to rise.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Microsoft Is at All-Time High Despite Boardroom Email Hack Claim
(https://i.imgur.com/dnsMrcJ.jpg)
Microsoft Corporation is one of the longer established publicly listed high-technology companies within the North American 'big tech' industry.
Its foundation pre-dates the wave of internet giants that rose to prominence at the beginning of this millennium by such a margin that it was in existence and already a major corporation before many of the leaders of other tech firms around the world were actually born.
Microsoft's corporate standing differs from many of its peers in many other ways, too. Not only is it based in Seattle, its original homeland, as opposed to Silicon Valley in the next state westward, but it also manufactures computer hardware components as well as software, marking it out as a comprehensive provider of all aspects of the computer science industry. It could be fair to consider that Microsoft was viewed as a potential direct rival for Apple when Apple was founded just one year later, in 1976.
Since then, the two have been at the very top of their commercial game. However, Microsoft has recently been going from strength to strength, which is a remarkable feat considering its wranglings with anti-competition authorities in the United Kingdom and the United States, two of its vital markets.
This week, however, a further matter of interest has surfaced, adding to the ongoing market value speculation surrounding the viability of Microsoft's proposals to acquire electronic entertainment company Activision Blizzard for almost $69 billion, which has been an ongoing matter since the beginning of 2022.
As Microsoft's stock made an overall upward movement during the course of last year in the face of anti-competition authorities putting the brakes on the progress of the company's plans to acquire Activision Blizzard, the new year arrived with the deal still not complete and the American authorities sticking firmly to their premise that such an acquisition would create the largest corporate entity in the video game industry worldwide, potentially lessening the ability for other globally established companies such as Sony to compete in the market with its Playstation range of video games.
This matter rumbled on within the United States, but the British authorities made their decision to approve the merger later last year.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY: The Yen Pauses in Anticipation of the Bank of Japan's Decision
(https://i.imgur.com/2Eei3RV.jpg)
In 2024, the yen has significantly depreciated against other currencies. The USD/JPY chart indicates that since the first trading day of January, the exchange rate has risen by more than 5%. However, since the 18th, there has been a lull, and it may be disrupted today or tomorrow due to the Bank of Japan's meeting, during which comments on monetary policy will be provided.
According to Reuters, traders expect that interest rates will not be raised, remaining in the negative territory. This expectation is based on recent "peaceful" comments from the Bank of Japan, coupled with the country facing a serious test in the form of an earthquake on the west coast.
(https://i.imgur.com/tQKIowT.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Struggles, USD/JPY Could Extend Gains
(https://i.imgur.com/RoDx5o1.jpg)
EUR/USD started another decline from the 1.0915 resistance. USD/JPY surged and broke the 148.00 resistance zone.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro started a fresh decline below the 1.0880 support zone.
- There was a break below a key bullish trend line with support at 1.0880 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY climbed higher above the 148.00 and 148.30 levels.
- There is a connecting bearish trend line forming with resistance at 148.00 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/deUcGsi.jpg)
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.0915 resistance zone. The Euro started a fresh decline and traded below the 1.0880 support zone against the US Dollar.
There was a break below a key bullish trend line with support at 1.0880. The pair even declined below 1.0840 and tested the 1.0820 zone. A low is formed near 1.0821 and the pair is now correcting losses.
On the upside, the pair is now facing resistance near the 50% Fib retracement level of the recent decline from the 1.0916 swing high to the 1.0821 low at 1.0865.
The next key resistance is near the 50-hour simple moving average at 1.0880. It is close to the 61.8% Fib retracement level of the recent decline from the 1.0916 swing high to the 1.0821 low. The main resistance is 1.0915.
A clear move above the 1.0915 level could send the pair toward the 1.0950 resistance. An upside break above 1.0950 could set the pace for another increase. In the stated case, the pair might rise toward 1.1020.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0840. The next key support is at 1.0820. If there is a downside break below 1.0820, the pair could drop toward 1.0785. The next support is near 1.0750, below which the pair could start a major decline.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD Struggles While NZD/USD Grinds Higher
(https://i.imgur.com/TrNNWvt.jpeg)
AUD/USD is declining below the 0.6540 support zone. NZD/USD is rising and could extend its increase above the 0.6130 resistance zone.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a fresh decline below the 0.6540 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance near 0.6510 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is gaining bullish momentum above the 0.6080 support.
- There was a break above a major bearish trend line with resistance at 0.6105 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/QzXIV1w.jpeg)
On the hourly chart of AUD/USD at FXOpen, the pair struggled to stay above the 0.6600 pivot zone. The Aussie Dollar started a fresh decline below the 0.6550 and 0.6540 levels against the US Dollar.
The pair even settled below the 0.6510 level and the 50-hour simple moving average. Finally, it tested the 0.6480 support zone. The recent low was formed near 0.6480 and the pair is now consolidating losses near the 23.6% Fib retracement level of the downward move from the 0.6540 swing high to the 0.6480 low.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near a connecting bearish trend line at 0.6510. The trend line is near the 50% Fib retracement level of the downward move from the 0.6540 swing high to the 0.6480 low.
The first major resistance might be 0.6540. An upside break above the 0.6540 resistance might send the pair further higher. The next major resistance is near the 0.6610 level. Any more gains could clear the path for a move toward the 0.6660 resistance zone.
On the downside, initial support is near the 0.6480 zone. The next support could be the 0.6470 zone. If there is a downside break below the 0.6470 support, the pair could extend its decline toward 0.6420. Any more losses might signal a move toward 0.6380.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-struggles-while-nzd-usd-grinds-higher/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY Reaches 10-week High amid Statements by Head of Bank of Japan
(https://i.imgur.com/wHuEgqq.jpeg)
Bank of Japan Governor Kazuo Ueda said today that there is a high likelihood that accommodative monetary conditions will continue even after the bank ends its negative interest rate policy — an event that is expected as early as next month, according to Reuters.
On the other hand, the USD index has been strengthening since the beginning of 2024, indicating that market participants assume that the easing of the current tight Fed policy may last longer.
As a result, the price of USD/JPY rises again towards the psychological level of 150 yen per dollar.
The weekly USD/JPY chart shows that:
→ After an attempt at a bullish breakout of this level in the fall of 2022, a strong bearish impulse occurred (justified by the actions of the Bank of Japan to protect the yen), and the price dropped below the level of 130 yen per dollar in early 2023.
→ After an attempt at a bullish breakout in the fall of 2023, a less powerful bearish movement formed, the rate did not fall below 140 yen per dollar.
(https://i.imgur.com/PwRUsOZ.jpeg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-usd-jpy-reaches-10-week-high-amid-statements-by-head-of-bank-of-japan/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Bitcoin Recovers to January 11 Prices When ETFs Were Approved
(https://i.imgur.com/h6GJcvk.jpeg)
Waiting for SEC regulatory approval of applications to create a Bitcoin ETF was an important driver of Bitcoin price growth at the end of 2023. However, when applications were actually approved on January 11, 2024 (here is what we wrote about it), there was a decline in cryptocurrency prices.
In particular, the price of Bitcoin decreased from a maximum of January 11 at USD 48,877 per coin, dropping below USD 40k in the twenties of January.
Fortunately for investors in the cryptocurrency market, the collapse did not occur, and today the price of Bitcoin exceeded USD 46k, thereby recovering to the levels of January 11.
This was facilitated by:
→ the Chinese New Year (celebration begins on February 10). As crypto media write, traditionally during this period there is an optimistic revival in the cryptocurrency market.
→ Interest in investing in risky assets in anticipation of the Fed lowering interest rates. Access to cryptocurrency investments has become easier with the approval of ETFs.
(https://i.imgur.com/A6aRHkv.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-bitcoin-recovers-to-january-11-prices-when-etfs-were-approved/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 05 - 09 February Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: S&P 500, CAD, GBP/USD, AMZN
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of -FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- The Price of S&P 500 Sets Historical Record By Exceeding 5,000 #SP500
- CAD Strengthened After Statements from the Head of the Bank of Canada #CAD
- GBP/USD Displays Volatility as Pound Demonstrates Low Performance #GBPUSD
- AMZN Share Price Rises Nearly 8% after Report #Amazon #AMZN
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=YN7U8xOnZTA)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/sypK8GS.jpeg) (https://www.youtube.com/watch?v=YN7U8xOnZTA)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo
-
Nikkei 225 Index Price Sets 34-year High
(https://i.imgur.com/JWuxPjs.png)
The price of the Nikkei 225 index is fixed above the level of 37,000 points. The last time this happened was after the index reached its all-time high in 1989.
The bullish behavior of the Japanese stock market has the following reasons:
→ Strong corporate reporting. In particular, SoftBank shares rose 11% due to increased sales of its subsidiary Arm, which develops chips for the development of artificial intelligence.
→ Dovish view of the Bank of Japan's monetary policy. Thus, Bank of Japan Vice Governor Shinichi Uchida said that the central bank will not aggressively tighten its monetary policy even if it ultimately decides to end negative interest rates.
(https://i.imgur.com/l7M7R1b.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-nikkei-225-index-price-sets-34-year-high/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Markets Await Publication of Key Macroeconomic Statistics from the US and UK
(https://i.imgur.com/ZxEe7VD.jpeg)
Tomorrow, January inflation data in the United States will be presented: the consumer price index in monthly terms is projected to slow from 0.3% to 0.2%, and in annual terms from 3.4% to 3.0%, the upper limit of the target range of the US Federal Reserve. The indicator excluding food and energy prices may be adjusted from 3.9% to 3.8%. With the opening of the American session, the focus will shift to January inflation data in the United States. Analysts do not expect significant fluctuations in the indicator, but still hope that the publication will become a new impetus for the early easing of monetary policy by the US Federal Reserve. Thus, experts expect that the consumer price index will decrease from 3.4% to 3.0% on an annual basis and from 0.3% to 0.2% on a monthly basis. Markets have almost completely revised expectations for the regulator's March meeting and are now inclined to believe that the interest rate will be adjusted by 25 basis points in May.
EUR/USD
(https://i.imgur.com/ifdVna3.png)
The EUR/USD pair is showing moderate growth, developing upward dynamics since February 6. The euro is testing the 1.0790 mark for an upward breakout, updating local highs from February 2. Immediate resistance can be seen at 1.0805, an upward breakout could trigger an increase to 1.0897. On the downside, immediate support is seen at 1.0767, a break below could take the pair towards 1.0750.
At the same time, activity on the market remains quite restrained, and trading participants are in no hurry to open new positions ahead of the publication of macroeconomic statistics. On Wednesday, investors will evaluate the final data on eurozone GDP for the fourth quarter of 2023, as well as December statistics on industrial production. Forecasts suggest the region's economy will gain another 0.1% annual growth, while industrial output could fall 4.1% from -6.8% in the previous month. Last Friday, the eurozone published data on inflation in Germany: the consumer price index in January was 0.2%, the same as a month earlier, which coincided with market expectations, and in annual terms the figure remained at 2.9%.
Technical analysis of EUR/USD shows that a new upward channel has formed based on last week’s highs. Now the price has moved away from the upper limit and may continue to decline.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/ru-markets-await-publication-of-key-macroeconomic-statistics-from-the-us-and-uk/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Volatility Leads To Pessimism Around UK's FTSE 100 Index
(https://i.imgur.com/IRztjDq.jpeg)
During the past few weeks, the FTSE 100 index, which consists of the stocks of the 100 most prestigious and well-established large corporations listed on the London Stock Exchange, has been somewhat volatile.
The foray into the new year so far has been a far cry from the same period last year, when euphoria among investors and analysts alike abounded during February 2023 due to London's long-established index having surpassed the 8,000 point mark for the first time in history.
Here we are now in February 2024, and things are somewhat different.
As trading begins for the new week ahead, there is a pessimistic tone to many analyses relating to the performance of the FTSE 100, especially compared to other indices comprising stocks listed on other globally recognised premium venues.
The overall performance of the FTSE 100 index since the beginning of 2024 has included a series of upward and downward movements; however, as this week began, the index was valued at 7,583 points as depicted by the bottom of the candlestick at 9.00 am UK time, according to the FXOpen chart, which is considerably lower than a top value of 7,711 on February 7.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/gt-volatility-leads-to-pessimism-around-uks-ftse-100-index/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Bitcoin Price Exceeds Psychological Level of $50k
(https://i.imgur.com/bd6vifW.jpeg)
The last time the BTC price was above $50,000 was in December 2021, making its way to the low around $15,500 reached in November 2022.
Reaching the $50,000 level was facilitated by:
→ waiting for the halving, after which the price of Bitcoin is believed to receive a bullish impulse due to a reduction in supply;
→ the effect of the approval of a Bitcoin ETF;
→ expectation of easing of the Fed's monetary policy, which increases interest in risky assets. By the way, the Nasdaq-100 technology stock index set a historical high yesterday, breaking the level of 18,000 points.
At the same time, the BTC/USD chart shows that:
→ the price of Bitcoin moves within an ascending channel (shown in blue), which dates back to last fall;
→ from the point of view of technical analysis, with this channel construction, the price of Bitcoin still has some room to rise to its upper limit.
(https://i.imgur.com/MAbckgd.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-bitcoin-price-exceeds-psychological-level-of-50k/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Major Currency Pairs in Consolidation Phase ahead of US Inflation Data Release
(https://i.imgur.com/1434hgN.jpeg)
In mid-February, the volatility of major currency pairs slowed down somewhat. Leading Central Banks have taken a pause in changing monetary policy, and the incoming fundamental data is quite weak for the formation of new trends. As a result, the pound/US dollar pair was stuck between 1.2640-1.2520, the euro/US dollar pair found support just above 1.0700, and greenback buyers in the US dollar/yen pair managed to strengthen above 149. Nevertheless, the current flat movement may end this week. A lot of important fundamental data releases are expected in the coming trading sessions, which could lead to both the continuation of current trends and the formation of new trends.
GBP/USD
As the GBP/USD chart shows, the pound's decline at the beginning of this month, driven by a strong US employment report, slowed to 1.2520. On the weekly time frame, the price found support at the intertwined alligator lines. If the 1.2600-1.2520 range confirms support status, the price could retest the important 1.2800-1.2700 range. In case of a downward breakdown of the 1.2500 level, the pair may resume its downward movement in the direction of 1.2400-1.2200.
Today at 10:00 GMT+3, we are waiting for data on average wages in the UK for December last year, and at this time the change in employment and the unemployment rate for the same period will be published.
(https://i.imgur.com/ANcA1YJ.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/ru-major-currency-pairs-in-consolidation-phase-ahead-of-us-inflation-data-release/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P500 has been on a roll, but will it continue?
(https://i.imgur.com/4UU83mq.jpeg)
Over the past few months, the S&P 500 index has been growing in value in an almost linear fashion, taking the prestigious North American index, which tracks the performance of the largest companies whose stock is listed on exchanges in the United States, from a low point in October to its extremely high position of today.
On October 27 last year, the S&P 500 index languished at 4,117.9 points according to FXOpen charts, representing a dip in value accumulating as summer gave way to autumn last year.
Immediately after this took place, a rally began, which lasted until now, taking the S&P 500 index from that low point at the end of October to 5,027.8 at the close of the US trading session yesterday.
That is a remarkable figure indeed and is a high point that occurred following the market euphoria that took place at the end of last week when the S&P 500 index passed the 5,000-point mark, making it a record high for the prestigious index.
Overall, the S&P 500 has been growing in value tremendously when looked at over a longer period of time. According to some sources in mainstream media, the S&P 500 index increased by a remarkable 24% during 2023, despite its dip during the beginning of the first quarter.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/gt-s-p500-has-been-on-a-roll-but-will-it-continue/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price Takes Hit While Crude Oil Price Extends Rally
(https://i.imgur.com/T4TkK7v.jpeg)
Gold price is declining below the $2,010 support zone. Crude oil price is rising and it could climb further higher toward the $80 resistance.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price failed to clear the $2,032 resistance and corrected lower against the US Dollar.
- It traded below a short-term rising channel with support at $2,020 on the hourly chart of gold at FXOpen.
- Crude oil prices are moving higher above the $76.10 resistance zone.
- There is a key bullish trend line forming with support near $77.40 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/thv3AyF.jpeg)
On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,020 resistance. The price even broke the $2,030 level before the bears appeared.
The price traded as high as $2,032 before there was a fresh decline, as mentioned in the previous analysis. There was a move below the $2,020 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 30. Finally, it tested the $1,988 zone.
The price is now consolidating losses near the $1,990 level. Immediate resistance on the upside is near the $1,998 level or the 23.6% Fib retracement level of the downward move from the $2,031 swing high to the $1,988 low.
The next major resistance is near the 50-hour simple moving average and the 50% Fib retracement level of the downward move from the $2,031 swing high to the $1,988 low at $2,010.
An upside break above the $2,010 resistance could send Gold price toward $2,020. Any more gains may perhaps set the pace for an increase toward the $2,032 level. If there is no recovery wave, the price could continue to move down.
Initial support on the downside is near the $1,988 level. The first major support is $1,980. If there is a downside break below the $1,980 support, the price might decline further. In the stated case, the price might drop toward the $1,962 support.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/aj-market-analysis-gold-price-takes-hit-while-crude-oil-price-extends-rally/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
News about US Inflation Shake Markets
(https://i.imgur.com/bTdtSOw.jpeg)
According to data published yesterday:
→ Core CPI: actual = 0.4%, expected = 0.3%, past values = 0.3%
→ CPI: actual = 0.3%, expected = 0.2%, past values = 0.3%
Thus, the statistics dealt a blow to the hopes of market participants that inflation in the United States is fading and the Fed will lower interest rates. The figures suggest that tight monetary policy will remain tight for longer.
The market reaction was a sharp rise in the price of the US dollar - accordingly, many exchange assets denominated in USD fell in price:
→ the EUR/USD rate fell by approximately 0.5%, setting a minimum for the year;
→ the price of E-mini futures for the S&P-500 index decreased by approximately 1.5%;
→ the price of E-mini futures for the Nasdaq-100 index decreased by approximately 2.0%;
→ the price of gold XAU/USD decreased by approximately 1.8%;
→ the price of bitcoins BTC/USD decreased by more than 3%, but this morning the cryptocurrencies have already managed to recover, thus winning back yesterday’s dump.
Also resistant to news about inflation in the United States was the price of oil XBR/USD, which is rising against the backdrop of a tense geopolitical situation.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-news-about-us-inflation-shake-markets/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/USD Price Declining after Encouraging UK Inflation Data Release
(https://i.imgur.com/NqD3EQx.jpeg)
After yesterday's disappointing US inflation data, market participants were wary of UK inflation data. But they turned out to be more favorable.
→ Core CPI: actual = 5.1%, expected = 5.2%, past values = 5.1%
→ CPI: actual = 4.0%, expected = 4.1%, past values = 4.0%
Although in absolute comparison the inflation rate in the UK is significantly higher than in the USA, it is encouraging that over the month it shows a downward trend.
This eases pressure on the Bank of England in its tight monetary policy, and therefore the British pound fell in value against other currencies. In particular, the decline against the USD that began yesterday continued. Since yesterday's high, the price of GBP/USD has already decreased by approximately 1%.
The GBP/USD chart shows that:
→ the bears have broken the upward trajectory indicated by the blue lines;
→ the price develops within the descending channel (shown in red);
→ the price dropped below the level of 1.25730, which served as support since February 8.
(https://i.imgur.com/TVrvyJE.jpeg)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-gbp-usd-price-declining-after-encouraging-uk-inflation-data-release/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EURGBP continues to be suppressed during February. Will it rise again?
(https://i.imgur.com/okZYgeU.jpeg)
The first few weeks of 2024 have been laden with discussion, analysis and speculation regarding the forthcoming position of the US economy, largely due to the United States authorities having been the first to speak publicly about any monetary policy changes for the year ahead, as well as a considerable number of perspectives having been aired in the public domain regarding the US Federal Reserve Bank being the first central bank responsible for major currency to lower interest rates - something which actually did not happen.
While the expected announcement of planned reductions in interest rates did not materialise, there has been a lot of comparison between the US economy, and in particular, the US Dollar and Europe's majors, the British Pound and the Euro.
What about the monetary situation and economic outlook on the European side of the Atlantic? Both the European Central Bank and the Bank of England have followed similar, highly conservative monetary policies to that of the Federal Reserve over the past two years, and therefore, it would have been likely that perhaps equal expectations of reductions of interest would ensue if the Federal Reserve had actually proceeded down the route that many analysts expected.
Now, with the US rates remaining the same, could it be that the European and British central bankers will follow the same path? Judging by the result of the European Central Bank policy meeting, which took place on January 25, at which it was decided that rates would remain unchanged, this appears to be the case so far.
Looking at the performance of the EURGBP pair makes for interesting research, given that this chart pattern shows the sentiment within the European Union member states and Britain, all regions where major currencies are the sovereign tender, but without any comparison to the United States.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/gt-eurgbp-continues-to-be-suppressed-during-february-will-it-rise-again/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AUD/USD Price Reaction to Labour Market News Provides Important Information for Analysis
(https://i.imgur.com/ncnax1q.jpeg)
Australia's unemployment rate rose to a two-year high of 4.1% in January, while employment was little changed although analysts had expected around 25,000 new jobs, data released this morning showed.
It is believed that weak labour market data should prompt central bank officials to ease monetary policy, which is currently aimed at fighting inflation. According to Trading Economics, the Reserve Bank of Australia is expected to cut interest rates by about 40 basis points this year.
The first reaction to the news was the weakening of the Australian dollar (counting on the easing of the Central Bank's policy), but by the opening of the European session, the price of AUD/USD had recovered a significant part of the decline, which provides important food for thought.
(https://i.imgur.com/BbuwGwx.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-aud-usd-price-reaction-to-labour-market-news-provides-important-information-for-analysis/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Ethereum Price Exceeds $2,800
(https://i.imgur.com/ayeS3WH.jpeg)
The last time the ETH/USD price was at this level was in May 2022, which was the start of a massive drop of more than 65% in 1.5 months.
However, now the ETH/USD market is dominated by bullish sentiment, for the following reasons:
→ deployment of the Dencun update on the Ethereum network this month, which will open up new opportunities for users and developers;
→ expectations that this year, following the approval of Bitcoin ETFs, applications for the launch of ETFs on Ethereum will be approved;
→ waiting for a traditional bull market after halving in the Bitcoin network.
(https://i.imgur.com/4CPLNIk.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-ethereum-price-exceeds-2-800/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The US Currency Correcting after a Sharp Rise
(https://i.imgur.com/cnFKZJW.jpeg)
An unexpected rise in the US consumer price index contributed to the resumption of the upward trend in the US dollar. Thus, experts predicted a monthly growth of 0.2% and an annual increase of 2.9%, in reality the monthly figure increased by 0.3%, and on an annualized basis this is 3.1%. Such data could not but please greenback buyers. After all, a change in the vector of monetary policy given the current indicators and the existing situation on the labour market in the United States is hardly possible in the near future.
USD/JPY
The rise in inflation in the US contributed to the return of the USD/JPY pair above 150.00. The price on the USD/JPY chart set a new yearly high at 150.80, after which it entered a consolidation phase between 150.80 and 150.20. If the upper limit of the specified range is broken, the price may resume growth in the direction of last year’s highs near 152.00. A move below 150.00 may contribute to the start of a larger downward correction in the direction of 148.00-146.00.
Today at 16:30 GMT+3, data on weekly applications for unemployment benefits in the United States will be released. Also at the same time, the core US retail sales index for January will be published, as well as the manufacturing activity index from the Philadelphia Fed for February.
(https://i.imgur.com/XTh4iDD.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/ru-the-us-currency-correcting-after-a-sharp-rise/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD Attempts Recovery While EUR/GBP Gains Strength
(https://i.imgur.com/eY5Ek2e.jpeg)
GBP/USD is attempting a fresh increase from the 1.2535 zone. EUR/GBP is gaining pace and might extend its rally above the 0.8570 zone.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is attempting a recovery above the 1.2550 zone against the US Dollar.
- There is a key rising channel forming with support at 1.2570 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP started a fresh increase above the 0.8535 resistance zone.
- There is a major bullish trend line forming with support near 0.8550 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/Qgxs7at.png)
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2690 zone. The British Pound traded below the 1.2600 zone against the US Dollar.
A low was formed near 1.2535 and the pair is now attempting a recovery wave. There was a break above the 23.6% Fib retracement level of the downward move from the 1.2690 swing high to the 1.2535 low. The pair settled above the 50-hour simple moving average and 1.2570.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2600 or the 50% Fib retracement level of the downward move from the 1.2690 swing high to the 1.2535 low.
The next major resistance is near the 1.2650 level. If the RSI moves above 60 and the pair climbs above 1.2650, there could be another rally. In the stated case, the pair could rise toward the 1.2720 level or even 1.2750.
On the downside, there is a major support forming near 1.2570 and a key rising channel. If there is a downside break below the 1.2570 support, the pair could accelerate lower. The next major support is near the 1.2535 zone, below which the pair could test 1.2500. Any more losses could lead the pair toward the 1.2450 support.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-attempts-recovery-while-eur-gbp-gains-strength/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Gold Price Recovers from Year Lows
(https://i.imgur.com/lMFG5Wa.jpeg)
On Wednesday, the gold price XAU/USD set a year low due to news about inflation in the US, which “does not want” to decline to target levels.
As a result, market participants are revising their estimates regarding the price of gold with the prospect that the Fed's tight policy may last for a longer time, as well as taking into account yesterday's news:
→ Retail Core Sales in the US fell by 0.6%, although an increase of +0.2% was expected, a month ago = +0.4%.
→ the number of unemployment applications for the week remains relatively stable: actual = 212k, a week ago = 218k, a month ago = 202k.
(https://i.imgur.com/mnrPwdb.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (http://"https://fxopen.com/blog/en/oa-gold-price-recovers-from-year-lows/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve")
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
TSLA Share Price Rises Sharply amid News of Musk's Increased Stake in the Company
(https://i.imgur.com/ngPn30I.jpeg)
According to media reports, Elon Musk has increased his stake in Tesla by more than one and a half times — previously, the billionaire owned approximately 13% of the shares, now he owns 20.5% of Tesla. And earlier it was reported that Musk wants to increase his stake in Tesla to at least 25%.
At the same time, the TSLA share price rose sharply in yesterday's trading by more than 6%, while the S&P 500 stock market index increased by “only” +0.6%.
The TSLA stock chart today shows that:
→ the price has overcome the psychological mark of USD 200 per share;
→ the price has overcome the resistance level of USD 195 per share;
→ a bullish reversal pattern inverted head-and-shoulders has formed on the chart.
(https://i.imgur.com/oLcCUcG.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-tsla-share-price-rises-sharply-amid-news-of-musks-increased-stake-in-the-company/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 12 - 16 February Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: US INFLATION, GBP/USD, GOLD, BITCOIN
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights..
- News about US Inflation Shake Markets #Inflation
- GBP/USD Price Declining after Encouraging UK Inflation Data Release #GBPUSD
- Gold Price Takes Hit While Crude Oil Price Extends Rally #Gold #Oil #CrudeOil
- Bitcoin Price Exceeds Psychological Level of $50k #Bitcoin #BTC
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=7CvZ5v8VlB4)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/4Y5rb0N.jpeg) (https://www.youtube.com/watch?v=7CvZ5v8VlB4)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo
-
Is the UK really in a recession? Perhaps 2024 data will be different
(https://i.imgur.com/7ej5CoO.jpeg)
It's Monday morning, and a deluge of doom and gloom relating to a recession having begun in the United Kingdom is abound.
Many mainstream news channels, along with analyses coming from a number of financial markets commentators, are outlining the potential contraction of the British economy should the central bank monetary policy remain hardline regarding interest rates.
There is a school of thought which warns investors that if the Bank of England does not decide to reduce interest rates, the British economy would perhaps become less competitive, and language such as causing a worsening of an existing recession could take place.
This is a very intriguing view, however, because the British Pound has been performing against other major currencies in a pattern that would suggest anything but a recession is even existent, let alone in full swing as is being touted by many reports.
During the course of this year so far, the British Pound has been gaining value significantly against the Euro, with the EURGBP pair having hit 0.850 at the bottom of the market on February 14, according to FXOpen charts, a far cry from its 0.869 value on January 1.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/gt-is-the-uk-really-in-a-recession-perhaps-2024-data-will-be-different/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/JPY: Price Corrects from 8.5 Year High
(https://i.imgur.com/qy81L5Y.jpeg)
According to CNN, the economies of the UK and Japan entered a technical recession last week as data showed a second consecutive quarterly decline in gross domestic product. And if in the UK the economic downturn can be associated with high inflation and the strict policies of the Bank of England, then in Japan the reason may be the population decline (which has been going on for 14 years in a row).
At the same time, the GBP/JPY chart shows that last week the rate exceeded 190 yen per pound for the first time since August 2015.
However:
→ the price is at the upper border of the ascending channel (shown in blue);
→ at the beginning of this week, the price of GBP/JPY is below the 190 yen level – and a false bullish breakout of the psychological level should be regarded as a bearish sign;
→ the MACD indicator indicates that demand forces are fading.
(https://i.imgur.com/up5FyCV.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-gbp-jpy-price-corrects-from-8-5-year-high/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Dollar Holds Steady after Producer Price Data Release
(https://i.imgur.com/6GrVzan.jpeg)
Market activity remains quite low at the beginning of the week, as American trading floors are closed to celebrate Presidents' Day. At the same time, investors continue to evaluate the data on manufacturing inflation published last Friday. Thus, the producer price index increased by 0.3% on a monthly basis and by 0.9% on an annual basis, which turned out to be higher than the predicted 0.1% and 0.6% and the December values of −0.1% and 1.0 %, respectively. In addition, trading participants paid attention to the publication of the consumer confidence index from the University of Michigan, a leading indicator that predicts consumer spending: in February it increased from 79.0 points to 79.6 points, slightly lower than the estimated 80.0 points.
EUR/USD
(https://i.imgur.com/WxiWdru.jpeg)
Today, the European currency is holding near the 1.0780 mark against the backdrop of weak investor activity, while market participants evaluate Friday's publications from Europe and the United States. Immediate resistance can be seen at 1.0790, a break higher could trigger a rise towards 1.0815. On the downside, immediate support is seen at 1.0732, a break below could take the pair towards 1.0695.
According to French statistics, the consumer price index, calculated according to EU standards, showed a decrease of 0.2% month on month, and an increase of 3.4% in annual terms. However, prices excluding tobacco products fell 0.3% month-on-month after rising 0.1%.
Technical analysis of EUR/USD shows that a new ascending channel has formed at the highs of two days of last week. Now the price is in the middle of the channel and may continue to rise.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/ru-dollar-holds-steady-after-producer-price-data-release/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Will investors focus on commodities in the advent of tomorrow's FOMC Minutes?
(https://i.imgur.com/hN1CIPg.jpeg)
Just over a day remains before the Federal Open Market Committee (FOMC) in the United States is set to release the minutes from its policy meeting, which was held at the end of January.
Ordinarily, announcements such as this are considered to be very important events in the global economic calendar, especially given that monetary policy, which the FOMC is responsible for administering, has been a very significant feature during these prolonged times of high-interest rates and stringent rulings by central banks across Western markets which have continued despite the high levels of inflation which ran into double figures being long since a thing of the past.
Perhaps the forthcoming publication of the minutes from the FOMC meeting, which took place on the final days of January, will not reveal any particular new matters of interest, largely because it is already widely understood that the US authorities will not be reducing interest rates in the foreseeable future, contrary to the understanding of many analysts and investors at the beginning of this year.
Given that Federal Reserve chairman Jerome Powell underscored the decision in a message at the beginning of February by saying that the Federal Reserve will not cut rates until it is certain that inflation is nearing the 2% target, it appears that any such minutes from a more recent meeting are not likely to affect the market that much.
In times during which the market expects a favourable approach by central bankers which will accelerate the economy, such as rate cuts which were anticipated for March and June this year, which do not materialise, it is often the case that attention turns to commodities.
Over the past few days, spot gold has been increasing in value.
On February 13, spot gold was at its lowest value this year, trading at $1,990.69 per troy ounce at the bottom end of the candlestick, according to FXOpen pricing. This low point reversed, and spot gold has made a remarkable return over the past week, entering the market this morning across European time zones at just over $2,021 per troy ounce.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/gt-will-investors-focus-on-commodities-in-the-advent-of-tomorrows-fomc-minutes/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Starts Increase While USD/JPY Dips
(https://i.imgur.com/g3NUj7f.jpeg)
EUR/USD gained bullish momentum above the 1.0800 resistance. USD/JPY is declining and showing bearish signs below the 150.40 level.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro remained in a bullish zone and climbed above the 1.0800 resistance zone.
- There is a key bullish trend line forming with support near 1.0790 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY is trading in a bearish zone below the 150.40 and 150.15 levels.
- There is a major bearish trend line forming with resistance near 150.15 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/cKKoyaQ.jpeg)
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase above the 1.0745 zone. The Euro climbed above the 1.0800 resistance zone against the US Dollar.
The pair even settled above the 1.0800 resistance and the 50-hour simple moving average. Finally, it tested the 1.0840 resistance. A high is formed near 1.0838 and the pair is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the 1.0761 swing low to the 1.0838 high.
Immediate support is near the 1.0800 level. The next major support is at 1.0790. There is also a key bullish trend line forming with support near 1.0790 and the 50-hour simple moving average. It coincides with the 61.8% Fib retracement level of the upward move from the 1.0761 swing low to the 1.0838 high.
If there is a downside break below 1.0790, the pair could drop toward the 1.0745 support. The main support on the EUR/USD chart is near 1.0695, below which the pair could start a major decline.
On the upside, the pair is now facing resistance near 1.0840. The next major resistance is near the 1.0885 level. An upside break above 1.0885 could set the pace for another increase. In the stated case, the pair might rise toward 1.0950.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/aj-market-analysis-eur-usd-starts-increase-while-usd-jpy-dips/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NASDAQ Price Declining Ahead of NVDA Report
(https://i.imgur.com/hDKM45l.jpeg)
E-mini NASDAQ 100 futures fell below the psychological 17,500 level yesterday after trading above 18,000 on Friday.
The reason for the decline may be the fears of market participants ahead of the news release:
→ today after the close of the main trading session, Nvidia, the 5th largest company by capitalization, will publish its report;
→ today at 22:00 GMT+3, data from the Federal Reserve will be published, which will provide important information about the prospects for lowering the interest rate.
However, for now the decline looks like a correction.
The NASDAQ 100 chart shows that:
→ the price is within an uptrend (shown by a blue channel);
→ the level of 18000 acted as psychological resistance, as the price turned down after a small puncture;
→ the price fixes below the local ascending channel (shown by purple lines).
For now, the support level at 17,500 is keeping the price from falling further, but if the news is disappointing, the price may drop to the lower border of the channel — it is even possible that the bears will attempt a breakout.
(https://i.imgur.com/8va2ZEK.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-nasdaq-price-declining-ahead-of-nvda-report/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P 500 Inches Down After Long Rally as FOMC Minutes Approach
(https://i.imgur.com/ibQtAdQ.jpeg)
Aside from the performance of a national currency, a popular yardstick by which to gauge anticipation or reaction to an economic event or announcement is the market sentiment surrounding the top listed stocks on premier exchanges.
Today, as market participants around the world await the release of the minutes from the FOMC meeting that took place at the end of January, the S&P 500 index will begin trading slightly lower, an interesting movement considering that for the past three months, this premier index which includes the most prestigious and highly capitalised publicly listed companies listed on US exchanges, has been rallying.
Since the end of October, only a few minor dips have taken place. However, the tailing off which took place during the New York trading session yesterday places the S&P 500 under the 5,000 point mark when the market opens in New York today.
On February 19, the S&P 500 finished the trading day (Eastern Standard Time) at 5,008.7, according to FXOpen charts and will begin the trading session today at 4,973.6, which is its closing price yesterday.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/gt-s-p-500-inches-down-after-long-rally-as-fomc-minutes-approach/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Ethereum Price Falls after Exceeding $3,000
(https://i.imgur.com/UWH4mgN.jpeg)
We previously wrote about the reasons for the positive sentiment in the ETH/USD market.
Optimism was added by a post on X (Twitter) by Vitalik Buterin about the so-called Werkle trees. This technology, which should (according to the information in the roadmap) be introduced in the future, it includes the advantages of:
→ reduced requirements for validators;
→ faster network synchronization, and others.
The ETH/USD chart shows that:
→ ETH price is within a larger uptrend (shown in orange);
→ the price is within the February bullish trend (shown by blue lines);
→ the market is in an overbought state, judging by the bearish divergence on the MACD indicator.
(https://i.imgur.com/90wBGtY.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-ethereum-price-falls-after-exceeding-3-000/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NVDA Share Price Soars 11% after Report
(https://i.imgur.com/DLRE5FI.jpeg)
The signs of concern we wrote about yesterday have largely subsided. After three days of declines, the price of E-mini Nasdaq 100 futures bounced off the lower boundary of the channel (see yesterday's chart) and rose, led by NVDA stock.
Nvidia's quarterly report exceeded expectations:
→ earnings per share: actual = USD 5.16, expected = USD 4.59;
→ gross revenue: actual = USD 22.10 billion, expected = USD 20.39 billion.
According to the head of the company:
→ Accelerated computing and generative AI have reached a tipping point.
→ Demand for computing is growing worldwide among companies, industries and governments.
→ The coming year will bring major new product cycles with exceptional innovations that will help propel the industry forward.
In post-market trading, NVDA's price rose 11% to over USD 740 per share. Thus, the price increase for NVDA since the beginning of 2024 is about 50%.
(https://i.imgur.com/FuhWUCs.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-nvda-share-price-soars-11-after-report/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Analysis: Euro Showing Signs of Strength
(https://i.imgur.com/FgwjAYA.jpeg)
Today news was published about the values of PMI indices for European economies. Data from France was encouraging:
→ French Flash Manufacturing PMI: actual = 46.8, expected = 43.5, a month ago = 43.1;
→ French Flash Services PMI: actual = 48.0, expected = 45.7, a month ago = 45.4.
Data from Germany were less optimistic, so the euro's rise was interrupted, but in the end the euro still rose in price on this news relative to other currencies.
For example, the price of EUR/JPY broke through the resistance level of 163 yen per euro — the euro rose to this level for the first time since November last year.
(https://i.imgur.com/n47g6Rn.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-eur-usd-analysis-euro-showing-signs-of-strength/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Commodity Currencies Strengthen after the FOMC Minutes Publication
(https://i.imgur.com/uB0VKkG.jpeg)
The fundamental data of recent trading sessions contributed to a slight strengthening of commodity and European currencies. Thus, the AUD/USD pair, after forming a bullish engulfing combination, managed to confidently gain a foothold above 0.6500. The pound/US dollar currency pair retested the support at 1.2540 and went above 1.2600, and greenback sellers in the US dollar/loonie pair are trying to break the support at 1.3500.
GBP/USD
(https://i.imgur.com/9OTaJZw.png)
The price of the pound on the GBP/USD chart has been trading for the third week in a rather narrow range of 1.2680-1.2540. Apparently, to enter new positions, investors need a more important foundation than the publication of the FOMC protocols. The head of the Bank of England, Andrew Bailey, whose speech took place on Tuesday at 13:15 GMT+3, also failed to inspire market participants to make new entries.
Today at 12:30 GMT+3, we are waiting for the publication of data on the business activity index in the UK services sector for February. At 17:45 GMT+3, the business activity index (PMI) in the US services sector for the same period will be released. Also at 18:00 GMT+3, data on sales on the secondary housing market for January will be published, and at the very beginning of the American session, weekly figures on the number of applications for unemployment benefits will be released.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/ru-commodity-currencies-strengthen-after-the-fomc-minutes-publication/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Grind Higher Steadily
(https://i.imgur.com/JIzGNVH.jpeg)
AUD/USD is moving higher and might rally if it clears 0.6600. NZD/USD is also rising and could extend its increase above the 0.6220 resistance zone.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar is moving higher from the 0.6540 zone against the US Dollar.
- There is a key bullish trend line forming with support at 0.6555 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is showing positive signs above the 0.6180 support.
- There is a major bullish trend line forming with support at 0.6190 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/9oY03vk.png)
On the hourly chart of AUD/USD at FXOpen, the pair remained stable near the 0.6500 zone, as discussed in the previous analysis. The Aussie Dollar formed a base and started a decent increase above the 0.6540 resistance against the US Dollar
The bulls pushed the pair above the 0.6550 resistance zone. There was a close above the 0.6565 resistance and the 50-hour simple moving average.
The pair is now consolidating near the 50% Fib retracement level of the downward move from the 0.6595 swing high to the 0.6542 low. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6575.
The 61.8% Fib retracement level of the downward move from the 0.6595 swing high to the 0.6542 low is also near 0.6575. The first major resistance might be 0.6600. An upside break above the 0.6600 resistance might send the pair further higher.
The next major resistance is near the 0.6650 level. Any more gains could clear the path for a move toward the 0.6720 resistance zone.
If not, the pair might correct lower below the 50-hour simple moving average at 0.6555. There is also a key bullish trend line forming with support at 0.6555. The next support could be 0.6540. If there is a downside break below the 0.6540 support, the pair could extend its decline toward the 0.6510 zone. Any more losses might signal a move toward 0.6450.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-grind-higher-steadily/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Nvidia's Successes Helps S&P 500 Price Reach Its All-time High
(https://i.imgur.com/XbeLv4B.jpeg)
Yesterday, the price of the S&P 500 stock index rose to record closing highs on Thursday. Moreover, such a growth rate (+2.11% per day) has not been observed for 13 months.
Reasons for Extremely Bullish Sentiment:
→ Nvidia's report, which showed impressive earnings and prospects (the company forecasts roughly threefold revenue growth in the first quarter of 2024 amid strong demand for its AI chips). Nvidia's capitalization grew by USD 277 billion in one day — a historical record for the US stock market.
→ Positive news background for yesterday: the US Flash Manufacturing PMI index was actually = 51.5, expected = 50.5, a month ago = 50.7. Signals from the labor market were also positive - the weekly number of applications for unemployment benefits turned out to be = 201k (expected = 217k).
Technical analysis of the S&P 500 chart shows that the price continues to move within the ascending channel, which has been in effect since the beginning of 2024 (shown in blue).
(https://i.imgur.com/ow8jlRj.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-nvidias-successes-helps-s-p-500-price-reach-its-all-time-high/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Bitcoin Price Risks Not Staying above $50k
(https://i.imgur.com/FRczQP2.jpeg)
On February 14, a strong bullish impulse was recorded in the BTC/USD market, which pushed the price of bitcoin to the area above USD 50k.
The main driver of growth was the effect of the launch of a bitcoin ETF. More than a month has passed since this event, and according to media reports, the ETF has seen an influx of more than USD 7 billion. For example, BlackRock has about 125k bitcoins on its balance sheet to support its ETF fund.
Also adding to the positive mood among market participants is news about the benefits received by companies that invested in bitcoin: MicroStrategy, Block and others. Among the latest news is Reddit's decision to invest in bitcoin.
(https://i.imgur.com/oL2WQR9.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-bitcoin-price-risks-not-staying-above-50k/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NZD/USD Technical Analysis: Bearish Start To News-heavy Week
(https://i.imgur.com/hocxk13.jpeg)
After 8 consecutive days of growth, the price of NZD/USD is forming a bearish candle this morning, thereby indicating possible concerns among market participants at the beginning of a week full of important economic news:
→ On Wednesday, at 4:00 GMT+3, the RBNZ decision on interest rates will be published. There will also be a press conference by the leadership of the Central Bank.
→ On the same day, at 16:30 GMT+3, news about US GDP is expected.
→ On Thursday, at 16:30 GMT+3, inflation data in the United States will be published, namely Core PCE Price Index GMT+3.
Note that in 2023, the NZD/USD price behaved bearishly, forming a downward channel (shown in red).
(https://i.imgur.com/8juPDWC.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-nzd-usd-technical-analysis-bearish-start-to-news-heavy-week/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The US Continues to Trump the Euro Economy on Key Metrics, But What Is Next?
(https://i.imgur.com/Wqo0AfJ.jpeg)
A clear measure of public confidence in a national economy, as well as the ability to access a key component of it, is how many new homes are being sold compared to previous months.
There are a number of important factors that point to the overall health of a nation and its population's finances, which are demonstrated by this, for example, the ability for people to access mortgages and pay reasonable interest on the repayments, creditworthiness and the ability to repay those mortgages, and enough confidence that there will be a market for the homes that a construction company would see fit to invest in buying the land and endure the upfront costs of building homes.
Today, in the United States, new home sales figures for January 2024 will be announced, and the expected figure, according to many economic calendars, is around 680,000 new homes sold in January this year compared to 664,000 in the same period last year.
Interest rate increases have burdened mortgage holders as well as those making repayments on unsecured borrowing over recent years, and the same interest rate increases have caused corporations - including homebuilders - to have to pay more toward their monthly borrowing over this period of high-interest rates.
By their very nature, interest rate rises are designed to curb spending in order to reduce inflation, and in the context of property construction and purchase by domestic customers, it is clear that a rising interest rate would likely have an effect on buyers as well as construction companies.
However, the strength of the US economy has once again shown its mettle over the past few days, as the US Dollar has been strong against other majors. Looking at the EURUSD pair, considerable volatility has been evident. At 9.10 am UK time this morning, the EURUSD was trading at 1.08347, which shows a slight upturn in fortune for the Euro, which on February 20 had stood at 1.07750.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/gt-the-us-continues-to-trump-the-euro-economy-on-key-metrics-but-what-is-next/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Exchange Rates Consolidate at the Beginning of the Week
(https://i.imgur.com/PXo6JIO.jpeg)
Trading participants continue to evaluate the prospects for a change in the US Federal Reserve's monetary course against the backdrop of the publication of the minutes of the January meeting. Officials reiterated their cautious stance on lowering borrowing costs and, moreover, expressed concern about the possibility of shifting too early to dovish rhetoric. The document strengthened investor confidence that the adjustment of parameters could be postponed until the second half of the year, which strengthens the US dollar’s position against its main competitors: at the moment, more and more investors are counting on the first adjustment to borrowing costs in June, but these expectations are also regularly revised. In the US, the publication of January statistics on the dynamics of sales of new homes is expected during the day: in the previous period, the figure increased by 8.0% month-on-month to 0.644 million units. On Tuesday, February 27, the US will release February statistics on durable goods orders and consumer confidence. Forecasts suggest a slowdown in the dynamics of orders for durable goods excluding transport from 0.5% to 0.2%.
EUR/USD
The EUR/USD pair shows a slight decline, holding at 1.0820. Immediate resistance can be seen at 1.0888, a break higher could trigger a rise towards 1.0960. On the downside, immediate support is seen at 1.0812, a break below could take the pair towards 1.0760.
Today investors will pay attention to the speech of ECB head Christine Lagarde. In the EU, February data on inflation dynamics will be presented at the end of the week: the consumer price index is expected to slow down from 2.8% to 2.5% in annual terms, and the core indicator - from 3.3% to 2.9%. Traders continue to evaluate German data on GDP and business optimism released on Friday. Thus, the German economy in the fourth quarter of 2023 lost another 0.3% on a quarterly basis and 0.4% on an annual basis. The IFO business optimism index in February adjusted from 85.2 points to 85.5 points, which coincided with analysts’ forecasts, the indicator for assessing the current situation remained at 86.9 points with expectations at 86.7 points, and the economic expectations index increased from 83.5 points to 84.1 points, while experts expected 84.0 points.
Technical analysis of EUR/USD shows that a new upward channel has formed based on last week’s highs. Now the price is near the lower border and may continue to rise.
(https://i.imgur.com/ZDDkAVV.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/ru-exchange-rates-consolidate-at-the-beginning-of-the-week/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price and Crude Oil Price Eye More Upsides
(https://i.imgur.com/YdCgaoq.jpeg)
Gold price started a decent increase above the $2,028 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $80.00.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price started a decent increase from the $2,015 zone against the US Dollar.
- A key contracting triangle is forming with support near $2,028 on the hourly chart of gold at FXOpen.
- Crude oil prices rallied above the $76.55 and $77.00 resistance levels.
- There is a key bullish trend line forming with support at $77.80 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/Ks8RZK7.png)
On the hourly chart of Gold at FXOpen, the price found support near the $2,015 zone. The price formed a base and started a fresh increase above the $2,020 level.
There was a decent move above the 50-hour simple moving average and $2,028. The bulls pushed the price above the $2,035 resistance zone. Finally, the bears appeared near $2,040, A high was formed near $2,039.44 and the price is now consolidating gains.
The recent low was formed at $2,028 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $2,039 swing high to the $2,028 low.
The RSI is still stable near 40 and the price could aim for more gains. Immediate resistance is near the $2,035 level. It is close to the 61.8% Fib retracement level of the downward move from the $2,039 swing high to the $2,028 low.
The next major resistance is near the $2,040 level. An upside break above the $2,040 resistance could send Gold price toward $2,050. Any more gains may perhaps set the pace for an increase toward the $2,065 level.
Initial support on the downside is near the $2,028 zone. There is also a key contracting triangle forming with support near $2,028. If there is a downside break below the $2,028 support, the price might decline further. In the stated case, the price might drop toward the $2,015 support.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/aj-market-analysis-gold-price-and-crude-oil-price-eye-more-upsides/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AAPL Share Price Rises Nearly 1% after Scrapping Electric Vehicle Plans
(https://i.imgur.com/N0LDvVX.jpeg)
In 2021, the release of an electric car from Apple was expected in 2025, in 2022, the deadline was shifted to 2026. As it became known yesterday from Bloomberg and WSJ, Apple decided to completely abandon the project.
Causes for this decision:
→ the electric vehicle market turned out to be not so turbulent;
→ production and technological difficulties;
→ the strong development of electric vehicle construction in China may also have played a role.
Some employees will be fired, others will be transferred to a more promising department related to developments in the field of AI. Despite the fact that the ambitious project, which lasted about 10 years, failed, the price of AAPL shares rose by almost 1% yesterday as a result of trading — perhaps investors positively assessed the reorientation from electric vehicles to a more promising direction related to AI.
(https://i.imgur.com/btrzp6U.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-aapl-share-price-rises-nearly-1-after-scrapping-electric-vehicle-plans/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Australian Dollar Weakens amid Inflation News
(https://i.imgur.com/rHhpMwr.jpeg)
According to data published today by the Australian Bureau of Statistics, the Consumer Price Index (CPI) value was: actual 3.4%, expected = 3.6%, a month ago = 3.4%, 2 months ago = 4.3%.
Data shows Australia's consumer price growth rate is slowing, approaching targets of around 2%. This means less pressure on the Reserve Bank of Australia, which is pursuing tight monetary policy to combat inflation. Thus, the prospect of lower interest rates makes the Australian dollar weaker relative to other currencies.
For example, the reaction to news about inflation in Australia, which was below expectations, was the fall in the price of AUD/USD.
Technical analysis of the AUD/USD chart shows that:
→ the price of AUD/USD continues to develop in a downward channel (shown in red);
→ the price has broken through the important level 0.6535, which served as support since last week, but now, perhaps, will again begin to provide resistance, as it did in the first half of February;
→ in February, a bearish SHS pattern formed.
(https://i.imgur.com/WEKE7gM.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-australian-dollar-weakens-amid-inflation-news/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Brent Crude Oil Makes Sudden Rally As OPEC Countries Mull Low Output
(https://i.imgur.com/f2DGVcO.jpeg)
Crude oil is a particularly unusual substance in that it is one of the only consumable commodities that institutions and private individuals widely trade across the spectrum of global markets, and it is a staple component as an energy resource in most aspects of everyday life, yet its value is maintained by a cartel made up of the central governments of the nations that extract it from the earth.
This combination of completely unique circumstances and operational conditions means that the requirement for crude oil to perform its task as a basis for fuels combined with the method by which the OPEC+ countries are able to control its price via aligning to reduce or increase production and distribution makes for an interesting marketplace.
This week, news surfaced across mainstream media around the possibility that the OPEC+ countries may consider an extension of the reduction in crude oil production and supply that is currently in place.
The current level of production and supply that has been set by the OPEC+ countries is subject to a reduction, which was agreed on in November 2022 during a meeting of the OPEC+ nations led by the Russian Federation. At that time, a reduction of approximately 2.2 million barrels of crude oil per day was agreed. However, this week, there has been some thought that the OPEC+ nations may consider extending this reduced amount of production into the second quarter of this year.
Fuel prices have steadily been rising on the consumer side, meaning that the cost of refined fuel oils has had to factor these reductions in, and perhaps motorists may have noticed that unleaded fuel and diesel oil for road vehicles have crept up in price very slightly over the past month or so, however, should the extension of a reduced output take place, the wider effect could make its way onto the financial markets, where oil is traded as a commodity.
Over the course of the past day, US Brent Crude Oil has risen in price dramatically. According to FXOpen charts, Brent Crude Oil concluded the trading day on February 26 at $80.51 per barrel, whereas it begins the trading day today at $82.24 per barrel.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/gt-brent-crude-oil-makes-sudden-rally-as-opec-countries-mull-low-output/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
BTC/USD Price Exceeds $60,000 Per Coin
(https://i.imgur.com/lwqMAow.jpeg)
Several factors contributed to this:
→ Effect associated with the approval of Bitcoin ETF. The media writes that investments in these financial instruments amount to about 9k bitcoins per day, and miners produce only 900 bitcoins per day. The total investment in the Bitcoin ETF after approval on January 11 is approaching USD 50 billion. By comparison, just over USD 90 billion is invested in the 19 largest gold ETFs.
→ Expectations that Ethereum ETFs will be approved in the future, simplifying access to investments in the second largest cryptocurrency by capitalization.
→ Expectations for the Fed to cut interest rates. Cheaper credit means greater appetite for investment in higher-risk assets.
→ Expectations for the halving (scheduled for April), after which a bull market usually begins.
In mid-February, we wrote that the price of Bitcoin did not show bullish progress after exceeding the psychological level of USD 50k per Bitcoin. Technical analysis of the Bitcoin chart shows that this was due to resistance (shown by the arrow) from the median line of the green ascending channel, within which the market has been developing since the fall of 2023. Yesterday's rise, which followed the breakdown of the psychological level of 60k US dollars per bitcoin, marked the upper limit of this channel just above 64k US dollars per bitcoin and made it possible to update its contours.
(https://i.imgur.com/cjH3Vem.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-btc-usd-price-exceeds-60-000-per-coin/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The American Currency Resumes Its Growth
(https://i.imgur.com/BrSqBzz.jpeg)
The American currency, despite a rather multidirectional fundamental data, resumes growth at the end of February. In the main currency pairs, one can observe both rebounds from key levels and continuation of the main trends. Thus, the USD/CAD pair managed to strengthen above 1.3500, the GBP/USD pair lost about 100 pp after rebounding from 1.2700, and EUR/USD buyers failed to strengthen above 1.0900.
USD/CAD
Fluctuations in the oil market contributed to the strengthening of the USD/CAD pair. At the beginning of the week, sellers of the pair tried to break the support at 1.3400, but, as we see, were unsuccessful. Yesterday, the price on the USD/CAD chart not only strengthened above 1.3500, but also updated the current year’s maximum at 1.3580. If the pair's buyers do not lose their upward momentum, the price may strengthen to 1.3770-1.3700. The upward scenario may be cancelled by consolidation below the level of 1.3400.
Today, we can expect increased volatility in the pair. At 16:30 GMT+3, we are waiting for data on Canadian GDP for the fourth quarter of last year. At the same time, the basic price index of personal consumption expenditures in the US for January and indicators on applications for unemployment benefits for the current week will be published.
(https://i.imgur.com/vaJdiEF.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/ru-the-american-currency-resumes-its-growth/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY Technical Analysis: Yen Strengthens after Comments from Japanese Officials
(https://i.imgur.com/sxCrmMN.jpeg)
This week has raised alarm bells for USD/JPY market participants who are trading the bullish momentum that has been going on since early 2024 (shown in the blue curved lines on the USD/JPY chart):
→ Vice Finance Minister Masato Kanda warned against “excessive volatility” in currency markets, hinting that the yen had weakened too much.
→ Bank of Japan board member Hajime Takata said that, in his opinion, there are prospects for achieving the inflation target of 2%, which opens the way to abandoning negative rates. Note that today there was news on inflation in Japan, which showed that it is slowing down. Thus, BOJ Core CPI in annual terms was 2.6%, a month ago = 2.6%, 2 months ago = 2.7%, 3 months ago = 3.0%.
(https://i.imgur.com/uyMbWEe.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-usd-jpy-technical-analysis-yen-strengthens-after-comments-from-japanese-officials/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD Struggles While USD/CAD Aims Higher
(https://i.imgur.com/O3q8VDi.jpeg)
GBP/USD is attempting a recovery wave from 1.2600. USD/CAD is rising and might aim for a move above the 1.3580 resistance zone.
Important Takeaways for GBP/USD and USD/CAD Analysis Today
- The British Pound started a fresh decline from the 1.2700 resistance zone.
- There is a key bearish trend line forming with resistance near 1.2665 on the hourly chart of GBP/USD at FXOpen.
- USD/CAD is showing positive signs above the 1.3545 support zone.
- There is a contracting triangle forming with resistance near 1.3580 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/EbAZm5A.png)
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2700 zone. The British Pound traded below the 1.2650 support to move into further a bearish zone against the US Dollar, as mentioned in the previous analysis.
The pair even traded below 1.2620 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2600 level. A low was formed near 1.2612 and the pair is now attempting a short-term recovery wave.
There was a fresh upside above the 1.2620 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2681 swing high to the 1.2612 low.
Immediate resistance on the upside is near the 50% Fib retracement level of the downward move from the 1.2681 swing high to the 1.2612 low at 1.2650 and the 50-hour simple moving average. The first major resistance on the GBP/USD chart is near the 1.2665 level.
There is also a key bearish trend line forming with resistance near 1.2665. A close above the 1.2665 resistance might spark a decent recovery wave. The next major resistance is near the 1.2700 level. Any more gains could lead the pair toward the 1.2750 resistance in the near term.
Initial support sits near 1.2620. The next major support sits at 1.2610, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2540.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-struggles-while-usd-cad-aims-higher/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Nasdaq-100 Price Hits All-time High after 4 Straight Months of Gains
(https://i.imgur.com/OBQUXHF.jpeg)
The Nasdaq-100 index is holding above 18,000 today following yesterday's bullish momentum, fueled by inflation news.
The PCE consumer spending index amounted to 0.4% on a monthly basis, which was in line with analysts' expectations. A year ago, we recall, it was 0.6%. Thus, statistics indicate a weakening of inflation which means that the likelihood of the Fed cutting interest rates increases — the anticipation of this event increases optimism in the stock market.
Another driver is the strong price action of NVDA stock. The company's capitalization is close to USD 2 trillion, as Nvidia is perhaps the main beneficiary of the AI boom — NVDA's price rose approximately 28% in February.
(https://i.imgur.com/fFTcOgi.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-nasdaq-100-price-hits-all-time-high-after-4-straight-months-of-gains/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Price of Gold Briefly Exceeded $2,050 per Ounce
(https://i.imgur.com/y45RPmy.jpeg)
In addition to new records in the stock markets, the reaction to yesterday's news about inflation in the US was also a decrease in government bond yields and a rapid rise in the price of gold — the cost of XAU/USD jumped by 0.9% in just one hour, while the day's high exceeded USD 2,050 per ounce .
However, on Friday morning the price of XAU/USD dropped below USD 2,040 – did market participants misjudge the impact of US inflation on the price of gold?
XAU/USD chart shows that:
→ the price of gold is in a downward trend (shown in red);
→ yesterday, the price not only touched the psychological level of USD 2,050, but also reached the upper limit of the downward red channel. That is, both lines acted as a block of resistance, which appears to be a serious obstacle to the upward impulse (shown by blue lines).
(https://i.imgur.com/TDDxoRC.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-price-of-gold-briefly-exceeded-2-050-per-ounce/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 26 February - 1 March Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: CAC 40, AUD, OIL, AMAZON
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights..
- European Stock Markets on All-Time Roll Despite Economic Bleakness
- Australian Dollar Weakens amid Inflation News
- Brent Crude Oil Makes Sudden Rally As OPEC Countries Mull Low Output
- AMZN Share Price Hits 25-Month High After Inclusion in DJIA Index
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=kLkap8VHjRA)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/sgpeQvS.jpeg) (https://www.youtube.com/watch?v=kLkap8VHjRA)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
5 Stocks To Consider in March 2024
(https://i.imgur.com/ZwnHaRY.jpeg)
Here we are, beginning the last month of the first quarter of 2024, which has passed by in somewhat of a flash.
Perhaps the apparent speed at which the spring is approaching can be attributed to what appears to be a single issue among analysts and market participants since the beginning of the year, that being the anticipation of announcements by central banks in Western countries with regard to monetary policy. Put simply, is the rate of interest going down?
Rather interestingly, it did not. The United States led the charge of announcements relating to monetary policy this year, and contrary to popular belief, the interest rates have not been reduced. The equities and commodities markets have had extra factors to consider, including logistical dire straits in the Red Sea, meaning products cannot reach their destination as freely as last year, and OPEC+ countries looking at production cut extensions in front of a backdrop of war in the Eastern Mediterranean region.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/gt-5-stocks-to-consider-in-march-2024/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NASDAQ Rally Shows Tech Stocks Are Back in Focus - But for How Long?
(https://i.imgur.com/aDIctwV.png)
The NASDAQ index, well known as a premier listing venue for North American technology companies across the entire spectrum from the Silicon Valley giants to recently listed newcomers, has been going from strength to strength during the beginning part of this year.
At the beginning of January, the NASDAQ was resting at a relatively low point in the mid-16,300 range and has since risen to 18,318.7 at the high points of the trading day in New York yesterday, according to FXOpen pricing.
This is a considerable increase, and apart from a few small dips along the way, it has been consistent for the majority of the first quarter of the year so far.
Yesterday's trading was of great interest to those with a keen penchant for US tech stocks, as the NASDAQ's high point of 18,318.7 represented an all-time record for the index, clearly demonstrating that these days, there is a clear distinction between enthusiasm among traders for NASDAQ-listed companies compared to two years ago when there was a sustained period of low value across NASDAQ listed stocks.
Those times are gone, and the halcyon days are back. However, the euphoria subsided slightly as the trading day came to a close yesterday during the US session, as the NASDAQ, despite a rallying group of technology stocks tied to the artificial intelligence boom keeping the values high, began to make a slight climbdown from its historic high.
Trading will begin today with the NASDAQ index standing at 18,129.1 according to the bottom of the candlestick on FXOpen charts, which is still high compared to the entire history of the NASDAQ index apart from the levels it reached during yesterday's trading.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/gt-nasdaq-rally-shows-tech-stocks-are-back-in-focus-but-for-how-long/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Eyes More Gains, USD/CHF Could Rally
(https://i.imgur.com/0xMeNXM.jpeg)
EUR/USD started a fresh increase above the 1.0828 resistance. USD/CHF declined and now struggling below the 0.8860 resistance.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro rallied after it broke the 1.0828 resistance against the US Dollar.
- There is a connecting bullish trend line forming with support near 1.0845 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF declined below the 0.8860 and 0.8850 support levels.
- There is a key contracting triangle forming with resistance near 0.8850 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/IBwWOMs.png)
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0800 zone. The Euro cleared the 1.0828 resistance to move into a bullish zone against the US Dollar, as mentioned in the previous analysis.
The bulls pushed the pair above the 50-hour simple moving average and 1.0855. Finally, the pair tested the 1.0875 resistance. A high was formed near 1.0876 and the pair is now consolidating gains. There was a move below the 23.6% Fib retracement level of the upward wave from the 1.0798 swing low to the 1.0876 high.
Immediate support on the downside is near a connecting bullish trend line at 1.0845. The next major support is the 50% Fib retracement level of the upward wave from the 1.0798 swing low to the 1.0876 high at 1.0838.
A downside break below the 1.0838 support could send the pair toward the 1.0800 level. Any more losses might send the pair into a bearish zone to 1.0765.
Immediate resistance on the EUR/USD chart is near the 1.0855 zone. The first major resistance is near the 1.0875 level. An upside break above the 1.0875 level might send the pair toward the 1.0920 resistance.
The next major resistance is near the 1.0940 level. Any more gains might open the doors for a move toward the 1.1000 level.
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/aj-market-analysis-eur-usd-eyes-more-gains-usd-chf-could-rally/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
After Updating the Historical High, the Price of Bitcoin Collapsed by 14%
(https://i.imgur.com/axIZVlK.jpeg)
Bitcoin's previous all-time high price, recorded on November 10, 2021, was around USD 68,900 per coin (depending on exchanges).
But yesterday, the price of Bitcoin exceeded 69k! However, the jubilation from the new historical peak quickly gave way to fear — as the BTC/USD rate began to fall rapidly. From peak A to low B – the price traveled a path of more than -14% in just 5 hours.
These events highlight 2 characteristic features of the cryptocurrency market:
→ Excessive volatility, which is not typical for the stock and foreign exchange markets. For comparison: on October 19, 1987 — Black Monday — the S&P 500 index fell by about 20.5%. After this incident, there were no days when the drop exceeded 14%.
→ Emotionality of the market and the importance of psychological levels. At these levels, the price of Bitcoin often makes false punctures. Yesterday, there were 2 such punctures: a false bullish puncture of the 2021 top, and a false bearish puncture of the round level of 60k dollars for Bitcoin.
(https://i.imgur.com/bbxEGmt.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-after-updating-the-historical-high-the-price-of-bitcoin-collapsed-by-14/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
TSLA Stock Price Falls Over 9% in Just 2 Days
(https://i.imgur.com/uXm3Bp5.jpeg)
The day before yesterday, trading in TSLA shares began at an opening price of USD 199.34; trading yesterday closed at a price of USD 180.51. The fall in TSLA shares led Musk to lose the title of the world's richest man to Jeff Bezos.
The main driver of the decline in the price of TSLA shares was news:
→ about the temporary shutdown of the Giga Berlin plant in Germany after an arson set by a group claiming that the company led by Elon Musk is devouring “land, resources, people”;
→ that deliveries of electric cars from the Shanghai plant have dropped to their lowest level in more than a year — which may indicate fierce competition with Chinese manufacturers.
It also became known that Morgan Stanley analyst Adam Jonas is lowering his target price from USD 345 to USD 320 and predicting a decline in sales for FY24.
(https://i.imgur.com/OzCRpkr.png)
VIEW FULL ANALYSIS VISIT - FXOpen Blog... (https://fxopen.com/blog/en/oa-tsla-stock-price-falls-over-9-in-just-2-days/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Price of Gold XAU/USD Sets a Historical Record Exceeding $2160 per Ounce
(https://i.imgur.com/4OAWKUz.jpeg)
The previous high was around USD 2,135, but gold rose above USD 2,160 an ounce this morning, reaching its highest level ever, as Treasury yields weakened on hopes that the US Federal Reserve will soon begin cutting interest rates.
In a speech yesterday, the Fed chief offered no clarity, saying it would likely be appropriate to ease policy restrictions "at some point this year."
Traders now see a 70% chance of a Fed rate cut in June.
Technical analysis of the XAU/USD chart shows that:
→ the price of gold is in an ascending channel (shown in blue);
→ after a false breakout of its lower border, the price confidently overcame the downward trend line (shown in red) and resistance 2,090;
→ a strong upward impulse led to the RSI indicator entering the extreme overbought zone.
(https://i.imgur.com/2dIDYGV.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-price-of-gold-xau-usd-sets-a-historical-record-exceeding-2160-per-ounce/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/CAD Analysis: Canadian Dollar Strengthens after Bank of Canada Decision
(https://i.imgur.com/5boNnE0.jpeg)
The Bank of Canada has decided to keep interest rates at 5.0% for the fifth time in a row, it announced yesterday, as it continues to look for clearer signs that inflation is moving closer to the bank's 2% target before considering rate cuts.
According to Bank of Canada Governor Tiff Macklem:
→ the Bank is concerned that underlying inflationary pressures remain.
→ It is too early to ease restrictive policies. There is a clear consensus within the Board of Governors that the time has not come (for rate cuts).
→ We are now in a difficult phase of the monetary cycle.
These hawkish statements contributed to the Canadian dollar strengthening against other currencies, in particular against the US dollar.
(https://i.imgur.com/13U2mQQ.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-cad-analysis-canadian-dollar-strengthens-after-bank-of-canada-decision/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 4 - 8 March Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: CHF, CAD, GOLD, TSLA
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights..
- Swiss Franc Weakens after Inflation News #CHF
- USD/CAD Analysis: Canadian Dollar Strengthens after Bank of Canada Decision #USDCAD #CAD
- The Price of Gold XAU/USD Sets a Historical Record Exceeding $2160 per Ounce #XAUUSD #Gold
- TSLA Stock Price Falls Over 9% in Just 2 Days #TSLA #teslastock
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=38PJ7pfxA38)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/pqXUXEb.jpeg) (https://www.youtube.com/watch?v=38PJ7pfxA38)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
Market Analysis: AUD/USD and NZD/USD Start Fresh Rally
(https://i.imgur.com/mVBT2wr.jpeg)
AUD/USD is gaining pace and recently cleared 0.6600. NZD/USD is also rising and could extend its increase above the 0.6200 resistance zone.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar is moving higher from the 0.6480 zone against the US Dollar.
- A connecting bullish trend line is forming with support at 0.6615 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is gaining pace above the 0.6155 support.
- A key bullish trend line is forming with support at 0.6170 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/QK65R92.png)
On the hourly chart of AUD/USD at FXOpen, the pair formed a base above 0.6480, as discussed in the previous analysis. The Aussie Dollar gained strong bids and started a decent increase above the 0.6540 resistance against the US Dollar.
The bulls pushed the pair above the 0.6580 resistance zone. There was a close above the 0.6600 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6635 zone. A high is formed at 0.6633 and the pair is now consolidating above 23.6% Fib retracement level of the upward move from the 0.6477 swing low to the 0.6633 high.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6635. The first major resistance might be 0.6650. An upside break above the 0.6650 resistance might send the pair further higher.
The next major resistance is near the 0.6720 level. Any more gains could clear the path for a move toward the 0.6800 resistance zone.
If not, the pair might correct lower. Immediate support is near a connecting bullish trend line at 0.6615. The next support could be 0.6595. If there is a downside break below the 0.6595 support, the pair could extend its decline toward the 0.6580 zone.
Any more losses might signal a move toward the 61.8% Fib retracement level of the upward move from the 0.6477 swing low to the 0.6633 high at 0.6540.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-start-fresh-rally/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Hits 8-week High
(https://i.imgur.com/eQOVr2k.jpeg)
The euro is trading above USD 1.09, hitting its strongest point since mid-January on Friday, helped by news from both the US and Europe.
Friday's news showed that the US labor market is weakening:
→ The change in employment in the non-farm sector showed an increase in jobs = 275k for the month, although last month it was = +353k.
→ The unemployment rate rose to 3.9%, although it was 3.7% for 3 months.
News of a weakening labour market could put pressure on the Fed to ease monetary policy.
Meanwhile in Europe, the ECB kept borrowing costs at a record high, citing significant progress in containing inflation, and revised its inflation expectations downward, forecasting price growth of 2.3% in 2024, and 1.9% in 2025. And during a press conference last Thursday, ECB President Lagarde told reporters that policymakers had not discussed rate cuts at that meeting.
Thus, there is reason to believe that the Fed will start lowering rates earlier (it started raising them earlier than the ECB). And this assumption is shared by many market participants, judging by the bullish dynamics in the EUR/USD market.
(https://i.imgur.com/u0it3Qs.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-eur-usd-hits-8-week-high/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The rally is over! NASDAQ leads US stock market declines
(https://i.imgur.com/BpS8A1x.jpeg)
The halcyon days of US tech stock rallies with increasing values of companies listed on the NASDAQ exchange, which have taken place alongside the increasing values of other North American indices, have ended abruptly.
The past few weeks have been of great interest, with the NASDAQ index leading the charge toward a seemingly unrelenting increase in value as confidence in large companies developing AI technology, such as NVIDIA, well known for its graphics cards and now highly engrossed in AI development, as well as strong performance from specialist American firms such as Broadcom and cloud computing giant Cloudstrike Holdings which have led the rally well into March.
As well as the NASDAQ index having tailed off, other US stock indices have experienced similar decrements.
The tables turned quite significantly at the end of last week; however, when the NASDAQ index began to reduce in value, the all-time highs of last week were not replicated this week.
On Friday, the NASDAQ index was trading at 18,273.8 according to FXOpen pricing; however, as market participants anticipate the opening of the US market today, the tech-friendly index is valued at 17,975.7 at the bottom of the candlestick in the pre-market opening hours.
In keeping with the nature of US tech stocks, volatility is once again a subject of discussion across mainstream reports and among analysts, especially given that one of the contingents of the NASDAQ index that was contributing to its rally, NVIDIA, has experienced a decline in stock value by 5.5%, according to some media reports, during the course of Friday last week after a substantial rally that has seen it gain approximately 80% year to date.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/gt-the-rally-is-over-nasdaq-leads-us-stock-market-declines/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
US Dollar Ended the Week under Pressure
(https://i.imgur.com/haplE1o.jpeg)
The February labour market report was published in the United States. The number of new jobs created by the national economy outside the agricultural sector increased by 275.0k in January after an increase of 229.0k a month earlier, while experts expected an increase of 200.0k. It should also be noted that the January figure was revised from the previous estimate of 353.0k jobs. The average hourly wage in annual terms adjusted from 4.4% to 4.3%, and in monthly terms, from 0.5% to 0.1%. At the same time, the unemployment rate in February increased sharply from 3.7% to 3.9%.
EUR/USD
(https://i.imgur.com/oKb04lp.png)
The EUR/USD pair shows mixed dynamics, remaining close to 1.0940. Immediate resistance can be seen at 1.0980, a break higher could trigger a rise towards 1.1100. On the downside, immediate support is seen at 1.0887, a break below could take the pair towards 1.0842.
Market activity remains subdued as investors analyse macroeconomic data released last week. On Friday, March 8, trading participants drew attention to the decline in the annual dynamics of industrial production in Germany in January by 5.5% after -3.5% in the previous month, and in monthly terms the figure strengthened by 1.0% after a reduction of 2 .0% in December against a forecast of 0.6%, which allows the German economy to emerge from recession in the near future. The German producer price index added 0.2% monthly after -0.8% in December, and slowed down by 4.4% year-on-year after -5.1%, while markets were expecting -6.6%. Trading participants also assessed statistics on the eurozone GDP product for the fourth quarter of 2023: on a quarterly basis, the figure remained at 0.0%, and on an annual basis it increased by 0.1%, which coincided with expectations.
Technical analysis of the EUR/USD pair shows that a new upward channel has formed at the highs of last week. Now the price is near the lower border and may continue to rise.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-us-dollar-ended-the-week-under-pressure/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
A Weak Dollar Is the Driver of Price Records for NASDAQ-100, BTC/USD, XAU/USD
(https://i.imgur.com/J8GtHmo.jpeg)
Financial market participants expect an easing of the Fed's monetary policy. The prospect of lower rates puts pressure on the value of the dollar, which in turn pushes up dollar-denominated assets. This contributed to the setting of record highs:
→ The price of BTC/USD exceeded 70k dollars per bitcoin
→ The price of XAU/USD exceeded USD 2,200 per ounce of gold
→ The NASDAQ-100 index reached 18,400 points.
But are markets too optimistic? Let's see what the technical analysis of the NASDAQ-100 chart shows today:
→ The price is in an uptrend (shown in blue), which has been in effect since the beginning of the year. The price is in the upper half, which may indicate the strength of demand.
→ Top C only slightly exceeded the level of the previous top A. It is not surprising that a bearish divergence has formed on the oscillators — Awesome Osc among them. Buyers who entered long positions at the breakout of top A found themselves in a trap. Sellers who held stops above A lost their positions.
(https://i.imgur.com/33ahsz1.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-a-weak-dollar-is-the-driver-of-price-records-for-nasdaq-100-btc-usd-xau-usd/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Australian Dollar Volatility Ends in Lull Ahead Of US Data
(https://i.imgur.com/y3u3PVQ.jpeg)
The Australian Dollar has recently been displaying signs of volatility, with its price varying considerably against the US Dollar over the past few months.
From a low point in October last year, the AUDUSD pair went on a sudden rally, which lasted until December before beginning to fall flat during the course of January. As February drew to a close, the AUDUSD pair began to rise in value again, reaching 0.66251 on March 4, according to FXOpen charts.
Over the past week, the Australian Dollar has been a bit dormant in its movements against the US Dollar; however, this morning's trading session in Australia and across the Asian market session began to demonstrate that some renewed interest is beginning to be shown in the Australian Dollar as the Australian economy begins to look a bit stronger.
This morning as the European markets begin to open, activity from the Australian market is being analysed and one matter of interest is that the Australian S&P index along with the ASX 200 which is an index featuring 200 well capitalised stocks on Australia's ASX exchange, showed improvement over previous performances which is being mooted as a potential strengthening factor for the Australian Dollar.
Today in Australia, financial services executives have held meetings to discuss the GDP within Australia for the fourth quarter of 2023, with nothing out of the ordinary having surfaced and data in line with expectation; however, there is anticipation regarding the forthcoming monetary policy announcements from the US Federal Reserve which may affect the value of the AUDUSD, and forthcoming CPI data in the United States for February looks set to meet expectations at 3.1, identical to that for January.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/gt-australian-dollar-volatility-ends-in-lull-ahead-of-us-data/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The US Currency Is Consolidating ahead of the Release of Inflation Data
(https://i.imgur.com/DesBRHU.jpeg)
A rather weak US employment report published last week contributed to the US dollar's decline in almost all areas. Thus, the USD/JPY pair lost more than 150 pp in just a couple of hours, the pound/US dollar pair tested important resistance at 1.2900, and euro/US dollar buyers managed to strengthen above 1.0900.
USD/JPY
(https://i.imgur.com/J1NGI7C.png)
The weak fundamentals from the US are bolstering investor confidence that the Fed will begin cutting interest rates later this year. And although recent statements by the head of the American regulator, Jerome Powell, can hardly be called dovish, market participants prefer short-term sales of greenbacks.
The USD/JPY currency pair fell to 146.50 at the end of last week. Yesterday, buyers of the pair managed to return the price above 147.00, but the full development of an upward correction has not yet been observed. If the pair manages to consolidate above 148.00, the price may test resistance at the alligator lines on the weekly timeframe near the range of 149.50-149.00. An update to the recent low on the USD/JPY chart could trigger a collapse to the extremes of the current year at 146.00-145.80.
Today's news on the basic US consumer price index for February will be important for the pair's pricing.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-us-currency-is-consolidating-ahead-of-the-release-of-inflation-data/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD Recovers While EUR/GBP Aims More Upsides
(https://i.imgur.com/SrJ0rpj.jpeg)
GBP/USD is attempting a fresh increase from the 1.2745 zone. EUR/GBP is gaining pace and might extend its rally above the 0.8550 zone.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is attempting a recovery above the 1.2780 zone against the US Dollar.
- There was a break above a key bearish trend line with resistance at 1.2790 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP started a fresh increase above the 0.8535 resistance zone.
- There is a major bullish trend line forming with support near 0.8535 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/2iKdluh.png)
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2890 zone. The British Pound traded below the 1.2820 zone against the US Dollar.
A low was formed near 1.2746 and the pair is now attempting a recovery wave. There was a break above the 23.6% Fib retracement level of the downward move from the 1.2893 swing high to the 1.2746 low.
There was a break above a key bearish trend line with resistance at 1.2790, but the pair is still below the 50-hour simple moving average. On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2800.
The next major resistance is near the 1.2820 level or the 50% Fib retracement level of the downward move from the 1.2893 swing high to the 1.2746 low. If the RSI moves above 50 and the pair climbs above 1.2820, there could be another rally. In the stated case, the pair could rise toward the 1.2890 level or even 1.2920.
On the downside, there is a major support forming near 1.2745. If there is a downside break below the 1.2745 support, the pair could accelerate lower. The next major support is near the 1.2700 zone, below which the pair could test 1.2665. Any more losses could lead the pair toward the 1.2550 support.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-recovers-while-eur-gbp-aims-more-upsides/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Today Is an Ethereum Update. ETH/USD Is Above $4,000
(https://i.imgur.com/Ul6hBU8.jpeg)
An update is scheduled for the Ethereum network today, approximately at 16:55 GMT+3.
The update is called Dencun and is the biggest code change since April 2023, when the Shapella update was implemented.
Dencun aims to reduce fees on the growing array of ancillary networks running on top of Ethereum, called layer 2 (L2) “aggregates.” The changes involve “proto-dunksharding” technology, which is intended to improve the blockchain’s ability to process data from L2 networks.
It is believed that the implementation of the update will give impetus to the development of projects built on auxiliary networks. On the other hand, there is a risk of failures. Although it is worth noting that Dencun was deployed three times on test networks, and each time there were no problems.
(https://i.imgur.com/hoqLSqE.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-today-is-an-ethereum-update-eth-usd-is-above-4-000/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/USD: Bulls Show Resilience amid Inflation and GDP News
(https://i.imgur.com/9qj8z4q.jpeg)
Yesterday important data on inflation in the United States was published. It caused a significant spike in volatility in financial markets, even though the values were in line with expectations. CPI in monthly terms: actual = 0.4%, forecast = 0.4%, a month ago = 0.3%, a year ago = 0.4%.
And today news came out about UK GDP in monthly terms, which also corresponded to expectations: fact = +0.2%, forecast = +0.2%, a month ago = -0.1%.
It is noteworthy that in both cases the first reaction was a fall in the price of GBP/USD, but then a recovery followed — this is a manifestation of the stability of demand.
(https://i.imgur.com/g37LNW9.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-gbp-usd-bulls-show-resilience-amid-inflation-and-gdp-news/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Major Currency Pairs Consolidating after the Release of US Inflation Data
(https://i.imgur.com/QT49Etp.jpeg)
The publication of data on the basic consumer price index in the United States contributed to sharp fluctuations in the foreign exchange market. Thus, the EUR/USD currency pair retested the important level of 1.0900, buyers of the GBP/USD pair did not hold 1.2800 as support, and the USD/JPY pair was sandwiched between 148.00 and 147.00. At the same time, commodity currencies reacted more calmly to US inflation data and continue to trade in rather narrow flat corridors.
GBP/USD
(https://i.imgur.com/X0faxma.png)
Weak data on industrial production in the UK for January and an increase in the unemployment rate to 3.9% against the forecast of 3.8% did not allow buyers of the pound/dollar pair to develop a full-fledged upward trend. If on the GBP/USD chart the range of 1.2820-1.2800 retains its support status, the price may continue to rise in the direction of 1.3100-1.3000. Cancellation of the upward scenario can be considered when moving below the alligator lines on higher time frames.
From the point of view of fundamental analysis, today at 15:30 GMT+3, it is worth paying attention to the publication of data on the producer price index (PPI) in the US for February. Also at the same time, the core retail sales index for the same period will be published.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-major-currency-pairs-consolidating-after-the-release-of-us-inflation-data/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY: Analysts Adjust Forecasts for the Strengthening of the Yen
(https://i.imgur.com/EuJwWn0.jpeg)
Since the beginning of 2024, the USD/JPY price has been in an uptrend (as shown by the blue channel), but when the rate exceeded the psychological level of 150 yen per US dollar, market sentiment changed. This was due to expectations that the Bank of Japan would take interest rates out of negative territory — and statements from officials gave clear indications of this possibility.
Expecting a tightening of monetary policy, the yen sharply strengthened against the dollar, and a bearish A→B impulse formed on the USD/JPY chart. However, having reached the level of 147 yen per US dollar (and dropped slightly below it), the market has stabilized. Moreover, we see some recovery: today, the USD/JPY price is trading around 147.8.
(https://i.imgur.com/4i4KzO8.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-jpy-analysts-adjust-forecasts-for-the-strengthening-of-the-yen/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
US500: The Market Has Been Growing without Corrections by 2% for 266 Consecutive Trading Sessions
(https://i.imgur.com/6ge2SbA.jpeg)
The S&P 500 remains in its longest rally since 2018 without a decline of at least 2%, according to data compiled by Bloomberg; analysts note that there hasn't been a correction of this size in 266 trading sessions.
The positive sentiment of market participants is due to:
→ the prospect of lowering interest rates by the Federal Reserve;
→ enthusiasm for AI and its positive impact on economic development.
However, although the fundamental background is strong, current estimates of the US500 index may be overestimated — in fact, this is the essence of the correction.
(https://i.imgur.com/GE8HKGj.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-us500-the-market-has-been-growing-without-corrections-by-2-for-266-consecutive-trading-sessions/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price Rally Takes Break, Crude Oil Price Surges
(https://i.imgur.com/6hm3zl7.jpeg)
Gold price rallied above $2,180 before correcting lower. Crude oil price is rising and it could climb further higher toward the $82 resistance.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price failed to clear the $2,200 resistance and corrected lower against the US Dollar.
- A key bearish trend line is forming with resistance at $2,170 on the hourly chart of gold at FXOpen.
- Crude oil prices are moving higher above the $80.00 resistance zone.
- There is a connecting bullish trend line forming with support near $80.60 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/4CHBTQF.png)
On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,150 resistance, as mentioned in the previous analysis. The price even broke the $2,180 level before the bears appeared.
The price traded close to the $2,200 zone before there was a downside correction. There was a move below the $2,180 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 50. Finally, it tested the $2,150 zone.
The price is now consolidating losses near the $2,160 level. Immediate resistance on the upside is near the $2,166 level or the 50% Fib retracement level of the downward move from the $2,179 swing high to the $2,152 low.
The next major resistance is near a key bearish trend line at $2,170. It is close to the 61.8% Fib retracement level of the downward move from the $2,179 swing high to the $2,152 low.
An upside break above the $2,170 resistance could send Gold price toward $2,180. Any more gains may perhaps set the pace for an increase toward the $2,200 level. If there is no recovery wave, the price could continue to move down.
Initial support on the downside is near the $2,164 level. The first major support is $2,150. If there is a downside break below the $2,150 support, the price might decline further. In the stated case, the price might drop toward the $2,132 support.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gold-rally-takes-break-crude-oil-surges/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD Strengthens Sharply after Inflation News
(https://i.imgur.com/nL3qqMT.jpeg)
Yesterday's publication of producer price indices in the US was a surprise:
→ Core PPI: actual = 0.3%, expected = 0.2%.
→ PPI: actual = 0.6%, expected = 0.3%.
Higher producer prices indicate that high inflation may remain longer than expected. And this reduces the likelihood of the Fed easing monetary policy. Markets now price the likelihood of a Fed rate cut in June at 60%, up from 74% a week earlier, according to CME's FedWatch tool.
The reaction to the news was that the dollar strengthened — there was a bearish day on the stock market, and currencies paired with the USD also fell in price.
Thus, the EUR/USD price decrease yesterday was about 0.55% per day.
On March 11, we wrote that the price of EUR/USD may fall to the lower border of the channel (shown in blue) from the 8-week peak (B). In fact, the price made a bearish breakout of this channel.
(https://i.imgur.com/5RDpl9W.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-strengthens-sharply-after-inflation-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
WTI Oil Price Reaches 4-month High
(https://i.imgur.com/FSb2buH.jpeg)
The International Energy Agency (IEA) has once again raised its forecasts for global oil demand in 2024. While the agency's forecast pointed to the prospect of an oil surplus in 2023, its analysts now believe that the world will experience a shortage of oil in the second half of 2024.
Among the reasons for the shortage:
→ limitation of oil production by OPEC+ countries, it is 2 million barrels per day until the middle of the year. And it may be extended, as Bloomberg writes — the decision is scheduled for June 1;
→ changes in logistics routes due to Houthi attacks on tankers in the Red Sea.
Also, a bullish impulse for the price of WTI oil can be provided by the geopolitical situation, which remains tense.
(https://i.imgur.com/panbB0y.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-wti-oil-price-reaches-4-month-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 11 - 15 March Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: US500, USD, US Inflation, USD/JPY
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- US500: The Market Has Been Growing without Corrections by 2% for 266 Consecutive Trading Sessions #US500
- A Weak Dollar Is the Driver of Price Records for NASDAQ-100, BTC/USD, XAU/USD #Dollar #USD #NASDAQ100 #BTCUSD #XAUUSD
- Major Currency Pairs Consolidating after the Release of US Inflation Data #USInflation #Inflation
- USD/JPY: Analysts Adjust Forecasts for the Strengthening of the Yen #USDJPY
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=mR3WUwwY5Zg)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/bShvnZk.jpeg) (https://www.youtube.com/watch?v=mR3WUwwY5Zg)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level
(https://i.imgur.com/aBQwStO.jpeg)
On February 26 (A), a strong bullish impulse started in the Bitcoin market. Its trajectory is visually described by a blue line. The price of bitcoins developed along it — this can be interpreted in such a way that market participants agreed that the value of the cryptocurrency was increasing.
If the price of Bitcoin deviated from the blue line, it was only for a short period of time. For example, to pierce the psychological level of USD 60,000 on March 5th.
However, the bullish momentum changed on March 15th, and this can be seen on the BTC/USD chart today:
→ the blue line began to work as resistance (shown by the first arrow);
→ the level of USD 70,000 also began to act as resistance (shown by the second arrow).
(https://i.imgur.com/tz8Hurw.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-btc-usd-analysis-bears-have-become-more-active-near-the-70-000-level/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Tesla Stock Hits a Low Point as Musk Sues Openai - Is This Year a Total Write-Off?
(https://i.imgur.com/dVK01PW.jpeg)
Occasionally during the course of industrial progress, there is a maverick; a voice that is known for continual disruption and maintaining a high-profile position whilst engaging in such disruption.
The figure of this decade is Elon Musk, a self-starter whose bluster and direct prose cast him as one of the world's most outspoken individuals, as well as a business magnate who manages to influence the financial markets at the click of a button.
From generating unprecedented waves in the cryptocurrency markets in 2021 to causing the motor industry to break with its 130-year-old tradition of using internal combustion as a main method of motive power, Elon Musk's market-making abilities are in line with his disruptive commentary and social media activity.
This set of characteristics has led to volatile stock in the most famous company, Tesla, founded and led by Elon Musk. With regard to such volatility, the start of this week is no exception.
Tesla stock is currently nosediving and has reached a low point of $162.20 by March 14. At the close of the US trading session on Friday, March 15, Tesla stock had retrieved some of the losses and rested at the mid-$163 range, however, this represents a mere slowing down of the plunging of Tesla stock prices because ever since the beginning of this month, Tesla stock has been depreciating at a considerable rate.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/gt-tesla-stock-hits-a-low-point-as-musk-sues-openai-is-this-year-a-total-write-off/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
US Dollar Shows Record Weekly Gain Since Mid-January
(https://i.imgur.com/Ot4twlF.jpeg)
The US dollar strengthened on Friday ahead of a series of highly anticipated central bank meetings next week, including the US Federal Reserve. The dollar rose 1.3% for the week, its biggest gain since mid-January, after a mixed batch of data showed the U.S. economy remained resilient. That suggests the Federal Reserve could keep interest rates high for longer or reduce its planned number of rate cuts this year. Data on Friday showed a strong US manufacturing sector, with output rebounding 0.8% last month after a downwardly revised 1.1% decline in the previous month. The University of Michigan's preliminary overall consumer sentiment index for the month was 76.5, down from a final reading of 76.9 in February. The Fed's measure of annual inflation expectations remained unchanged at 3.0% in March. The five-year inflation forecast also remained stable at 2.9% for the fourth month in a row, according to the survey. The US Federal Reserve meeting will take place on Wednesday and analysts do not expect officials to make changes to monetary policy, but expect to receive forecasts for borrowing costs for the current year. The market continues to price in at least three 25 basis point interest rate cuts before the end of 2024, the first of which could come in June.
EUR/USD
(https://i.imgur.com/95Q6t1m.png)
The EUR/USD pair shows mixed dynamics, remaining close to 1.0885. Immediate resistance can be seen at 1.0899, a break higher could trigger a move towards 1.0963. On the downside, immediate support is seen at 1.0872, a break below could take the pair towards 1.0840.
Market activity remains subdued at the beginning of the week as traders are in no hurry to open positions in anticipation of the emergence of new drivers. Today the eurozone will publish February inflation statistics. The forecasts do not assume any changes in the consumer price index compared to previous data. On Thursday, March 21, trading participants will evaluate March data on business activity in the eurozone, as well as the ECB's monthly economic report, which may clarify the prospects for the regulator's monetary policy for the current year. Forecasts for business activity indices suggest an increase in the indicator from 46.5 points to 47.0 points in the manufacturing sector and from 50.2 points to 50.5 points in the services sector.
Technical analysis of EUR/USD shows that a new downward channel has formed based on last week’s lows. Now the price is in the middle of the channel and may continue to decline.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-us-dollar-shows-record-weekly-gain-since-mid-january/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Bank of Japan Ends the Era of Negative Interest Rates
(https://i.imgur.com/hPghsQE.jpeg)
The Bank of Japan has not raised interest rates for 17 years. For 8 years, it was in the negative zone.
But today there was a dramatic shift in monetary policy — the Bank of Japan announced a decision to increase the interest rate from -0.1% to 0.1%.
The central bank also abandoned yield curve control (YCC), a policy that had been in place since 2016 and capped long-term interest rates near zero.
Considering the scale of the decisions taken, the reaction of the yen exchange rate relative to other currencies turned out to be moderate. This is because the plans of the Bank of Japan have been discussed for a long time, including in official sources of information. Therefore, it is acceptable to assume that participants in the currency markets have already laid down the probability of today's event.
In fact, the yen has weakened as a result, but this may only be an initial reaction in which markets are reassessing the impact of the Bank of Japan's decision over a range of short-term to long-term horizons.
(https://i.imgur.com/9QWG9Dt.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-bank-of-japan-ends-the-era-of-negative-interest-rates/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Dollar Strengthens in Anticipation of the Fed's Rate Decision
(https://i.imgur.com/dlSl62J.jpeg)
The current five-day period is as full as possible with important fundamental data. This morning, a meeting of the Bank of Japan and the RBA took place. Tomorrow, the Fed will announce its decision on the rate, and on Thursday, market participants expect a verdict from the Bank of England. Decisions by officials may determine the pricing of major currency pairs in the coming months. After all, most currency pairs have been trading in narrow flat corridors for a long time, and an increase in volatility can lead to the start of new medium-term trends.
GBP/USD
(https://i.imgur.com/clYBg38.png)
A week ago, pound buyers managed to update the high of December last year at 1.2830. The price almost reached 1.2900, but the pound bulls failed to continue the upward movement and test the psychological resistance level at 1.3000. The pullback from 1.2900 contributed to the formation of a reversal combination for selling bearish harami on the w1 timeframe. Technical analysis of GBP/USD shows that if this formation continues, the price may decline to recent extremes at 1.2530-1.2500. We can consider cancelling the downward scenario if we confidently consolidate above 1.2900.
Tomorrow, pay attention to the release of data on the consumer price index in the UK for February. At 12:00 GMT+3, the housing price index for the past month will be released.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-dollar-strengthens-in-anticipation-of-the-feds-rate-decision/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
A Yen For Volatility: US Dollar Surges as Japan Ends 8 Years of Negative Rates
(https://i.imgur.com/DNIPSfd.jpeg)
Eight long years have passed since the Bank of Japan introduced its controversial yet pioneering attempt to encourage spending in what has become an ultra-conservative economy, which has experienced a sustained period of stagnation.
In 2016, Japan's central bankers decided to introduce negative interest rates, a term which refers to the maintaining of artificially low interest rates in order to encourage businesses and private individuals to borrow money and therefore spend, which would in turn increase the size of the Japanese economy and result in economic growth.
During that eight-year period, times have not been easy in Japan with regard to its national economic situation, and despite the country having not invoked any lockdowns or restrictions in the way that many Western nations did four years ago and a longstanding series of challenges faced the Japanese fiscal situation.
Over the course of time, Japan's demographics have changed, and it has the longest life expectancy in the world; therefore, a large proportion of retired people and a conservative Newbie traderer generation have appeared to save money rather than spend or invest it.
Many analyses consider that the negative interest rate policy was invoked to encourage such people to withdraw their savings from bank accounts and either spend it or invest it in other areas, such as property or business ventures.
Just six months after the introduction of the policy in 2016, the Japanese economy had not grown, and in some reports there are opinions which state that Japan's authorities can now look back on 25 years of failed economic stimulus attempts.
That is a harsh criticism, however it appears that Japan's central bank has given up on the most recent one and in a landmark decision has today put an end to eight years of negative interest rates.
This means a return to standard market rates, and the result in the currency markets is noticeable.
The US dollar has made gains against the Japanese Yen during today's trading session, beginning with the Asian market.
The USDJPY pair is now trading at 150.424 Yen to the US Dollar, which puts it back at the high point it was at when March began.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/gt-a-yen-for-volatility-us-dollar-surges-as-japan-ends-8-years-of-negative-rates/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Dips Again, USD/JPY Rallies Above 151
(https://i.imgur.com/r4FneUr.jpeg)
EUR/USD started another decline from the 1.0960 resistance. USD/JPY surged and broke the 151.00 resistance zone.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro started a fresh decline below the 1.0900 support zone.
- There is a key bearish trend line forming with resistance at 1.0870 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY climbed higher above the 150.00 and 151.00 levels.
- There is a connecting bullish trend line forming with support at 150.20 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/Qg97UFp.png)
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.0960 resistance zone. The Euro started a fresh decline and traded below the 1.0900 support zone against the US Dollar.
The pair even declined below 1.0870 and tested the 1.0835 zone. A low was formed near 1.0834 and the pair is now correcting losses. On the upside, the pair is now facing resistance near the 50% Fib retracement level of the recent decline from the 1.0906 swing high to the 1.0834 low at 1.0870.
There is also a key bearish trend line forming with resistance at 1.0870. The next key resistance is near the 76.4% Fib retracement level of the recent decline from the 1.0906 swing high to the 1.0834 low at 1.0890.
The main resistance is 1.0905. A clear move above the 1.0905 level could send the pair toward the 1.0960 resistance. An upside break above 1.0960 could set the pace for another increase. In the stated case, the pair might rise toward 1.1020.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0835. The next key support is at 1.0820. If there is a downside break below 1.0820, the pair could drop toward 1.0785. The next support is near 1.0750, below which the pair could start a major decline.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-eur-usd-dips-again-usd-jpy-rallies-above-151/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Correction in Crypto Markets: BTC/USD Rate Drops to $60,000
(https://i.imgur.com/ENFPI2W.jpeg)
On March 18, we wrote that bears became more active near the $70,000 level.
As the BTC/USD chart shows, today the price of Bitcoin is already close to the psychological level of USD 60k, while the price of Ethereum is close to USD 3,000.
According to MarketWatch, experts consider the decline to be a correction that is “long overdue” as part of an upward trend. According to Fundstrat, Monday saw net outflows from BTC ETFs for the first time since March 1, amounting to about $154.3 million.
What's next?
From a technical analysis point of view, the price of Bitcoin, given an increase of approximately 90% from point A (around USD 38.8k) to point B (around USD 73.4k), a normal correction of 50% indicates the prospect of a decline to the area of USD 56.1k.
(https://i.imgur.com/hC6uYtj.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-correction-in-crypto-markets-btc-usd-rate-drops-to-60-000/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
TSLA analysis: Price Returns to Above the $170 Level, But for How Long?
(https://i.imgur.com/UtIpNVv.jpeg)
After forming a low of the year on March 14, the TSLA share price managed to rise above the USD 170 level — investors reacted positively to Tesla’s decision to increase prices for electric vehicles in the US and Europe.
However, the TSLA stock market remains under pressure:
the TSLA price performs noticeably worse than the S&P 500 index;
the price forms a downward channel (shown in red);
Goldman Sachs analysts cut their forecast for Tesla shares to USD 190 from USD 220 for the next 12 months due to problems with production and sales.
Yahoo writes that investors are not happy with Musk's attitude. The fall in Tesla shares could quickly stop if the company gets a “real CEO” or Musk changes his position and returns to work and positively promoting the brand.
What is the market outlook?
(https://i.imgur.com/j3mv0Fd.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-tsla-analysis-price-returns-to-above-the-170-level-but-for-how-long/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The price of the S&P 500 set a historical record amid news from the Fed
(https://i.imgur.com/CykvuzI.jpeg)
On March 14, we wrote: “The US500 stock index market is showing signs of positivity, indicating that an attempt to overcome the resistance of 5,200 points with a new record high may be made in the near future.” Yesterday's event created the momentum that allowed the bulls to do this.
On Wednesday evening it became known that it was decided to keep the interest rate at 5.5% in the US — this was expected. What market participants paid more attention to was the dovish tone of the Fed. Thus, it became known that by the end of 2024 there may be 3 consecutive rate cuts.
According to Jerome Powell:
→ recent inflation data turned out to be hotter than expected;
→ however, “in fact, the overall story has not changed, it is a gradual decline in inflation along a somewhat bumpy road.”
Thus, fears associated with a longer period of tight monetary policy have been dispelled. As a result, the US dollar fell in price against a number of currencies, and the US stock market index S&P 500 soared to a new historical high around the level of 5,250.
(https://i.imgur.com/WgILDBN.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-price-of-the-s-p-500-set-a-historical-record-amid-news-from-the-fed/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/CHF Analysis: SNB Decision Breaks Multi-month Trend
(https://i.imgur.com/6yn9D0d.jpeg)
According to Reuters, on the sidelines of the World Economic Forum in Davos in January, the head of the Swiss National Bank (SNB) Thomas Jordan told the Swiss press that the appreciation of the franc creates problems for exporters. Thus, indicating intentions to weaken the CHF.
His words in January seem to be in line with how events are developing — the franc has weakened against the US dollar by more than 6% since the start of the year.
Moreover, today, quite unexpectedly, the Swiss National Bank decided to lower the interest rate: actual = 1.50%, forecast = 1.75%, previous value = 1.75%.
The result of the decision today was a sharp weakening of the franc against other currencies, including the US dollar.
(https://i.imgur.com/bRyRELX.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-chf-analysis-snb-decision-breaks-multi-month-trend/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Yen and European Currencies Strengthen after the Fed Meeting
(https://i.imgur.com/F3RXQrp.jpeg)
Yesterday's meeting of the US Federal Reserve disappointed dollar buyers. The rate remained at the same level as expected (5.25–5.50%). However, according to the updated FOMC forecast, it will be reduced three times this year by 0.25%, in contrast to four in the December forecast. The 2025 forecast also shows fewer expectations for rate cuts, just three. Naturally, investors' disappointment with this turn of events resulted in sales of the American currency in almost all directions. Thus, the US dollar/yen currency pair rebounded from recent highs at 151.80 and is currently trading below 151.00, the pound/US dollar retested 1.2800, and euro/US dollar buyers managed to strengthen the pair above 1.0900.
GBP/USD
(https://i.imgur.com/rHaYBo8.png)
Weak data on inflation and producer price index in the UK for February, published yesterday, led to the price falling below 1.2680, but by the evening, pound buyers managed to win back losses and test 1.2800. At the same time, today the pair faces an equally important day, rich in foundations.
A meeting of the Bank of England is scheduled at 15:00 GMT+3, at which a decision on the base interest rate will be made. Analysts assume that the rate will remain at the same level (5.25%). What is important for market participants will be the number of votes of committee members for a rate reduction this year. If the number of officials who believe that the rate should be reduced at the next BoE meetings is more than one, the pound/US dollar pair may decline to 1.2700-1.2600. Otherwise, the price growth on the GBP/USD chart may resume in the direction of 1.3000-1.2900.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-yen-and-european-currencies-strengthen-after-the-fed-meeting/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Signal More Losses
(https://i.imgur.com/bUkepLi.jpeg)
AUD/USD declined below the 0.6575 and 0.6550 support levels. NZD/USD is also moving lower and might trade below the 0.6000 zone.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6600 level against the US Dollar.
- There was a break below a connecting bullish trend line with support at 0.6570 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD declined steadily from the 0.6105 resistance zone.
- There was a break below a key bullish trend line with support at 0.6040 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/yEbO4hA.png)
On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6635 zone. The Aussie Dollar started a fresh decline below the 0.6600 support against the US Dollar.
The pair even settled below 0.6575 and the 50-hour simple moving average. There was a clear move below the 50% Fib retracement level of the upward move from the 0.6504 swing low to the 0.6634 high. Moreover, there was a break below a connecting bullish trend line with support at 0.6570.
The pair is now trading below the 76.4% Fib retracement level of the upward move from the 0.6504 swing low to the 0.6634 high. On the downside, initial support is near the 0.6520 zone.
The next support sits at 0.6505. If there is a downside break below 0.6505, the pair could extend its decline. The next support could be 0.6455. Any more losses might send the pair toward the 0.6420 support.
On the upside, an immediate resistance is near the 0.6550 level. The next major resistance is near 0.6575, above which the price could rise toward 0.6635. Any more gains might send the pair toward 0.6700.
A close above the 0.6700 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6780.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-signal-more-losses-2/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AAPL Share Price Falls More Than 4% after Antitrust Lawsuit
(https://i.imgur.com/50G74yx.jpeg)
Yesterday, the Department of Justice filed an antitrust lawsuit against Apple, alleging that the company has established a monopoly with the iPhone, which has harmed consumers, developers and competitors.
“Each step in Apple's course of conduct built and reinforced the moat around its smartphone monopoly,” the government said in the 88-page lawsuit.
The result of news of the lawsuit was a sharp decline in Apple's share price by more than 4%. This is a serious blow to stocks that are already underperforming the broader market. As confirmation, we note that yesterday, the ratio of the S&P 500 index to the AAPL share price set a maximum since November 2021.
The chart for AAPL stock shows an increasingly bearish picture:
(https://i.imgur.com/9ek2StJ.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-aapl-share-price-falls-more-than-4-after-antitrust-lawsuit/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/USD Price Falls to 1.26 after Bank of England Decision
(https://i.imgur.com/kZY0UvR.jpeg)
Yesterday, the GBP/USD market experienced a day of intense volatility due to a number of news items. According to Trading Economics:
→ UK retail sales were flat last month after a strong rise of 3.6% in January, contrasting with market expectations of a 0.3% decline.
→ The Bank of England decided to leave interest rates unchanged. However, its head Andrew Bailey hinted at a potential reduction in interest rates. He noted positive indicators of lower inflation but stressed the need for greater confidence in managing price pressures.
Thus, a clearer prospect of easing monetary policy in the UK (which, however, is relevant for many countries) has become a driver for the weakening of the British pound.
(https://i.imgur.com/CzOrSyQ.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-gbp-usd-price-falls-to-1-26-after-bank-of-england-decision/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 18 - 22 March Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: S&P500, USD, SNB, TSLA
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- The Price of the S&P 500 Set a Historical Record amid News from the Fed #SP500 #theFed
- US Dollar Shows Record Weekly Gain Since Mid-January #USD
- USD/CHF Analysis: SNB Decision Breaks Multi-month Trend #USDCHF #SNB
- TSLA analysis: Price Returns to Above the $170 Level, But for How Long? #TSLA #Tesla
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=nBI7CIic9rI/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/KMEi9Gr.jpeg) (https://www.youtube.com/watch?v=nBI7CIic9rI/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains
(https://i.imgur.com/YdnHO8y.jpeg)
From the point of view of technical analysis of BTC/USD, on Friday evening the price of Bitcoin was near the lower boundary of the ascending channel (shown in blue). This was alarming as it indicated that the market action could result in a weekly bearish candle forming with the price of BTC down by around 5% — something that hasn't happened since August of last year.
However, this did not happen, as the price recovered over the weekend, forming rebounds from the lower border of the channel. The lower shadows of the candles are a sign of demand forces. Moreover, the bulls have broken through the downward trend line (shown in black). Will the bulls be able to return the price of Bitcoin to an upward trajectory within the specified trend?
Doubts remain.
→ Bitcoin “still looks overbought,” JPMorgan strategists warned, predicting a decline to USD 42k.
(https://i.imgur.com/HgrVnBp.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-bitcoin-price-recovered-over-the-weekend-but-market-anxiety-remains/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Big in Japan: Several Years of Failed Stimulus Ends, But Stocks Go Up!
(https://i.imgur.com/BMU6fGz.png)
Japan's notoriously conservative approach to business practices combined with a world renowned reputation for engineering excellence has been a winning combination for the island nation for over 60 years.
A relatively small country was able to successfully market a range of products in many sectors ranging from electronic goods to automobiles to a worldwide audience to the extent that Japanese corporations are now global giants with head offices in various countries across the world and the names of these corporations household names in all continents.
An incredible attention to detail, highly educated population and unfaltering work ethic transformed Japan into the ultra-sophisticated nation that it is today, however perhaps surprisingly this commercial dominance has not always equaled a world-beating national economy.
Over recent years, the Japanese Yen has been subject to various periods of volatility, and Japanese stocks, once the absolute pinnacle of economic success during the 'Yuppie Years' of the 1980s when there was no internet and heavy manufacturing companies and property development giants were the largest companies in the world.
Since the rise of the Silicon Valley tech giants, all of which are a creation of the Internet revolution, however, Japan's indices have been far less of a talking point among traders and investors of the stocks of large companies as the absolute dominance of the 'Magnificent 7' and the halo effect they have created around other internet-based companies, software firms and e-commerce tours de force has changed the entire focus from traditional bricks and mortar companies toward those whose products are in the ether.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-big-in-japan-several-years-of-failed-stimulus-ends-but-stocks-go-up/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY Price Analysis: Consolidation ahead of US News
(https://i.imgur.com/kQR4QmX.jpeg)
This morning, news about inflation in Japan was published. It did not bring any surprises — inflation in Japan is gradually weakening as expected. Core CPI in annual terms: actual = 2.3%, forecast = 2.5%, a month ago = 2.6%, a year ago = 3.0%.
We also note that the official position is aimed at preventing further weakening of the yen, as the USD/JPY price has risen more than 7% since the beginning of 2024 — very close to a 32-year high. Thus, Japanese Deputy Finance Minister for Economic Affairs Masato Kanda yesterday warned that the current weakening of the yen does not correspond to fundamental indicators and is clearly caused by speculation. He concluded that the authorities would take appropriate measures against excessive fluctuations.
However, neither verbal interventions nor the publication of Japanese Core CPI values led to strong fluctuations in the USD/JPY market. Why so?
From a fundamental analysis point of view, market participants are keeping their focus on the publication of Core PCE Price Index values in the US, as well as the Fed Chairman's speech — both events are scheduled for Friday (at 15:30 and 18:30 GMT+3, respectively).
From a technical analysis point of view, the market stabilization is quite natural, since the USD/JPY price today is near the median line of the ascending channel (shown in blue), which describes the trajectory of 2024. The market seems to be cooling down after the RSI indicated it was overbought on March 20th.
It is the events of Friday that can bring the market out of the current equilibrium state (despite the fact that Friday is a day off in many countries, volatility can be high).
(https://i.imgur.com/GUtL9Wr.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-jpy-price-analysis-consolidation-ahead-of-us-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Spacs Are Back! NASDAQ on A High as Trump's Social Media Co Goes Public
(https://i.imgur.com/Jb9RvpS.jpeg)
It seems as though the sensationalism that surrounded the controversial SPAC listings, which suddenly found their way onto the technology-friendly NASDAQ exchange in 2021, was a long time ago.
Back at the beginning of this decade, many aspects of business and ways of life that had remained similar for a long period of time changed beyond recognition, and one of them was the admission of 'blank cheque' companies onto the NASDAQ exchange in the form of SPAC entities, with SPAC standing for Special Purchase Acquisition Company.
This method of suddenly going from a start-up status to multi-billion dollar publicly traded company within almost no time and with the ability to bypass much of the criteria required for public listing on major exchanges gave rise to the sudden influx of a number of previously unknown entities which had hardly any market share in their industry sector, yet were able to list their stock publicly for millions, sometimes billions, of dollars.
That era has passed, and many of those firms have experienced severe depreciation of their stock ever since, which has had some degree of effect on the volatility in the NASDAQ index over the tech stock doldrums the ensuing year.
Now, however, with the NASDAQ index flying high and investor appetite for tech stocks well and truly back on track, there is another interesting dynamic which has brought the concept of SPAC listings back into the public arena.
Today, the NASDAQ index was trading at 18,398 at 9.30 am UK time, which is another increment on the steady upward direction the index has been building upon all of this year so far since rebounding back from a low point of 14,127 in late November last year.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-the-spacs-are-back-nasdaq-on-a-high-as-trumps-social-media-co-goes-public/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The US Currency Corrects after Recent Growth
(https://i.imgur.com/S61mKUd.jpeg)
The incoming fundamental data of the past five-day period contributed to the strengthening of the American currency in almost all major pairs. Thus, the pound/US dollar currency pair lost more than 200 pp over several trading sessions, the euro/US dollar pair retested 1.0800, and buyers of the USD/JPY pair managed to keep the price above 151.00.
GBP/USD
(https://i.imgur.com/gPdUoCF.png)
The decision of British officials to leave the base interest rate at the same level did not contribute to the strengthening of the pound/US dollar pair. And the hint from the head of the Bank of England about a possible rate cut at the next meeting led to sharp losses in the pair and a test at the price of the important support level of 1.2600. At the moment, the pair is consolidating just above the mentioned mark. In the case of a positive fundamental background from the UK, the price may correct to 1.2800-1.2740. If the downtrend resumes, the price on the gbp/usd chart may retest 1.2570.
Tomorrow at 13:30 GMT+3, we are waiting for the publication of the minutes of the meeting of the Bank of England Financial Policy Committee. A little later, the CBI retail sales index will be published.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-us-currency-corrects-after-recent-growth/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace
(https://i.imgur.com/lU1iHmD.jpeg)
GBP/USD declined below the 1.2665 support zone. USD/CAD is rising and might aim for more gains above the 1.3610 resistance.
Important Takeaways for GBP/USD and USD/CAD Analysis Today
- The British Pound started a fresh decline from the 1.2800 resistance zone.
- There was a break below a key rising channel with support at 1.2630 on the hourly chart of GBP/USD at FXOpen.
- USD/CAD is showing positive signs above the 1.3555 support zone.
- There was a break above a major bearish trend line with resistance near 1.3575 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/mdP7Ek8.png)
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2800 zone. The British Pound traded below the 1.2690 support to move into further a bearish zone against the US Dollar.
The pair even traded below 1.2665 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2580 level. A low was formed at 1.2575 and the pair recently attempted a recovery wave. The pair climbed above the 1.2600 level.
It cleared the 23.6% Fib retracement level of the downward move from the 1.2803 swing high to the 1.2575 low. However, the bears were active near 1.2665 and pushed the pair lower again.
There was a break below a key rising channel with support at 1.2630. Initial support on the GBP/USD chart sits at 1.2600. The next major support sits at 1.2575, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2500.
Immediate resistance on the upside is near the 1.2665 level. The first major resistance is near the 50% Fib retracement level of the downward move from the 1.2803 swing high to the 1.2575 low at 1.2690.
A close above the 1.2690 resistance might spark a steady upward move. The next major resistance is near the 1.2750. Any more gains could lead the pair toward the 1.2800 resistance in the near term.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-dives-while-usd-cad-gains-bullish-pace/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NIKKEI-225 Analysis Indicates Possibility of Correction from Historically High Levels
(https://i.imgur.com/34Xq0GS.jpeg)
On March 21, the value of the Japanese stock index reached a historical maximum, exceeding the level of 41,100 points. This was facilitated by:
→ Weak yen supporting exporters. It increases the value of profits earned abroad for a large number of companies that sell their products abroad and then convert the profits into yen.
→ Demand for shares of Japanese companies paying dividends. For example, shares of air conditioner manufacturer Daikin Industries rose by 2.82%.
At the same time, the NIKKEI-225 chart signals indicate the likelihood of a correction, since:
→ The price is near the upper border of the ascending channel, from which resistance can be expected.
(https://i.imgur.com/POjuDlq.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-nikkei-225-analysis-indicates-possibility-of-correction-from-historically-high-levels/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March
(https://i.imgur.com/0VTn8n1.jpeg)
As the EUR/USD chart shows at the start of the European session today, the exchange rate has dropped below EUR 1.08 per US dollar.
Tuesday's news contributed to this. According to Nasdaq.com, on March 26, 2024, The Conference Board published a report for March, according to which the CB Consumer Confidence index of consumer confidence dropped sharply: fact = 104.7; forecast = 107.0; previous value = 106.7. Comments followed: “Consumers remain concerned about increased price levels, which dominates the responses. March written responses showed growing concerns about food and gasoline prices.”
As a result, the US dollar strengthened (as shown by arrow No. 1). After all, if the published data give grounds to assess inflation as high, then the Fed’s tough policy may last longer.
(https://i.imgur.com/JJf3Pxn.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-eur-usd-analysis-the-price-today-has-set-its-minimum-since-the-beginning-of-march/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Stock Market Analysis: NVDA Losing Leadership?
(https://i.imgur.com/IjE5HEB.jpeg)
Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign that NVDA is no longer the market leader?
Dubravko Lakos-Bujas, JPMorgan's chief equity strategist, warned of a potential "surprise" shock to the stock market, Bloomberg reported. He's noticed a trend in recent history where gains in popular momentum stocks like NVDA are often followed by corrections. This situation has repeated itself three times since the 2008 global financial crisis.
“One day this may happen completely unexpectedly. This has happened in the past; we’ve had flash collapses,” Lakos-Bujas said in the webinar. “One large fund starts cutting some positions, a second fund hears this and tries to reposition, a third fund is basically caught off guard, and then, you know, we start to unwind more and more momentum.”
He noted the potential for innovation in artificial intelligence as a major source of surprise, emphasizing that these opportunities are dwindling and risks are growing in the background.
(https://i.imgur.com/AmR1jH4.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-stock-market-analysis-nvda-losing-leadership/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Commodities and European currencies Test Key Supports
(https://i.imgur.com/EuQvpS1.jpeg)
On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term movements. Thus, the US dollar/loonie currency pair is trading near 1.3600, euro/US dollar sellers are trying to push through the support at 1.0800, and the pound/US dollar pair is once again testing 1.2600.
USD/CAD
(https://i.imgur.com/iX0TmyW.png)
Fluctuations in the oil market and the Fed’s indecisiveness regarding changing the vector of monetary policy contributed to the strengthening of the USD/CAD pair to recent extremes at 1.3600. If buyers of the pair manage to gain a foothold above the mentioned level, the price on the usd/cad chart may continue to rise in the direction of 1.4000-1.3800. Otherwise, another price test of 1.3400-1.3300 is possible.
Today at 15:30 GMT+3, the publication of Canadian GDP data for January is expected. US GDP data for the fourth quarter will also be published and weekly data on the number of applications for unemployment benefits will be released.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-commodities-and-european-currencies-test-key-supports/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum
(https://i.imgur.com/eOkFIWt.jpeg)
Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price started a decent increase from the $2,158 zone against the US Dollar.
- A connecting bullish trend line is forming with support near $2,218 on the hourly chart of gold at FXOpen.
- Crude oil prices rallied above the $81.60 and $82.00 resistance levels.
- There is a key bullish trend line forming with support at $82.30 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/Bvno2hA.png)
On the hourly chart of Gold at FXOpen, the price found support near the $2,158 zone. The price formed a base and started a fresh increase above the $2,175 level.
There was a decent move above the 50-hour simple moving average and $2,200. The bulls pushed the price above the $2,220 resistance zone. Finally, the bears appeared near $2,235, A high was formed near $2,236.20 and the price is now consolidating gains.
The current price action is positive above the 23.6% Fib retracement level of the upward move from the $2,157 swing low to the $2,236 high. The RSI is still stable near 60 and the price could aim for more gains.
Immediate resistance is near the $2,235 level. The next major resistance is near the $2,240 level. An upside break above the $2,240 resistance could send Gold price toward $2,250. Any more gains may perhaps set the pace for an increase toward the $2,265 level.
Initial support on the downside is near the $2,218 zone. There is also a connecting bullish trend line forming with support near $2,218. If there is a downside break below the $2,218 support, the price might decline further.
In the stated case, the price might drop toward the $2,195 support or the 50% Fib retracement level of the upward move from the $2,157 swing low to the $2,236 high.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gold-price-and-crude-oil-price-gain-bullish-momentum/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession
(https://i.imgur.com/08XLgyl.jpeg)
Technically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and 0.3% respectively.
The Guardian writes that the recession may be deeper than it seems at first glance:
→ Increased government spending (including for the military) masks a deep and persistent decline in production.
→ The economy is shrinking despite population growth;
→ In the fourth quarter of 2023, the deficit widened to £26.3 billion, or 3.9% of GDP, up £5.9 billion from the third quarter.
→ The big problem is the decline in goods exports. Soaring prices for imported raw materials and energy have played a major role in increasing the cost of producing goods in the UK and making it difficult to sell them abroad.
However, the price of the UK-100 index (or FTSE-100) is near all-time highs. This is because the Bank of England may ease monetary policy to avoid worsening the recession. And this will be a positive factor for the development of the top 100 companies whose shares are included in the index — this expectation is included in the current quote.
(https://i.imgur.com/wkvkL79.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-although-uk-100-index-is-near-all-time-highs-uk-economy-slips-into-recession/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 25 - 29 March Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- NIKKEI-225 Analysis Indicates Possibility of Correction from Historically High Levels #NIKKEI225
- USD/JPY Price Analysis: Consolidation ahead of US News #usdjpy
- Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace #MarketAnalysis #GBPUSD #USDCAD
- XAU/USD Analysis: The Price is Forming an Important Bearish Pattern #GOLD #XAUUSD #MarketAnalysis
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=3lbd5VupbuQ/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
HAPPY EASTER!!!
(https://i.imgur.com/vzx8349.jpeg) (https://www.youtube.com/watch?v=3lbd5VupbuQ/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
The US Dollar Declines against Major World Currencies
(https://i.imgur.com/vt2EP6u.jpeg)
The US dollar is weakening against the euro, yen and pound. In February, the core personal consumption expenditure index fell from 0.5% to 0.3% on a monthly basis and from 2.9% to 2.8% on an annual basis, justifying preliminary estimates. Thus, the slowdown in inflationary pressure continues at a steady pace, convincing investors that the US Federal Reserve will keep interest rates the same in May and begin lowering them in June. In addition, personal income increased by 0.3%, less than expected by 0.4%, and expenses by 0.8%, significantly exceeding the expected 0.5%: this may mean continued risks of rising consumer prices, but for now investors don't pay any attention to these statistics.
EUR/USD
(https://i.imgur.com/nGR2Y76.png)
The EUR/USD pair is moving in a narrow range around the 1.0780 level. Immediate resistance can be seen at 1.0860, a break higher could trigger a rise towards 1.0880. On the downside, immediate support is seen at 1.0768, a break below could take the pair towards 1.0750.
Market activity is reduced because Friday was a public holiday in most eurozone countries, so financial institutions are closed and investor activity is reduced. However, market participants were monitoring comments from European Central Bank (ECB) officials regarding its future actions. Thus, the head of the Bank of France, François Villeroy de Galhau, said that the regulator will probably start with a moderate reduction in interest rates, but it does not matter much whether this happens in April or June. The official added that after the first cut in borrowing costs, it would not necessarily continue at the next ECB meeting. This position coincides with the expectations of most economists surveyed by Reuters.
Based on the technical analysis of EUR/USD, a new downward channel has formed at the lows of last week. It is now in the middle of the channel and may continue to decline.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-us-dollar-declines-against-major-world-currencies/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
E-mini S&P-500 Start Quarter at Historic Highs
(https://i.imgur.com/SXLFS4N.jpeg)
On Friday, data from the Personal Consumption Expenditures (PCE) index was published. According to Trading Economics, the PCE price index report showed that inflation is slowing. On a monthly basis, it grew by 0.3% in February, forecast = 0.4%, a month ago = 0.4%.
Following the release of the PCE index, Jerome Powell stated that:
→ the Fed is in no hurry to cut interest rates;
→ the latest PCE inflation data is in line with what the Fed wants to see.
Market participants received a portion of fundamental information positively. And since Friday was a day off on the stock market, the news is taken into account by the price on Monday.
The E-mini S&P-500 opened with a gap this morning, and at a historical peak. The S&P 500 rose 10.2% in the first quarter, its best performance since 2019. The bull run is fueled by both expectations of Fed interest rate cuts and enthusiasm surrounding the adoption of AI.
(https://i.imgur.com/LsTVqd7.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-e-mini-s-p-500-start-quarter-at-historic-highs/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
5 Stocks To Consider For April 2024
(https://i.imgur.com/pDCP6D3.jpeg)
As if it were comparable to the blink of an eye, the first quarter of 2024 is now complete.
It would perhaps be fair to consider that this year's first three months were relatively uneventful compared to the undulations of the past few years in which rampant inflation across many Western nations, tech stock volatility, US bank collapses, a need to raise the debt ceiling, and the demise of FTX have punctuated the news.
By contrast, this year began with a steady rebuilding of the fiscal structure, a noticeable acceleration in the value of major stock market indices, and even talk of a reduction in interest rates by central banks across Europe and North America.
As we head into the second quarter of the year, it is earnings season, and the large, publicly listed companies whose stock is listed on the prominent stock exchanges are about to reveal their corporate performance for the beginning of this financial year.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-5-stocks-to-consider-for-april-2024/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
US Dollar Strengthens after Strong ISM Manufacturing PMI Report
(https://i.imgur.com/VDMRDTM.jpeg)
Yesterday, news was published on the state of the US manufacturing sector, namely the Purchase Manager Index (PMI), which is calculated by The Institute for Supply Management (ISM).
The data turned out to be strong: fact = 50.3, forecast = 48.5, a month earlier = 47.8.
Since readings above 50 indicate manufacturing growth, yesterday's news showed the health of this sector in the US. Consequently, it reduced the pressure on the Fed to cut interest rates.
And since the current tight monetary policy may last longer, the value of the US dollar has increased relative to other financial assets:
→ Regarding currencies. For example, the NZD/USD rate set a minimum of 2024.
→ Regarding cryptocurrencies. The decline in BTC/USD that began yesterday led to the Bitcoin rate dropping to USD 66.5k today.
(https://i.imgur.com/xm0550L.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-us-dollar-strengthens-after-strong-ism-manufacturing-pmi-report/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
High Hopes for Amazon as Analysts Look at Earnings Call Potential
(https://i.imgur.com/3Yr5X4f.jpeg)
Amazon, one of the most successful e-commerce businesses in the world, entered its 30th year in 2024 with its relatively humble yet ingenious origins as an online bookseller based out of Jeff Bezos' garage in Washington State, a distant memory.
Today's Amazon is completely unrecognizable. A global giant among Silicon Valley's big-cap internet moguls, dominating the internet services and retail delivery sectors in most markets worldwide.
Not resting on its laurels, Amazon, one of the 'Magnificent 7' tech stocks, has been actively sharpening its remit recently, with a commitment to the development of AI being one of the areas of innovation that the company is now heavily invested in.
Amazon's stock has been doing very well so far this year, and when the US market closed yesterday after its first trading day following a long holiday weekend, trading appeared to continue where it left off on Thursday, March 28, which was the final trading day of the first quarter of this year, with Amazon stock being at its highest value since November 2021 when it spiked to just over $183 per share before climbing down shortly afterwards.
The tech stock doldrums of 2022 ensued, and Amazon, despite its evergreen parcel delivery enterprise being its distinguishing factor from other internet and high technology giants, was not immune. The lull in value during that period was sustained, but as investor appetite for tech stocks came back, Amazon began to grow its share price once again.
This year so far, Amazon stock has been one of the top risers, and according to FXOpen pricing, Amazon closed yesterday at a lofty $180.38, which represents the highest point since it began this particular rally on January 9, at which point it was trading at $127.22. That is a considerable increase within the space of just under two months.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-high-hopes-for-amazon-as-analysts-look-at-earnings-call-potential/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve")
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Dollar Resumes Growth after the Release of Positive Macroeconomic Statistics
(https://i.imgur.com/iRjN5sV.jpeg)
Weak market volatility associated with the celebration of Catholic Easter and a strong foundation from the United States contributed to a sharp strengthening of the dollar against commodity and European currencies. Thus, the pound/US dollar currency pair is trading below the key support at 1.2600, euro sellers are preparing to test 1.0700, and the US dollar/yen pair is as close as possible to recent extremes at 152.00.
GBP/USD
(https://i.imgur.com/3jszTUR.png)
The data on the US manufacturing business activity index for March published yesterday was at the level of 50.3 points, which significantly exceeded the analysts' forecast of 48.3 points. The released data reduces the likelihood of a reduction in the base interest rate at the next Fed meeting and naturally leads to strengthening of the American currency in almost all directions.
The GBP/USD pair traded between 1.2700 and 1.2600 for about a week. Yesterday, sellers of the pound were stronger than buyers and the pair lost about 100 pp in just a couple of hours. If the current mood in the market continues, the price on the GBP/USD chart may test the low of February of this year at 1.2518. We can consider canceling the downward scenario if we confidently consolidate above 1.2700.
Today at 11:30 GMT+3, we are waiting for data on the volume of consumer lending from the Bank of England for February. Also at the same time, the manufacturing business activity index (PMI) for March will be published.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-dollar-resumes-growth-after-the-release-of-positive-macroeconomic-statistics/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Gold Price XAU/USD Sets Another All-time High
(https://i.imgur.com/e8dISoL.jpeg)
The XAU/USD gold chart today indicates that the price of the metal has exceeded USD 2,250 per ounce.
Causes:
→ Geopolitical tensions. Military conflicts in Ukraine and the Middle East do not subside, the threat of terrorist attacks is growing, and new hot spots may appear on the world map.
→ Concerns about a new round of inflation due to rising commodity prices.
In both cases, gold acts as a safe-haven asset.
(https://i.imgur.com/vLPsW8v.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-gold-price-xau-usd-sets-another-all-time-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Starts Recovery, USD/CHF Could Extend Gains
(https://i.imgur.com/w2TC4P7.jpeg)
EUR/USD is attempting a recovery wave from the 1.0725 zone. USD/CHF climbed higher above 0.9070 and might extend gains in the near term.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro declined toward 1.0725 before it started a recovery wave against the US Dollar.
- There was a break above a key bearish trend line with resistance at 1.0765 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF climbed higher above the 0.9035 and 0.9070 resistance levels.
- There was a break above a major bearish trend line with resistance at 0.9035 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/3hoCvTV.png)
On the hourly chart of EUR/USD at FXOpen, the pair extended the decline below the 1.0785 support zone. The Euro even declined below 1.0750 before the bulls appeared against the US Dollar, as mentioned in the previous analysis.
The pair traded as low as 1.0724 and recently started a recovery wave. There was a move above the 1.0745 resistance zone. Besides, there was a break above a key bearish trend line with resistance at 1.0765.
The bulls pushed the pair above the 50-hour simple moving average and the 50% Fib retracement level of the downward move from the 1.0805 swing high to the 1.0724 low.
Immediate resistance on the EUR/USD chart is near the 1.0785 zone. It is close to the 76.4% Fib retracement level of the downward move from the 1.0805 swing high to the 1.0724 low. The first major resistance is near the 1.0805 level.
An upside break above the 1.0805 level might send the pair toward the 1.0825 resistance. The next major resistance is near the 1.0850 level. Any more gains might open the doors for a move toward the 1.0920 level.
Immediate support on the downside sits at 1.0765. The next major support is the 1.0745 zone. A downside break below the 1.0745 support could send the pair toward the 1.0725 level. Any more losses might send the pair to 1.0650.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-eur-usd-starts-recovery-usd-chf-could-extend-gains/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY Analysis: Calm Before the Storm?
(https://i.imgur.com/dMs3hqV.jpeg)
The USD/JPY chart today shows that the rate has stabilized at 152 yen per US dollar. But can we say that there is calm in the market?
Hardly.
First, it is important to note that in 2023 there was a sharp reversal of trend around the 152.00 level due to intervention by the Japanese authorities, which supported an excessively weak yen. Therefore, crossing this psychological threshold can serve as a trigger for a new intervention.
Secondly, Reuters writes about a growing volatility premium in the options market, which confirms the growing likelihood of a strong trend in the near future.
(https://i.imgur.com/gScvNak.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-jpy-analysis-calm-before-the-storm/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Brent Oil Price Reaches Its Highest Since October 2023.
(https://i.imgur.com/6xaQweM.jpeg)
The Brent oil chart today shows that the price has exceeded USD 89 per barrel — this is the highest level since the end of October 2023.
Reasons for strong demand for oil:
→ The OPEC+ meeting ended this week. Exporting countries maintained their policy of limiting oil production unchanged.
→ Ukrainian drone attacks on oil refineries in Russia.
→ Latest data on the strength of the US economy.
(https://i.imgur.com/4xnOvMZ.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-brent-oil-price-reaches-its-highest-since-october-2023/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The US Stock Market Awaits the Publication of NFP And Unemployment Data
(https://i.imgur.com/WANkRpP.jpeg)
Important events of this week for investors and traders in the US stock market could be the employment news, which will be published tomorrow at 15:30 GMT+3:
→ non-Farm Payrolls (NFP) report for March. According to CNN, analysts expect nonfarm payrolls to rise by 192,500 in March. NFP for February was 275,000, according to FactSet.
→ data on the unemployment rate (Unemployment Rate). According to ForexFactory, the unemployment rate is expected to remain unchanged at 3.9%.
The state of the labour market is under close scrutiny by the Fed and could provide valuable insight into the prospects for interest rate cuts. The release of the unemployment rate and NFP numbers for March could be an example of what is called "bad news is good news" on Wall Street. After all, if the data shows a deterioration in the labour market, then this will be an argument for the Fed to lower interest rates, which in turn could lead to an increase in the stock market.
Indeed, according to CNN, Fed Chairman Jerome Powell said last week that a weakening labour market would be a reason to cut interest rates.
(https://i.imgur.com/lhT6ZyB.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-us-stock-market-awaits-the-publication-of-nfp-and-unemployment-data/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Remain In Uptrend
(https://i.imgur.com/3B5xHrz.jpeg)
AUD/USD is correcting gains from the 0.6620 zone. NZD/USD is also moving lower and might attempt a fresh increase from 0.6000.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a downside correction from 0.6620 against the US Dollar.
- There is a key bullish trend line forming with support at 0.6550 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is also moving lower below the 0.6030 support zone.
- There is a major bullish trend line forming with support at 0.5995 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/3jZCn7x.png)
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6480 support. The Aussie Dollar was able to clear the 0.6535 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6550 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6620 zone. A high was formed near 0.6619 and the pair is now correcting gains.
There was a move below the 0.6600 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6480 swing low to the 0.6619 high. On the downside, initial support is near the 50% Fib retracement level of the upward move from the 0.6480 swing low to the 0.6619 high at 0.6550.
There is also a key bullish trend line forming with support at 0.6550. The next support could be 0.6535. If there is a downside break below the 0.6535 support, the pair could extend its decline toward the 0.6480 level. Any more losses might signal a move toward 0.6440.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6580. The first major resistance might be 0.6600. An upside break above the 0.6600 resistance might send the pair further higher.
The next major resistance is near the 0.6620 level. Any more gains could clear the path for a move toward the 0.6650 resistance zone.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-remain-in-uptrend/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
TSLA Analysis: Price Recovers after Disastrous Report
(https://i.imgur.com/qsbJDJV.jpeg)
We previously wrote that lower vehicle deliveries could lower TSLA's stock price.
And as it became known on Tuesday, Tesla, led by Elon Musk, delivered just 386,810 cars in the first three months of 2024 - 14% below analysts' forecasts, according to Bloomberg. As a result, Tesla shares fell 4.9% that day, extending their 2024 decline to 33%, the worst performance in the Nasdaq 100 Index.
What is the market outlook?
Bullish arguments:
→ After a strong disappointment on Tuesday, the price of TSLA showed signs of stability on Wednesday and Thursday. Since these were bullish candles, and the market was recovering despite the non-bearish gap on Tuesday, this can be interpreted as a sign of demand.
→ From the point of view of technical analysis, the market is supported by the lower border of the downward channel (shown in red). The price forms rebounds from this border, as shown by the arrows.
→ Bloomberg writes about a decrease in the number of short positions after the report on Tuesday. This could be a sign that short position holders do not see any further decline in the price of TSLA and are taking profits.
Bearish arguments:
→ TSLA price is still in the lower half of the downward channel, despite the bullish sentiment in the stock market.
→ Resistance may come from the level of USD 183 per share and the median line of the descending channel.
(https://i.imgur.com/rAV2yOH.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-tsla-analysis-price-recovers-after-disastrous-report/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
BTC/USD Analysis: Bearish Arguments Become More Convincing
(https://i.imgur.com/OHv5QF1.jpeg)
On March 18, we wrote about the activation of bears near the USD 70,000 level and the likelihood of consolidation forming near this psychological mark.
On March 25, we wrote that anxiety remains in the Bitcoin market.
Technical analysis of the BTC/USD chart with new data on the behavior of Bitcoin prices today relative to the previously designated levels and lines shows that bearish arguments are becoming more convincing:
→ the median line of the ascending channel acted as resistance (shown by the first arrow);
→ the price has formed a consolidation zone (shown in green) with a subsequent bearish exit from it;
(https://i.imgur.com/AvR0HB6.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-btc-usd-analysis-bearish-arguments-become-more-convincing/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 1 - 5 April Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: US stock market, EUR/USD, Oil, Gold
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- The US Stock Market Awaits the Publication of NFP and Unemployment Data
- Market Analysis: EUR/USD Starts Recovery, USD/CHF Could Extend Gains
- Brent Oil Price Reaches Its Highest Since October 2023
- Gold Price XAU/USD Sets Another All-time High
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=W-l14CqAXlc/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/2AJHEoA.jpeg) (https://www.youtube.com/watch?v=W-l14CqAXlc/?utm_source=globaleasyforextforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
FTSE 100's Holy Grail of 8,000 Continues to Be a Pipe Dream
(https://i.postimg.cc/L5c0cdGm/ftse100.jpg)
The British economy has been somewhat of an anomaly over the past few years. In no way did the British authorities limit the liberties and livelihoods of the population to the extent that the North American authorities did during 2020 and 2021, and the nation has far less national debt.
Britain's banking industry is also less notorious for high profile, large scale collapses of long established institutions, and its overall investing mentality is very conservative compared to the gung-ho nature of the United States capital markets and commercial investing culture.
The differences between some of the largest stock markets in the world are also indicators of this differential. The technology-focused NASDAQ exchange in New York is a bastion of volatility and comprises the 'Magnificent 7' Silicon Valley internet companies as well as a raft of startups which suddenly gained multi-billion dollar valuations and entered the public listing arena via SPAC blank cheque companies.
By contrast, Britain's FTSE 100 index, which represents the 100 most highly capitalised companies whose stock is listed on the London Stock Exchange, represents more traditional, bricks and mortar businesses in more 'grey suit' sectors such as transport, construction, energy giants, retail chains and pharmaceuticals.
The FTSE 100 has been very buoyant recently however over the past few weeks, the index stopped short of the much anticipated 8,000 mark, and its performance has been slowly tailing off.
On March 1, the FTSE 100 reached 7,978 points after a month-long rally, which made it look as if 8,000 points was in easy reach, but since the beginning of last month, it has been decreasing in value, today standing at 7,925.4 at 8.30 am as the excitement of the week's trading begins in London.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-ftse-100s-holy-grail-of-8-000-continues-to-be-a-pipe-dream/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving
(https://i.postimg.cc/Kjn15x5L/btcusd.jpg)
The halving (reduction of block mining rewards) is expected to occur on April 19-20.
Theoretically, Bitcoin mining will become less profitable, leading to a reduction in coin supply. Given unchanged demand, this should drive up the BTC/USD price. Ripple CEO Brad Garlinghouse has forecasted that the cryptocurrency market cap will double by the end of 2024, reaching $5 trillion, with Bitcoin's halving contributing to this growth.
In practice, Bitcoin price is influenced by too many factors to conclusively prove the bullish impact of halving. For instance, looking at history, the last halving occurred on May 11, 2020, and the price increased by approximately 12% in the following week. On the other hand, today's Bitcoin price might already reflect the imminent halving.
Nevertheless, the market currently shows predominantly positive sentiment, as over the weekend, BTC/USD price rose by around 2.5%.
(https://i.postimg.cc/C5V159VK/btcusdx.jpg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-btc-usd-analysis-bitcoin-price-rises-ahead-of-halving/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Market Is Waiting for Inflation Values in the US
(https://i.imgur.com/aO87q6q.jpeg)
Tomorrow one of the most significant events of the week will take place, which can greatly affect the sentiment of participants in both the currency and stock markets - at 15:30 GMT+3 inflation data will be published, namely: the values of the CPI (Consumer Price Index) and Core indices CPI.
According to ForexFactory, analysts expect the following values:
→ Core consumer price index, excluding food and energy prices, (Core CPI) in monthly terms: forecast = 0.3%, previous value = 0.4%
→ Consumer Price Index (CPI) in monthly terms – similar: forecast = 0.3%, previous value = 0.4%.
→ CPI in annual terms: forecast = 3.4%, previous value = 3.2%.
The Fed's inflation target is 2%. The values that will be published tomorrow may greatly affect market participants' expectations regarding the Fed's monetary policy.
According to the CME FedWatch tool:
→ traders are confident that the Fed will leave the rate unchanged in May;
→ the probability that the Fed will cut rates in June is just over 50%. But if the CPI indicates that inflation is stable, the likelihood will likely decrease.
Minneapolis Fed President Neel Kashkari said last week that a Fed rate cut was not a possible scenario if inflation continued to move sideways. George Lagarias, chief economist at Mazars, told CNBC, "I wouldn't be surprised if we see smaller rate cuts by the end of the year."
(https://i.imgur.com/2doG0Me.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-market-is-waiting-for-inflation-values-in-the-us/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Rate Cut Rhetoric Blunts US Stock Market Performance
(https://i.imgur.com/5vc4CA5.jpeg)
Analysts' speculation regarding the central bank policy within the United States has been very much based on sentiment over the past few months.
A few months ago, a quick glance at the mainstream financial headlines would have been enough to ensure a clear view that 2024 would be a year of reducing interest rates, and commentators and analysts had even made predictions regarding actual times during the year at which rate cuts would take place.
These predictions were scuppered in February when minutes from the Federal Open Markets Committee (FOMC) meeting at the end of January stated that the Federal Reserve Bank would not be reducing interest rates in the early part of this year and was sticking firmly to its conservative policy of working toward a sustainable 2% inflation rate.
That dialogue has resurfaced this morning, this time as a result of the Federal Reserve having maintained its forecast for lowering interest rates three times this year despite not having done so in the first quarter as was expected by so many pundits, but this time, the talk is more focused on whether these will actually go ahead at all.
In Minneapolis, Minnesota, the state Federal Reserve president Neel Kashari commented that the central bank might look to keep interest rates at their current level for the remainder of the year if inflation progress stalls, an interesting remark at the beginning of earnings season for many large publicly listed North American companies.
Some asset managers have written to their clients and advised that they hold the view that the Federal Reserve will not reduce interest rates this year. What will actually happen is still very much open to speculation until any decision is announced by the central bank.
On this point, stock markets across the United States remained flat as US equities concluded yesterday's New York trading session nearly flat, as investors embarked on a significant week poised to include the latest inflation figures, which could influence expectations for interest rate cuts, and the commencement of the earnings season for the first quarter.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-rate-cut-rhetoric-blunts-us-stock-market-performance/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD Recovers While EUR/GBP Dips to Support
(https://i.imgur.com/Tmbkqmr.jpeg)
GBP/USD is gaining pace above the 1.2660 resistance. EUR/GBP declined steadily below the 0.8572 and 0.8566 support levels.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is attempting a fresh increase above 1.2660.
- There is a key bullish trend line forming with support near 1.2670 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP is trading in a bearish zone below the 0.8572 pivot level.
- There is a connecting bearish trend line forming with resistance near 0.8562 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/ImSIWaf.png)
On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above the 1.2575 level. The British Pound started a decent increase above the 1.2605 zone against the US Dollar.
The bulls were able to push the pair above the 50-hour simple moving average and 1.2660. The pair even climbed above 1.2700 and traded as high as 1.2709. It is now correcting gains below the 23.6% Fib retracement level of the upward move from the 1.2574 swing low to the 1.2709 high.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2675. The next major resistance is near 1.2710.
A close above the 1.2710 resistance zone could open the doors for a move toward 1.2740. Any more gains might send GBP/USD toward 1.2800. On the downside, there is a key support forming near a bullish trend line at 1.2670.
If there is a downside break below 1.2670 and 1.2660, the pair could accelerate lower. The next major support is near the 50% Fib retracement level of the upward move from the 1.2574 swing low to the 1.2709 high at 1.2640.
The next key support is seen near 1.2605, below which the pair could test 1.2575. Any more losses could lead the pair toward the 1.2500 support.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-recovers-while-eur-gbp-dips-to-support/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
ADA Drops to Last Place in the Top 10 Cryptocurrencies
(https://i.imgur.com/YHMucze.jpeg)
ADA, the native blockchain token of the Cardano network, has dropped to 10th place among the cryptocurrencies with the largest capitalization. Today, according to CoinMarketCap, the capitalization of Cardano (ADA) is USD 20.7 billion.
On the one hand, this happened due to the success of such competitors as:
→ Dogecoin (DOGE) with a capitalization of USD 27.1 billion, approximately +108% since the beginning of the year;
→ Toncoin (TON) with a capitalization of USD 23.7 billion, approximately +193% since the beginning of the year.
On the other hand, the ADA/USD rate behaves weaker than other cryptocurrencies. Year to date, it has dropped by several percent since January 1, 2024. And this is against the background of a bull market, which should greatly confuse investors.
Will Cardano (ADA) be able to strengthen its position in the top 10 cryptocurrencies?
Bulls' hopes may be tied to the approaching Chang update (expected in the second quarter of 2024), which will implement the concept of a self-governing community on the blockchain by introducing delegate representatives (DReps) and community voting to approve the first draft of the Cardano Constitution.
(https://i.imgur.com/jktUFnT.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-ada-drops-to-last-place-in-the-top-10-cryptocurrencies/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NZD/USD Rate Increases after the Decision of the Reserve Bank of New Zealand
(https://i.imgur.com/NyRuI5C.jpeg)
This morning the Reserve Bank of New Zealand (RBNZ) decided to keep interest rates unchanged at 5.5%:
→ the decision to keep the interest rate at this high level is made for the sixth time in a row;
→ the RBNZ said rates should remain high for some time to ensure inflation is contained;
→ this decision was expected - all 25 economists in the Bloomberg survey predicted it.
However, New Zealand's economy is in recession, with GDP contracting in four of the last five quarters — prompting market participants to speculate that the central bank will begin cutting rates in the second half of this year.
The market reaction was a slight strengthening of the New Zealand dollar. Thus, the NZD/USD rate today rose to its April high.
(https://i.imgur.com/0MAusGf.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-nzd-usd-rate-increases-after-the-decision-of-the-reserve-bank-of-new-zealand/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The US Dollar Rose Sharply after Inflation Data. When Is Correction Possible?
(https://i.imgur.com/axG1v04.jpeg)
For the second time this year, the US consumer price index turned out to be higher than experts predicted. Thus, in February the figure increased from 3.1% to 3.2%. In March, the consumer price index, exceeding the expectations of economists surveyed by Bloomberg, was at 3.5%. The continued rise in inflation, coupled with a strong labor market, contributed to:
Fed representatives are extremely cautious regarding the future direction of monetary policy;
market participants are lowering expectations of how many quarters of a percent the rate could be cut this year.
As a result of the current situation, European currencies returned to recent lows, and the USD/JPY pair updated its 2022 high.
USD/JPY
(https://i.imgur.com/smjiBpF.png)
US dollar buyers in the USD/JPY pair managed to move above the important support level of 152.00. The price on the USD/JPY chart rose to 153.20, but further pricing of the pair will depend on the actions of the Japanese regulator. Bank of Japan officials have repeatedly stated that near 152.00 they may resort to foreign exchange interventions to support the national currency. With the intervention of the central bank, the pair may correct to the nearest support levels at 152.00-150.00. At the same time, we cannot exclude continued exponential growth in the direction of 155.00-154.00.
Important for USD/JPY pricing will be today's news on the US producer price index for March and weekly data on the number of initial applications for unemployment benefits.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-us-dollar-rose-sharply-after-inflation-data-when-is-correction-possible/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Inflation Data Sharply Strengthens the US Dollar
(https://i.imgur.com/QNgmL6R.jpeg)
Data on consumer prices and core inflation published yesterday exceeded expectations. According to ForexFactory:
→ Core CPI in monthly terms: actual = 0.4%, expected = 0.3%, a month ago = 0.4%;
→ CPI in annual terms: actual = 3.5%, forecast was = 3.4%, previous value = 3.2% with a target value of 2%.
As a result of the publication of news, market participants' expectations that the Federal Reserve will leave rates unchanged in June have sharply increased. According to the CME FedWatch Tool, before the publication of news about inflation, the probability of this was = 42.6% (that is, the majority believed that there would be a rate cut), then after the publication the probability = 83.0%. This is a dramatic change in sentiment.
Speaking to Bloomberg, former US Treasury Secretary Larry Summers said cutting rates in June would be a dangerous and egregious mistake, adding: "You have to take seriously the possibility that the next rate move will be upwards rather than downward." .
The reaction of financial markets was the strengthening of the US dollar in the context of tight monetary policy, the effect of which will last longer:
→ USD has risen in price in currency pairs — for example, USD/CHF has risen to its maximum in six months;
→ Bitcoin fell in price, but this morning the main cryptocurrency has already recovered from yesterday’s fall;
→ gold tested support at 2,320.
(https://i.imgur.com/QxXClI2.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-inflation-data-sharply-strengthens-the-us-dollar/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY Rises to Highest Since 1990
(https://i.imgur.com/LaHPTns.jpeg)
This morning the USD/JPY rate is around 153.20 yen per US dollar, which was facilitated by a sharp strengthening of the dollar against the backdrop of news about inflation in the United States. Thus, the yen weakened to levels last seen in mid-1990.
At the same time, an important event occurred — a bullish breakdown of the level of 152 yen per US dollar. This level is special due to the fact that in 2022, the weakening of the exchange rate to 152 yen per US dollar forced the Bank of Japan and the Ministry of Finance to intervene three times, as Reuters writes, to support the yen.
In 2023, it also acted as a barrier to growth. It also held back the market during March 2024 and early April.
But yesterday the level of 152 yen per US dollar did not survive.
(https://i.imgur.com/jARiT8j.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-jpy-rises-to-highest-since-1990/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price Hits New High While Crude Oil Price Consolidates
(https://i.imgur.com/UKRt5xd.jpeg)
Gold price surged toward the $2,400 zone and traded to a new all-time high. Crude oil is attempting a fresh increase above the $85.00 zone.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price started a strong increase above the $2,350 zone against the US Dollar.
- It broke a key bearish trend line with resistance at $2,345 on the hourly chart of gold at FXOpen.
- Crude oil is consolidating above the $84.00 support.
- There is a connecting bearish trend line forming with resistance near $85.60 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/ezTCbUX.jpeg)
On the hourly chart of Gold at FXOpen, the price formed support near the $2,300 zone. The price remained in a bullish zone and started a strong increase above $2,320.
It broke a key bearish trend line with resistance at $2,345. The bulls even pushed the price above the $2,350 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,395.
The price is now consolidating gains near the $2,385 zone and the RSI corrected from 80. Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,319 swing low to the $2,395 high at $2,378.
The first major support is near the $2,350 zone and the 50-hour simple moving average. It is close to the 61.8% Fib retracement level of the upward move from the $2,319 swing low to the $2,395 high.
If there is a downside break below the $2,350 support, the price might decline further. In the stated case, the price might drop toward the $2,325 support.
Immediate resistance is near the $2,395 level. The next major resistance is near the $2,400 level. An upside break above the $2,400 resistance could send Gold price toward $2,420. Any more gains may perhaps set the pace for an increase toward the $2,440 level.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gold-price-hits-new-high-while-crude-oil-price-consolidates/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Analysis: EUR/USD Close to Year’s Low after ECB Decision
(https://i.imgur.com/HFgF0Mk.jpeg)
As predicted by analysts, the European Central Bank did not change the interest rate yesterday, keeping it at = 4.50%. This morning the EUR/USD rate is near the psychological level of 1.0700, which approximately corresponds to the 2024 low.
The key driver of the euro's decline is the prospect that the ECB will take the path of easing monetary policy earlier than the Fed:
→ ECB President Christine Lagarde said yesterday that the decision “depends on the data, not on the Fed.”
→ As reported by Reuters, Max Stainton, senior global macro strategist at Fidelity International, believes that “the ECB will be the first central bank to start cutting rates this year.”
(https://i.imgur.com/TIzy1Jp.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-analysis-eur-usd-close-to-years-low-after-ecb-decision/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P 500 Price Consolidates ahead of Earnings Season
(https://i.imgur.com/rK6cWa6.jpeg)
On April 4, we wrote that the S&P 500 is showing signs of weakness around the 5,250 level. How is the situation on the stock market developing by today, which is the start of the reporting season for the first quarter?
The S&P 500 fell sharply on Wednesday amid higher-than-expected inflation data.
But the S&P 500 rose yesterday after data showed producer prices rose only slightly in March.
According to Forexfactory:
→ Producer Price Index (PPI) in monthly terms: actual = 0.2%, forecast = 0.3%, a month ago = 0.6%;
→ Core PPI in monthly terms: actual = 0.2%, forecast = 0.2%, a month ago = 0.3%.
(https://i.imgur.com/avRNnaX.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-s-p-500-price-consolidates-ahead-of-earnings-season/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 8 - 12 April Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: FTSE, NZD/USD, USD, USD/JPY
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- FTSE 100's Holy Grail of 8,000 Continues to Be a Pipe Dream
- NZD/USD Rate Increases after the Decision of the Reserve Bank of New Zealand
- Inflation Data Sharply Strengthens the US Dollar
- USD/JPY Rises to Highest Since 1990
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=c8r9bHQ08Zw/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/rddfvu2.jpeg) (https://www.youtube.com/watch?v=c8r9bHQ08Zw/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
Brent Oil Price Did Not Rise Despite Iran's Attack on Israel
(https://i.imgur.com/AOtz1Cf.jpeg)
As you know, Iran launched a missile attack on Israel over the weekend. This could greatly increase the price of Brent oil, given that Iran is one of the top 10 oil producing countries, and the fact of the strike could provoke further escalation in the region.
However, at the beginning of the trading week, the price of Brent oil is below the levels at which they were at the end of last week. How so?
It is acceptable to assume the impact that the price reflects market risks and the expectations of its participants:
→ As the media wrote last week, the blow was expected after Israel’s attack on the Iranian mission.
→ The risk of escalation is not as high as it could be. According to the Washington Post, Biden advises Netanyahu to “slow down” after the Iranian attack. Administration officials said the United States would not join in any response to Tehran's attack and suggested Israel avoid escalation.
How might the situation develop further on the oil market?
From the point of view of technical analysis of the price of Brent oil, as we wrote on April 4, the upper limit of the blue channel is around USD 92 per barrel of Brent.
(https://i.imgur.com/07HIzBh.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-brent-oil-price-did-not-rise-despite-irans-attack-on-israel/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
Hong Kong Stocks Become Top Risers After Earnings-price ratio Ride Subsides
(https://i.imgur.com/gdqQTDK.jpeg)
Hong Kong enjoyed a sterling reputation for an entire century as a highly polished, utterly stable mantlepiece upon which global corporations could comfortably sit and where an international talent base could reside in fabulous surroundings and approach European, American, African and Asian markets with aplomb.
Its financial markets economy has been recognized as one of the most developed in the world to the extent that despite its tiny size, it has its own reserve currency, which is a bastion of fiscal might on the world stage.
These days, however, things are somewhat different as the independent nature of Hong Kong is now a fading memory, and its return to governance under the auspices of mainland China is now widely accepted.
Having conceded its position as the world's meeting place to other global cities such as Singapore and Dubai, Hong Kong has gone through a sea change over recent years, which is reflected in its stock market performance.
At the beginning of 2024, it had become clear that several decades of wealth generation among Hong Kong-based businesses had been eroded since the realm of power was handed back to China, with the stock market being valued at a lower point than when Hong Kong's British era ended in 1997 at the expiry of the lease at which point Hong Kong became a Special Administrative Region of China.
That is quite some depreciation. Since the beginning of this year, however, swathes of volatility have been clearly apparent in Hong Kong's Hang Seng 50 Index.
Going back over the years, performance has been incredibly volatile, to say the least. Back in 2022, the variations were simply incredible. On January 6 that year, the Hang Seng 50 index was at 21869.8 points according to FXOpen pricing. However, this plunged dramatically to 14,849 just four days later on January 10.
A similar situation took place at the beginning of last year; however, by January 2024, stock prices in Hong Kong were not only at a very low point but also stagnant.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-hong-kong-stocks-become-top-risers-after- Earnings-price ratio-ride-subsides/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
XAU/USD Gold Price Reaches an Important Resistance Zone
(https://i.imgur.com/AsLdXbl.jpeg)
The XAU/USD gold chart today indicates that the historical record price of the metal is above USD 2,400 per ounce.
In addition to fears of a new round of inflation due to rising commodity prices, geopolitical tensions are seen as the most important reason for the growth. At the moment, there are both active military conflicts on the planet (Ukraine, Israel-Iran), and there is a threat of creating new ones (Taiwan, for example). The US national debt and upcoming elections may also act as a destabilizing factor.
Therefore, gold acts as a traditional safe-haven asset. According to Goldman Sachs analysts, gold is in an “unshakable bull market”, so they raised their gold price forecast from USD 2,300 to USD 2,700.
(https://i.imgur.com/VOKPGuA.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-xau-usd-gold-price-reaches-an-important-resistance-zone/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Nosedives While USD/JPY Extend Rally
(https://i.imgur.com/UUweOQN.jpeg)
EUR/USD started another decline and traded below 1.0700. USD/JPY surged and broke the 154.00 resistance zone.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro started a fresh decline below the 1.0695 support zone.
- There was a break above a key bearish trend line with resistance at 1.0630 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY climbed higher above the 153.40 and 154.25 levels.
- There is a connecting bullish trend line forming with support at 154.25 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/s5mIMzd.jpeg)
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.0870 resistance zone. The Euro started a fresh decline and traded below the 1.0755 support zone against the US Dollar, as mentioned in the previous analysis.
The pair even declined below 1.0695 and tested the 1.0600 zone. A low was formed near 1.0601 and the pair is now correcting losses. There was a break above a key bearish trend line with resistance at 1.0630.
On the upside, the pair is now facing resistance near the 23.6% Fib retracement level of the recent decline from the 1.0755 swing high to the 1.0601 low at 1.0635. The next key resistance is near the 1.0665 level.
The main resistance is 1.0695 or the 61.8% Fib retracement level of the recent decline from the 1.0755 swing high to the 1.0601 low. A clear move above the 1.0695 level could send the pair toward the 1.0755 resistance.
An upside break above 1.0755 could set the pace for another increase. In the stated case, the pair might rise toward 1.0870. If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0600.
The next key support is at 1.0580. If there is a downside break below 1.0580, the pair could drop toward 1.0565. The next support is near 1.0550, below which the pair could start a major decline.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-eur-usd-nosedives-while-usd-jpy-extend-rally/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
USD/JPY Analysis: Prospect of a Breakout of the Level of 155 Yen per Dollar
(https://i.imgur.com/pSq4iYq.jpeg)
The USD/JPY rate has consistently reached new highs since 1990, approaching the psychological level of 155 yen per US dollar. The Japanese currency has already fallen about 9% against the dollar this year.
This is supported by Jerome Powell, who suggested yesterday that US interest rates are likely to remain high for longer. He refused to give any guidance on when interest rates might be cut, greatly dimming investors' hopes for significant easing this year.
Market participants now expect a 40 basis point rate cut in 2024, significantly lower than the 160 basis point easing they were counting on at the start of the year, according to FedWatch.
At the same time, traders are focused on whether Japanese monetary authorities will intervene to support the currency as it deteriorates rapidly. Officials have stepped up warnings of possible intervention, although analysts also say fighting the dollar's strong bullish trend will be difficult and costly. Japanese Finance Minister Shunichi Suzuki said on Tuesday he was closely monitoring the yen's exchange rate against the US dollar today and would take "strengthened response measures if necessary."
“Today, intervention can only help slow or contain the pace of depreciation, but cannot reverse the trend,” Kenneth Broux, head of exchange rate research at Societe Generale, told Reuters. Japan last intervened in the foreign exchange market in 2022, spending an estimated USD 60 billion to defend the yen.
(https://i.imgur.com/XQPq8Zr.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-jpy-analysis-prospect-of-a-breakout-of-the-level-of-155-yen-per-dollar/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
UK100 Share Index Rises as UK Inflation Slows
(https://i.imgur.com/ga8UzTp.jpeg)
Yesterday, the UK Office for National Statistics (ONS) reported that the CPI stood at 3.2% in March. According to ForexFactory, analysts expected 3.1%, and a month ago the index was 3.4%.
Grant Fitzner, chief economist at the ONS, said: “Once again, food prices were the main reason for the fall, with prices rising by less than we saw a year ago. Similarly to last month, we saw a partial offset from rising fuel prices.”
Thus, actual inflation in the UK fell to its lowest level in two and a half years. According to Yahoo Finance, this weakening of inflation could influence the Bank of England to start cutting interest rates from the current level of 5.25% in June.
In anticipation of an easing of monetary policy, the values of the UK stock index UK100 increased yesterday. Today it is above the 7,900 level.
(https://i.imgur.com/hJjjkqe.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-uk100-share-index-rises-as-uk-inflation-slows/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Turn Red
(https://i.imgur.com/n1evbK7.jpeg)
AUD/USD declined below the 0.6500 and 0.6455 support levels. NZD/USD is also moving lower and might struggle to recover above 0.5950.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6500 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance at 0.6410 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD declined steadily from the 0.6000 resistance zone.
- There is a key bearish trend line forming with resistance at 0.5890 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/pD1stpa.jpeg)
On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6540 zone. The Aussie Dollar started a fresh decline below the 0.6500 support against the US Dollar.
The pair even settled below 0.6455 and the 50-hour simple moving average. There was a clear move below 0.6400. A low was formed at 0.6362 and the pair is now attempting a recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the 0.6456 swing high to the 0.6362 low.
On the upside, an immediate resistance is near the 0.6410 level. There is also a connecting bearish trend line forming with resistance at 0.6410 and the 50% Fib retracement level of the downward move from the 0.6456 swing high to the 0.6362 low.
The next major resistance is near 0.6455, above which the price could rise toward 0.6540. Any more gains might send the pair toward 0.6600. A close above the 0.6600 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6680.
On the downside, initial support is near the 0.6360 zone. The next support sits at 0.6340. If there is a downside break below 0.6340, the pair could extend its decline. The next support could be 0.6300. Any more losses might send the pair toward the 0.6265 support.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-turn-red/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
NFLX Stock Price Falls Despite Subscriber Growth
(https://i.imgur.com/txG6DzV.jpeg)
Yesterday, after the close of the main trading session on the stock market, Netflix reported to investors for the 1st quarter of 2024.
The report turned out better than expected:
→ earnings per share: actual = USD 5.28, forecast = USD 4.52;
→ gross income: actual = USD 9.40 billion, forecast = USD 9.27.
→ The number of subscribers increased by 9.3 million (expected +4.8 million).
However, NFLX's pre-market share price today is hovering around USD 580, about 6% below yesterday's closing price.
Negativity manifested itself in:
→ disappointing forecasts for the 2nd quarter;
→ investors also did not like the decision to stop providing quarterly reports on changes in the number of subscribers next year.
If NFLX stock opens today around the USD 580 level, then it would indicate that the market has moved down to the lower boundary of the parallel channel (shown in blue).
(https://i.imgur.com/eV7cWgq.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-nflx-stock-price-falls-despite-subscriber-growth/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
Commodity Currencies at Strategic Levels. What Can Affect a Breakdown Downwards?
(https://i.imgur.com/f85TqkK.jpeg)
The decline in investor expectations regarding a change in the vector of the Fed's monetary policy contributes to the fall of not only European, but also commodity currencies. So, in recent weeks:
- AUD/USD has lost more than 200 points and is testing the extremes of 2023 near 0.6400
- USD/CAD is trading at three-year highs and has managed to strengthen by 300 points
What may affect the pricing of the main currency pairs on the market in the coming trading sessions:
- Speech by the President of the Federal Reserve Bank of Chicago, Austan Goolsbee (today at 17.30 GMT+3.00)
- Publication on the number of active drilling rigs from Baker Hughes (today at 20.00 GMT+3.00)
- Announcement on the base lending rate from the People's Bank of China (Monday at 4.15 GMT+3.00)
USD/CAD
(https://i.imgur.com/kB5m9KQ.png)
The USD/CAD currency pair has come close to the important range of 1.3970-1.3800, above which the price has not risen since 2020.
Technical analysis of USD/CAD indicates the possibility of a downward correction in the short term, since a dark clouds combination has been formed on the daily timeframe, the development of which could lead to a breakdown of yesterday’s low at 1.3740 and a further test of 1.3650-1.3620. If the upward movement resumes, the price may break through the recent high at 1.3840 and continue to rise in the direction of 1.3970-1.3880.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-commodity-currencies-at-strategic-levels-what-can-affect-a-breakdown-downwards/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
Watch FXOpen's 15 - 19 April Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: UK100, USD, GOLD, OIL
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- UK100 Share Index Rises as UK Inflation Slows
- The Dollar is Corrected after the Comments of the Head of the Federal Reserve
- XAU/USD Gold Price Reaches an Important Resistance Zone
- Since the Beginning of the Week, the Price of Brent Oil Has Fallen by More than 4%
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=Hpl7A9CIpxk/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/Lj4SFHZ.jpeg) (https://www.youtube.com/watch?v=Hpl7A9CIpxk/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
Bitcoin Price Bullish after Halving-2024
(https://i.imgur.com/PaBDP2F.jpeg)
On April 19, 2024, a halving occurred in the Bitcoin network, resulting in the reward for the mined block amounting to 3.125 BTC.
Historically, after the halving (which is associated with a reduction in supply), the price of Bitcoin heads to all-time highs. But, as Forbes reports, Goldman Sachs analysts warn against extrapolating the results of Bitcoin price movements after past halvings to the current moment. After all, back then, the halvings occurred during a period of loose monetary policy by the Federal Reserve, while this time the Fed is struggling with harsher-than-expected inflation.
JPMorgan analysts led by Nikolaos Panigirtzoglou are also cautious. “We do not expect Bitcoin price increases post halving as it has been already priced in,” they wrote.
However, this morning Bitcoin is trading above USD 66,000, the highest price in a week. Adding to the market's positivity are rumors that the Securities and Futures Commission (SFC) in Hong Kong is going to approve spot applications for Bitcoin ETFs.
(https://i.imgur.com/T6Y65Vm.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-bitcoin-price-bullish-after-halving-2024/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
Hong Kong-listed Chinese Insurer Goes on Rally as Western Giants Retract
(https://i.imgur.com/ba0PLzX.jpeg)
The Asia Pacific region has once again become an area of great interest to investors and traders as some remarkable patterns of volatility have begun to make their presence felt.
This morning, a few examples of Hong Kong-listed Chinese companies which have made headway are apparent as the Asia Pacific region's trading session spearheaded the beginning of the week ahead for financial markets.
One such company is China Pacific Insurance, whose Hong Kong-listed stock is available for trading as a CFD on FXOpen's TickTrader platform.
The company has made some remarkable headway over the past few weeks, culminating in a further acceleration in value toward the high point that it has reached today, placing it among the top risers across all markets globally.
At the end of last month, China Pacific Insurance stock was at a low point, trading at 13.28 HKD on March 27, however, this situation turned itself around quickly, and throughout April so far, the stock has been increasing in value, reaching 15.91 HKD according to FXOpen pricing by 8.00 am UK time this morning by which point the majority of the trading day in Hong Kong was complete.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-hong-kong-listed-chinese-insurer-goes-on-rally-as-western-giants-retract/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
The Price of Gold XAU/USD Shows Strongest Fall in Almost 2 Years
(https://i.imgur.com/Oj8iCDC.jpeg)
On Monday, the price of gold fell from USD 2,386 to USD 2,333 per ounce — this is the strongest drop in one day in almost 2 years, according to Bloomberg. On Tuesday morning in the Asian session, the price continued to decline, reaching USD 2,300 per ounce.
This happened against the backdrop of:
→ easing tensions in the Middle East. According to Tehran's official statement, Israel received "the necessary response at this stage."
→ signs that the Federal Reserve will keep rates high for longer.
One of the reasons for the intensification of sales can also be considered the desire to take profits by those who held long positions — we wrote about this in the post “The price of gold XAU/USD has reached an important resistance zone” on April 16.
Nevertheless, the gold market continues to remain in an upward trend — since the beginning of the year, its price has increased by 11.5%.
(https://i.imgur.com/MhEmtkD.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-price-of-gold-xau-usd-shows-strongest-fall-in-almost-2-years/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
Volatility in the Pound Is Rising, the Euro is Consolidating
(https://i.imgur.com/Jq30y3e.jpeg)
GBP/USD
At the end of last week, the British currency fell sharply, testing a significant support level at 1.2300. The resumption of the downward trend for the pair became possible after some statements by British officials:
On Wednesday, Bank of England Governor Andrew Bailey said he expects a strong decline in inflation from next month.
Dave Ramsden, Deputy Chairman of Markets and Banking, was also quite optimistic, noting that the recently published UK core CPI data was nothing more than a “glitch” in the deflationary process, and risks to sustainability and domestic inflationary pressures were beginning to recede.
After such statements by British officials, expectations for a rate cut on the pound shifted to August, and since the Fed does not plan to cut the rate before September, the GBP/USD pair continues to suffer losses.
GBP/USD technical analysis indicates further development of the downward trend, as the price has consolidated below the alligator lines on higher time frames, the AO oscillator is red and below zero. At the same time, before a new downward impulse, a corrective growth in the direction of 1.2420-1.2400 is possible.
If pound sellers manage to refresh the recent low at 1.2300, the pair could test 1.2220-1.2140.
(https://i.imgur.com/5VtXcUN.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-volatility-in-the-pound-is-rising-the-euro-is-consolidating/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
Market Analysis: Gold Price Corrects Gains While Oil Price Regains Strength
(https://i.imgur.com/4h7eQLy.jpeg)
Gold price rallied above $2,400 before correcting lower. Crude oil price is rising and it could climb further higher toward the $85.50 resistance.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price rallied significantly above $2,400 and recently corrected lower against the US Dollar.
- It cleared a key bearish trend line with resistance at $2,310 on the hourly chart of gold at FXOpen.
- Crude oil prices are moving higher above the $82.00 resistance zone.
- There was a break above a connecting bearish trend line with resistance at $82.00 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/30qPGh5.jpeg)
On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,350 resistance, as mentioned in the previous analysis. The price even broke the $2,400 level before the bears appeared.
The price traded close to the $2,420 zone before there was a downside correction. There was a move below the $2,355 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 50. Finally, it tested the $2,290 zone.
The price is now correcting losses above the 23.6% Fib retracement level of the downward move from the $2,417 swing high to the $2,291 low. It surpassed a key bearish trend line with resistance at $2,310.
Immediate resistance on the upside is near the 50-hour simple moving average and $2,330. The next major resistance is near the 50% Fib retracement level of the downward move from the $2,417 swing high to the $2,291 low at $2,355.
An upside break above the $2,355 resistance could send Gold price toward $2,400. Any more gains may perhaps set the pace for an increase toward the $2,420 level. If there is no fresh increase, the price could continue to move down.
Initial support on the downside is near the $2,310 level. The first major support is $2,290. If there is a downside break below the $2,290 support, the price might decline further. In the stated case, the price might drop toward the $2,265 support.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gold-price-corrects-gains-while-oil-price-regains-strength/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
TSLA Share Price Up About 13% Despite Disappointing Report
(https://i.imgur.com/hMIpcN2.jpeg)
Yesterday, TSLA trading closed at USD 144.68 per share, after which Tesla reported its results for the 1st quarter:
→ earnings per share: actual = USD 0.45, forecast = USD 0.49;
→ gross income: actual = USD 21.45 billion, forecast = USD 22.2 billion.
However, in the post-market, TSLA's share price rose approximately 13% thanks to Elon Musk's plans and statements:
→ We faced numerous challenges in Q1, including the conflict in the Red Sea and the arson attack at the Gigafactory in Berlin. We think the second quarter will be much better.
→ EV adoption rates around the world are under pressure, but electric vehicles will dominate the auto industry in the long term. We continue to invest in AI infrastructure, manufacturing facilities, Supercharger networks, and new products.
→ Production of new models will start at the end of 2024 — beginning of 2025 on existing production lines.
The stock's rise after the report shows that optimism about the start of production of a new model that could be the most affordable in Tesla's lineup outweighed concerns about the poor report and increased competition.
On April 5, we wrote that the price of TSLA could reach the psychological level of USD 150 per share.
(https://i.imgur.com/ZYskSkr.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-tsla-share-price-up-about-13-despite-disappointing-report/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
AUD/USD Rises Sharply on Inflation News
(https://i.imgur.com/zN4bG4w.jpeg)
The Consumer Price Index for Australia was released this morning. According to ForexFactory:
→ CPI in quarterly terms: actual = 1.0%, expected = 0.8%, previous value = 0.6%;
→ CPI in annual terms: actual = 3.5%, expected = 3.4%, previous value = 3.4%.
Rising inflation figures suggest that the Reserve Bank of Australia's tight monetary policy may continue beyond expectations - which is why the Australian dollar has jumped higher relative to other currencies.
Thus, from the minimum of the year against the US dollar, recorded on April 19, the Ausssie rose in price by more than 2%.
(https://i.imgur.com/YP6Xn9w.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-aud-usd-rises-sharply-on-inflation-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
-
Yen in Search of New Lows, Commodity Currencies at a low Start
(https://i.imgur.com/Cw9QH1k.jpeg)
In recent trading sessions, the dollar has been trading quite differently to leading currencies. Thus, the yen is reaching historical lows, European currencies have managed to correct, and the Australian and Canadian dollars are testing strategic supports.
USD/JPY
(https://i.imgur.com/pN5WQeu.png)
The absence of currency interventions from the Bank of Japan and strong macroeconomic data from the United States are pushing the USD/JPY pair to new levels, above which the price has not risen since 1990. However, in the coming trading sessions the situation may change dramatically:
- Today at 15.30 (GMT +3:00) US GDP data for the first quarter will be published
- Tomorrow at 5.30 (GMT +3:00) a meeting of the Bank of Japan will take place, at which a decision on the base interest rate will be announced.
This week, Japanese Finance Minister Shunichi Suzuki issued what is now the strongest possible warning about the possibility of intervention. "I will not deny that these events have laid the groundwork for Japan to take appropriate action (in the foreign exchange market), although I will not say what those actions might be," the official said.
According to technical analysis of USD/JPY, the pair is in a phase of exponential growth, which can be interrupted at any significant resistance. If a downward pullback begins, the price may drop to 154.70-1.53.60.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-yen-in-search-of-new-lows-commodity-currencies-at-a-low-start/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
META Share Price Collapses after Publication of Quarterly Report
(https://i.imgur.com/s00ihpb.jpeg)
Just yesterday, META's stock price closed at USD 493.50, up approximately 40% since the start of 2024 and up nearly 300% since the start of 2023.
However, following the release of Meta's quarterly report, its shares plummeted to USD 400 in post-market trading, representing a decline of more than -15%.
It is noteworthy that the report exceeded expectations in some of the main indicators:
→ earnings per share: actual = USD 4.70, forecast = USD 4.32;
→ revenue: actual = USD 36.4 billion, forecast = USD 36.1 billion.
However, investors were disappointed by plans for the coming months, as Meta said second-quarter revenue would be between USD 36.5 billion and USD 39 billion, below the average estimate of USD 38.24 billion. This could be due to increased investment in developing AI-based products , which do not yet generate income.
At pre-market today, the META share price is around USD 418.
(https://i.imgur.com/O30TXyi.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-meta-share-price-collapses-after-publication-of-quarterly-report/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/USD And USD/CAD Daily Chart Outlook
(https://i.imgur.com/PbkMsd9.jpeg)
GBP/USD is attempting a recovery wave from 1.2300. USD/CAD is consolidating and might aim for a move above the 1.3760 resistance zone.
Important Takeaways for GBP/USD and USD/CAD Analysis Today
- The British Pound started a recovery wave above the 1.2400 resistance.
- There is a key bearish trend line forming with resistance near 1.2520 on the daily chart of GBP/USD at FXOpen.
- USD/CAD is showing positive signs above the 1.3660 support zone.
- There is a major bullish trend line forming with support at 1.3620 on the daily chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/nntwWkL.jpeg)
On the daily chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2900 zone. The British Pound traded below the 1.2600 support to move into a bearish zone against the US Dollar.
The pair even traded below 1.2400 and the 50-day simple moving average. Finally, the bulls appeared near the 1.2300 level. A low was formed near 1.2299 and the pair is now attempting a recovery wave. There was a fresh upside above the 1.2400 level.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-gbp-usd-and-usd-cad-daily-chart-outlook/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P 500 Rebounds after Negative GDP News
(https://i.imgur.com/0aCEevV.jpeg)
Data released yesterday showed US GDP growth slowed to 1.6% in the first quarter of the year. According to ForexFactory: forecast = 2.2%, past value = 2.4%.
Reaction to the news sent the S&P 500 mini stock index (US SPX 500 mini on FXOpen) sharply lower as market participants may fear a period of stagflation — a period when economic growth slows and inflation remains stubbornly high.
Speaking at the Economic Club of New York on Tuesday, JPMorgan Chase CEO Jamie Dimon warned investors: “Stagflation has the negative effect of lack of growth and inflation. It hurts profits, consumers and jobs. And yes, I think there is a chance it could happen again,” he said.
However, this morning the 4-hour chart of the US SPX 500 mini shows that the stock market is recovering thanks to gains in Google and Microsoft, which reported strongly after the close of the main trading session.
(https://i.imgur.com/mGJofUY.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-s-p-500-rebounds-after-negative-gdp-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Google Share Price Rose Post-market to a New All-time Record
(https://i.imgur.com/pKiQy5b.jpeg)
Yesterday, after the close of the main trading session, a report on activities for the 1st quarter of Alphabet Inc. (Google's parent company) was published. The report was strong, exceeding investors' expectations.
→ Quarterly EPS = USD 1.89 (expected = USD 1.51), which represents a 15% increase year-over-year;
→ gross revenue = USD 80.539 billion (expected = USD 78.73 billion).
It was the fifth straight quarter in which Alphabet beat analysts' expectations on both revenue and profit. But the main surprise was the company’s decision to start paying dividends and increase the amount allocated for share buybacks to USD 70 billion.
According to Benzinga, Alphabet CEO Sundar Pichai made a number of important announcements about the future:
→ The company's combined YouTube and Cloud business revenues will be USD 100 billion in 2024, indicating a growth rate of 25% in each of the next three quarters.
→ Pichai also expressed confidence in Alphabet's ability to manage investments in AI, announcing capital expenditures of USD 12 billion.
As a result, the share price of Alphabet Inc. Class A (GOOGL) surpassed USD 180 in post-market trading, setting a new all-time record. In premarket trading today, GOOGL is trading around USD 176.
(https://i.imgur.com/3HACMwJ.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-google-share-price-rose-post-market-to-a-new-all-time-record/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY: Rate Falls Rapidly after Exceeding Psychological Mark of 160 Yen Per Dollar
(https://i.imgur.com/ciuYnJP.jpeg)
Despite the fact that today is a holiday in Japan, the foreign exchange market is experiencing extreme volatility — wide candles are forming on the USD/JPY chart, and the rate briefly exceeded the psychological level of 160 yen per dollar, reaching a new high in 34 years.
The weakening of the yen in the first hours of trading occurred against the background of the fact that:
→ On Friday, the Bank of Japan decided to leave interest rates at the same level = 0.1%.
→ At the same time, market participants did not hear clear signals from the Bank of Japan that the weakening yen would be supported.
→ On Wednesday, May 1, the Fed will announce its decision on the interest rate. It is also expected to remain unchanged at 5.5%, highlighting the difference in monetary policy between Japan and the United States.
However, shortly after the yen surpassed the psychological level of 160.00, USD/JPY fell sharply to 155.50 and below — traders, according to Reuters, saw signs of intervention from Japanese financial authorities after a 13% increase since the beginning of the year.
Let us recall that Tokyo previously intervened in the foreign exchange market in September and October 2022, when the US dollar exchange rate was about 146.00 and 152.00 yen, respectively.
(https://i.imgur.com/vTnGSPc.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-jpy-rate-falls-rapidly-after-exceeding-psychological-mark-of-160-yen-per-dollar/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
London Calling! FTSE 100 Stocks Flying High Once Again
(https://i.imgur.com/3wlX8Xy.jpeg)
Back in 2021, which when looking at a physical calendar does not seem such a long time ago yet feels an epoch ago when considering the changes in global economies and the capital markets since then, the FTSE 100 index was making headlines full of superlatives and enthusiasm as it pushed its way through the 7,000 point mark for the first time ever.
As that happened, investors and analysts alike were experiencing something of a sensory overload with so many exciting dynamics having taken place around the same time, including the notorious meme stock frenzy led by Reddit board groups, which dramatically affected the prices of certain entertainment stocks in the US and a deluge of relatively unheard of firms suddenly listing their stock on the NASDAQ exchange for multi-billion dollar valuations via SPAC entities.
Alongside these headline grabbers was London's FTSE 100 rallying like never before, which was an interesting backdrop because London listed firms are often traditional, long-established bricks-and-mortar entities with decades of institutional stability behind them as opposed to the disruptors of the NASDAQ, and not susceptible to volatility caused by the self-styled market makers of the Reddit boards.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-london-calling-ftse-100-stocks-flying-high-once-again/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
CRON Stock Price Forms a Bullish Pattern ahead of the Report
(https://i.imgur.com/2U9mvPL.jpeg)
The Cannabis Stocks market has experienced a significant decline since its peak in the spring of 2019. The share of the Canadian company Cronos (CRON) then formed a high above USD 24, and trading yesterday closed at USD 2.55.
However, even after the CRON share price fell 10 times, there are still reasons for optimism:
→ Cronos recently announced its first entry into the edible chocolate category with the introduction of Chocolate Fusions. Cronos' newest edible innovation was developed by an expert team of culinary experts, nutritional scientists and leaders in cannabis product development.
→ InvestorPlace named CRON to its list of top Cannabis Stocks to Consider Buying in Spring 2024. The argument is a reminder that Altria invested USD 1.8 billion in Cronos.
(https://i.imgur.com/lLhDAAe.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-cron-stock-price-forms-a-bullish-pattern-ahead-of-the-report/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
5 Stocks To Consider For May 2024
(https://i.imgur.com/Gb0WsQj.png)
Time flies, especially when things are running smoothly, and this year so far has been a period free of dramatic events across the capital markets.
Suddenly, we are almost halfway through 2024, and the forthcoming month takes us up to that point. During the first part of 2024, scepticism and trepidation gave way to hope and optimism as analysts cast their theories that central banks across the Western world may look toward reducing interest rates a few times. This turned out to have been an incorrect prediction, and rates remain unchanged, meaning companies still need that extra cash flow to grow or show greater revenues, which is currently being used to service monthly commitments at high interest rates.
It has not impeded progress, however. Some of the world's most prestigious indices have been performing outstandingly, giving rise to the notion that large corporations are, in many cases, in good fiscal order. Talk of recession has faded into the background as the FTSE 100 in London (UK 100 on FXOpen) ended April with a massive rally, and across the Atlantic, the S&P500 (US SPX 500 Mini on FXOpen) and NASDAQ (US Tech 100 mini on FXOpen) ended the month in a strong position.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-5-stocks-to-consider-for-may-2024/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Dollar Is Losing Some of Its Gains While Awaiting a Verdict from the Fed
(https://i.imgur.com/BCSOp3J.jpeg)
The American currency continues to trade in different directions relative to leading currencies. Thus, the yen paired with theUS dollar fell in price to a 34-year low, and in pairs with European and commodity currencies we are seeing a corrective pullback in USD. Whether the main trends will continue, or whether it is worth preparing for a deeper corrective rollback, will be determined by the coming trading sessions:
- Today at 12.00 (GMT +3:00) inflation data in the eurozone for April will be published
- Today at 17.00 (GMT +3:00) the US consumer confidence index from CB will be released
- Tomorrow at 21.00 (GMT +3:00) a meeting of the Federal Reserve is scheduled, at which the base interest rate on the dollar and the regulator’s further plans for monetary policy will be announced
EUR/USD
The single European currency has been holding above the key range of 1.0700-1.0600 for the third week. Technical analysis for EUR/USD indicates the possibility of working out a piercing line combination on the weekly timeframe, which could lead to a test of 1.0900-1.0840. A price move below 1.0600 may contribute to updating last year’s low at 1.0450.
In addition to the already mentioned news, today at 13.00 (GMT +3:00) it is worth paying attention to the speech of the Vice President of the German Federal Bank Claudia Maria Buch.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-dollar-is-losing-some-of-its-gains-while-awaiting-a-verdict-from-the-fed/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Dives While USD/CHF Extends Rally
(https://i.imgur.com/FnfoJHS.jpeg)
EUR/USD started a fresh decline below the 1.0695 support. USD/CHF is rising and might aim a move toward the 0.9250 resistance.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro struggled to clear the 1.0750 resistance and declined against the US Dollar.
- There was a break below a key bullish trend line with support at 1.0695 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF is showing positive signs above the 0.9185 resistance zone.
- There was a break above a major bearish trend line with resistance at 0.9130 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/LbFScbr.png)
On the hourly chart of EUR/USD at FXOpen, the pair failed to clear the 1.0750 resistance. The Euro started a fresh decline below the 1.0700 support against the US Dollar, as mentioned in the previous analysis.
There was a break below a key bullish trend line with support at 1.0695. Besides, the pair declined below the 50-hour simple moving average and 1.0675. The pair traded as low as 1.0654 and is currently correcting losses.
The pair is showing bearish signs, and the upsides might remain capped. Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0735 swing high to the 1.0654 low at 1.0675.
The next major resistance is near the 1.0695 zone or the 50-hour simple moving average. It is close to the 50% Fib retracement level of the downward move from the 1.0735 swing high to the 1.0654 low.
An upside break above the 1.0695 level might send the pair toward the 1.0735 resistance. Any more gains might open the doors for a move toward the 1.0750 level.
On the downside, immediate support on the EUR/USD chart is seen near 1.0650. The next major support is near the 1.0630 level. A downside break below the 1.0630 support could send the pair toward the 1.0580 level.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj_eur-usd-dives-while-usd-chf-extends-rally/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Dollar is Declining: the Outcome of the Fed Meeting Disappointed Investors
(https://i.imgur.com/VDJKu8y.jpeg)
The outcome of the two-day meeting of the American regulator was that officials left the base interest rate unchanged in the range of 5.25-5.5%. Also, from the published statement, it follows that the Fed is ready to adjust the direction of current monetary policy in the event of risks that could hinder the achievement of the regulator's key objectives. Judging by the movement of major currency pairs after the rate decision announcement, market participants are hoping for a prompt change in the Fed's monetary policy. For example, the GBP/USD pair held above significant resistance at 1.2500, and the movement of USD/JPY hints at the possibility of hidden intervention by the Bank of Japan.
GBP/USD
(https://i.imgur.com/FX8HzGv.png)
Technical analysis of the GBP/USD pair indicates the possibility of an upward correction towards 1.2700-1.2620, as a "bullish engulfing" pattern has formed on the weekly timeframe. Breaking below recent lows at 1.2300 would invalidate this pattern, potentially leading to a resumption of downward movement towards the range of 1.2100-1.2070. Factors that could influence the pricing of the pair include:
- Data on the UK's Composite Purchasing Managers' Index (PMI) for April, scheduled for release tomorrow at 11:30 (GMT +3:00)
- US Employment Report, scheduled for release tomorrow at 15:30 (GMT +3:00)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-dollar-is-declining-the-outcome-of-the-fed-meeting-disappointed-investors/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY Analysis: US Dollar Weakens After Statements from the Federal Reserve Chair
(https://i.imgur.com/gddDsqu.jpeg)
Last night, the Federal Reserve's decision regarding interest rates was published, which, as expected, remained unchanged at 5.5%. The subsequent press conference by Powell was of particular interest to market participants.
According to CNBC, during the conference, the Fed Chair almost ruled out a rate hike as the next step, emphasizing the monetary policy's independence from the upcoming presidential elections. Additionally, he stated that:
- Concerns regarding stagflation are exaggerated;
- The Fed intends to lower rates smoothly and gradually;
- The duration of maintaining high rates is increasing indefinitely.
The market's reaction to the Fed's news was a weakening of the dollar – apparently, concerns about another rate hike as the next step have diminished.
The dollar weakened significantly against the yen – the USD/JPY rate dropped from 157.50 to 153.10 yen per dollar yesterday evening (approximately -2.7%) in less than an hour, although the rate later recovered. The reason lies in the context, specifically the yen's strong strengthening on Monday, when the rate exceeded 160 yen per dollar, as we wrote on the morning of April 29. Perhaps there was another intervention yesterday?
However, official sources refuse to comment. Tokyo may be adhering to a tactic of keeping investors in the dark about its currency intervention strategy. Although, as reported by the Japan Times, fluctuations of 5 yen per dollar indicate interventions.
(https://i.imgur.com/pzCI843.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-jpy-analysis-us-dollar-weakens-after-statements-from-the-federal-reserve-chair/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
April Became the Worst Month for BTC/USD Since November 2022
(https://i.imgur.com/vEqdpWy.jpeg)
In November 2022, the BTC/USD price dropped by 16.20%. The main driver of this decline was the crash of the FTX exchange.
In April 2024, the price of Bitcoin decreased by 14.77%. Paradoxically, the main news event could be considered the halving, which occurs every 4 years and is considered a bullish factor as it signifies a reduction in supply from miners. So why did the BTC/USD price decrease by the end of April?
Presumably, expectations from the halving could have been excessively optimistic, and after the event occurred, the price declined as emotions subsided – an example of "buy the rumour, sell the fact" situation.
It's worth noting that in the Bitcoin Cash network (a fork of the Bitcoin blockchain from August 2017), the halving took place on April 4, and the BCH/USD price decreased after that day – which could have been a concerning signal.
(https://i.imgur.com/cHDeiSa.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-april-became-the-worst-month-for-btc-usd-since-november-2022/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Attempt Another Recovery
(https://i.imgur.com/8Rw9CPx.jpeg)
AUD/USD is eyeing a steady increase above the 0.6555 resistance. NZD/USD is also rising and could extend its increase above the 0.6000 resistance zone.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar is moving higher from the 0.6465 zone against the US Dollar.
- There is a connecting bullish trend line forming with support at 0.6555 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is showing positive signs above the 0.5925 support.
- There is a key bullish trend line forming with support at 0.5940 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/XCu9ThU.jpeg)
On the hourly chart of AUD/USD at FXOpen, the pair formed a base above 0.6465. The Aussie Dollar started another recovery wave above the 0.6510 resistance against the US Dollar
The bulls pushed the pair above the 0.6525 resistance zone. There was a close above the 0.6555 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6585 zone. A high is formed at 0.6585 and the pair is now consolidating above 23.6% Fib retracement level of the upward move from the 0.6465 swing low to the 0.6585 high.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6585. The first major resistance might be 0.6620. An upside break above the 0.6620 resistance might send the pair further higher.
The next major resistance is near the 0.6665 level. Any more gains could clear the path for a move toward the 0.6720 resistance zone.
If not, the pair might correct lower. Immediate support is near a connecting bullish trend line at 0.6555. The next support could be 0.6525 or the 50% Fib retracement level of the upward move from the 0.6465 swing low to the 0.6585 high.
If there is a downside break below the 0.6525 support, the pair could extend its decline toward the 0.6510 zone. Any more losses might signal a move toward 0.6465.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-attempt-another-recovery/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AAPL Share Price Soars after Record Buyback Announced
(https://i.imgur.com/AfWtYZ9.jpeg)
Yesterday, after the end of the main trading session, Apple published its report on its activities for the 1st quarter:
→ Earnings per share: actual = $1.53; expected = $1.505;
→ Gross income: actual = $90.75; expected = $90.36.
The better-than-expected report came as a relief to investors after reporting lower sales in five of the last six quarters. In addition, the following could give positive feedback to market participants:
→ Apple's forecast is that its iPad manufacturing and services business will grow at double-digit rates;
→ company investments in AI. “We think we're well positioned,” Chief Financial Officer Luca Maestri told Bloomberg Television's Emily Chang. CEO Tim Cook is expected to outline Apple's artificial intelligence strategy at its annual Worldwide Developers Conference in June.
→ Apple Inc.'s big plan to restore investor confidence. It consists of a record $110 billion share buyback and a 4% dividend increase.
As a result, AAPL's price rose nearly 8% in post-market trading, exceeding $185 per share, although yesterday's close was around $173.
(https://i.imgur.com/XgfBxnR.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-aapl-share-price-soars-after-record-buyback-announced/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Price of Silver (XAG/USD) is Falling for the Second Consecutive Week
(https://i.imgur.com/gr8UcIw.jpeg)
Following a surge in the price of silver close to the important psychological level of $30 per ounce on April 12, bearish momentum is now evident - concluding the week may mark the second consecutive week of decline for XAG/USD.
The decline in demand for silver could be linked to the decrease in gold prices.
Conversely, gold is losing its appeal due to:
→ easing geopolitical tensions in the Middle East;
→ gold's lack of yield, which is deemed unattractive in a high interest rate environment that may persist due to the Federal Reserve's policy - investors are given reason to favour low-risk bonds in their portfolios.
(https://i.imgur.com/ko9KcZs.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-price-of-silver-xag-usd-is-falling-for-the-second-consecutive-week/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 29 April - 3 May Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: FTSE 100, US Dollar, USD/JPY, BTC/USD
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- London Calling! FTSE 100 Stocks Flying High Once Again;
- The Dollar Is Declining: The Outcome Of The Fed Meeting Disappointed Investors;
- USD/JPY Analysis: US Dollar Weakens After Statements From The Federal Reserve Chair;
- April Became The Worst Month For BTC/USD Since November 2022.
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=lEpABE5zti8/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/H0D8Ggj.jpeg) (https://www.youtube.com/watch?v=lEpABE5zti8/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
What Did Buffett Say at the Shareholders' Meeting?
(https://i.imgur.com/YBfsUev.jpeg)
Warren Buffett, aged 93, held his first Berkshire Hathaway shareholders' meeting this weekend without Charlie Munger, his longtime partner at Berkshire Hathaway, who passed away at the age of 99.
Following the meeting, it was revealed that Berkshire Hathaway's cash reserves are at record levels and continuing to grow, reflecting the challenge of finding stocks for the value investing strategy that has defined billionaire Warren Buffett's success.
Cash, cash equivalents, and short-term Treasury bills for Buffett's group totaled $189 billion at the end of March, up 13% from the end of 2023. "It is fair to assume that by the end of this quarter they will probably be around $200 billion," Buffett said.
According to the legendary investor:
- Berkshire sold about 13% of its Apple shares;
- reduced its stake in Chevron by approximately 2%;
- Coca-Cola and American Express are "wonderful companies";
- the Indian stock market may present "untapped opportunities";
- "We only pick those areas that we like."
(https://i.imgur.com/RuaZZrE.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-what-did-buffett-say-at-the-shareholders-meeting/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Japanese Yen Goes on Volatility Drive after US Economic Uncertainty Surfaces
(https://i.imgur.com/uZzAsuv.jpeg)
The Japanese yen has been notably volatile for a long time now, and today, that dynamic continues as the yen made some tremendous steps forward over the course of the Asia Pacific trading session.
In today's Asia Pacific trading session, the USDJPY pair has become the second most volatile currency on FXOpen's TickTrader platform this morning.
There have been some economic factors surrounding both the Japanese and United States economies that have surfaced during the course of the morning, including some very interesting reports and releases of data from the US government on economic circumstances surrounding the country.
The USDJPY pair was trading at 157.74 on 1st May, according to FXOpen pricing, and began to decline from there, going down to 153.13 by Thursday, 2nd May, followed by a further dip to 151.85 on Friday, settling at 153.787 at 8.15 am UK time today (Monday, 6th May) having continued this level during the Asia Pacific session.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/gt-japanese-yen-goes-on-volatility-drive-after-us-economic-uncertainty-surfaces/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
UK100 Analysis: Stock Market Optimistic Ahead of Bank of England News
(https://i.imgur.com/6kD9PZ3.jpeg)
On Monday, the UK observed a bank holiday for May Day, and on Tuesday, the stock market demonstrated accumulated optimism.
The FTSE index (UK100) today surpassed the 8300 mark. Additionally:
→ The opening occurred with a bullish gap;
→ On the daily chart of UK100, today the RSI indicator is in overbought territory, unseen since the beginning of 2023.
One of the significant drivers of bullish sentiments could be considered events on Thursday – at 14:00 GMT+3, news from the Bank of England is expected: market participants will learn about the decision on the interest rate, followed by a press conference.
As Econoday writes:
→ A decision to cut interest rates is unlikely at Thursday's meeting, with autumn being seen as the most probable period for a 0.25-point rate cut from the current level of 5.25 points.
→ Members of the rate-setting committee are concerned that inflation is slowing down too slowly. However, the trend is in the right direction, and the Bank of England has already stated that the 2 percent target does not necessarily need to be reached before interest rates are lowered.
Perhaps the anticipation of signals for monetary policy easing instils confidence in the bulls, but how sustainable can the current growth be?
(https://i.imgur.com/6QmB9LG.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-uk100-analysis-stock-market-optimistic-ahead-of-bank-of-england-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The US Labour Market Is Slowing Down. How Could This Impact Major Currency Pair Pricing?
(https://i.imgur.com/sT11IRP.jpeg)
A weak employment report in the US contributed to a sharp pullback in major currency pairs, but it hasn't led to a full change in major trends yet. For instance, nonfarm payroll figures showed that:
- The number of new jobs came in at 173K, compared to the forecast of 238K.
- Average monthly wages decreased by 0.2% against an expected 0.3% increase.
- Unemployment rose to 3.9% from 3.8%.
Following the slowdown in job growth, investors will eagerly await inflation data. If the figures meet or exceed expert forecasts, expectations for a rate cut by the US regulator could increase.
GBP/USD
(https://i.imgur.com/eEJhsIO.png)
According to technical analysis of the GBP/USD pair using the "chaos" system, we are seeing a corrective pullback after the formation of a reversal bar on April 22. Attention should be paid to price behaviour around 1.2520-1.2500. If the price rebounds from this range, it could strengthen towards 1.2640-1.2600. A drop below support at the entwined alligator lines may lead to a retest of the recent low around 1.2300.
Key events of the week include:
- Today at 11:30 (GMT +3:00), publication of data on business activity index in the UK construction sector for April.
- Thursday at 14:00 (GMT +3:00), Bank of England meeting and decision on the GBP base interest rate.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-us-labour-market-is-slowing-down-how-could-this-impact-major-currency-pair-pricing/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Rivian Stock Goes High as Q1 Report Anticipation Mounts
(https://i.imgur.com/lIihx8Q.jpeg)
Being a newcomer within a very long-established and somewhat traditional global industry is not easy.
The automotive industry is a case in point. It has been over 139 years since Karl Benz managed to successfully produce the first motorised vehicle, and since then, huge global conglomerates have built economies of scale to compete against each other fiercely in every corner of the world whilst evolving gradually rather than taking a revolutionary position.
Suddenly, in 2014, the now infamous Elon Musk came from outside the traditional manufacturing or automotive sectors and disrupted an age-old, highly polished, and well-established industry to the extent that even Mercedes Benz, the company that invented the car all those years ago, has begun making electric cars to compete with those introduced by Elon Musk's Tesla company.
More recently, some even newer names have entered the electric vehicle arena, some of which listed their stock on public exchanges in North America with high-value listings despite little or no market share, having done so via controversial SPAC 'blank check' companies toward an audience which, for many, would have heard the names of such companies for the first time.
One such firm is Rivian Automotive, which listed its stock on the NASDAQ exchange in November 2021 at a price of $78 per share. Since then, Rivian, whose main product is an electric pickup truck, has been incredibly volatile, trading at a lot less than $10 per share more recently, but had been fluctuating around $25 in December.
As the New York trading session came to a close yesterday, Rivian stock was among the top risers on FXOpen's TickTrader platform, concluding the trading day at $10.31 per share according to FXOpen pricing.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/gt-rivian-stock-goes-high-as-q1-report-anticipation-mounts-2/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Hang Seng Index Has risen by Over 13% in 2 Weeks
(https://i.imgur.com/g34yLur.jpeg)
Analyzing the Hang Seng (HSI) chart, we wrote on January 30th that the price was near an important support level formed by the lower boundary (shown in orange) of a long-term channel, which has been relevant since 1995.
According to Reuters, Goldman Sachs representatives noted in a client note that hedge funds were actively buying Chinese stocks – the period from January 23 to 25 saw the largest capital inflow in 5 years.
As of the beginning of May, price action suggests that hedge fund purchases are justifiable – with the Hang Seng 50 index rising by over 13% in the past two weeks.
This was partly driven by:
- Economic stimulus from Beijing.
- The Hong Kong Monetary Authority's (HKMA) decision to keep the base rate unchanged at 5.75%. As reported by the South China Morning Post, HKMA's decisions correlate with the Federal Reserve's policy since 1983, reflecting the local currency's peg to the US dollar.
(https://i.imgur.com/t49SEvS.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-hang-seng-index-has-risen-by-over-13-in-2-weeks/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AUD/USD Analysis: Aussie Weakens After RBA Decision
(https://i.imgur.com/NAVEjIO.jpeg)
Following its decision on 7th May, the Reserve Bank of Australia (RBA) opted to maintain the interest rate at 4.35%, despite inflation continuing to decrease at a slower pace than anticipated by the RBA.
"I think we still think they’re reasonably balanced with perhaps a little bit of a signal that we need to be very watchful on the upside," RBA governor Michele Bullock said.
According to The Guardian, the absence of more aggressive language led to a decline in the Australian dollar.
Specifically, on the morning of 8th May, the AUD/USD rate fell below the 0.657 level, whereas on 7th May, the rate was at 0.664 - a decrease of approximately 1.3% in 30 hours.
(https://i.imgur.com/QxwkbVT.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-aud-usd-analysis-aussie-weakens-after-rba-decision/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/USD Bulls Struggle While USD/CAD Regains Strength
(https://i.postimg.cc/GpdkmVcx/gbpusd.jpg)
GBP/USD declined below the 1.2550 support zone. USD/CAD is rising and might aim for more gains above the 1.3760 resistance.
Important Takeaways for GBP/USD and USD/CAD Analysis Today
- The British Pound started a fresh decline from the 1.2635 resistance zone.
- There is a key bearish trend line forming with resistance at 1.2500 on the hourly chart of GBP/USD at FXOpen.
- USD/CAD is showing positive signs above the 1.3685 support zone.
- There is a major bullish trend line forming with support at 1.3720 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.postimg.cc/YSRQGR0K/gbpusdx.jpg)
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2635 zone. The British Pound traded below the 1.2550 support to move into further a bearish zone against the US Dollar.
The pair even traded below 1.2500 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2465 level. A low was formed at 1.2467 and the pair recently attempted a recovery wave. The pair climbed above the 1.2485 level.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-gbp-usd-bulls-struggle-while-usd-cad-regains-strength/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/USD Analysis: Pound Recovers After the Bank of England Decision
(https://i.imgur.com/sukGPKa.png)
Yesterday, the Bank of England published its interest rate decision. According to ForexFactory, the votes were distributed as follows:
→ rate hike - 0 votes, cut - 2 votes, unchanged - 7 (0 - 2 - 7);
→ forecast: 0 - 0 - 9;
→ previous values: 0 - 1 - 8.
For the first time in the current cycle of interest rate hikes aimed at inflation lowering, two members of the Monetary Policy Committee voted in favour of the rate cut. The dovish tone was echoed by Bank of England Governor Andrew Bailey: “It is likely that we will need to cut the bank rate over coming quarters, possibly more so than is currently priced into markets.”
The market's first reaction to the clear signals of the imminent easing monetary policy was the weakening of the pound, including against the US dollar. Thus, yesterday, the GBP/USD rate dropped below the low of April 26 at around 1.245.
However:
→ the US dollar is also affected by the prospect of the Fed's easing monetary policy because the current tight policy puts pressure on the labour market - according to data from May 9, the number of applications for unemployment benefits in the US was the highest since November 2023;
→ Today's UK GDP data (which turned out to be better than expected) supported the pound.
(https://i.imgur.com/HyPYDcH.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gbp-usd-analysis-pound-recovers-after-the-bank-of-england-decision/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
WTI Oil Price Recovers Quickly From March Lows
(https://i.imgur.com/FM20hTB.png)
On May 8, the price of WTI crude oil fell below $77 per barrel for the first time since March 11. But on the morning of May 10, it was above $79 – an increase of almost 3% in less than two days.
Several factors contributed to the significant rise in the price of WTI crude oil. According to Reuters, among them:
→ Increased oil demand from the United States. Data released on Wednesday showed a drop in US crude oil inventories, driven by increased refinery utilisation.
→ Growing demand from China. Data published on Thursday showed an increase in oil imports.
→ Ongoing concerns about possible supply disruptions due to escalating conflict in the Middle East. Negotiations to end hostilities between Israel and Hamas failed, and Israel attacked the Palestinian city of Rafah.
On April 19, we wrote about the possibility of a bearish breakdown of the ascending channel line, which would be welcomed by the US administration, where the presidential elections are getting closer and closer.
Since then, the price of oil has broken down the median line and the support line at $80.70, which may act as resistance in the future.
(https://i.imgur.com/h2Cutbh.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-wti-oil-price-recovers-quickly-from-march-lows/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price Regains Strength While Crude Oil Price Recovers
(https://i.imgur.com/69bENwf.png)
The gold price started a fresh increase above $2,320. Crude oil is recovering and might rise toward the $81.20 resistance zone.
Important Takeaways for Gold and Oil Price Analysis Today
- The gold price started a decent increase from the $2,300 zone against the US Dollar.
- It broke a key descending channel with resistance at $2,315 on the hourly chart of gold at FXOpen.
- Crude oil is recovering losses and trading above the $78.55 support.
- There was a break above a connecting bearish trendline with resistance near $78.40 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/1u1MKZ8.jpeg)
On the hourly chart of XAU/USD at FXOpen, the price formed support near the $2,275 zone, remained in a bullish zone, and started a strong increase above $2,300.
It broke a key descending channel with resistance at $2,315. The bulls even pushed the price above the $2,345 level and the 50-hour simple moving average. Finally, it traded as high as $2,358. XAU/USD is now consolidating gains near the $2,355 zone, and the RSI is above 70.
Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,307 swing low to the $2,358 high at $2,345.
The first major support is near the $2,335 zone. It is close to the 50% Fib retracement level of the upward move from the $2,307 swing low to the $2,358 high. If there is a downside break below the $2,335 support, the price might decline further.
In the stated case, the price might drop toward $2,320 and the 50-hour simple moving average.
Immediate resistance is near the $2,360 level. The next major resistance is near the $2,372 level. An upside break above the $2,372 resistance could send the gold price toward $2,385. Any more gains may perhaps set the pace for an increase toward the $2,400 level.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gold-price-regains-strength-while-crude-oil-price-recovers/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Analytical Euro to Dollar Predictions for 2024-2025
(https://i.imgur.com/YhnxLNA.jpeg)
The EUR/USD currency pair stands as a critical barometer of economic interactions and the relative strength between the Eurozone and the United States. This article delves into the recent history, economic outlooks, and analytical euro-to-dollar forecasts for this major currency pair in 2024 and 2025.
Recent EUR/USD History
From 2019 to the present, the EUR/USD currency pair has navigated through turbulent economic waters, influenced by a series of global events and differing monetary policies between Europe and the United States.
Initially, the euro experienced a gradual depreciation against the dollar, moving from around 1.14 at 2019’s open to close the year at 1.12. This was largely due to the European Central Bank's (ECB) continuation of its quantitative easing program, coupled with its persistently low interest rate of 0%.
The onset of the COVID-19 pandemic in early 2020 sent the euro tumbling further to a low of approximately 1.06 as panic gripped global markets. However, recovery was swift, and by September 2020, the euro had climbed to a high of about 1.20, bolstered by the US dollar's comparative weakness.
The euro fluctuated between 1.23 and 1.17 in the first half of 2021. However, inflation began to rise in both the Eurozone and US economy, but more so in the US. The anticipation of steep hikes by the Federal Reserve caused it to close near 1.13 by year's end.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/analytical-euro-to-dollar-predictions-for-2024-2025/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 6 - 10 May Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: UK100, Hang Seng Index, AUD/JPY, GBP/USD, USD/CAD
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- UK100 Analysis: Stock Market Optimistic Ahead Of Bank Of England News
- The Hang Seng Index Has Risen By Over 13% In 2 Weeks
- AUD/JPY Analysis: Aussie Weakens After RBA Decision
- GBP/USD Bulls Struggle While USD/CAD Regains Strength
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=cKC0pZN59RQ/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/97BNrMW.jpeg) (https://www.youtube.com/watch?v=cKC0pZN59RQ/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
Gold Price (XAU/USD) Is Testing an Important Resistance Zone
(https://i.imgur.com/SfMmlDQ.png)
On April 16, we wrote why the $2,380 zone is an important resistance area.
The XAU/USD chart shows that:
1) After fading fluctuations (they formed a narrowing consolidation triangle - shown in green), the price of gold dropped sharply (shown by a black arrow) on April 22-23.
2) Then, the price found support in the form of the lower border of the ascending channel (shown in blue), which has been in effect since the beginning of March. This led to the formation of another consolidation pattern between the blue lines.
3) An upward breakdown of the red lines on May 9 could be interpreted as an attempt by the bulls to resume the upward trend within the blue channel, but we could expect that the green triangle with its axis around 2380 would provide resistance.
(https://i.imgur.com/9kqmGpQ.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-gold-price-xau-usd-is-testing-an-important-resistance-zone/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Sees Green as USD/JPY Gains Bullish Traction
(https://i.imgur.com/5pSSkUd.png)
EUR/USD is slowly gaining traction above the 1.0800 level. USD/JPY trimmed almost all losses and showing positive signs above 156.20.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro started a decent increase above the 1.0750 pivot level.
- There is a key bullish trend line forming with support near 1.0800 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY climbed higher above the 155.95 and 156.50 levels.
- There is a connecting bullish trend line forming with support near 156.20 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/iDMLYT0.jpeg)
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0725 zone. The Euro cleared a few key hurdles near 1.0750 to move into a positive zone against the US Dollar.
The pair settled above the 1.0800 level and the 50-hour simple moving average. A high was formed at 1.0830 and the pair is now consolidating gains. Immediate support is near the 23.6% Fib retracement level of the upward move from the 1.0775 swing low to the 1.0827 high at 1.0815.
The first major support on the EUR/USD chart is near 1.0800. There is also key bullish trend line forming with support near 1.0800 and the 50% Fib retracement level of the upward move from the 1.0775 swing low to the 1.0827 high.
The next key support is at 1.0790. If there is a downside break below 1.0790, the pair could drop toward 1.0750. The next support is near 1.0725, below which the pair could start a major decline.
On the upside, the pair is now facing resistance near the 1.0830 zone. The next major resistance is near 1.0850. An upside break above 1.0850 could set the pace for another increase. In the stated case, the pair might rise toward 1.0920.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-market-analysis-eur-usd-sees-green-as-usd-jpy-gains-bullish-traction/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The US Dollar Is Weakening Following Inflation Data
(https://i.postimg.cc/cJM9yZfQ/yen2.png)
Yesterday saw the release of key economic indicators for the US. According to ForexFactory:
→ Core Price Index (CPI) monthly: actual = 0.3%, expected = 0.4%, previous = 0.4%;
→ Core Price Index (CPI) annual: actual = 3.4%, expected = 3.4%, previous = 3.5%;
→ Retail Sales monthly: actual = 0.0%, expected = 0.4%, previous = 0.6%.
Concerns about rising inflation did not materialise. Reuters reports that unchanged retail sales suggest conditions are forming for interest rate cuts.
Financial markets reacted significantly, with the US dollar weakening:
→ As we reported yesterday, signs of slowing inflation increased market participants' belief in imminent rate cuts, leading to the S&P 500 stock index (US SPX 500 mini on FXOpen) reaching an all-time high;
→ Gold prices reached a high not seen since April 21;
→ Other currencies strengthened against the US dollar.
An interesting situation is developing on the USD/JPY chart. Applying Fibonacci ratios, we note three instances where price recovery halted around the 0.382 level:
→ Recovery from B to C following the impulsive decline from A to B;
→ Recovery from D to E after the impulsive decline from C to D;
→ Recovery from F to G after the 3-wave decline from A to F.
(https://i.postimg.cc/fbh2rkSz/161-2.jpg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-us-dollar-is-weakening-following-inflation-data/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Dollar Adjusts After the Publication of Inflation Data in the US
(https://i.postimg.cc/Bv5d4krG/yen.png)
Data on the Consumer Price Index (CPI) in the US, released yesterday, had a significant impact on the pricing of major currency pairs. According to the provided report:
- The core Consumer Price Index, which excludes food and energy costs, increased by 0.3% from the previous month, while experts had forecasted 0.4%.
- Retail sales remained unchanged at 0.0%, contrary to analysts' expectations of 0.4%.
As a result of the publication of such data, the dollar depreciated against almost all major currencies. For instance, the USD/JPY currency pair retreated from its peak at 156.60, the EUR/USD strengthened by more than 100 pips within a couple of hours, and buyers of the GBP/USD pair tested a significant resistance level at 1.2700.
The main reason for the sharp decline of the dollar against G-10 currencies is likely due to the possibility that slowing inflation growth and a weak labour market could prompt the Federal Reserve to change its monetary policy direction and reduce the base interest rate in the coming months.
USD/JPY
According to technical analysis of the USD/JPY pair on the daily timeframe, a "bearish engulfing" pattern has formed, the confirmation of which could contribute to a retest of the important area between 152.80-152.00. If dollar buyers manage to establish themselves above 154.90, the price may resume its upward movement towards recent highs around 156.00.
Macro-economic data that could influence the pricing of the pair in the upcoming trading sessions:
- Today at 15:30 (GMT +3:00), the number of initial jobless claims in the US.
- Today at 15:30 (GMT +3:00), the Philadelphia Fed Manufacturing Index (US).
(https://i.postimg.cc/R0xkr4bR/1505.png)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-dollar-adjusts-after-the-publication-of-inflation-data-in-the-us/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Bitcoin Price Hits a Month's High, Breaking Key Resistance
(https://i.postimg.cc/tTgfH5Fq/btc1.png)
Yesterday's release of CPI figures suggests that inflation is slowing down and a rate cut could be on the horizon. This weakened the dollar and boosted the value of assets priced in dollars, including BTC/USD.
As a result, the price of Bitcoin hit a May high.
Meanwhile, there is sustained demand in the market driven by institutional participants investing in Bitcoin ETFs. According to media reports citing 13F filings:
→ JP Morgan invested $731,246 USD
→ Wells Fargo invested $141,817 USD in Grayscale's GBTC.
→ Similar activity is observed with other traditional banks like BNP Paribas and BNY Mellon, indicating a broader industry trend.
(https://i.postimg.cc/9MNkX7BG/BTCUSD1605.jpg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-bitcoin-price-hits-a-months-high-breaking-key-resistance/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Set Sights on Additional Upside
(https://i.postimg.cc/2SW33KMj/aud1.png)
AUD/USD started a decent increase above the 0.6655 resistance. NZD/USD is also rising and could aim for a move above the 0.6140 resistance.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar found support at 0.6585 and recovered higher against the US Dollar.
- There is a major bullish trend line forming with support at 0.6670 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is consolidating gains above the 0.6100 support.
- There is a key bullish trend line forming with support at 0.6100 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.postimg.cc/N0wFXxv6/audusd1705.jpg)
On the hourly chart of AUD/USD at FXOpen, the pair formed a base above 0.6585. The Aussie Dollar started a decent increase above the 0.6630 resistance against the US Dollar, as mentioned in the previous analysis.
The bulls pushed the pair above the 0.6655 resistance zone. There was a close above the 0.6685 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6715 zone. A high was formed at 0.6714 before the pair corrected gains.
It tested the 0.6655 zone and is currently consolidating gains. There was a fresh increase above the 23.6% Fib retracement level of the downward move from the 0.6714 swing high to the 0.6654 low.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near the 50% Fib retracement level of the downward move from the 0.6714 swing high to the 0.6654 low at 0.6685. The first major resistance might be 0.6715.
An upside break above the 0.6715 resistance might send the pair further higher. The next major resistance is near the 0.6750 level. Any more gains could clear the path for a move toward the 0.6800 resistance zone.
If not, the pair might correct lower. Immediate support is near a major bullish trend line at 0.6670. The next support could be 0.6655. If there is a downside break below the 0.6655 support, the pair could extend its decline toward the 0.6630 zone. Any more losses might signal a move toward 0.6585.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-set-sights-on-additional-upside/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Share Price of Alibaba (BABA) Has Reached Its Yearly High
(https://i.postimg.cc/PfFmw031/ali.jpg)
On 14 May, Alibaba released its first-quarter performance report:
→ Earnings per share: actual = $1.404, expected = $1.421;
→ Gross income: actual = $30.716 billion, expected = $30.502 billion.
The fact that earnings per share were slightly below expectations did not disappoint investors much, as on 16 May, Alibaba's share price (BABA) reached a yearly high, exceeding $86, forming a wide bullish candlestick with a close near the top (a sign of strong demand).
Positive sentiments were also driven by:
→ Another Chinese company, JD.com, released a report that exceeded expectations;
→ US regulators published information that well-known investor Michael Burry invested in Alibaba shares. David Tepper, head of the hedge fund Appaloosa Management, also holds a bullish outlook;
→ According to a note published on X (Twitter) by Citron Research analysts, Alibaba's share price could rise to $100.
(https://i.postimg.cc/nz3qTWHb/171-2-1.jpg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-share-price-of-alibaba-baba-has-reached-its-yearly-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Price of Silver Has Reached Its Highest Level in Over Three Years
(https://i.postimg.cc/6p539QwK/silver.jpg)
As indicated by the XAG/USD chart today, the intraday price of silver reached $29.84 per ounce yesterday, while the previous yearly high on 12 April was $29.79. The last time this price was seen was in February 2021.
It is worth noting that today the price of silver is behaving more bullishly than the price of gold, which is approximately 1.5% below its April high.
The main factor contributing to the rise in the price of silver is likely the weakening of the US dollar, as traders expect the Federal Reserve to ease monetary policy.
Can the price of silver continue to rise? Analysts are generally bullish. As CNBC reports:
→ Saxo Bank strategists recently stated in an analytical review that the price of silver could rise to $30, while gold could soon test the $2,400 level.
→ Analysts at ROTH Capital Partners forecast that the prices of gold and silver will rise even higher in the coming months. According to JC O'Hara, Chief Market Technician, if the price breaks the $30 level, "there will be few resistance levels until the $35/$37 range."
Let’s provide more data for a technical analysis of the silver market.
(https://i.postimg.cc/XNdXLhxR/172-2.jpg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-price-of-silver-has-reached-its-highest-level-in-over-three-years/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Coinbase (COIN) Stock Price Holds at Key Support Level
(https://i.imgur.com/UNpV8Uo.jpeg)
On Thursday, stock market traders were concerned about the sharp drop in Coinbase shares, listed on the Nasdaq, which fell by 9%. This was triggered by rumours that the Chicago-based CME Group is planning to launch cryptocurrency trading, posing a challenge to Coinbase, currently the leading cryptocurrency exchange in the US.
It is worth noting that CME already trades Bitcoin futures (since December 2017) and Ethereum futures (since February 2021). Is it possible for CME to launch spot cryptocurrency trading?
On one hand, interest in the cryptocurrency market has surged in 2024, with Bitcoin’s price up approximately 58% year-to-date, and around 146% over the past 12 months.
On the other hand, CME Group, as the world’s largest operator of exchange-traded derivatives, is considered a fundamental part of the US financial system. The SEC is unlikely to be favourable towards initiating cryptocurrency trading there, given their reputation for high risk.
Nevertheless, the sharp decline in Coinbase shares on Thursday did not continue into Friday.
(https://i.imgur.com/x9jWML3.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-coinbase-coin-stock-price-holds-at-key-support-level/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Commodity Currencies Retreat from Local Highs
(https://i.imgur.com/n4SHAhu.jpeg)
Despite the cooling labour market in the US and declining inflation, the American currency continues to move towards new highs. For instance, the USD/JPY currency pair might update the current month's high at 156.70, the NZD/USD sharply declines after retesting 0.6140, and buyers of the USD/CAD pair have confidently secured a position above 1.3600.
USD/CAD
The corrective pullback in the USD/CAD pair ended just below 1.3600. According to technical analysis, on May 16th, a bullish "piercing line" pattern formed on the daily timeframe for USD/CAD. The completion of this pattern could lead to a retest of the key range 1.3690-1.3660. If the price remains above these levels in the coming weeks, the pair’s rise could resume towards 1.3850-1.3820. A drop below 1.3600 could contribute to a more extensive downward correction towards 1.3530-1.3470. Important indicators that may affect USD/CAD pricing in the coming trading sessions:
- Today at 15:30 (GMT +3:00) - Canada’s Core Consumer Price Index (CPI) for April
- Tomorrow at 17:00 (GMT +3:00) - US Existing Home Sales
(https://i.imgur.com/SR6g1xz.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-commodity-currencies-retreat-from-local-highs/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Tech Stocks Back in Vogue as Nasdaq 100 Rallies to Record High
(https://i.imgur.com/grbJjbe.png)
The tech-heavy Nasdaq 100 index (US Tech 100 mini on FXOpen’s TickTrader platform) reached a new all-time high on Monday, closing the trading session at 18,684.2 according to FXOpen pricing, fueled by renewed investor enthusiasm for technology stocks.
This remarkable feat underscores the resurgence of the tech sector, which has been buoyed by speculation surrounding two key factors: the highly anticipated earnings report from semiconductor giant NVIDIA and the possibility of interest rate cuts by the Federal Reserve.
NVIDIA's Earnings Anticipation
NVIDIA, a leading player in the rapidly growing artificial intelligence (AI) market, is set to release its earnings report on Wednesday. Investors are eagerly awaiting this announcement, with expectations running high for another quarter of impressive financial performance.
The company's cutting-edge chips are in high demand for AI applications, positioning it as a frontrunner in this transformative technology.
The anticipation surrounding NVIDIA's earnings has ignited a frenzy in the tech sector, driving up share prices and contributing to the US Tech 100 mini's record-breaking performance. Investors are Currency carry trade on NVIDIA's continued dominance in the AI space, which could further propel the stock and the broader tech market.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-tech-stocks-back-in-vogue-as-nasdaq-100-rallies-to-record-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Gold Price Reaches Historic High
(https://i.imgur.com/Zw8oNIN.png)
According to confirmed information, Iranian President Ebrahim Raisi, considered a potential successor to the country's supreme leader, Ayatollah Ali Khamenei, died in a helicopter crash in a mountainous area near the border with Azerbaijan. The helicopter also carried Foreign Minister Hossein Amir-Abdollahian and other officials, all of whom perished.
As news of the helicopter search in the inaccessible mountainous region spread, the price of gold rose significantly. Yahoo Finance reports that the gold rally was driven by uncertainty about the situation in Iran.
The XAU/USD chart indicates that yesterday, at the peak of the day, the price of gold reached $2450, an all-time high. Can the rally continue?
(https://i.imgur.com/H3e4nPV.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-gold-price-reaches-historic-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD Climbs Steadily While EUR/GBP Struggles
(https://i.imgur.com/0drK0Jl.png)
GBP/USD is gaining pace above the 1.2640 resistance. EUR/GBP declined steadily below the 0.8565 and 0.8550 support levels.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is attempting a fresh increase above 1.2700.
- There is a key bullish trend line forming with support near 1.2690 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP is trading in a bearish zone below the 0.8565 pivot level.
- EUR/GBP is trading in a bearish zone below the 0.8565 pivot level.
GBP/USD Technical Analysis
(https://i.imgur.com/jyQXDup.jpeg)
On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above the 1.2520 level. The British Pound started a decent increase above the 1.2600 zone against the US Dollar.
The bulls were able to push the pair above the 50-hour simple moving average and 1.2640. The pair even climbed above 1.2700 and traded as high as 1.2726. Recently, there was a minor decline below the 23.6% Fib retracement level of the upward move from the 1.2656 swing low to the 1.2726 high, but the bulls were active above 1.2700.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2725. The next major resistance is near 1.2740.
A close above the 1.2740 resistance zone could open the doors for a move toward 1.2780. Any more gains might send GBP/USD toward 1.2850. On the downside, there is a key support forming near a bullish trend line at 1.2690. It is close to the 50% Fib retracement level of the upward move from the 1.2656 swing low to the 1.2726 high.
If there is a downside break below 1.2690, the pair could accelerate lower. The next major support is at 1.2640. The next key support is seen near 1.2600, below which the pair could test 1.2520. Any more losses could lead the pair toward the 1.2500 support.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-climbs-steadily-while-eur-gbp-struggles/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/USD Rate Surges to Two-Month High After Inflation News
(https://i.imgur.com/Uh7yurK.png)
Today, the Consumer Price Index (CPI) figures for the UK were published. According to ForexFactory:
→ Annual CPI: actual = 2.3%; expected = 2.1%; previous = 3.2%.
→ Annual Core CPI: actual = 3.9%; expected = 3.6%; previous = 4.2%.
Thus, it can be asserted that:
→ The current inflation level is at its lowest since 2021.
→ It is close to the target levels of 2%.
However, economists polled by Reuters had expected a sharper drop to 2.1%, based on falling energy prices.
Additionally, inflation in the services sector (a key indicator monitored by the Bank of England due to the dominance of this sector in the UK economy) only slightly decreased to 5.9% from 6%.
As a result, CNBC reports that market participants have reduced the likelihood of the Bank of England easing monetary policy:
→ The probability of a rate cut in June has decreased to 15% compared to 50% before the inflation news was published.
→ The probability of a rate cut in August was estimated at 40% compared to 70% before the publication.
The currency market reacted with a surge in volatility – the GBP/USD rate jumped to a two-month high, reaching the 1.27555 level. However, as the market absorbed the data, the price began to gradually decline.
(https://i.imgur.com/u1VlefM.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-gbp-usd-rate-surges-to-two-month-high-after-inflation-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
After Earnings Report, NVDA Stock Price Exceeds $1,000
(https://i.imgur.com/JiKWRCu.png)
For the first time in history, Nvidia's stock price has reached a four-digit number, and its market capitalisation has surpassed $2.5 trillion, ranking third globally after Microsoft and Apple. This surge is due to a strong earnings report, driven by high demand for AI chips:
→ Earnings per share: actual = $6.12, expected = $5.60;
→ Gross revenue: actual = $26.04 billion, expected = $24.59 billion.
Additionally, Nvidia announced a 10-for-1 stock split to make shares more accessible and attract new investors, which should support NVDA stock in the future.
While yesterday's main trading session closed around $950 per share, the price rose by approximately 6% in after-hours trading. Thus, NVDA's stock price has increased by over 100% since the beginning of the year. Can the rally continue?
On March 28, in the article "Stock Market Analysis: NVDA Losing Leadership?", we:
→ Noted signs of weakness relative to the S&P 500 index;
→ Constructed an ascending blue channel;
→ Suggested a potential pullback to the $800 level.
(https://i.imgur.com/ztTiChq.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-after-earnings-report-nvda-stock-price-exceeds-1-000/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Price Forms Bullish Reversal Amid Key News
(https://i.imgur.com/LxPx3AI.png)
Last night, the FOMC meeting minutes were released. According to USNews, there were no major surprises. However, the confirmation of persistent inflation – along with hints that some officials discussed potential future rate hikes – displayed a "hawkish" stance. The dollar index initially rose following the minutes' release but returned to pre-release levels this morning, suggesting the initial reaction might have been incorrect.
Subsequently, the Purchasing Managers' Index (PMI) data for key European economies was published. According to ForexFactory:
→ Flash Manufacturing PMI (France): actual = 46.7; expected = 45.8; previous = 45.3;
→ Flash Services PMI (France): actual = 49.4; expected = 51.8; previous = 51.3;
→ Flash Manufacturing PMI (Germany): actual = 45.4; expected = 43.4; previous = 42.5;
→ Flash Services PMI (Germany): actual = 53.9; expected = 53.5; previous = 53.2.
Overall, the actual PMI figures, considered a leading indicator of economic health, exceeded expectations and gave the euro a bullish push.
The combined effect of the euro's rise and the dollar's decline since midnight resulted in a four-hour EUR/USD chart candle with a long lower tail (indicated by an arrow), suggesting demand outweighs supply. A subsequent bullish candle could confirm this.
(https://i.imgur.com/8Yw0cDL.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-eur-usd-price-forms-bullish-reversal-amid-key-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD to CAD Analytical Predictions in 2024, 2025 and Beyond
(https://i.imgur.com/okN3HJf.jpeg)
This comprehensive article delves into the intricacies of the USD to CAD exchange rate, exploring the factors that may influence its trajectory in 2024, 2025, and beyond. From economic outlooks to key market drivers, this article provides valuable insights for traders navigating the complexities of currency trading.
The Canadian Dollar's Recent Performance
Over the past several years, the USD/CAD exchange rate has experienced a variety of shifts, reflecting broader economic trends and specific events in both the United States and Canada. To see how the pair’s movements have unfolded over the years, head over to FXOpen’s free TickTrader platform to interact with live USD/CAD charts.
Throughout 2019, the USD/CAD exchange rate remained relatively stable, fluctuating between 1.35 and 1.30. This period was marked by heightened trade tensions between the US and its key trading partners, primarily China, which had a ripple effect on the pair due to both the US and Canada's significant trade relationships.
TO VIEW THE FULL ARTICLE, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/usd-to-cad-analytical-predictions-in-2024-2025-and-beyond/?utm_source=globaleasyforexforum&utm_medium=article&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
European Currencies Testing Key Levels: Contributing Factors
(https://i.imgur.com/xBdfZAr.png)
In recent trading sessions, a significant amount of crucial macroeconomic data has been released from the US, Europe, and the UK:
- Wednesday: Consumer Price Index (CPI) in the UK (the figure came in higher than experts' forecast at 2.3% versus 2.1%)
- Wednesday: Publication of the minutes from the latest Federal Reserve meeting
- Thursday: US Manufacturing PMI (the figure exceeded experts' forecast at 50.9 versus 50.0)
This rich mix of data contributed to the USD/JPY pair testing 157.00, EUR/USD sellers attempting to break key support at 1.0800, and the GBP/USD pair halting its recent strengthening and returning to 1.2700.
EUR/USD
Technical analysis of the EUR/USD pair indicates the development of a bearish “dark cloud cover” pattern on the daily timeframe, formed on May 16. If the pair's sellers manage to break the support at 1.0800, the downward movement of the pair could extend towards 1.0730-1.0710. A resumption of the upward movement can be expected once the price moves above 1.0900. Today, several macroeconomic indicators are due for release, which could either reinforce the current trend or lead to the formation of reversal patterns:
- Today at 09:00 (GMT+3:00) Germany's Q1 GDP
- Today at 13:00 (GMT+3:00) Eurogroup Meeting
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-european-currencies-testing-key-levels-contributing-factors/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price and Crude Oil Price Signal Bearish Acceleration
(https://i.imgur.com/6P4LdTA.png)
Gold price started a sharp decline from $2,450. Crude oil prices declined steadily below the $80.00 support and moved into a bearish zone.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price climbed higher toward the $2,450 zone before there was a sharp decline against the US Dollar.
- A key bearish trend line is forming with resistance near $2,375 on the hourly chart of gold at FXOpen.
- Crude oil prices extended downsides below the $78.00 support zone.
- A major bearish trend line is forming with resistance near $78.00 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price rallied heavily above the $2,350 resistance. The price even spiked above $2,425 before the bears appeared.
A high was formed near $2,450 before there was a major decline. There was a move below the $2,400 support level. The bears even pushed the price below the $2,355 support and the 50-hour simple moving average.
(https://i.imgur.com/LyL9jcS.jpeg)
VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gold-price-and-crude-oil-price-signal-bearish-acceleration/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P-500 Analysis: Good News is Bad News
(https://i.imgur.com/BWVn5b8.png)
Yesterday, S&P Global reported its Purchasing Managers' Index (PMI) values for the US, which exceeded expectations. According to ForexFactory:
→ Manufacturing PMI: actual = 50.9; expected = 50.0; previous = 50.0.
→ Services PMI: actual = 54.8 (the highest value since May 2023); expected = 51.2; previous = 51.3.
However, the high PMI values, indicating a healthy economy, led to a drop in the stock index. The S&P-500 index (US SPX 500 mini on FXOpen) fell by more than 1.5% following the publication.
What explains this case of "good news is bad news"?
The point is, amid high business activity, manufacturers reported rising prices for a range of resources, suggesting that goods inflation might strengthen in the coming months. Stock market participants might have interpreted this as a reason for the Federal Reserve to maintain high rates for a longer period – hence the sharp decline in the index.
"Companies remain cautious with respect to the economic outlook amid uncertainty over the future path of inflation and interest rates, and continue to cite worries over geopolitical instabilities and the presidential election," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, in an interview with Reuters.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-sp500-analysis-good-news-is-bad-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Gold Price Drops Over 3.6% in 2 Days
(https://i.postimg.cc/fbSvqXxZ/gold-2.png)
The price of gold has fallen by more than 3.6% over 2 days, as indicated by today's XAU/USD chart. The day before yesterday, at the opening of the daily candle, the price of gold was $2421 per ounce, and yesterday at the close it was $2331.
This can be explained by market participants expecting higher Federal Reserve interest rates for a longer period. However, although gold is a hedge against inflation, it has two drawbacks:
→ It does not inherently generate income;
→ The gold market may be overvalued – after all, a historical peak was reached on May 20th.
Therefore, investors are increasingly paying attention to bonds – they also allow hedging against inflation, while their yields are rising.
(https://i.postimg.cc/W1XKcMFk/gold-2.jpg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (http://"https://fxopen.com/blog/en/oa-gold-price-drops-over-3-6-in-2-days/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve")
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 20 - 24 May Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: Nasdaq 100, NVIDIA, EUR/USD, Gold price
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- Tech Stocks Back in Vogue as Nasdaq 100 Rallies to Record High
- After Earnings Report, NVDA Stock Price Exceeds $1,000
- EUR/USD Price Forms Bullish Reversal Amid Key News
- Gold Price Reaches Historic High
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=JooQ-mYPevE/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/2MpvDtJ.jpeg) (https://www.youtube.com/watch?v=JooQ-mYPevE/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
USD/JPY Analysis: The Market is Indecisive Near Its Peak Since May 1
(https://i.imgur.com/w0HM85M.png)
As the USD/JPY chart shows today:
→ The price is in an upward trend (indicated by the blue channel) that has been relevant since the beginning of 2024.
→ On Thursday, May 23, the exchange rate nearly reached 157.2 yen per US dollar, surpassing the peak of May 14.
→ Following this, the market began to stabilise – indicated by the Bollinger Bands' width showing low volatility, which can be interpreted as a sign of market equilibrium or indecision among participants.
(https://i.imgur.com/ydteFOW.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-jpy-analysis-the-market-is-indecisive-near-its-peak-since-may-1/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Can Last Week's Gold Price Rally Be Replicated?
(https://i.imgur.com/VLFfUaU.png)
Gold holds a particularly exceptional status among precious metals. Whilst it does have some use in the manufacturing of consumer durables and electronic products ranging from alloy compounds in wedding rings to terminals for connecting electrical cables in audio equipment, its greatest use case is as an investment vehicle for the purposes of storing value in a physical commodity.
Over recent years, other precious metals such as platinum and cobalt have suddenly seen their status change from that of a rare mineral resource to a material in high demand as they form components used in electric vehicle batteries and other renewable energy-related hardware such as solar panels.
However, despite the sudden huge demand for these materials for industrial purposes, gold still remains a de facto investable metal whose price movements are often affected by global affairs rather than supply and demand.
In the latter part of this month, gold reached a record high, according to World Gold Council data, and was trading at $2427.30 on May 21.
That soon took an opposite turn, and by May 26, FXOpen pricing showed gold to be trading at well under the $2,400 mark.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-can-last-weeks-gold-price-rally-be-replicated/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
WTI Crude Oil Price Shows Bullish Trend Ahead of OPEC Meeting
(https://i.imgur.com/JJ5KuqD.png)
As the chart indicates, on Monday, the price of WTI crude oil rose by approximately 1%.
Reuters reports that the bullish sentiment is driven by:
→ the upcoming OPEC+ meeting scheduled for 2 June;
→ expectations of high fuel demand with the start of the summer driving season and holiday season in the US.
Conducting a technical analysis of WTI crude oil on 10 May, we drew an ascending channel in blue and suggested a scenario of continued price growth within this channel.
Since then:
→ the price formed a low on 15 May at the level of 76.35, but quickly recovered from it. Thus, the bears' attempt to break the low of 8 May at the level of 76.68 quickly failed. In other words, there was a false breakout of the 8 May low.
→ A similar pattern occurred on 24 May – the price dropped below the 15 May low of 76.35, but quickly recovered.
Two false bearish breakouts are a bullish sign. And the strong behaviour of WTI crude oil prices on Monday confirms this.
(https://i.imgur.com/VGFVfAg.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-wti-crude-oil-price-shows-bullish-trend-ahead-of-opec-meeting/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Analytical Tesla Stock Predictions for 2024, 2025 – 2030 and Beyond
(https://i.imgur.com/8QhjStF.jpeg)
Tesla's stock has experienced significant volatility since its IPO in 2010, driven by its significant technological advancements and status as a leading electric vehicle producer. This article explores Tesla's recent price history, analyses its outlook for 2024 and 2025, and provides detailed analytical forecasts for 2026 to 2030 and beyond, offering insights into the company's future performance and potential growth in the EV market.
Tesla’s Recent Price History
Tesla's journey in the stock market has been marked by significant milestones and periods of volatility. Since its initial public offering (IPO) in June 2010, when it debuted at $17 per share, Tesla has seen dramatic price changes driven by key events and developments.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/analytical-tesla-stock-predictions-for-2024-2025-2030-and-beyond/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
When the Chips Are Up! NVIDIA's Stratospheric Market Cap
(https://i.imgur.com/ISf6CwJ.png)
NVIDIA is a veritable Goliath among the highly competitive realms of Silicon Valley's technological mainstays.
Its market capitalisation is now so vast that it is larger than Meta (Facebook), Tesla, Netflix, AMD, Intel, and IBM combined.
That is a remarkable feat when considering that NVIDIA's bread and butter core business activity for many years was not software, it was hardware, and hardware in almost every other area of the computer technology business is almost obsolete as we live in a world of hosting and cloud-based internet services.
NVIDIA's high-quality graphics cards have for many years been the staple ingredient within machines built for specialist purposes such as gaming or professional digital currency mining. However times change and NVIDIA has angled itself firmly toward being the hardware manufacturer to handle AI, boosting its value tremendously.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gt-when-the-chips-are-up-nvidias-stratospheric-market-cap/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Slips as USD/CHF Targets Upside Break
(https://i.imgur.com/BcjQ5E1.jpeg)
EUR/USD started a downside correction from the 1.0890 resistance. USD/CHF is rising and might aim a move toward the 0.9155 resistance.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro struggled to clear the 1.0890 resistance and declined against the US Dollar.
- There was a break below a key bullish trend line with support at 1.0860 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF is showing positive signs above the 0.9110 resistance zone.
- There is a connecting bearish trend line forming with resistance at 0.9130 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair gained pace for a move above the 1.0850 zone, as mentioned in the previous analysis. The Euro tested the 1.0890 resistance and recently corrected gains against the US Dollar.
The pair dipped below the 1.0870 level. There was a break below a key bullish trend line with support at 1.0860. It even tested the 50% Fib retracement level of the upward move from the 1.0805 swing low to the 1.0889 high.
(https://i.imgur.com/Bckhuhh.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-eur-usd-slips-as-usd-chf-targets-upside-break/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Dollar Resumes Growth After a Corrective Pullback
(https://i.imgur.com/6yIeMHh.png)
Last week, there were several local downward trends in dollar pairs. For instance, the pound/dollar pair strengthened to 1.2800, euro/dollar buyers almost updated the recent high at 1.0895, and the usd/jpy pair remained below the crucial resistance at 157.00 for several days. However, the “dollar bears” couldn’t maintain their advantage, and by yesterday, sharp pullbacks and the formation of bullish combinations in usd pairs were observed.
So, what is the main reason for the return of dollar buyers to the market?
- The S&P/CS Composite-20 (USA) housing price composite index, excluding seasonal adjustments, was higher than forecasted at 7.4% versus 7.3%.
- The US Consumer Confidence Index from CB rose to 102.0 against expectations of 96.0.
- The probability of an interest rate cut by the Federal Reserve decreased to 51%, from 65% a week ago.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-dollar-resumes-growth-after-a-corrective-pullback/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Elon Musk Contributes to NVDA Price Surge to a New Record
(https://i.imgur.com/1HNe2DX.png)
Yesterday, on Tuesday, Nvidia's stock price reached a historic high, surpassing the $1,130 mark, increasing by almost 7% relative to Monday's closing price. This happened after a turbulent past week, during which Nvidia published a very strong report that led to an over 8% rise in its stock price in one day.
Thus, since the beginning of May, NVDA's price has increased by approximately 34%. The latest surge in bullish sentiment was driven by the news that Elon Musk's company xAI is purchasing Nvidia AI chips for a new powerful supercomputer.
Investor’s Business Daily reports that in a presentation for investors, Musk stated that:
→ xAI will require up to 100,000 specialised semiconductors for training and launching the next version of its AI chatbot, Grok.
→ The supercomputer will use Nvidia H100 graphics processors.
→ Musk hopes to bring the supercomputer, which he referred to as a “gigafactory of computation,” online by autumn 2025.
Analysing NVDA's stock price last week, we:
→ Updated the upward channel;
→ Suggested that on a bullish impulse, NVDA’s price could approach the median line of the upward channel.
(https://i.imgur.com/vdSGqAf.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-elon-musk-contributes-to-nvda-price-surge-to-a-new-record/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/JPY at Highest Level in Over 15 Years
(https://i.imgur.com/2yLvtwL.png)
As shown by today's GBP/JPY chart, the exchange rate has not only surpassed the psychological level of 200 yen per pound but has also exceeded the peak of 29 April 2024. The market is now experiencing prices last seen in 2008.
The main driver of the pound’s strength against the yen is the difference in monetary policies enacted by the central banks. While the Bank of England maintains a rate of 5.5%, in Japan it is 0.10% (having been kept unchanged at -0.10% from January 2016 until March 2024 – over 8 years).
Can the GBP/JPY rate go even higher? Fundamentally, if the imbalance in interest rates persists, it creates conditions for a continued rally.
According to Business Recorder, the Bank of Japan (BOJ) will act cautiously within its inflation targeting framework. BOJ Governor Kazuo Ueda noted that some issues are "exceptionally challenging" for Japan after many years of ultra-loose monetary policy.
“The absence of significant interest rate movements poses a considerable obstacle in assessing the economy’s response to changes in interest rates,” he said.
(https://i.imgur.com/h9X6XEb.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-gbp-jpy-at-highest-level-in-over-15-years/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
In the Spotlight: US Inflation and GDP Data
(https://i.imgur.com/lGm5K4N.jpeg)
In the final trading sessions of May, leading currencies have been in a downward trend against the dollar. For instance, the pound/dollar pair lost over 100 pips in a single day, euro sellers in the EUR/USD pair are testing 1.0800, and the USD/CAD pair might update its May high around 1.3760.
USD/CAD
The rise in commodity prices and worsening geopolitical situation in the Middle East are contributing to the sharp increase of the USD/CAD pair. According to the technical analysis of USD/CAD, a bullish “piercing line” pattern was formed on the daily timeframe on 28 May. The confirmation of this pattern could lead to continued growth of the pair towards the May high of this year at 1.3760. If the price consolidates above this level, a test of the important range 1.3840-1.3790 is possible. A break below 1.3610 would invalidate the bullish scenario.
The following news could impact the pricing of USD/CAD:
- Today at 15:30 (GMT +3:00) US GDP for the first quarter
- Today at 18:00 (GMT +3:00) Crude Oil Inventories from the Energy Information Administration (EIA)
- Tomorrow at 15:30 (GMT +3:00) US Core PCE Price Index for April
(https://i.imgur.com/IUzuH3W.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-in-the-spotlight-us-inflation-and-gdp-data/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Exchange Rate Has Fallen Below 1.08 Level
(https://i.imgur.com/P6C0ezf.png)
As the EUR/USD chart today shows, yesterday the rate dropped by 0.46% – the most significant strengthening of the US dollar against the euro in one day this month. Moreover, the rate fell below the psychological mark of 1.08 euros per dollar (in the first half of May, it served as resistance).
Yesterday's movement was influenced by:
→ news of rising inflation in Germany. As reported by Think.ING, inflation reached 2.4% year-on-year, up from 2.2% in April – highlighting uncertainty and the resilience of inflation;
→ the rise of the US dollar, driven by falling Treasury bonds, which increased the appeal of the American currency due to both higher yields in the US and demand for safe-haven assets.
Analysing the chart on 23 May in the article "EUR/USD Price Forms Bullish Reversal," we:
→ drew an ascending channel (shown in blue);
→ highlighted the importance of resistance at the 1.0875 level.
(https://i.imgur.com/HW8m8oZ.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-eur-usd-exchange-rate-has-fallen-below-1-08-level/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Nasdaq Index Shows Uncertainty Ahead of PCE Release
(https://i.imgur.com/isPo5rf.png)
The main event of the week is the release of the Personal Consumption Expenditures (PCE) index, which the Federal Reserve particularly focuses on when assessing inflation in the US. The release is scheduled for Friday at 15:30 GMT+3. As this important event approaches, rumours and trader expectations about the news increasingly impact the current price on the stock market.
According to ForexFactory, the Core PCE Price Index on a monthly basis is as follows:
→ forecast for Friday = 0.3%.
→ previous value (a month ago) = 0.3%;
→ value two months ago = 0.3%.
These figures indicate stable inflation, but surprises are not ruled out, which could certainly lead to a spike in volatility.
The price of the Nasdaq index (US Tech 100 mini on FXOpen) has decreased since the beginning of the week – this may indicate market participants' uncertainty about whether inflation will decrease. Meanwhile, as CNBC reports, the president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, believes that the Fed should wait for significant progress in combating inflation before lowering interest rates.
In his opinion, rates could potentially even be raised if inflation fails to decrease further. “I don’t think we should rule anything out at this point,” Kashkari added.
(https://i.imgur.com/WnxXh94.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-nasdaq-index-shows-uncertainty-ahead-of-pce-release/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD Dips While USD/CAD Eyes More Gains
(https://i.imgur.com/iHgR0F4.png)
GBP/USD is attempting a recovery wave from 1.2680. USD/CAD is rising and might aim for a move above the 1.3690 resistance zone.
Important Takeaways for GBP/USD and USD/CAD Analysis Today
- The British Pound started a fresh decline from the 1.2800 resistance zone.
- There is a key bearish trend line forming with resistance near 1.2740 on the hourly chart of GBP/USD at FXOpen.
- USD/CAD is showing positive signs above the 1.3660 support zone.
- There is a connecting bearish trend line forming with resistance near 1.3690 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/h9Vba0W.jpeg)
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2800 zone after a decent increase, as mentioned in the previous analysis. The British Pound traded below the 1.2740 support to again move into a short-term bearish zone against the US Dollar.
The pair even traded below 1.2710 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2680 level. A low was formed near 1.2680 and the pair is now attempting a short-term recovery wave.
There was a fresh upside above the 1.2710 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2800 swing high to the 1.2680 low.
Immediate resistance on the upside is near the 50% Fib retracement level of the downward move from the 1.2800 swing high to the 1.2680 low at 1.2740 and the 50-hour simple moving average. There is also a key bearish trend line forming with resistance near 1.2740.
The first major resistance on the GBP/USD chart is near the 1.2770 level. A close above the 1.2770 resistance might spark a decent increase. The next major resistance is near the 1.2800 level. Any more gains could lead the pair toward the 1.2880 resistance in the near term.
Initial support sits near 1.2710. The next major support sits at 1.2680, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2620.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-dips-while-usd-cad-eyes-more-gains/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NIO Shares Surged Over 9% on Sales Growth Expectations
(https://i.imgur.com/cibZEuh.png)
As evidenced by the NIO stock price chart, yesterday's trading closed at $4.93, while today the NIO share price is around $5.40, indicating an increase of over 9%.
According to MarketWatch, the rise is driven by expectations that the Chinese electric vehicle manufacturer's deliveries are likely to reach record levels.
The existing record was set in July last year when the company achieved monthly sales of 20,462 cars. However, analysts believe this result could be surpassed in May this year due to ongoing discounts on new cars and batteries.
The daily chart of NIO shares today shows that the price is in a long-term downtrend (indicated by the red trend channel) due to the global decline in demand for electric vehicles.
However, there are fundamental reasons to expect that the downward trend will be broken:
→ China is intensifying its efforts to develop electric vehicles – the State Council has presented an action plan for decarbonisation.
→ This month, the International Monetary Fund raised its forecast for China's economic growth in 2024 from 4.6% to 5%.
(https://i.imgur.com/kDX5Vnh.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-nio-shares-surged-over-9-on-sales-growth-expectations/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/CHF Rate Falls Over 1% After SNB Chief's Statements
(https://i.imgur.com/aJ9MLkW.png)
As evidenced by the USD/CHF chart, yesterday one US dollar was worth 0.913 Swiss francs, but today it is already 0.903, indicating a rate drop of approximately 1%.
According to MT Newswires, the franc's strengthening is attributed to statements by Swiss National Bank (SNB) President Thomas Jordan. In his view, an overly weak franc is the most likely source of higher inflation in Switzerland.
Notably, since the beginning of 2024, the Swiss franc has weakened against the US dollar by more than 7%, one of the worst performances among G10 currencies. The exchange rate has formed an ascending trend channel (indicated in blue).
(https://i.imgur.com/BwMD9hs.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-chf-rate-falls-over-1-after-snb-chiefs-statements/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
WTI Oil Price Unchanged After OPEC+ Meeting
(https://i.imgur.com/4C4WAKQ.png)
The OPEC+ meeting over the weekend did not have a substantial impact on the price of crude oil. As the chart shows, WTI oil opened today at $76.72 per barrel, while on Friday it closed at $76.57 – indicating that the decision made by oil producers is ambiguous.
The bullish argument is that restrictions on oil production to maintain its price will continue. According to Reuters, on Sunday, OPEC+ members agreed to extend the production cuts of 3.66 million barrels per day until the end of 2025.
The bearish argument is that eight OPEC+ countries have already signalled plans to gradually phase out voluntary cuts of 2.2 million barrels per day from October 2024 to September 2025.
Goldman Sachs analysts overall assessed the results of the meeting as more bearish for the market. "The communication of a gradual unwind reflects a strong desire to bring back production of several members given high spare capacity," they wrote.
The WTI crude oil chart shows that the market is breaking the upward trend (shown in blue), which we mentioned in our review on 10 May.
Since then, bulls attempted to resume the upward trend, but this only resulted in a false breakout of the psychological level of $80 per barrel on 29 May (indicated by an arrow).
Afterwards, bears regained control and sharply pushed the price below the lower boundary of the blue upward channel, making the downward channel (shown in red), which began in April, more relevant.
(https://i.imgur.com/M5TWTi9.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-wti-oil-price-unchanged-after-opec-meeting/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
MSFT Shares Surge on Record Yearly Volumes
(https://i.imgur.com/ijFyZ2M.jpeg)
On Friday, 31 May, almost 48 million Microsoft shares were traded on the NASDAQ – the highest number since the start of 2024. Meanwhile, the MSFT price chart formed a “hammer” candle:
→ trading opened at $416.75 per MSFT share;
→ mid-session, the price dropped below $406;
→ however, by the end of trading, the price had recovered to $415.13.
Fundamentally, it is difficult to pinpoint a single piece of news that served as the bullish driver. According to Barron's, a significant incentive for investing in MSFT shares should be considered the prospect of high dividend payouts.
(https://i.imgur.com/wIwOGyP.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-msft-shares-surge-on-record-yearly-volumes/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AUD/USD Analysis: US Dollar Rebounds from Decline
(https://i.imgur.com/ejvG8kE.png)
Yesterday, the PMI Manufacturing indices for several countries were published. The news turned out to be disappointing for the US - according to ForexFactory:
→ Final Manufacturing PMI: actual = 51.3; expected = 50.9; previous value = 50.9;
→ ISM Manufacturing PMI: actual = 48.7; expected = 49.8; previous value = 49.2;
This led to a weakening of the US dollar yesterday, as the not-so-strong manufacturing activity data, as reported by Trading Economics, supported arguments in favor of the Federal Reserve lowering interest rates.
As a result, currencies of other countries strengthened against the dollar, notably the AUD/USD exchange rate rose above 0.669 - the highest level in 2 weeks.
However, today the US Dollar is rebounding from yesterday's decline - and this is more clearly visible on the AUD/USD chart, indicating potential internal weakness for the Australian dollar.
(https://i.imgur.com/RTsQvWn.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-aud-usd-analysis-us-dollar-rebounds-from-decline/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
European Currencies on Track to Yearly Highs
(https://i.imgur.com/npj6KOb.png)
The first summer month saw a sharp rise in European and commodity currencies against the dollar. For instance, the pound/dollar is heading towards 1.2850, while the euro/dollar is set to test a significant resistance level at 1.0960. The surge in volatility at the beginning of the week was made possible thanks to the following events:
- Yesterday at 17.00 (GMT +3:00) the release of the ISM Manufacturing Purchasing Managers' Index (PMI) for the US (48.7 versus a forecast of 49.8);
- Yesterday at 17.00 (GMT +3:00) the publication of the ISM Manufacturing Prices Index for the US (57.0 versus a forecast of 60.0).
EUR/USD
Technical analysis of the eur/usd pair indicates the possibility of further growth towards 1.1100-1.1000, provided that the 1.0900 mark remains a support level.
In case of a break below the mentioned support, a test of 1.0880-1.0850 may be possible.
The following news releases may impact the pair's movement:
- Today at 10.20 (GMT +3:00) speech by ECB Governing Council member Eduardo Fernandez-Bollo;
- Today at 10.55 (GMT +3:00) release of the unemployment rate in Germany for May.
(https://i.imgur.com/uUazYU1.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-european-currencies-on-track-to-yearly-highs/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Analysis of PFE Price: Is the Stock Undervalued?
(https://i.imgur.com/BQyq3BP.png)
Yesterday, the price of Pfizer's stock rose by more than 2.2%, while the S&P 500 index remained almost unchanged from the opening to the closing of trading. This fact is noteworthy, considering that for many months the price of PFE stock performed worse than the market - if the S&P 500 grew by 23% during 2023, then the price of PFE decreased by approximately 43%.
The decline in 2023 (shown by the red channel) was disappointing. But what about now - is the situation changing? Are investors missing out on something important by turning away from PFE?
Several factors indicate that PFE stock may have optimistic prospects.
Fundamentally - Investors Place has included PFE in the list of the most undervalued stocks for reasons such as:
→ 2023 saw a record number of FDA approvals. New drugs could boost sales.
→ Pfizer acquired Seagen, significantly expanding its capabilities in cancer research. This supports the company's strategy to become a world-class leader in oncology.
→ By 2030, Pfizer plans to release 8 drugs that could become "blockbusters."
(https://i.imgur.com/0MFzVdM.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-analysis-of-pfe-price-is-the-stock-undervalued/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Could Continue Higher
(https://i.imgur.com/hmjkQEY.png)
AUD/USD is correcting gains from the 0.6700 zone. NZD/USD is showing positive signs and might attempt a fresh increase above 0.6200.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a downside correction from 0.6700 against the US Dollar.
- There is a key bullish trend line forming with support at 0.6645 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is gaining pace above the 0.6145 support zone.
- There is a major bullish trend line forming with support at 0.6170 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/6OmsnfT.jpeg)
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6590 support. The Aussie Dollar was able to clear the 0.6630 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6645 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6700 zone. A high was formed near 0.6698 and the pair is now correcting gains.
There was a move below the 0.6670 level. The pair declined below the 50% Fib retracement level of the upward move from the 0.6590 swing low to the 0.6698 high. On the downside, initial support is near a key bullish trend line at 0.6645.
The next major support is near the 61.8% Fib retracement level of the upward move from the 0.6590 swing low to the 0.6698 high at 0.6630.
If there is a downside break below the 0.6630 support, the pair could extend its decline toward the 0.6590 level. Any more losses might signal a move toward 0.6520.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6670. The first major resistance might be 0.6700. An upside break above the 0.6700 resistance might send the pair further higher.
The next major resistance is near the 0.6720 level. Any more gains could clear the path for a move toward the 0.6750 resistance zone.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-could-continue-higher/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P 500 Index: Latest Analysts’ Forecasts
(https://i.imgur.com/zEyAG3Y.png)
Over the three spring months, the S&P 500 (US SPX 500 mini on FXOpen) rose by 3.5% – not the worst result, but it might be disappointing considering that in the first two months of the year the index increased by 7.8%.
This trend suggests that:
→ the rally driven by interest in AI is slowing down;
→ stock market participants are concerned that Fed rates will remain high.
What could be the scenarios for future developments until the end of the year and beyond?
The media publish fresh forecasts on the S&P 500 (US SPX 500 mini on FXOpen) price from Wall Street analysts:
→ MarketWatch: Analysts at JP Morgan believe that the growth potential is exhausted and the market may “hit a wall” preventing further growth. They maintain a forecast that the index value at the end of 2024 will be 4200 points.
→ MarketWatch: Experts at Wells Fargo think it would be too optimistic to expect stocks to reach new record highs ahead of the US elections in November; however, further growth related to the election results looks likely in 2025. They estimate the index could reach a record 5700 points by the end of next year.
→ BusinessInsider: According to Capital Economics, the index could rise if Treasury yields fall and the momentum from AI adoption remains strong. Their forecast is 6500 points by the end of 2025, followed by a sharp correction in 2026.
(https://i.imgur.com/tJPUdDg.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-s-p-500-index-latest-analysts-forecasts/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Is ADBE Stock Undervalued?
(https://i.imgur.com/HSjt9Ej.png)
The stock chart for Adobe Systems shows that on May 31, 2024, the price fell below $440 – for the first time since June 2023. This drop was partly due to increased competition from Canva, which released updated tools.
However, in early June, the decline did not continue, suggesting that ADBE stock is consolidating around a multi-month low.
Since the beginning of the year, ADBE has decreased by approximately 23%, while the NASDAQ index (US Tech 100 mini on FXOpen) has increased by more than 12%. Is this indicative of serious problems for the company or is the stock undervalued?
A significant amount of information will come from Adobe Systems' earnings report, which will be released on June 13, 2024. According to Yahoo Finance.
The company's earnings per share are forecasted to be $4.38, representing a 12.02% increase compared to the same quarter last year.
Revenue is forecasted at $5.28 billion, a 9.65% increase compared to the same quarter last year.
It is noteworthy that since December 2018, Adobe has consistently exceeded expectations (though this has not always led to a rise in the stock price).
According to TipRanks, the average price target for ADBE stock is $624.83 over the next 12 months, indicating a potential upside of +39.36% from current levels – suggesting that most analysts do not believe the company has deep internal issues, as otherwise they would not be forecasting such price growth.
(https://i.imgur.com/97BHNtc.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-is-adbe-stock-undervalued/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Price of Silver Is Acting Weaker Than Gold
(https://i.imgur.com/QJxiVNT.png)
According to Reuters, precious metal prices have risen in the past 1-2 days as Treasury yields have fallen, enhancing metals' appeal as a "safe haven" for investor portfolios.
Currently:
→ Expectations are growing that US interest rate cuts may begin as early as September;
→ Market participants are focusing on non-farm employment data and other US market data, set to be released on Friday at 15:30 GMT+3.
In this context, it is notable that the gold market is clearly stronger than silver.
The XAU/USD chart shows that the price of gold today rose above $2370 per ounce, a high not seen since 23 May, more than 10 days ago.
Meanwhile, the price of silver experienced a decline of over 8% from 29 May to 4 June. Today’s rise appears to be an attempt by bulls to offset this bearish momentum, during which the price of gold remained stable.
(https://i.imgur.com/T53Gdwz.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-price-of-silver-is-acting-weaker-than-gold/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Dollar Continues Range-bound Trading Ahead of US Employment Data
(https://i.imgur.com/H2RTt1E.jpeg)
Despite a busy start to the current five-day period, major currency pairs remain near previously reached extremes. Here’s what happened in recent trading sessions:
- The US ISM manufacturing PMI data was released (worse than expected: 48.7 vs. 49.8)
- The ADP employment report was released (worse than expected: 152K vs. 173K)
- The Bank of Canada meeting resulted in a 0.25% cut in the base interest rate to 4.75%
USD/CAD
According to the technical analysis of the USD/CAD pair on the daily timeframe, range-bound trading between 1.3740-1.3590 prevails. The price has remained within this corridor for over four weeks, making it difficult to predict the future direction without a decisive breakout. Currently, a bounce from the upper boundary is observed, and with an appropriate news impulse, a retest of 1.3610-1.3590 can be expected. Key upcoming events to watch:
- Today at 15:30 (GMT +3:00): Initial jobless claims in the US
- Tomorrow at 15:30 (GMT +3:00): Change in non-farm payrolls in the US (forecast: 185K)
- Tomorrow at 15:30 (GMT +3:00): Change in full employment in Canada
(https://i.imgur.com/1Akj5DB.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-the-dollar-continues-range-bound-trading-ahead-of-us-employment-data/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/CAD Analysis: Bank of Canada Cuts Interest Rate by 0.25%
(https://i.imgur.com/UcqotA5.jpeg)
This occurred yesterday and was in line with analysts' forecasts, according to a Bloomberg survey.
According to statements from the Bank of Canada:
→ Price growth indicators for consumer price index components have further decreased and are close to their historical average;
→ Recent data has increased confidence that inflation will continue moving towards the 2% target;
→ Monetary policy no longer needs to be as restrictive.
At the press conference, Governor Tiff Macklem stated that there is “compelling evidence” of weakening inflation and it is “reasonable to expect” further rate cuts if inflation continues to slow.
(https://i.imgur.com/g96MboF.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-cad-analysis-bank-of-canada-cuts-interest-rate-by-0-25/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price Gains Traction, Crude Oil Price Rises
(https://i.imgur.com/bXZMe1o.png)
Gold price started a fresh increase above $2,350. Crude oil is recovering and might rise toward the $78.40 resistance zone.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price started a decent increase from the $2,315 zone against the US Dollar.
- A major bullish trend line is forming with support at $2,368 on the hourly chart of gold at FXOpen.
- Crude oil is recovering losses and trading above the $74.30 support.
- There was a break above a connecting bearish trend line with resistance near $73.50 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
(https://i.imgur.com/VIwR1ie.jpeg)
On the hourly chart of Gold at FXOpen, the price formed support near the $2,315 zone. The price remained in a bullish zone and started a fresh increase above $2,340.
The bulls even pushed the price above the $2,350 level and the 50-hour simple moving average. Finally, it traded as high as $2,385. The price is now consolidating gains near the $2,385 zone and the RSI is above 70.
Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,315 swing low to the $2,38 high at $2,368. There is also a major bullish trend line forming with support at $2,368.
The first major support is near the $2,350 zone and the 50-hour simple moving average. It is close to the 50% Fib retracement level of the upward move from the $2,315 swing low to the $2,38 high. If there is a downside break below the $2,350 support, the price might decline further.
In the stated case, the price might drop toward the $2,342 support. Immediate resistance is near the $2,385 level. The next major resistance is near the $2,392 level. An upside break above the $2,392 resistance could send Gold price toward $2,400. Any more gains may perhaps set the pace for an increase toward the $2,420 level.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gold-price-gains-traction-crude-oil-price-rises/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Analysis: ECB Cuts Interest Rate for First Time Since 2019
(https://i.imgur.com/RXN1vBc.png)
By its decision, the ECB followed the example of the Bank of Canada, which lowered interest rates by 0.25%, as we reported yesterday. Consequently, this trend might continue with the Federal Reserve, marking the development of easing monetary policy cycles in Western economies.
According to ForexFactory:
→ the interest rate had been at 4.50% since September 2023;
→ it was reduced to 4.25%;
→ the reduction was accurately predicted by experts.
According to CNBC:
→ the ECB forecasts inflation at 2.5% in 2024 and 2.2% in 2025;
→"Based on an updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission, it is now appropriate to moderate the degree of monetary policy restriction after nine months of holding rates steady," stated the ECB Governing Council.
Given that the rate cut was anticipated, the EUR/USD rate hasn't changed significantly today, despite a noticeable spike in volatility.
Analysing the EUR/USD chart on 30 May, we highlighted the importance of the 1.08 level.
Since then, the bulls have shown the ability to bounce off this level and rise to 1.09.
(https://i.imgur.com/NOtcgub.jpeg)
(https://fxopen.com/blog/en/oa-ecb-cuts-interest-rate-for-first-time-since-2019/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolveTO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Analytical NVIDIA Stock Forecast for 2024, 2025 – 2030, and Beyond
(https://i.imgur.com/bK6W0bx.jpeg)
NVIDIA's stock has seen remarkable growth, driven by advancements in AI, data centres, and emerging technologies. This article provides a comprehensive analysis of NVIDIA’s stock outlook for 2024, 2025, and the next decade. Join us as we explore detailed insights into the company’s financial performance, strategic initiatives, and potential in new markets like autonomous driving and the Internet of Things (IoT).
NVIDIA’s Recent Price History
NVIDIA Corporation, founded in 1993, went public in 1999 with an initial share price of $12. Note that, adjusted for the multiple splits NVDA has undergone, this is equivalent to $0.4375—we’ll refer to the split-adjusted price from here.
The company quickly made a name for itself in the graphics processing unit (GPU) market, and its stock saw steady growth through the early 2000s.
Early 2000s to 2015: Building the Foundation
Throughout the 2000s, NVIDIA expanded its product line, targeting both gaming and professional markets. Significant milestones included the release of the GeForce 256 in 1999, often considered the world's first GPU.
The company's stock price rallied in the dot-com bubble, cresting $6 in 2001. After sinking to a low of $0.60 in 2002, NVDA began a long uptrend, peaking at $9.92 in 2007, just before the 2008 financial crisis sent it plummeting back to $1.44. Continuing to expand its presence in the GPU arena over the years, NVIDIA’s stock rebounded, closing 2015 at $8.24.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/analytical-nvidia-stock-forecast-for-2024-2025-2030-and-beyond/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 3 - 7 June Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: S&P 500, US Dollar, Gold and Silver, MSFT Shares
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- S&P 500 Index: Latest Analysts’ Forecasts
- The Dollar Continues Range-Bound Trading Ahead of US Employment Data
- The Price of Silver Is Acting Weaker Than Gold
- MSFT Shares Surge on Record Yearly Volumes
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=56o4puZ3Md0/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/byxtIO6.jpeg) (https://www.youtube.com/watch?v=56o4puZ3Md0/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
EUR/GBP Rate at 21-Month Low Post-European Parliament Elections
(https://i.imgur.com/jJrER8K.png)
Investors will begin the week in a state of uncertainty regarding the outlook of Europe's political landscape.
The four-day European Parliament elections concluded on Sunday. According to Reuters, the results showed a significant gain for eurosceptic-nationalists, who have displaced liberals and greens.
Additionally, President Emmanuel Macron dissolved the French Parliament, calling for early legislative elections later this month after losing to Marine Le Pen's far-right party in the European Union elections.
All this puts pressure on the structure of the European Union, weakening the euro's value.
As shown by the EUR/GBP chart, trading on the currency markets opened on Monday around the 0.8465 level—a price not seen since August 2022.
(https://i.imgur.com/3CREBMt.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-eur-gbp-rate-at-21-month-low-post-european-parliament-elections/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Gold Price Drops After US Employment Report
(https://i.imgur.com/NhrUaMU.png)
As per ForexFactory, the Non-Farm Employment Change report revealed an actual increase of 272 thousand jobs (expected = 182k, previous value = 165k).
A robust job market provides further arguments for the Federal Reserve to continue its tight monetary policy. Consequently, the news led to a rise in the dollar index and a decrease in assets denominated in US dollars:
→ Currencies depreciated; for instance, the NZD/USD rate decreased by approximately 1.5%;
→ Cryptocurrencies declined; Bitcoin dropped by roughly 3%;
→ Gold also decreased in price.
The situation worsens for the gold price with the news that China has stopped buying the metal for reserves after doing so for 18 months. According to ING, China's appetite showed signs of weakening in April when the central bank purchased only 60,000 ounces compared to 160,000 ounces in March.
(https://i.imgur.com/3cysIuG.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-gold-price-drops-after-the-us-employment-report/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Goldman Sachs Predicts a Rise in Brent Crude Oil Prices
(https://i.imgur.com/vjGDP3I.png)
According to CNBC, Goldman Sachs analysts believe that Brent crude oil prices should increase in the third quarter due to summer fuel demand leading to a “significant” deficit—approximately 1.3 million barrels per day. They forecast that the price of Brent could rise to $86 per barrel with a “ceiling” around $90.
This implies an approximate +7% increase from current levels and a continued rise from the low set on 4 June. How realistic is this?
(https://i.imgur.com/WtDng0K.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-goldman-sachs-predicts-a-rise-in-brent-crude-oil-prices/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AAPL Shares Drop Following the Apple Intelligence Presentation
(https://i.imgur.com/a3kvfbE.png)
Yesterday, 10 June, at the WWDC2024 conference, the American corporation Apple unveiled its new artificial intelligence system, Apple Intelligence (AI).
Apple Intelligence will allow users to enhance their text and communicate more effectively: rewriting, proofreading, and summarising text almost everywhere, including in mail, notes, pages, and third-party applications. The Rewrite function will enable changing the tone of messages, adding jokes, and rephrasing sentences.
Key features include:
→ AI's capability to understand the user's "personal context."
→ AI's ability to generate unique photos, sketches, and illustrations in Notes, Freeform, and Pages.
→ Apple confirmed its collaboration with OpenAI during the presentation.
However, on the same day, AAPL shares fell nearly 2%, with high trading volumes on the Nasdaq—over 97 million shares were traded, compared to an average volume of about 59 million.
Is this a sign that investors were disappointed with the presentation? Looking at AAPL’s stock chart today, it suggests that the decline might be due to the significant $195 level per AAPL share.
(https://i.imgur.com/5HzNRGs.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-aapl-shares-drop-following-the-apple-intelligence-presentation/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Dives While USD/JPY Continues To Rise
(https://i.imgur.com/X4h0l51.png)
EUR/USD gained bearish momentum below the 1.0810 support. USD/JPY is rising and might take out the 157.40 resistance.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro started a fresh decline below the 1.0810 support zone.
- There is a connecting bearish trend line forming with resistance at 1.0760 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY climbed higher above the 155.25 and 156.25 levels.
- There is a connecting bullish trend line forming with support at 156.85 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.0900 resistance zone. The Euro started a fresh decline and traded below the 1.0810 support zone against the US Dollar, as mentioned in the previous analysis.
The pair even declined below 1.0760 and tested the 1.0720 zone. A low was formed near 1.0719 and the pair is now consolidating losses. On the upside, the pair is now facing resistance near the 23.6% Fib retracement level of the recent decline from the 1.0901 swing high to the 1.0719 low at 1.0760.
(https://i.imgur.com/bj9v7xr.jpeg)
There is also a connecting bearish trend line forming with resistance at 1.0760 and the 50-hour simple moving average. The next key resistance is near the 1.0780 level.
The main resistance is 1.0810 or the 50% Fib retracement level of the recent decline from the 1.0901 swing high to the 1.0719 low. A clear move above the 1.0810 level could send the pair toward the 1.0860 resistance.
An upside break above 1.0860 could set the pace for another increase. In the stated case, the pair might rise toward 1.0900. If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0720.
The next key support is at 1.0680. If there is a downside break below 1.0680, the pair could drop toward 1.0650. The next support is near 1.0620, below which the pair could start a major decline.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-eurusd-dives-while-usdjpy-continues-to-rise/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
FTSE 100 Index Declines After Labour Market News
(https://i.imgur.com/nPQU1R1.png)
The British stock index FTSE 100 (UK 100 on FXOpen) dropped nearly 1% yesterday due to the release of economic data indicating a rise in unemployment.
According to ForexFactory:
→ The Claimant Count Change (number of unemployment benefit claims) was 50,000 (expected = 10.2k, previous month = 8.4k). This is the highest number since March 2021.
→ The unemployment rate slightly increased to 4.4% compared to the previous value of 4.3%.
However, today the FTSE 100 (UK 100 on FXOpen) chart is showing signs of recovery.
Fundamentally:
→ GDP news did not bring any unpleasant surprises;
→ Weakening in the labour market might prompt the Bank of England to lower the interest rate to stimulate the economy, which should support the stock index.
(https://i.imgur.com/9um48Wq.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-ftse-100-index-declines-after-labour-market-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/CAD Retracts from Nearly 2-Month High
(https://i.imgur.com/bc9xbad.png)
Yesterday, the USD/CAD exchange rate climbed above 1.3785 for the first time since mid-April.
However, today's USD/CAD chart shows that it failed to consolidate at this peak and has dropped to a weekly low.
These fluctuations might be interpreted as traders positioning themselves ahead of today's critical events. According to ForexFactory:
At 15:30 GMT+3, US inflation data will be released;
At 21:00 GMT+3, the Fed's interest rate decision will be announced;
At 21:30 GMT+3, Powell's press conference will take place.
(https://i.imgur.com/Wdij6U3.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-cad-retracts-from-nearly-2-month-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Inflation Data and Fed Verdict Could Set Dollar's Summer Trend
(https://i.imgur.com/cNfOji3.png)
The US currency is gearing up for the most important trading session of the current week, and possibly even the month. Today, the US Consumer Price Index (CPI) data for May will be released. Additionally, the Federal Reserve (Fed) has a meeting scheduled today where the base interest rate will be announced, along with the regulator's dot plot forecast for the rest of the year. Considering that last Friday's employment data exceeded forecasts, many investors and experts (according to an FT-Chicago Booth survey) believe that:
- The Fed will reduce rates by only a quarter of a percentage point this year;
- Instead of three cuts, economists and traders are pricing in up to two rate cuts by the end of the year.
Naturally, such hawkish market expectations are likely to support the strengthening of the US currency. However, it should be noted that the dollar is currently at medium- and long-term highs, and the likelihood of a pullback and the formation of reversal patterns is quite high.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-inflation-data-and-fed-verdict-could-set-dollars-summer-trend/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Dollar Falls After Inflation Data: Is a Change in Medium-Term Trends on the Horizon?
(https://i.imgur.com/b4eVmlP.png)
The second consecutive decline in the US core consumer price index caused a sharp drop in the American currency across the board. For instance, the GBP/USD pair rose by 120 points within a couple of hours, attempting to strengthen above 1.2800. The EUR/USD pair closed Monday's “price gap” and tested 1.0850, while the USD/JPY pair briefly traded below 156.00. However, a change in medium-term trends remains highly uncertain. The Fed meeting and the publication of an updated economic forecast by the US regulator allowed the dollar to quickly recover some losses.
From yesterday's Fed statement:
- The target range for the federal funds rate remains at 5.25–5.50%;
- The median forecast by FOMC members suggests one and a half rate cuts for the federal funds rate (compared to three in the March forecast).
From the published data, it can be inferred that the Fed maintains a fairly hawkish stance, which could support buyers of the US currency.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-dollar-falls-after-inflation-data-is-a-change-in-medium-term-trends-on-the-horizon/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P 500 Index Hits Record After Major News
(https://i.imgur.com/gei22Ve.png)
Yesterday, significant news regarding US inflation was released. According to ForexFactory:
→ Year-on-year Consumer Price Index (CPI): actual = 3.3%, forecast = 3.4%, previous = 3.4%;
→ Month-on-month CPI: actual = 0.0%, forecast = 0.1%, previous = 0.3%;
→ Month-on-month Core CPI (excluding food and energy): actual = 0.2%, forecast = 0.3%, previous = 0.3%.
These official figures indicate that US inflation is slowing down.
This bolstered expectations that the current tight monetary policy might ease. Consequently:
→ the dollar weakened (as we anticipated yesterday while analysing the USD/CAD chart);
→ stock markets surged. Notably, the S&P 500 index (US SPX 500 mini on FXOpen) surpassed 5,444, rising approximately 1.1% within two hours following the inflation news release.
Later that day, the Fed's rate decision and Powell's press conference took place:
→ the Fed rate remained unchanged at 5.5% (as expected);
→ Jerome Powell signalled a possible rate cut before the end of the year, hinting at the possibility of two cuts.
(https://i.imgur.com/hVd7hc9.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-s-p-500-index-hits-record-after-major-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD and EUR/GBP Poised For More Losses
(https://i.imgur.com/nQ8pZTR.jpeg)
GBP/USD failed to climb above 1.2860 and trimmed all gains. EUR/GBP is declining and trading below the 0.8410 support level.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is showing bearish signs below 1.2800.
- There is a key bearish trend line forming with resistance near 1.2765 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP is declining and showing bearish signs below 0.8460.
- There is a major declining channel forming with support at 0.8410 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/lKy8vbt.png)
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2860 zone. As mentioned in the previous analysis, the British Pound struggled to extend gains and declined below the 1.2800 support level against the US Dollar.
There was a clear move below the 61.8% Fib retracement level of the upward move from the 1.2706 swing low to the 1.2860 high. The pair even settled below the 1.2765 level and the 50-hour simple moving average.
The pair tested the 1.2740 support zone and the 76.4% Fib retracement level of the upward move from the 1.2706 swing low to the 1.2860 high.
It is now consolidating losses above the 1.2740 level. On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2765 and a connecting bearish trend line. The next major resistance is near the 50-hour simple moving average at 1.2780.
A close above the 1.2780 resistance zone could open the doors for a move toward 1.2825. Any more gains might send it toward 1.2860. If not, the pair could resume its decline below 1.2740. On the downside, there is a key support forming near 1.2710.
If there is a downside break below the 1.2710 support, the pair could accelerate lower. The next major support is near the 1.2690 zone, below which the pair could test 1.2650. Any more losses could lead the pair toward the 1.2550 support.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-and-eur-gbp-poised-for-more-losses/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
NZD/USD Exchange Rate Falls from Nearly 5-Month High
(https://i.imgur.com/38lxW4p.png)
The NZD/USD exchange rate has dropped from its highest level in nearly five months. On Wednesday, following the release of US inflation data, the NZD/USD rate exceeded 0.6220 for the first time since 15 January 2024.
However, today the rate has fallen approximately 1.3% from Friday’s peak, suggesting that the market's reaction to the US inflation news was overly emotional.
According to Reuters:
→ Fed Chair Jerome Powell indicated a readiness to keep rates steady until clearer economic signals suggest a need for cuts.
→ Traders have reduced the likelihood of a Fed rate cut at the September meeting.
Meanwhile, the Reserve Bank of New Zealand does not plan to cut rates at all in 2024. According to Trading Economics, any rate cuts are unlikely before mid-2025.
Thus, the policies of the two central banks are balanced, and the current drop from nearly a 5-month high may be a return to a more balanced valuation after an emotional surge into overbought territory.
The RSI indicator supports this view.
(https://i.imgur.com/jm6M8Q9.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-nzd-usd-exchange-rate-falls-from-nearly-5-month-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
European Stock Indices Decline Amid Political Uncertainty
(https://i.imgur.com/96JZdkO.png)
Today, the Eurostoxx 50 index (Europe 50 on FXOpen) has dropped below the early May minimum, reflecting escalating market concerns over the upcoming French elections, as reported by Reuters. Finance Minister Bruno Le Maire's acknowledgment that the current political crisis could evolve into a financial crisis has amplified fears, extending the political risk until June.
How long might this decline persist?
Fundamentally, statements from authorities could calm the markets.
(https://i.imgur.com/57TWUq9.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-european-stock-indices-decline-amid-political-uncertainty/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 10 - 14 June Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: S&P 500 Index, US Dollar, FTSE 100 Index, Gold Price
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- S&P 500 Index Hits Record after Major News
- Dollar Falls after Inflation Data: is a Change in Medium-Term Trends on the Horizon?
- FTSE 100 Index Declines after Labour Market News
- Gold Price Drops after US Employment Report
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=qXsulSGoIrE/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/qpyLwtI.jpeg) (https://www.youtube.com/watch?v=qXsulSGoIrE/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
Nikkei Index Falls Below 38,000 Points This Month for First Time
(https://i.imgur.com/aZqnDcn.png)
According to today's Nikkei 225 (Japan 225 on FXOpen) chart, the index quote dropped below 38,000 points at Monday's low, followed by a recovery (shown by an arrow).
One of the drivers of the decline was the automotive sector, whose shares led during the downturn. In particular, according to Reuters, Toyota Motors' shares fell by more than 2% as the company faces difficulties due to a certification scandal. Japanese national broadcaster NHK reported that Toyota will extend the production halt for some models until the end of July.
The fact that the Nikkei 225 (Japan 225 on FXOpen) price is recovering after dropping below the 38,000 mark suggests a false bearish breakout below this psychological level.
(https://i.imgur.com/uNTKtSt.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-nikkei-index-falls-below-38-000-pointsthis-month-for-first-time/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Adobe's Stock Surges Approximately 15% After Report Publication
(https://i.imgur.com/8Y1JL6k.png)
On June 5th in the article "Is ADBE Stock Undervalued?", we highlighted several bullish signs, suggesting that the report published on June 13th could be a driver for a resumption of the uptrend.
Adobe's report released on June 13th proved to be strong:
→ Earnings per share: Actual = $4.48, Forecast = $4.39;
→ Revenue: Actual = $5.309 billion, Forecast = $5.291 billion. A 10% increase compared to the same quarter last year.
Furthermore, the company stated that:
→ AI is more of an advantage than a hindrance to business development;
→ “We’re seeing early success monetizing new AI technologies across our Digital Media and Digital Experience businesses,” said Shantanu Narayen, Adobe's CEO.
(https://i.imgur.com/QFVWHcA.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-adobes-stock-surges-approximately-15-after-report-publication/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Nasdaq 100 Index Reaches 20,000 Points for the First Time
(https://i.imgur.com/w6BgZue.png)
On 30 May, we noted some uncertainty in the price behaviour of the Nasdaq 100 (US Tech 100 mini on FXOpen) near the resistance level of 18,840, as shown by arrow #1.
Following this, the price declined and tested the former resistance at 18,250 (indicated by arrow #2) – the long lower shadow on the candle indicated aggressive demand (more details in the article on the Hammer pattern).
This test gave the bulls confidence to break through the 18,840 resistance.
In June, the price continued to rally within the ascending channel (shown in green), which is part of a larger ascending channel (shown in blue), driven by:
→ prospects for AI implementation;
→ prospects of Fed rate cuts.
Yesterday, the Nasdaq 100 (US Tech 100 mini on FXOpen) rose by approximately 1.2%, reaching the psychological level of 20,000 points. This record was supported by influential analysts raising their forecasts for US stock markets. For example:
→ Goldman Sachs raised the year-end 2024 target for the S&P 500 (US SPX 500 mini on FXOpen) from 5200 to 5600;
→ Evercore ISI increased its forecast for the same index from 4750 to 6000.
Market sentiment was also buoyed by the anticipation of several comments from FOMC members scheduled for this week. These might confirm the Fed's intention to cut rates as early as September this year.
(https://i.imgur.com/NjTT422.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-nasdaq-100-index-reaches-20-000-points-for-the-first-time/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
European Currencies Adjust to Support Levels: Is Growth Possible?
(https://i.imgur.com/kaROlq3.png)
A week rich in macroeconomic data contributed to the decline of the euro, yen, and pound. Notably, the following events were significant:
- Inflation falling for the second consecutive month (0.2% against the expected 0.3%);
- The publication of the updated forecast from the Federal Reserve (one reduction in the federal funds rate by 0.25%, presumably in September).
Nonetheless, despite the hawkish stance of the Federal Reserve and the steady slowdown in inflation, European currencies managed to stay above key levels relative to the dollar, even laying the groundwork for forming reversal patterns.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-european-currencies-adjust-to-support-levels-is-growth-possible/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
TSLA Shares Revive After Shareholder Meeting
(https://i.imgur.com/k12v7tr.png)
Last week, Tesla held a shareholder meeting where the main events included:
→ Shareholders approving Elon Musk’s $56 billion compensation package in TSLA stock options;
→ Relocating the company’s legal headquarters to Texas;
→ Elon Musk’s statements on robotics, asserting that Optimus robots could make Tesla a $25 trillion company.
Approving the massive compensation eliminated the risk of Musk leaving the company (which would likely have caused a sharp drop in TSLA stock price). The billionaire thanked shareholders and today, 18 June, posted on X (Twitter) announcing that he is working on a new master plan for Tesla’s development, likely focusing on the prospects of Optimus robots.
Additionally, news emerged about the launch of Tesla Model 3 sales at a new price in China. This spurred activity in the TSLA stock market.
(https://i.imgur.com/htAWFgO.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-tsla-shares-revive-after-shareholder-meeting/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Sight Steady Increase
(https://i.imgur.com/v2sIH5z.png)
AUD/USD is attempting a recovery wave from 0.6590. NZD/USD could gain bullish momentum if there is a clear move above the 0.6150 resistance.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar found support near 0.6590 and is now recovering against the US Dollar.
- There was a break above a key bearish trend line with resistance at 0.6630 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is attempting a recovery wave above the 0.6110 resistance.
- There is a major bearish trend line forming with resistance near 0.6150 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair dipped from the 0.6700 resistance zone. The Aussie Dollar declined below 0.6660, but the bulls were active near 0.6600 against the US Dollar.
A low was formed near 0.6590 and the pair is now correcting losses. There was a move above the 50% Fib retracement level of the downward move from the 0.6704 swing high to the 0.6585 low. There was also a break above a key bearish trend line with resistance at 0.6630.
(https://i.imgur.com/CJfyP81.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-sight-steady-increase/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Nvidia Becomes World's Most Valuable Company
(https://i.imgur.com/OeQPJnL.png)
According to the NVDA chart today, the share price rose yesterday to a new all-time high, surpassing $135 (after a 10-to-1 split). This pushed Nvidia's market capitalisation to $3.34 trillion, overtaking Microsoft, which is currently valued at $3.32 trillion.
As CNBC reports:
→ Nvidia shares have risen by more than 170% this year, with a strong driver being the first-quarter earnings report released in May.
→ Since the end of 2022, the shares have increased more than ninefold, driven by the emergence of generative artificial intelligence.
→ Nvidia holds around 80% of the AI chip market used in data centres, with this business expanding thanks to purchases by OpenAI, Microsoft, Alphabet, Amazon, and Meta.
What are the prospects for NVDA's share price? Will the company be able to maintain its status as the most valuable company, a title that has traditionally belonged to either Apple or Microsoft?
(https://i.imgur.com/UggVfsQ.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-nvidia-becomes-worlds-most-valuable-company/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Brent Crude Oil Price Hits Highest Since 1 May
(https://i.imgur.com/HubR0aH.png)
As the chart shows, yesterday the price of Brent crude oil rose to $84.40, which is the highest level since 1 May 2024.
The demand for Brent crude oil was driven by the following factors:
[LIST=1]
- The holiday season and increasing consumption from automotive and aviation transport. We wrote about this in the Brent market analysis on 11 June. Let us recall that Goldman Sachs analysts suggest that by the end of the summer, the price of Brent may rise to $86 per barrel with a “ceiling” around $90.
- Geopolitical tension, namely:
→ Ukrainian drone strikes on Russian oil refining bases.
→ The likelihood of escalation in the Middle East. For instance, Reuters reports that Israel’s Foreign Minister Israel Katz warned of an impending “total war” with Lebanon’s Hezbollah, which is backed by Iran.
[/list]
(https://i.imgur.com/siHxmwE.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-brent-oil-price-hits-highest-since-1-may/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP Awaits Bank of England Verdict: Volatility Ahead?
(https://i.imgur.com/G2s1Yv7.png)
GBP/USD
In the first half of the current trading week, the GBP/USD pair has confidently stayed above the significant range of 1.2700-1.2650, continuously attempting to resume its upward trend. Today, everything could change. Depending on the outcome of the Bank of England meeting and the market's reaction to the officials' decision, the pair could either strengthen to 1.2860 or fall to 1.2600. Additionally, we cannot rule out the possibility of the pair continuing its sideways movement, which it has been in for over four weeks.
What do experts expect from today's Bank of England meeting:
- The interest rate is expected to remain at 5.25%.
- The number of votes for a rate cut is expected to be 2, and for the rate to remain unchanged, 7.
Therefore, if any officials change their stance and the current balance shifts dramatically, volatility in the pound could sharply increase.
(https://i.imgur.com/7S3kfrn.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-gbp-awaits-bank-of-england-verdict-volatility-ahead/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
SNB Unexpectedly Lowers Interest Rate from 1.50% to 1.25%
(https://i.imgur.com/tzVF6y3.png)
Today, it was announced that the Swiss National Bank (SNB) decided to lower the interest rate to 1.25%. According to ForexFactory, the analyst consensus had expected the rate to remain at 1.50%, making this decision a surprise.
According to SNB Chairman Thomas Jordan:
→ Inflation in Switzerland is decreasing;
→ In recent weeks, the Swiss franc has significantly strengthened due to geopolitical tensions, and the SNB is prepared to be active in the Forex market if necessary.
The market's reaction to the SNB's decision and the statements from its chairman resulted in a sharp weakening of the Swiss franc. Specifically, the USD/CHF rate rose by approximately 0.7% in the first few minutes.
(https://i.imgur.com/2LEzXqx.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-snb-unexpectedly-lowers-interest-rate-from-1-50-to-1-25/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold Price and Crude Oil Price Turn Green
(https://i.imgur.com/zsO5lT8.png)
Gold price started a fresh increase above the $2,335 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $82.50.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price started a decent increase from the $2,300 zone against the US Dollar.
- A connecting bullish trend line is forming with support near $2,345 on the hourly chart of gold at FXOpen.
- Crude oil prices rallied above the $79.00 and $80.00 resistance levels.
- There is a key rising channel forming with support at $80.85 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price found support near the $2,300 zone. The price formed a base and started a fresh increase above the $2,320 level.
There was a decent move above the 50-hour simple moving average and $2,335. The bulls pushed the price above the $2,350 resistance zone. Finally, the bears appeared near $2,365. A high was formed near $2,365.43 and the price is now consolidating gains.
(https://i.imgur.com/bvqFGEz.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gold-price-and-crude-oil-price-turn-green-2/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Price of Gold Reached a Two-Week High
(https://i.imgur.com/sjzFOXD.png)
As shown on the XAU/USD chart, this morning the price of gold exceeded $2360 per ounce (approximately +1.5% since the start of the week).
According to Reuters, the increase in the price of gold was driven by:
→ Rising geopolitical tensions in the Middle East.
Hezbollah leader Sayyed Hassan Nasrallah warns of an "all-out war" if Israel launches a full-scale invasion against the Lebanese militia after concluding a military cooperation agreement with Cyprus, with Cyprus potentially becoming a target for Hezbollah.
→ Expectations of a decrease in Fed interest rates.
ANZ Research analysts note that the latest US economic data has shown improved conditions for the Fed to lower rates. High rates typically reduce the attractiveness of gold bars, which do not generate income.
(https://i.imgur.com/Yn4QcsD.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-price-of-gold-reached-a-two-week-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Natural Gas Price: Bullish Trend Weakens
(https://i.imgur.com/lEywKna.jpeg)
Forecasts of a hotter summer, published during April and May, led to a sustained bullish trend in the natural gas market, as this commodity is heavily used for air conditioning.
Specifically:
→ The XNG/USD chart indicates that from 1st April to today, the price of natural gas has increased by more than 55%.
→ According to Bloomberg, there is a 61% chance that 2024 will be the hottest year on record, surpassing 2023.
→ Natural gas supplies may be unstable due to an unforeseen maintenance shutdown at the Freeport plant.
(https://i.imgur.com/kD7sTqp.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-natural-gas-price-bullish-trend-weakens/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 17 - 21 June Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: Nasdaq 100 Index, GBP, SNB Interest rate, Brent Crude Oil
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- Nasdaq 100 Index Reaches 20,000 points for the First Time
- GBP Awaits Bank of England Verdict: Volatility Ahead?
- SNB Unexpectedly Lowers Interest Rate from 1.50% to 1.25%
- Brent Crude Oil Price Hits Highest Since 1 May
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=lRV2rG8vuxs/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/M4Ct4h4.jpeg) (https://www.youtube.com/watch?v=lRV2rG8vuxs/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
S&P 500 Falls from Record High in Anticipation of Key News
(https://i.imgur.com/c7q0MOQ.png)
On Friday, at 15:30 GMT+3, the Core PCE Price Index values will be released – an economic indicator to which the Federal Reserve pays special attention when assessing inflation levels in the US. This event is likely to cause a surge of news in the financial markets, and its anticipation will influence sentiments throughout the week.
On Monday morning, the S&P 500 Index (US SPX 500 mini on FXOpen) fell to 5465 points after a historical record above 5500 points was set on June 20th. The decline was contributed by Friday’s report from the National Association of Realtors, which showed a drop in existing home sales in May compared to the previous month.
(https://i.imgur.com/ENFZZ4N.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-s-p-500-falls-from-record-high-in-anticipation-of-key-news/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY Analysis: Rate Rises Above 159.9 Yen per Dollar
(https://i.imgur.com/4CFcTa8.png)
The yen was last this weak against the US dollar in late April, leading to currency interventions as the Bank of Japan deemed a rate above the psychological mark of 160 yen per USD unacceptable.
The current weakness of the yen has triggered the usual warnings from Japanese officials against "excessive" volatility, which can be interpreted as a sign of a new wave of interventions.
It is noteworthy that following the intervention in late April (when the yen strengthened by 4.5% by the first days of May), it took the market less than two months to negate almost the entire effect of the Bank of Japan's actions. This indicates a strong upward trend (shown in blue), driven by the interest rate differential between Japan and the US.
According to Reuters:
→ The 160.00 level is seen as a red line for the Japanese, considering that yen weakness increases imported inflation and pressures the Bank of Japan (BoJ) to further unwind its ultra-loose policy.
→ The minutes from the latest central bank meeting confirmed extensive discussions about reducing bond purchases and raising rates.
(https://i.imgur.com/Y2X5Qwm.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-jpy-analysis-rate-rises-above-159-9-yen-per-dollar/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Dollar Declines: How Deep Could the Correction Be?
(https://i.imgur.com/qtiYC4c.png)
By the end of last week, the American currency traded rather mixed:
- The USD/JPY currency pair strengthened by more than 200 pips and almost tested the significant resistance level at 160.00.
- The USD/CAD pair failed to break out of the medium-term flat corridor of 1.3740-1.3620.
- Sellers of the pound in the GBP/USD pair tried to push through the support at 1.2620-1.2600 but were unsuccessful.
However, despite recent successes, the upward momentum of dollar bulls began to slow down yesterday. In some directions, we observe a slowdown in the growth of the USD, and in some, reversal patterns have already formed.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/ru-dollar-declines-how-deep-could-the-correction-be/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Nasdaq 100 Index Failed to Hold Above 20,000 Points
(https://i.imgur.com/VnWyhez.png)
On 18th June, we reported that the Nasdaq 100 (US Tech 100 mini on FXOpen) market had recorded a historic high by surpassing the psychological level of 20,000.
At that time, we pointed to the upper line of the ascending channel (shown in green), which has been in place since 19th April, as a potential resistance level.
About a week has passed, and the Nasdaq 100 (US Tech 100 mini on FXOpen) chart indicates that the price failed to hold above the psychological level and turned downwards from the upper green line.
One of the drivers of the decline was NVDA shares, which fell by approximately 15% over three trading sessions.
Meanwhile, Bloomberg quotes Buff Dormeier, Chief Technical Analyst at Kingsview Partners, stating that Nvidia’s share price decline occurred following potentially bullish news:
→ a stock split, making the shares more accessible to a wider range of retail investors;
→ attaining the status of the company with the largest market capitalisation (a status now lost);
→ strong fundamental data related to the company's leadership in the AI-related industry. By some estimates, the company controls about 80% of the chip market needed for AI model development.
Bearish behaviour of NVDA’s price amidst bullish news is a bearish sign.
(https://i.imgur.com/4iJF0Vn.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-nasdaq-100-index-failed-to-hold-above-20-000-points/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/CAD Rate Reaches Significant Support Level
(https://i.imgur.com/tnIkUOO.jpeg)
On June 12, we wrote about bearish signs observed on the USD/CAD chart, pointing to the prospect of USD weakening.
Since then, the USD/CAD rate has decreased by approximately 0.75% and has reached an important support level, specifically the lower boundary of the descending triangle (with the median around 1.36700), which indicates a long-term balance of supply and demand among market participants.
The fact that today the USD/CAD rate is rising from yesterday's minimum on June 4 at the level of 1.36408 confirms the importance of the support formed by the lower boundary of the triangle.
(https://i.imgur.com/iUSFqdE.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-cad-rate-reaches-significant-support-level/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AUD/USD Surges on Inflation News in Australia
(https://i.imgur.com/RcNDt4Z.png)
This morning, the Consumer Price Index (CPI) figures for Australia were released – according to ForexFactory, the annual CPI stood at 4.0% (expected = 3.8%, previous = 3.6%).
As Bloomberg reports:
→ Rent was the main driver of inflation due to a housing shortage.
→ The spike in inflation increases the risk of an RBA rate hike (a decision might be announced on 5th August).
→ Following the release of the high CPI figures, the AUD/USD exchange rate surged by 0.6%.
Moreover, the news from Australia could be a harbinger of a new wave of inflation that may manifest in other countries as well.
(https://i.imgur.com/X6obwB5.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-aud-usd-surges-on-inflation-news-in-australia/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Struggles To Recover While USD/CHF Rallies
(https://i.imgur.com/xfrofyp.png)
EUR/USD is attempting a recovery wave from the 1.0675 zone. USD/CHF climbed higher above 0.8900 and might extend gains in the near term.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro declined toward 1.0675 before it started a recovery wave against the US Dollar.
- There is a key bullish trend line forming with support at 1.0710 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF climbed higher above the 0.8900 and 0.8935 resistance levels.
- There is a connecting bullish trend line forming with support at 0.8930 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair extended the decline below the 1.0720 support zone. The Euro even declined below 1.0700 before the bulls appeared against the US Dollar, as mentioned in the previous analysis.
The pair tested the 1.0675 zone and recently started a recovery wave. There was a move above the 1.0710 resistance zone, but the bears were active near 1.0745. As a result, there was another pullback to 1.0690 and the pair is now consolidating below the 50-hour simple moving average.
(https://i.imgur.com/bxMtEkY.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-eur-usd-struggles-to-recover-while-usd-chf-rallies/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Nikkei Index Has Risen to a 2-Month High
(https://i.imgur.com/weT0A44.png)
As we wrote on June 17th, analyzing the Nikkei 225 chart (Japan 225 on FXOpen):
→ the price formed a consolidation pattern (in the shape of a narrowing triangle);
→ the price formed a bullish reversal from the 38,000 points level (indicated by an arrow), suggesting potential growth and trend establishment upon pattern breakout.
Since then, the price has broken out of the consolidation triangle and today exceeded the 39,800 level - marking the highest point since mid-April.
(https://i.imgur.com/wZdhtiH.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-nikkei-index-has-risen-to-a-2-month-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
AMZN Shares Set a New All-Time High
(https://i.imgur.com/W0wokBw.png)
As shown in the AMZN chart, yesterday the share price confidently surpassed the psychological level of $190, closing above $193.41, which is a new all-time high.
Specifically:
→ the growth was approximately +3.9% for the day, with the closing candle at the upper part (a sign of strong demand);
→ Amazon's market capitalisation exceeded $2 trillion.
According to Benzinga, the rise in AMZN's price was driven by:
→ the news that BofA Securities analyst Justin Post maintained a "Buy" recommendation and raised the target price from $210 to $220, citing the potential for improved efficiency through better logistics.
→ the information that Amazon is preparing to launch a discount section similar to Temu, which will offer direct delivery from China.
(https://i.imgur.com/pExqLN4.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-amzn-shares-set-a-new-all-time-high/?utm_source=globaleasyforexforum&utm_medium=news&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
European Currencies Face a Crucial Test: What to Expect
(https://i.imgur.com/T2Ia8QQ.jpeg)
The end of June and the beginning of July are packed with significant economic and political events for the pound and the euro. A few weeks ago, Emmanuel Macron dissolved the parliament and announced snap parliamentary elections. He took this step after the far-right National Rally led by Marine Le Pen secured first place in the European Parliament elections. Many experts believe that if the far-right gains a majority in the parliament, it could lead to a serious political crisis in the EU, consequently exerting bearish pressure on EUR/USD.
EUR/USD
According to the technical analysis of the EUR/USD pair, if the price falls below 1.0660, the pair may continue its downward trend towards 1.0600-1.0400. A resumption of the upward trend is possible with a confident consolidation above 1.0740-1.0700. In the upcoming trading sessions, the following events should be noted:
- Today at 12:00 (GMT +3:00) expected consumer inflation in the Eurozone;
- Today at 13:00 (GMT +3:00) special EU summit of heads of state;
- Today at 15:30 (GMT +3:00) US GDP.
(https://i.imgur.com/lWwyBQA.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (http://"https://fxopen.com/blog/en/ru-european-currencies-face-a-crucial-test-what-to-expect/?utm_source=globaleasyforexforum&utm_medium=news&utm_campaign=resolve")
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/JPY Rate Hits Highest Level Since 1986
(https://i.imgur.com/m2zD4Iz.png)
As shown in the USD/JPY chart, today the rate is around 160.58 yen per US dollar.
Bloomberg reports the words of Japan’s Finance Minister Shunichi Suzuki:
→ It is desirable for the exchange rate to move in a stable manner.
→ Sudden, one-sided moves are not desirable.
→ We will analyze the background to this move with a high sense of urgency, and take necessary action as needed.
Such rhetoric from officials seems not to have deterred the bulls, who are keeping the rate above the April high (when the Bank of Japan intervened in the market to support the weakened yen, resulting in a 4.75% decline over 5 days).
In our analysis from 24 June, we noted that:
→ the price is moving within a large upward channel (shown in blue),
→ and the local rise (framed by orange lines) could push the price to the boundaries of the blue channel.
(https://i.imgur.com/CHTrP9B.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-jpy-rate-hits-the-highest-level-since-1986/?utm_source=globaleasyforexforum&utm_medium=news&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD Turns Red While USD/CAD Rallies
(https://i.imgur.com/NIMSKOu.png)
GBP/USD declined below the 1.2670 support zone. USD/CAD is rising and might aim for more gains above the 1.3735 resistance.
Important Takeaways for GBP/USD and USD/CAD Analysis Today
- The British Pound started a fresh decline from the 1.2700 resistance zone.
- There is a key bearish trend line forming with resistance at 1.2640 on the hourly chart of GBP/USD at FXOpen.
- USD/CAD is showing positive signs above the 1.3675 support zone.
- There is a major bullish trend line forming with support at 1.3705 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/ZKHYzRl.jpeg)
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2700 zone. The British Pound traded below the 1.2670 support to move into further a bearish zone against the US Dollar.
The pair even traded below 1.2640 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2625 level. A low was formed at 1.2621 and the pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 1.2670 swing high to the 1.2621 low.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-turns-red-while-usd-cad-rallies/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. a
-
Strong US Dollar Dominates Forex: For How Long?
(https://i.imgur.com/9F6yllM.png)
According to ICE data, the price of the US Dollar Index futures contract has reached its highest level since May 2 of this year.
This strength is reflected in the exchange rates of major currencies against the US dollar:
→ The USD/JPY rate has reached a record high since 1986, which we reported yesterday. Today, 1 USD was worth more than 161 yen.
→ The NZD/USD rate has dropped to its lowest level since May 15.
→ The USD/CHF rate has risen to its highest level since June 3.
Regarding the euro, the strength of the US dollar has pushed the EUR/USD rate down to significant support.
(https://i.imgur.com/UPO8J7O.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-strong-us-dollar-dominates-forex-for-how-long/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 24 - 28 June Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: Nasdaq 100 Index, EU Currencies, USD/JPY, AMZN Shares
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- Nasdaq 100 Index Failed to Hold above 20,000 Points
- European Currencies Face a Crucial Test: What to Expect
- USD/JPY Rate Hits Highest Level since 1986
- AMZN Shares Set a New All-Time High
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=3GLSTdblBvw?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/tZGfRD4.jpeg) (https://www.youtube.com/watch?v=3GLSTdblBvw?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
S&P 500 Analysis: Concerning Market Behaviour
(https://i.imgur.com/kHq0XTe.png)
On Friday, data was released showing that inflation in the US slowed down in May. According to ForexFactory, the actual monthly Core PCE Price Index was 0.1%, which matched the forecasts (last month’s PCE was 0.3%).
Reuters reports that:
→ Prices for recreational goods, as well as for vehicles, furniture, and durable household appliances, dropped significantly.
→ This news reinforced expectations that the Federal Reserve might begin to cut interest rates later this year. According to the CME FedWatch tool, market prices now indicate a 63% probability of a Fed rate cut in September, compared to a 55% probability a month ago.
Monetary policy easing should be perceived as bullish news for the market, however… While the S&P 500 index (US SPX 500 mini on FXOpen) initially rose in the hours following the publication, it dropped to the week's lows by the end of trading. This bearish market behaviour amidst positive news of slowing inflation is concerning.
Today, the price of the S&P 500 (US SPX 500 mini on FXOpen) shows that bulls are trying to recover from Friday's decline. They might be aiming to resume the upward trend that has been in place in 2024.
How successful could this be?
(https://i.imgur.com/MPqP7JW.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-s-p-500-analysis-concerning-market-behaviour/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
EUR/USD Rate Rises After First Round of Voting in France
(https://i.imgur.com/KexTMB1.png)
According to Reuters, exit polls show that Marine Le Pen's far-right party, the National Rally (RN), won the first round of parliamentary elections in France on Sunday.
The financial market reacted to this with a rise in the euro's exchange rate against other currencies.
Specifically, the EUR/USD rate jumped to its highest level since June 13.
(https://i.imgur.com/5zxQsEO.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-eur-usd-rate-rises-after-first-round-of-voting-in-france/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Silver Price Analysis: Awaiting Powell's Comments
(https://i.imgur.com/Jt1UMie.png)
Today, at 16:30 GMT+3, the Federal Reserve Chairman is scheduled to speak. Market participants are looking for more clarity on the Fed's plans regarding interest rate cuts following the release of inflation data last Friday.
According to Trading Economics, Fed officials have repeatedly called for caution before cutting rates, and Federal Reserve Board member Michelle Bowman stated that she is open to further rate hikes if progress in combating inflation stalls or reverses.
Powell's speech will significantly impact many financial markets, including the precious metals market, as lowering interest rates could increase the appeal of gold and silver as "safe haven" assets compared to bonds.
It is important to note that besides the Fed's monetary policy, the XAG/USD price is significantly influenced by news about the Chinese economy – the largest consumer of silver. The demand outlook remains uncertain, considering that official data for June indicated a second consecutive month of production decline.
(https://i.imgur.com/Ixn9CS7.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-silver-price-analysis-awaiting-powells-comments/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
TSLA Stock Price Hits Over 5-Month High
(https://i.imgur.com/ltm95qK.jpeg)
As today's TSLA chart shows, the stock price rose by approximately 6% during yesterday's trading, surpassing the $209 per share level. This marks the highest point since 24 January this year.
The price increase was driven by optimism related to the release of second-quarter car sales data. It is expected that Tesla might report a decline in sales, but not as significant as it could have been.
Analysts surveyed by Bloomberg estimate that the automaker will report sales of around 440,000 electric vehicles in the second quarter, which is 5.8% less than a year ago.
Factors contributing to the decline in sales include:
→ The suspected arson at the Tesla factory in Berlin;
→ Changes in the supply chain due to attacks in the Red Sea;
→ A reduction of approximately 10% in the company's workforce, announced by Musk in April.
However, the main factor could be competition and Tesla's aging model lineup. Can the TSLA price maintain its current high?
(https://i.imgur.com/QruMOJB.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-tsla-stock-price-hits-over-5-month-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Pound and Euro Test Key Support Levels: Is a Breakout Possible?
(https://i.imgur.com/ozLnozx.png)
European currencies are showing surprising resilience. Despite the general strengthening of the dollar and strong macroeconomic data from the US, EUR/USD and GBP/USD continue to trade above strategically important levels:
- EUR/USD has been testing 1.0660 for over three weeks but cannot establish itself below this level.
- GBP/USD buyers have been holding off sellers for a second week at the 1.2610-1.2600 level.
EUR/USD
The recent parliamentary elections in France, with the first round concluding last Sunday, have contributed to a slight strengthening of the euro. The pair opened with a small price gap and managed to strengthen by over 60 pips within a few hours. Experts attribute the rise in the single European currency to the possibility that Le Pen's far-right party might outpace President Emmanuel Macron's centrist alliance and the left-wing "New People's Front" with fewer votes than needed for an absolute majority after the second and final round of voting.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-pound-and-euro-test-key-support-levels-is-a-breakout-possible/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Gold Price Prospects for H2
(https://i.imgur.com/w59Bdzp.png)
As shown by the daily XAU/USD chart:
→ Since November 2022, the price has been moving in an upward channel, marked in orange;
→ Since the start of 2024, the price has risen by approximately 12.5%.
What are the gold price forecasts for the end of 2024?
According to Investing.com, Georgette Boele, a senior sustainability economist at ABN Amro, published a cautious forecast on 27 June, predicting a gold price of $2000 per ounce by the end of the year. In her view:
→ Gold prices peaked at the beginning of the year but have since lost momentum.
→ Anticipated easing measures by central banks have not provided the expected support to gold prices.
(https://i.imgur.com/oDDjPrW.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/gold-price-prospects-for-h2/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
S&P 500: Mid-Year Prospects Analysis
(https://i.imgur.com/NLHkSOu.png)
As shown by the daily chart of the S&P 500 (US SPX 500 mini on FXOpen):
→ Since the beginning of 2023, the price has been moving in an upward blue channel. To date, the increase has been over 42%;
→ Since the start of 2024, the price has formed a steeper upward channel (shown in orange). In the first half of the year, the growth has exceeded 14%.
How realistic is it for bullish sentiment to persist? And what might the index quotations be by the end of 2024?
Yahoo Finance reports a decidedly bearish outlook for the S&P 500 (US SPX 500 mini on FXOpen) at the end of 2024, held by Marko Kolanovic, the chief strategist at JPMorgan Chase & Co. He cites the following factors:
→ Economic slowdown;
→ Downward revision of company profits;
(https://i.imgur.com/fYeo3Vj.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/s-p-500-mid-year-prospects-analysis/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
USD/CAD Breaks Key Support
(https://i.imgur.com/lm083ff.png)
On 25 June, we noted that the USD/CAD price had approached a crucial support level—the lower boundary of a converging triangle, which indicated a relative balance of supply and demand in the market during May.
Since then, the price has bounced twice from this level (as indicated by the arrow).
Today, as the USD/CAD chart shows, the exchange rate is breaking through this key support, indicating a disruption in balance.
This has been influenced by the weakness of the USD. According to Reuters, the US dollar has declined relative to other currencies due to weaker-than-expected US economic data released on Wednesday. These included a weak ISM Services PMI report and the ADP Non-Farm Employment Change report, which might suggest an economic slowdown.
How might the Canadian dollar's exchange rate change relative to the US dollar?
(https://i.imgur.com/dunoag8.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-usd-cad-breaks-key-support/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: AUD/USD and NZD/USD Set for Steady Gains
(https://i.imgur.com/6ngiJ8e.png)
AUD/USD is correcting gains from the 0.6735 zone. NZD/USD is showing positive signs and might attempt a fresh increase above 0.6120.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a downside correction from 0.6735 against the US Dollar.
- There is a key bullish trend line forming with support at 0.6700 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is gaining pace above the 0.6100 support zone.
- There is a major bullish trend line forming with support at 0.6100 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
(https://i.imgur.com/DiM759F.jpeg)
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6635 support. The Aussie Dollar was able to clear the 0.6680 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6700 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6735 zone. A high was formed near 0.6733 and the pair is now correcting gains.
There was a move below the 0.6720 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6634 swing low to the 0.6733 high. On the downside, initial support is near a key bullish trend line at 0.6700.
The next major support is near the 50% Fib retracement level of the upward move from the 0.6634 swing low to the 0.6733 high at 0.6680.
If there is a downside break below the 0.6680 support, the pair could extend its decline toward the 0.6660 level. Any more losses might signal a move toward 0.6635.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6720. The first major resistance might be 0.6735. An upside break above the 0.6735 resistance might send the pair further higher.
The next major resistance is near the 0.6760 level. Any more gains could clear the path for a move toward the 0.6800 resistance zone.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-aud-usd-nzd-usd-set-for-steady-gains/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: Gold and Oil Prices Soar, More Gains Ahead?
(https://i.imgur.com/aOHvMWB.png)
Gold price started a fresh increase above the $2,342 resistance level. Crude oil prices are gaining bullish momentum and might soon test $85.00.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price started a steady increase from the $2,320 zone against the US Dollar.
- A connecting bullish trend line is forming with support near $2,355 on the hourly chart of gold at FXOpen.
- Crude oil prices extended gains above the $82.00 and $83.00 resistance levels.
- There is a key bullish trend line forming with support at $82.75 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price found support near the $2,320 zone. The price formed a base and started a fresh increase above the $2,330 level.
There was a decent move above the 50-hour simple moving average and $2,335. The bulls pushed the price above the $2,355 resistance zone. Finally, the bears appeared near $2,365. A high was formed near $2,364.89 and the price is now consolidating gains.
(https://i.imgur.com/CXDC14R.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gold-and-oil-prices-soar-more-gains-ahead/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
US Dollar Consolidates Ahead of Nonfarm Payrolls: Possible Scenarios
(https://i.imgur.com/JRm5iLa.jpeg)
In anticipation of the release of one of the most important reports, the NonFarm Payrolls, the US currency has suffered losses across almost all fronts. Earlier this week, the EUR/USD currency pair tested and settled above 1.0800, GBP/USD traded above 1.2700, and USD/CAD fell back to 1.3610.
Today, we might see either continued corrective pullbacks or a resumption of medium-term trends if the employment data deviates from expectations. So, what should we expect?
- Experts forecast a decline in average earnings to 0.3% (if the figure comes in at last month's level or higher, it could strengthen the US currency).
- The number of new jobs in June is expected to be 194K (if the figure is significantly higher or lower than the forecast, it could cause volatility in major currency pairs).
USD/CAD
Dollar buyers in the USD/CAD pair failed to overcome resistance at 1.3750. A rebound from this level led to the formation of a "bearish engulfing" pattern on the daily timeframe. According to the technical analysis of USD/CAD, the price has approached the lower boundary of the medium-term flat corridor at 1.3610. If the price consolidates below this level in the coming trading sessions, the downward movement could continue towards 1.3520-1.3480. A rebound from 1.3610 could lead to a retest of 1.3700-1.3660.
(https://i.imgur.com/82LcLho.png)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-us-dollar-consolidates-ahead-of-nonfarm-payrolls-possible-scenarios/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GOOG Stock Sets Historic Record
(https://i.imgur.com/DkAKyz5.jpeg)
As the chart shows, the GOOG stock price yesterday surpassed the June 27th high and set a historic record at $185.88.
What contributed to this?
→ Overall bullish sentiment in the US stock market. Incidentally, the S&P 500 index (US SPX 500 mini on FXOpen) also set a historic record yesterday;
→ Positive market expectations ahead of the second-quarter earnings report from Alphabet (Google's parent company);
→ Benzinga reports positive prospects, particularly highlighting the development of YouTube and language models.
Out of 38 analysts surveyed by TipRanks, 32 recommend buying Google stock. The average price forecast is $199 in 12 months.
But why then is Alphabet CEO Sundar Pichai selling over $4 million worth of company shares? According to the Form 4 filed with the SEC, Sundar sold a total of 22,500 shares.
(https://i.imgur.com/2nvp4QC.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-goog-stock-sets-historic-record/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
FTSE 100 Index Behaves Bullishly Amid Elections
(https://i.imgur.com/Zz2TRE0.png)
On Friday, the FTSE 100 index rose by 0.4% to 8273 points, continuing its 0.9% rise on Thursday. According to Trading Economics, the centre-left Labour Party, as expected, won the parliamentary elections and secured a majority, ousting the Conservative Party after 14 years in power.
The Labour Party emphasised the importance of economic stability in its decisions and committed to strict budgetary spending rules.
Prime Minister Sunak conceded defeat, and the UK stock market positively received the official election results. As shown by the chart, the FTSE 100 index (UK 100 on FXOpen) has risen by approximately 1.9% from the July 2nd low.
However, the situation remains unfavourable for the bulls.
(https://i.imgur.com/IDCrF6Y.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-ftse-100-index-behaves-bullishly-amid-elections/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 1 - 5 July Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: S&P 500, USD/CAD, Gold Price, TSLA Stock
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- S&P 500: Mid-Year Prospects Analysis
- USD/CAD Breaks Key Support
- Gold Price Prospects for H2
- TSLA Stock Price Hits over 5-Month High
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=Ly48MFzAhLY?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/Bs8iBwh.jpeg) (https://www.youtube.com/watch?v=Ly48MFzAhLY?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
The EUR/GBP rate fluctuates under the influence of political factors
(https://i.imgur.com/S0sx96w.png)
On 10th June, we wrote that the EUR/GBP rate fell to a 21-month low after the European Parliament elections. Political fundamental factors continue to influence this pair.
As Reuters reports:
→ The euro is down on Monday amid unexpectedly strong results for the left-wing forces in the French elections, which has created new uncertainty regarding the country’s financial outlook.
→ The pound sterling has risen to a 3.5-week high against the US dollar, as the British currency strengthens following the Labour Party’s decisive victory in last week’s elections, ending 14 years of Conservative rule.
Therefore, it is not surprising that a bearish gap formed on the EUR/GBP chart at the start of the week – however, bulls managed to recoup the decline during the Asian session. How will events unfold from here?
(https://i.imgur.com/BkZnZoI.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-eur-gbp-rate-fluctuates-under-the-influence-of-political-factors/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Brent Crude Oil Price Hits the Highest Level Since 1 May
(https://i.imgur.com/hrvcUqJ.jpeg)
Analysing the oil price on 19th June, we wrote that:
→ Amidst increasing demand for oil during the holiday season, Goldman Sachs analysts suggested that by the end of summer, the Brent price could rise to $86 per barrel with an upper limit around $90.
→ The price could reach the upper boundary of a narrowing triangle that originated in 2022-2023 – technically, this is a significant resistance level.
As the Brent crude oil price chart (XBR/USD) shows, the price has reached the upper boundary of the triangle since then. How will events unfold from here?
(https://i.imgur.com/UVFGXzd.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-brent-crude-oil-price-hits-the-highest-level-since-1-may/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
XAU/USD Analysis: Gold Price Falls from Six-Week High
(https://i.imgur.com/F3zAErX.png)
As shown by the XAU/USD chart, on Friday, 5 July, the price of gold rose above the $2390 level for the first time since 22 May. According to Reuters, this increase occurred following the release of key US employment data, which indicated a softening labour market, raising expectations of a Federal Reserve interest rate cut in September.
However, yesterday, Monday, the gold price fell to $2360 per ounce – the level from which Friday's ascent began. This suggests that the bulls were unable to maintain control over the market, which indicates a bearish sign.
Could the Gold Price Decline in the Coming Days?
From a technical analysis perspective of the XAU/USD chart:
- The gold market has clear support around the $2300 area. Each time the price fell below this level in June (as indicated by arrows), it quickly rebounded upwards, demonstrating sustained demand.
- Price action since April provides enough reference points to establish a descending channel (shown in red). The recent bearish reversal returned the price within this channel, reinforcing resistance from its upper boundary.
- There is also reason to believe that the bullish breakout of local resistance (shown in black) might be false.
Therefore, signs of seller activity in the $2380-2400 range suggest that the gold price could continue to decline towards the important support at $2300.
(https://i.imgur.com/mx3HPHb.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-xau-usd-analysis-gold-price-falls-from-six-week-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
American Currency Adjusts Ahead of Jerome Powell’s Speech
(https://i.imgur.com/hpZPysn.jpeg)
A rather weak employment report, published late last week, contributed to the weakening of the American dollar. According to the published data:
- The unemployment rate in June increased to 4.1% (experts’ forecast: 4.0%);
- The actual number of new jobs was slightly higher than analysts predicted (206K vs 191K).
According to Bloomberg Economics experts, the US labour market is starting to slow down significantly, which could prompt the Federal Reserve to cut rates as early as the September meeting. It is quite possible that more clues about the Fed’s future monetary policy will be provided to market participants by the end of the week, as important press conferences and macroeconomic data releases are expected in the upcoming trading sessions.
USD/JPY
(https://i.imgur.com/bkqmj73.png)
Technical analysis of the USD/JPY pair indicates the possibility of a continued downward correction, as a "bearish engulfing" pattern has formed on the daily timeframe. The pattern can be considered partially worked out, as the price has decreased by more than 100 pips and has almost tested the significant support at 160.00 since it formed on the chart.
The price behaviour in the 160.30-159.80 range will demonstrate the sellers' strength. If the price consolidates below this range, the downward movement may resume with renewed vigour. Conversely, if the pair rises above 162.00, it could lead to the start of a new upward impulse.
The following events could impact the pair's price:
- Today at 17:00 (GMT +3): Speech by Federal Reserve Chairman Jerome Powell;
- Today at 17:00 (GMT +3): Speech by US Treasury Secretary Janet Yellen.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-american-currency-adjusts-ahead-of-jerome-powells-speech/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Analysis of NZD/USD: The "kiwi" sharply fell after the central bank's decision
(https://i.imgur.com/WUxSGpZ.jpeg)
The Reserve Bank of New Zealand (RBNZ) kept the interest rate unchanged at 5.5% on Wednesday.
The decision to maintain the interest rate was anticipated. However, market participants noted a shift in the tone of the RBNZ's official statements. In May, the bank indicated that the tight policy would continue as long as necessary, but now it is open to easing the restrictive monetary policy if inflation slows down.
As a result, market participants are now considering the possibility of a nearer-term rate cut, which led to a decline in the New Zealand dollar relative to other currencies.
Specifically, against the US dollar, the "kiwi" fell by approximately 0.75%.
Will the decline continue as the situation develops?
(https://i.imgur.com/IQmfQgk.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-analysis-of-nzd-usd-the-kiwi-sharply-fell-after-the-central-banks-decision/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Analysts Raise NVDA Forecasts, Stock Price Rises
(https://i.imgur.com/Ab1TXMa.png)
According to FactSet, in July, seven reputable analysts have raised their target prices for NVDA stock. KeyBanc analyst John Vinh, for instance, increased his target from $130 to $180 (approximately 33% above the current price).
Following these target increases, Nvidia's stock has risen, closing above the psychological level of $130 yesterday for the first time since June 20. Consequently, NVDA's price has increased by more than 160% since the start of the year.
Will Nvidia's rally continue?
The NVDA chart data raises doubts about the stock's ability to confidently set new historical highs as it did in the first half of the year.
(https://i.imgur.com/hYltrh9.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-analysts-raise-nvda-forecasts-stock-price-rises/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: EUR/USD Jumps, USD/JPY Bulls Seem Unstoppable
(https://i.imgur.com/pV60dlP.png)
EUR/USD is climbing higher above the 1.0800 level. USD/JPY surged above the 160.00 and 161.40 resistance levels.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro started a decent increase above the 1.0780 pivot level.
- There is a key bullish trend line forming with support near 1.0820 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY climbed higher above the 160.50 and 161.40 levels.
- There is a connecting bullish trend line forming with support near 161.55 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
(https://i.imgur.com/eVBpLdB.jpeg)
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0710 zone. The Euro cleared a few key hurdles near 1.0780 to move into a positive zone against the US Dollar.
The pair settled above the 1.0800 level and the 50-hour simple moving average. A high was formed at 1.0845 and the pair is now consolidating gains. There was a test of the 23.6% Fib retracement level of the upward move from the 1.0710 swing low to the 1.0845 high.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-eur-usd-jumps-usd-jpy-bulls-seem-unstoppable/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Markets Awaiting US Inflation Data: What is the Probability of Trend Reversals?
(https://i.imgur.com/Bpob1HW.png)
The major currency pairs are in a holding pattern following the release of the latest US labour market data and Jerome Powell's testimony before Congress. The Fed Chair noted that the Federal Reserve has made "significant progress" in its mission to combat inflation, but emphasized the need for "more good data" before lowering interest rates. Judging by the movements of the major currency pairs, the market appears sceptical of the Fed Chair's statements:
- The AUD/USD pair has refreshed the May highs of the current year and strengthened above 0.6700.
- The USD/CAD pair is trading near strategic support at 1.3610.
- The GBP/USD pair is approaching the March highs near 1.2900.
As we can see, the US dollar is slowly but surely losing ground in many directions, but by the end of the week, existing trends could either slow down or change direction dramatically.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/ru-markets-awaiting-us-inflation-data-what-is-the-probability-of-trend-reversals/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
GBP/USD Hits Four-Month High Following GDP Growth News
(https://i.imgur.com/jnUQGAf.png)
day, the UK Office for National Statistics published data showing an increase in GDP.
According to Forex Factory:
→ A month ago, GDP was at 0.0% month-on-month;
→ This month, analysts had forecasted growth of 0.2%;
→ Actual growth reached 0.4%.
This news should be welcomed by the Labour Party, which has come into power with ambitious plans for economic development.
On the other hand, how will the Bank of England respond? The GDP growth might provide an argument for maintaining high interest rates for a longer period to ensure that fears of a new inflationary surge do not materialise.
As Bloomberg reports, markets currently assess the likelihood of a rate cut at the next Bank of England meeting on 1 August at just under 50%.
Financial markets reacted with a rise in the sterling's value against other currencies. The GBP/USD rate is at its highest level since early March.
Will the Growth Continue?
The GBP/USD chart shows that the price is in a rally, having risen by 1.7% since the beginning of July.
(https://i.imgur.com/bJvDDxB.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-gbp-usd-hits-four-month-high-following-gdp-growth-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
PepsiCo Stock Rebounds from Yearly Low Ahead of Earnings Report
(https://i.imgur.com/2kQm2OB.png)
The PepsiCo stock chart indicates:
→ Yesterday, the price dropped below $161, setting a new low for 2024.
→ However, by the end of the trading day, the price rose above $163.3, closing near the day's high.
This bullish intraday behaviour might suggest positive sentiment emerging ahead of today's earnings report.
According to Dow Jones Newswires:
→ PepsiCo's management anticipates organic revenue growth of 4% and an 8% increase in earnings per share in 2024.
→ The consensus among analysts tracked by FactSet is a 3% rise in sales and a 7% increase in earnings.
PepsiCo's stock has fallen by 9% over the past two months. Investors are concerned that demand might suffer due to rising prices from inflation and the growing popularity of weight-loss drugs, which could curb people's cravings for snacks and sugary drinks.
(https://i.imgur.com/y3Q6q4V.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-pepsico-stock-rebounds-from-yearly-low-ahead-of-earnings-report/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Market Analysis: GBP/USD Eyes 1.3000 While EUR/GBP Struggles
(https://i.imgur.com/u8wIYM6.jpeg)
GBP/USD is gaining pace above the 1.2900 resistance. EUR/GBP declined and is now consolidating losses above the 0.8400 region.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is attempting a fresh increase above 1.2950.
- There is a key bullish trend line forming with support near 1.2910 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP is trading in a bearish zone below the 0.8440 pivot level.
- There was a break above a connecting bearish trend line with resistance near 0.8425 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
(https://i.imgur.com/n9Jg4nB.png)
On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above the 1.2750 level. The British Pound started a decent increase above the 1.2850 zone against the US Dollar.
The bulls were able to push the pair above the 50-hour simple moving average and 1.2900. The pair even climbed above 1.2925 and traded as high as 1.2949. Recently, there was a minor decline below the 23.6% Fib retracement level of the upward move from the 1.2775 swing low to the 1.2949 high, but the bulls were active above 1.29700.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-eyes-1-3000-while-eur-gbp-struggles/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The Nasdaq 100 Index Fell Despite Positive Inflation News
(https://i.imgur.com/Ot31ruC.png)
Yesterday, Consumer Price Index (CPI) values were published, indicating a slowdown in the rate of inflation in the USA. According to ForexFactory:
→ CPI month-on-month: actual = -0.1%, forecast = 0.1%, previous month = 0.0%;
→ CPI year-on-year: actual = 3.0%, forecast = 3.1%, previous month = 3.3%.
The data confirming the slowdown in inflation raised expectations that the Federal Reserve might lower interest rates as early as September. But why did the Nasdaq 100 (US Tech 100 mini on FXOpen) drop then? Yesterday, the tech stock index fell by over 2.1%, marking its worst day since early May.
The reason lies in rotation. Investors seem to have shifted their focus from the highly inflated tech stocks since the start of 2024 to other sectors. Approximately 400 companies in the S&P 500 index (US SPX 500 mini on FXOpen) showed growth. Meanwhile, the Dow Jones Industrial Average (Wall Street 30 mini on FXOpen) closed in the green yesterday.
Bloomberg reports that Kelly Cox from Ritholtz Wealth Management believes this day could be a turning point for the markets. It also serves as a good reminder of the importance of diversification.
One of the drivers of yesterday's decline was NVDA shares, which fell by more than 5% in a day (we wrote about the bearish behaviour of Nvidia’s price and volumes just the day before).
What’s next?
The equal-weighted version of the S&P 500, where stocks like Nvidia have the same weight as Dollar Tree Inc., rose yesterday. This version of the index is less sensitive to the influence of large tech companies, making a case for the rally expanding to other stocks.
(https://i.imgur.com/Ht7Mmzq.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-nasdaq-100-index-fell-despite-positive-inflation-news/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Analysis of USD/JPY: Was There an Intervention?
(https://i.imgur.com/cklYYSd.png)
Yesterday’s news of slowing inflation in the US sharply weakened the dollar, anticipating the Federal Reserve’s monetary easing. In the first 15 minutes after the data release:
→ EUR/USD rose by approximately 0.45% to the psychological level of 1.09;
→ GBP/USD increased by approximately 0.55%, reaching a 2024 high.
Conversely, USD/JPY fell, with a more aggressive movement. As the chart shows, the dollar weakened against the yen by about 1.8% in the first 15 minutes after the release. This suggests that amidst the US news, the Bank of Japan intervened to support its currency, which hadn’t fallen below 160 yen per USD since June 26.
Reuters reports that Tokyo’s chief currency diplomat, Masato Kanda, stated on Friday that authorities would take necessary measures in the currency market but declined to comment on whether they had intervened.
(https://i.imgur.com/m0k2RHf.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-analysis-of-usd-jpy-was-there-an-intervention/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Watch FXOpen's 8 - 12 July Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: GBP/USD, EUR/USD, USD/JPY, XAU/USD, NVDA Stock
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- GBP/USD Hits Four-Month High Following GDP Growth News
- Market Analysis: EUR/USD Jumps, USD/JPY Bulls Seem Unstoppable
- XAU/USD Analysis: Gold Price Falls from Six-Week High
- Analysts Raise NVDA Forecasts, Stock Price Rises
Stay in the know and empower yourself with our short, yet power-packed video.
Watch it now and stay updated with FXOpen. (https://www.youtube.com/watch?v=4LZkkHIaOZM?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
(https://i.imgur.com/yWfIBfQ.jpeg) (https://www.youtube.com/watch?v=4LZkkHIaOZM?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
FXOpen YouTube (https://www.youtube.com/c/FXOpenOfficial/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#fxopen #fxopenyoutube #fxopenint #weeklyvideo
-
The Nikkei Index Has Risen To a Two-Month High
(https://i.imgur.com/gT7pMAY.png)
As we reported on 26th June, analysing the Nikkei 225 chart (Japan 225 on FXOpen):
→ The price is in a significant upward trend (shown by the blue channel);
→ The price may continue to rise along the median line.
Since then, the Nikkei 225 index (Japan 225 on FXOpen) has increased by more than 6%, reaching a yearly high on 10th July above 42,500 points. The price particularly surged on 9-10 July, breaking resistance at 41,160 (formed from the previous peak at the end of March).
However, the bears made a strong comeback afterwards, pushing the price back to the 41,160 level. Thus:
→ Completely offsetting the gains from 9-10 July;
→ Forming a bearish engulfing pattern spanning 4 candles;
→ Prompting consideration that the breakout above 41,160 was false (a trap for bulls).
According to Reuters, bearish drivers included technology stocks such as Tokyo Electron, which saw a more than 6% decline in one day, following sell-offs in US technology stocks (as reported on 12th July).
Sentiment in the Japanese stock market is also influenced by risks of interventions by the Bank of Japan to support the yen.
(https://i.imgur.com/4DL5Uqj.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-nikkei-index-has-risen-to-a-two-month-high/?utm_source=globaleasyforextforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
Insiders Are Selling Shares of Large Companies
(https://i.imgur.com/dGf7Aei.png)
Yesterday, the S&P 500 stock index (US SPX 500 mini on FXOpen) set another historical high, closing near the 5650 level.
However, similar records are not observed on the charts of rally leaders from the first half of 2024 – NVDA's price is 8.6% below its historical high, MSFT is 3.1% lower, and GOOGL is 2.6% below its record.
And this isn't the only cause for concern. Insider sales, as indicated by reports to the SEC, could add to anxieties. For instance:
→ Bezos sold over $900 million worth of AMZN shares;
→ Nvidia board member Mark Stevens continues to sell NVDA shares, as does company CEO Jensen Huang.
According to Goldman Sachs, fund managers have increased their long positions in US stock index futures to record levels.
And according to a July survey of fund managers conducted by Bank Of America:
→ Market sentiment remains bullish amid expectations of a Fed rate cut and a soft landing for the economy;
→ Geopolitics now pose the biggest risk to markets, followed by inflation.
If professional market participants foresee further growth in the stock index, it might not be driven by shares of large companies.
On June 27, we discussed the bullish "cup and handle" pattern near the $190 level on the AMZN price chart. Since then, bulls have shown the ability to push the price towards the psychological level of $200, but they have not managed to sustain this success.
(https://i.imgur.com/FCMo7TH.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-insiders-are-selling-shares-of-large-companies/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
-
The EUR/USD Rate Set a 16-Week High
(https://i.imgur.com/EPIjVqO.png)
According to the EUR/USD chart, the euro to dollar exchange rate yesterday surpassed the peak from early June, rising above 1.092 – the last time the price was at this level was on March 21.
Bullish sentiments in the market were supported by:
→ Approaching Thursday's meeting of the European Central Bank – it is expected that interest rates will remain unchanged. However, attention will be focused on comments from its president Christine Lagarde regarding the timing of the next interest rate cut.
→ Expectations of rate cuts by the Federal Reserve in September. As Reuters reports, Powell stated yesterday that economic indicators in the US for the second quarter "to some extent bolster the confidence" that inflation is returning to the target level in a sustainable manner.
As we mentioned in our analytical review of the EUR/USD chart on July 1:
(https://i.imgur.com/lErlDHS.jpeg)
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG (https://fxopen.com/blog/en/oa-the-eur-usd-rate-set-a-16-week-high/?utm_source=globaleasyforexforum&utm_medium=analysis&utm_campaign=resolve)
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.