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Daily Market Analysis By FXOpen

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26Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Thu Feb 22, 2024 9:50 am

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NVDA Share Price Soars 11% after Report
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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%.

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

27Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Wed Feb 21, 2024 12:01 pm

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Ethereum Price Falls after Exceeding $3,000
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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.

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

28Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Wed Feb 21, 2024 11:59 am

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S&P 500 Inches Down After Long Rally as FOMC Minutes Approach
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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...

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

29Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Wed Feb 21, 2024 11:27 am

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NASDAQ Price Declining Ahead of NVDA Report
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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.

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

30Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Wed Feb 21, 2024 9:53 am

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Market Analysis: EUR/USD Starts Increase While USD/JPY Dips
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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
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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.

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

31Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Tue Feb 20, 2024 10:55 am

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Will investors focus on commodities in the advent of tomorrow's FOMC Minutes?
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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.

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

32Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Mon Feb 19, 2024 1:26 pm

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Dollar Holds Steady after Producer Price Data Release
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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
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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...

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

33Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Mon Feb 19, 2024 11:13 am

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GBP/JPY: Price Corrects from 8.5 Year High
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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.

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

34Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Mon Feb 19, 2024 10:15 am

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Is the UK really in a recession? Perhaps 2024 data will be different
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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...

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

35Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Fri Feb 16, 2024 5:28 pm

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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 [You must be registered and logged in to see this link.]
  • GBP/USD Price Declining after Encouraging UK Inflation Data Release [You must be registered and logged in to see this link.]
  • Gold Price Takes Hit While Crude Oil Price Extends Rally [You must be registered and logged in to see this link.]
  • Bitcoin Price Exceeds Psychological Level of $50k [You must be registered and logged in to see this link.]


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.

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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.

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36Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Fri Feb 16, 2024 11:27 am

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TSLA Share Price Rises Sharply amid News of Musk's Increased Stake in the Company
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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.

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



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37Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Fri Feb 16, 2024 10:19 am

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Gold Price Recovers from Year Lows
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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.

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



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38Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Fri Feb 16, 2024 8:29 am

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Market Analysis: GBP/USD Attempts Recovery While EUR/GBP Gains Strength
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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
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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.

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



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39Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Thu Feb 15, 2024 2:16 pm

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The US Currency Correcting after a Sharp Rise
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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.

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



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40Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Thu Feb 15, 2024 11:31 am

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Ethereum Price Exceeds $2,800
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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.

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



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41Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Thu Feb 15, 2024 10:04 am

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AUD/USD Price Reaction to Labour Market News Provides Important Information for Analysis
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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.

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42Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Wed Feb 14, 2024 2:14 pm

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EURGBP continues to be suppressed during February. Will it rise again?
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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...

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



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43Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Wed Feb 14, 2024 11:22 am

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GBP/USD Price Declining after Encouraging UK Inflation Data Release
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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.

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44Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Wed Feb 14, 2024 11:20 am

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News about US Inflation Shake Markets
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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.

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45Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Wed Feb 14, 2024 11:19 am

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Market Analysis: Gold Price Takes Hit While Crude Oil Price Extends Rally
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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
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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.

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46Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Tue Feb 13, 2024 2:20 pm

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S&P500 has been on a roll, but will it continue?
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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.

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47Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Tue Feb 13, 2024 11:13 am

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Major Currency Pairs in Consolidation Phase ahead of US Inflation Data Release
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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.

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48Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Tue Feb 13, 2024 10:33 am

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Bitcoin Price Exceeds Psychological Level of $50k
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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.

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49Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Mon Feb 12, 2024 4:40 pm

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Volatility Leads To Pessimism Around UK's FTSE 100 Index
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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.

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50Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Mon Feb 12, 2024 1:49 pm

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Markets Await Publication of Key Macroeconomic Statistics from the US and UK
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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
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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.

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51Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Mon Feb 12, 2024 10:53 am

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Nikkei 225 Index Price Sets 34-year High
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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.

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52Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Sat Feb 10, 2024 7:30 am

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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 [You must be registered and logged in to see this link.]
  • CAD Strengthened After Statements from the Head of the Bank of Canada [You must be registered and logged in to see this link.]
  • GBP/USD Displays Volatility as Pound Demonstrates Low Performance [You must be registered and logged in to see this link.]
  • AMZN Share Price Rises Nearly 8% after Report [You must be registered and logged in to see this link.]


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.

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

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53Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Fri Feb 09, 2024 2:42 pm

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Bitcoin Recovers to January 11 Prices When ETFs Were Approved
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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.

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54Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Fri Feb 09, 2024 11:25 am

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USD/JPY Reaches 10-week High amid Statements by Head of Bank of Japan
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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.

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55Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Fri Feb 09, 2024 9:23 am

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Market Analysis: AUD/USD Struggles While NZD/USD Grinds Higher
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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
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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.

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56Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Wed Jan 24, 2024 10:27 am

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Market Analysis: EUR/USD Struggles, USD/JPY Could Extend Gains
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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
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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.

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57Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Tue Jan 23, 2024 4:09 pm

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S&P 500 Trades at Record Highs, Further Adding to US Stock Bonanza

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Who would have thought it?

Two years ago, in the grip of spiralling inflation and a considerable lull in the value of various stock market indices with major North American companies being key contingents, when financial analyses were awash with pessimism, it would have been a hard prediction that the beginning of 2024 would play host to high stock values across the board and a booming US economy.

The inflation of 2021 and 2022 was followed by high-profile banking collapses and US involvement in geopolitical instability in various global regions; however, here we are about to enter the final week of the first month of 2024, and the markets are looking extremely healthy.

Today's focus for those observing the performance of stock markets is firmly fixed on the S&P 500 index, which concluded the US trading session yesterday at an all-time high.

This is a very interesting dynamic, especially considering that this upward direction is not unique to the prestigious stocks of long-established companies included in the S&P 500 index but is also noticeable among other indices in US markets, with the NASDAQ also having increased in value, alluding to a business-as-usual scenario in Silicon Valley.

Even more interestingly, this milestone-crossing strength appears to be organic, as there has not been a specific event that could have caused it.

Analysis this morning is focusing on relatively well-understood dynamics which have existed in US markets for a while now, alluding to the forthcoming Federal Reserve policymakers meeting on January 30 being anticipated with some degree of optimism and last week's publicised speech by the Federal Reserve Board of Governors member Christopher Waller in which he stated his optimistic point of view that the 2% target of inflation could be reached and sustained within the United States.

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58Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Tue Jan 23, 2024 10:49 am

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The Price of Bitcoin Has Dropped Below 40,000: What's Next?
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The value of the main cryptocurrency has fallen below the psychological mark for the first time since December 4th of last year. According to on-chain metrics services, the decline in the price of Bitcoin on cryptocurrency exchanges triggered the liquidation of buyer positions for more than 25 million dollars in just 2 hours.

This decline confirms the significance of the three black crows pattern (indicated by the arrow) and the principle of "buy the rumour, sell the fact" – as we discussed in the Bitcoin price analysis on January 15th.

What's next? Will the price continue to decrease?

JPM head Jamie Dimon, as well as legendary investor Peter Schiff, are pessimistic. In their opinion, Bitcoin is a speculative asset. Jamie Dimon explicitly advises staying away from bitcoins, while Peter Schiff, comparing Bitcoin to gold, prefers the precious metal.

On the other hand, the current decrease may indicate a correction within an upward trend. This perspective is held by financial expert and publicist Anthony Scaramucci.

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59Daily Market Analysis By FXOpen - Page 2 Empty Re: Daily Market Analysis By FXOpen Tue Jan 23, 2024 10:11 am

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Currencies Consolidate Awaiting Bank of Canada and ECB Verdicts
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The last full trading week of January is highly saturated with important fundamentals. This morning, the Bank of Japan held its meeting, tomorrow, the Bank of Canada will announce its verdict, and on Thursday, the ECB's press conference is scheduled. Major currency pairs, in anticipation of the mentioned events, continue to trade within narrow corridors formed earlier.

USD/CAD
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The USD/CAD chart shows that the currency pair is trading near recent highs at 1.3520-1.3480. After an early-year rise, the pair retreated to support at the alligator lines on the daily timeframe. Yesterday, the price dropped to 1.3420 but interrupted the downward correction and rose to 1.3480 by evening. With a corresponding fundamental background, the pair may break the upper fractal at 1.3540 and continue to rise towards 1.3680-1.3570. The cancellation of the upward scenario may be considered with a confident fixation below 1.3400.

At 16:30 GMT+3 today, we await the publication of data on the new housing price index in Canada for December. Tomorrow at 18:00 GMT+3, the Bank of Canada will announce its decision on the base interest rate. Analysts predict that officials will leave the rate unchanged. For market participants, the Canadian regulator's comments on credit and monetary policy for the current year will be crucial.

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