Forex Stock Exchange Forum
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Forex Stock Exchange Forum

Forum About Trading on Forex,Stock,Binary Options, CryptoCurrency and NFTs


Thor Expert Advisor

You are not connected. Please login or register

Daily Market Analysis By FXOpen

Go to page : Previous  1 ... 7 ... 10, 11, 12 ... 25 ... 39  Next

Go down  Message [Page 11 of 39]

251Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 29, 2023 5:27 pm

FXOpen Trader



NASDAQ Composite Index Heralds a Fine Time for Tech Stocks
[You must be registered and logged in to see this image.]

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.

252Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 29, 2023 10:15 am

FXOpen Trader



EUR/USD Analysis: Price Reaches the Level of 1.1000
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.

253Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 29, 2023 10:13 am

FXOpen Trader



EUR/USD Extends Rally While USD/JPY Nosedives
[You must be registered and logged in to see this image.]

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
[You must be registered and logged in to see this image.]

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.

254Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Tue Nov 28, 2023 7:08 pm

FXOpen Trader



USD/JPY, GBP/USD, and EUR/USD Market Analysis: The US Dollar Continues to Fall
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.

255Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Tue Nov 28, 2023 7:05 pm

FXOpen Trader



Natural Gas Prices Fall to More than 2-month Lows
[You must be registered and logged in to see this image.]

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).

[You must be registered and logged in to see this image.]

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.

256Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Tue Nov 28, 2023 10:12 am

FXOpen Trader



Australian Dollar Reaches Its Highest Since Early August
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.

257Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Mon Nov 27, 2023 12:30 pm

FXOpen Trader



Market Analysis: Results of Black Friday in Financial Markets
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.

258Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Mon Nov 27, 2023 9:16 am

FXOpen Trader



GBP/USD Rallies While EUR/GBP Slides Below Support
[You must be registered and logged in to see this image.]

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
[You must be registered and logged in to see this image.]

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.

259Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Fri Nov 24, 2023 5:33 pm

FXOpen Trader



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 [You must be registered and logged in to see this link.]
  • USD/CAD: The Rate Approaching Important Support [You must be registered and logged in to see this link.]
  • The Price of WTI Oil Forming a Reversal Pattern [You must be registered and logged in to see this link.]
  • NVDA shares decline after strong 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.

[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this link.]

260Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Fri Nov 24, 2023 12:12 pm

FXOpen Trader

FXOpen Trader

Gold Price Dips From $2K While Crude Oil Price Recovers
[You must be registered and logged in to see this image.]

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
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

261Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Fri Nov 24, 2023 12:08 pm

FXOpen Trader

FXOpen Trader

European Shares Rise on Improving PMI Readings
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

262Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Thu Nov 23, 2023 1:17 pm

FXOpen Trader

FXOpen Trader

USD/CAD, AUD/USD, EUR/USD Analysis: Commodity Currencies and Euro Poised to Resume Growth
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

263Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Thu Nov 23, 2023 11:58 am

FXOpen Trader

FXOpen Trader

USD/CAD Analysis: the Rate Approaching Important Support
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

264Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Thu Nov 23, 2023 11:55 am

FXOpen Trader

FXOpen Trader

The Price of WTI Oil Forming a Reversal Pattern
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

265Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Thu Nov 23, 2023 11:53 am

FXOpen Trader

FXOpen Trader

NVDA Shares Decline after Strong Report
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

266Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 22, 2023 4:17 pm

FXOpen Trader

FXOpen Trader

EUR/USD, GBP/USD, and USD/JPY Analysis: US Dollar Falls to a Two-Month Low
[You must be registered and logged in to see this image.]

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
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

267Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 22, 2023 4:13 pm

FXOpen Trader

FXOpen Trader

AUD/USD Analysis: Price at Important Resistance Block
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

268Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 22, 2023 4:01 pm

FXOpen Trader

FXOpen Trader

Brent Crude Surges to $82.51 Amid OPEC+ Anticipation
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

269Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 22, 2023 9:20 am

FXOpen Trader

FXOpen Trader

EUR/USD Extends Rally While USD/CHF Dives
[You must be registered and logged in to see this image.]

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
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

270Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Tue Nov 21, 2023 11:35 am

FXOpen Trader

FXOpen Trader

FTSE 100 Volatility Alongside BoE Interest Rate Commentary
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

271Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Mon Nov 20, 2023 7:34 pm

FXOpen Trader

FXOpen Trader

Dollar Falling Amid Falling Inflation
[You must be registered and logged in to see this image.]

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
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

272Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Mon Nov 20, 2023 1:29 pm

FXOpen Trader

FXOpen Trader

Federal Reserve's 2024 Interest Rate Outlook: A Measured Descent Expected
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

273Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Mon Nov 20, 2023 10:14 am

FXOpen Trader

FXOpen Trader

NIKKEI Analysis: High of 33 Years
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

274Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Mon Nov 20, 2023 10:12 am

FXOpen Trader

FXOpen Trader

GBP/USD Regains Strength While USD/CAD Weakens
[You must be registered and logged in to see this image.]

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
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

275Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Sat Nov 18, 2023 6:21 am

FXOpen Trader

FXOpen Trader

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 [You must be registered and logged in to see this link.]
  • Important News on US Inflation Rock Financial Markets [You must be registered and logged in to see this link.]
  • Morgan Stanley Analysts Raise Forecasts for S&P 500 [You must be registered and logged in to see this link.]
  • Citi Analysts Expect Brent to Reach $73 in 2024 [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.

[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this link.]



FXOpen - International True ECN Broker

276Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Fri Nov 17, 2023 2:04 pm

FXOpen Trader

FXOpen Trader

AUD/USD and NZD/USD Dips Could Be Attractive
[You must be registered and logged in to see this image.]

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
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

277Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Fri Nov 17, 2023 12:42 pm

FXOpen Trader

FXOpen Trader

BTC/USD Analysis: Bears Aggressively Defending 37,500 Level
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

278Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Fri Nov 17, 2023 12:37 pm

FXOpen Trader

FXOpen Trader

MSFT Analysis: New All-time High
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

279Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Fri Nov 17, 2023 12:27 pm

FXOpen Trader

FXOpen Trader

Dollar Declines as Labour Market Cools
[You must be registered and logged in to see this image.]

EUR/USD
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

280Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Thu Nov 16, 2023 11:04 am

FXOpen Trader

FXOpen Trader

Citi Analysts Expect Brent to Reach $73 in 2024
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

281Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 15, 2023 5:29 pm

FXOpen Trader

FXOpen Trader

The Dollar Falls amid Falling Inflation in the US
[You must be registered and logged in to see this image.]

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
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

282Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 15, 2023 5:26 pm

FXOpen Trader

FXOpen Trader

Sterling Makes Modest Gains Following Cabinet Reshuffle by PM Rishi Sunak
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

283Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 15, 2023 1:27 pm

FXOpen Trader

FXOpen Trader

Important News on US Inflation Rock Financial Markets
[You must be registered and logged in to see this image.]

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.

[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

284Daily Market Analysis By FXOpen - Page 11 Empty Re: Daily Market Analysis By FXOpen Wed Nov 15, 2023 9:57 am

FXOpen Trader

FXOpen Trader

EUR/USD Rallies Post US CPI While USD/JPY Takes Hit
[You must be registered and logged in to see this image.]

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
[You must be registered and logged in to see this image.]

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.



FXOpen - International True ECN Broker

Sponsored content



Back to top  Message [Page 11 of 39]

Go to page : Previous  1 ... 7 ... 10, 11, 12 ... 25 ... 39  Next

Permissions in this forum:
You cannot reply to topics in this forum