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1
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 16, 2024, 11:35:35 AM »
The EUR/USD Rate Set a 16-Week High


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:



TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

2
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 16, 2024, 11:29:53 AM »
Insiders Are Selling Shares of Large Companies


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.



TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

3
General Discussion / Re: Daily Market Analytics - Forex
« on: July 16, 2024, 07:49:48 AM »
GBPUSD Technical Analysis – 16th JULY, 2024

GBPUSD – Bearish Harami Cross

 
GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2993 the prices started to decline steadily against the United States dollar.
We can see the formation of Bearish Harami Cross pattern in the weekly timeframe.
The prices of GBPUSD are also ranging near horizontal resistance in the monthly timeframe.

We can also see the formation of Black gravestone/ inverted hammer pattern in the weekly timeframe which is also indicative of the bearish trends.
The prices of GBPUSD are moving near resistance of channel in both the daily and weekly timeframes.

GBPUSD is now trading above its 100-hour SMA and above its 200-hour SMA simple moving average.
•   Pound Bearish Reversal seen below the 1.2993 mark.
•   Short-term range appears to be Mild Bearish.
•   GBPUSD continues to remain above the 1.2950 levels.
•   Average true range ATR is indicating less market volatility.

GBPUSD is now trading just near to its Pivot levels of 1.2958 and is moving into a Mild Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2945 and is now moving towards its next target of 1.2955 which is a Pivot Point 1st Support Point.

We are also looking for the breach of the levels of 1.2942 which is a Pivot Point 2nd Support Point.

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

4
General Discussion / Re: Daily Market Analytics - Forex
« on: July 16, 2024, 07:44:58 AM »
EURUSD Technical Analysis – 16th JULY, 2024

EURUSD – Bearish Price Crossover

 
EURUSD was unable to sustain its bullish momentum and after touching a high of 1.0921 the prices started to decline against the United States dollar.
We can see the formation of Bearish price crossover pattern with Adaptive Moving average AMA20 in the 4-hourly timeframe.
The Parabolic SAR indicator is giving a bearish reversal signal in the 4-hourly timeframe.

The support of the channel is broken in the 15-minutes timeframe.
The Momentum indicator is also back under zero in the 4-hourly timeframe indicating the bearish nature of the market.
We have also seen the prices of EURUSD ranging near a new low record of 1-month.

EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages.
•   Euro Bearish Reversal seen below the 1.0921 mark.
•   Short-term range appears to be Mildly Bearish.
•   EURUSD continues to remain above the 1.0880 levels.
•   Average true range ATR is indicating less market volatility.

The next support resistance is located at 1.0876 which is a Pivot Point 1st Support Point.
EURUSD is now trading below just near to its Pivot levels of 1.0889 and is moving into a Mild Bearish channel.

The price of EURUSD remains above its Classic support levels of 1.0878 and is moving towards its next target of 1.0871 which is a 14-3 Day Raw Stochastic at 80%.

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

5
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 15, 2024, 10:14:52 AM »
The Nikkei Index Has Risen To a Two-Month High


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.



TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

6
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 13, 2024, 01:30:10 PM »
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.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.



FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or 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

7
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 13, 2024, 01:16:35 PM »
Analysis of USD/JPY: Was There an Intervention?


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.



TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

8
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 12, 2024, 08:42:47 AM »
The Nasdaq 100 Index Fell Despite Positive Inflation News


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.



TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

9
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 12, 2024, 08:37:03 AM »
Market Analysis: GBP/USD Eyes 1.3000 While EUR/GBP Struggles


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


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

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

10
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 11, 2024, 01:57:57 PM »
PepsiCo Stock Rebounds from Yearly Low Ahead of Earnings Report


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.



TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

11
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 11, 2024, 10:43:30 AM »
GBP/USD Hits Four-Month High Following GDP Growth News


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.



TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

12
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 11, 2024, 09:15:01 AM »
Markets Awaiting US Inflation Data: What is the Probability of Trend Reversals?


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

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

13
General Discussion / Re: Daily Market Analysis By FXOpen
« on: July 11, 2024, 09:04:26 AM »
Market Analysis: EUR/USD Jumps, USD/JPY Bulls Seem Unstoppable


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


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

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

14
General Discussion / Re: Daily Market Analytics - Forex
« on: July 11, 2024, 07:28:44 AM »
GBPUSD Technical Analysis – 11th JULY, 2024

GBPUSD – Ichimoku - Bullish crossover

 
GBPUSD was unable to continue its bearish momentum and after forming a low of 1.2801 the prices have stabilized and continue to correct upwards with a bullish correction wave.
We can see the formation of Ichimoku - Bullish crossover: Tenkan & Kijun in the daily timeframe.
The prices of GBPUSD are also ranging near a new high record of 1 year in the weekly timeframe.

The Parabolic SAR indicator is giving bullish reversal signal in the 30-minutes timeframe.
We can also see the formation of a Long white line in the 15-minutes timeframe which is indicative of the bullish trend present in the markets.

GBPUSD is now trading above its 100-hour SMA and above its 200-hour SMA simple moving average.
•   Pound Bullish Reversal seen above the 1.2801 mark.
•   Short-term range appears to be Mild Bullish.
•   GBPUSD continues to remain above the 1.2850 levels.
•   Average true range ATR is indicating less market volatility.

GBPUSD is now trading just near to its Pivot levels of 1.2857 and is moving into a Mild Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.2849 and is now moving towards 1.2867 which is a 1-Month High.
We are also looking for the breach of the levels of 1.2909 which is a 14 Day RSI at 70%.

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

15
General Discussion / Re: Daily Market Analytics - Forex
« on: July 11, 2024, 07:24:12 AM »
EURUSD Technical Analysis – 11th JULY, 2024

EURUSD – Bullish Trend Reversal

 
EURUSD was unable to sustain its bearish momentum and after touching a low of 1.0813 on 10th July the prices have stabilized and we can see a resumption of the Uptrend in the markets.
We can see the formation of Bullish Trend reversal pattern with the Adaptive Moving average AMA50 and AMA100 in the weekly timeframe.
The resistance of the channel is broken in the daily timeframe which is indicative of the bullish trend present in the markets.
The RSI indicator is back over 50 in the 15-minutes timeframe.

Some of the technical indicators are also giving a neutral tone which indicates the presence of the consolidation wave in the markets.
We have also seen the prices of EURUSD ranging near a new high record in the weekly timeframe.

EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages.
•   Euro Bullish Reversal seen above the 1.0814 mark.
•   Short-term range appears to be Mildly Bullish.
•   EURUSD continues to remain above the 1.0820 levels.
•   Average true range ATR is indicating less market volatility.

The next resistance is located at 1.0843 which is a Pivot Point 2nd Level Resistance.
EURUSD is now trading below just near to its Pivot levels of 1.0836 and is moving into a Mild Bullish channel.

The price of EURUSD remains above its Classic support levels of 1.0831 and is moving towards its next target of 1.0862 which is a 50% Retracement From 52 Week High/Low.


Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

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Disclaimer : The purpose of this website is to be a place for learning and discussion. The website and each tutorial topics do not encourage anyone to participate in trading or investment of any kind. Any information shown in any part of this website do not promise any movement, gains, or profit for any trader or non-trader.

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