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Daily Market Analysis By FXOpen

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76Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Tue Jan 09, 2024 12:40 pm

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The Swiss National Bank Suffered Losses of 3 Billion Francs in 2023
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The Swiss National Bank (SNB) reported an annual loss of 3 billion Swiss francs (USD 3.54 billion) in 2023 and said it would not make payments to Switzerland's central or local government or pay dividends to investors.

The loss is believed to have occurred as a result of interest rate hikes aimed at fighting inflation.

Although in Switzerland, perhaps, inflation is at the lowest level: according to yesterday's Core Price Index data, the actual value is = 0.0% (expected = 0.1%, a year ago = -0.2%, the highest actual value in 2023 was = +0.7 %). However, the SNB raised the rate to 1.75% twice in 2023, and this led to it making more payments to deposit account holders.

Note that the loss for 2023 is much less than the record minus 133 billion for 2022. Reuters writes that the losses will not affect the bank's current monetary policy, and interest rates could be cut during 2024.

On November 2, we wrote that the franc could continue to strengthen. Since then, USD/CHF has fallen about 6%, setting its 2023 low on December 28 at 0.83327.

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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.

77Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Mon Jan 08, 2024 5:01 pm

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EUR/USD, GBP/USD, and USD/JPY Analysis: Dollar Loses Gains Due to US Services Data
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The dollar initially rose on Friday but then retreated after data showed the US services sector fell sharply in December, erasing gains made after a report showed stronger-than-expected nonfarm payrolls last month. Earlier in the session, the dollar jumped after data showed the US economy added 216,000 new jobs in December, topping the consensus forecast of 170,000. The Institute for Supply Management (ISM) said its non-manufacturing index fell to 50.6 last month, the lowest since May, down from 52.7 in November. The service sector makes up more than two-thirds of the economy. Economists polled by Reuters had forecast the index would change little to 52.6.

EUR/USD
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The EUR/USD pair is trading around the 1.0940 level. According to EUR/USD technical analysis, immediate resistance can be seen at 1.1000, a break higher could trigger a move towards 1.1045. On the downside, immediate support is seen at 1.0918, a break below could take the pair towards 1.0875. The eurozone reported lower-than-expected consumer price index data (2.9% vs. 3.0%).

Over the past week, a trading range has formed with boundaries of 1.0875 and 1.1000. Now the price is in the middle of the range and may continue to rise.

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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.

78Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Mon Jan 08, 2024 12:54 pm

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JPM Stock Hits All-time High
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This week the reporting season begins — company results for the 4th quarter will certainly become one of the most important drivers of stock index prices, along with the publication of news about inflation, the labor market, and statements from the Federal Reserve.

Large banks will traditionally be among the first to report: JP Morgan, Bank of America, Wells Fargo, Citi. The banking sector looks frankly strong at the beginning of 2024. While the S&P-500 is down 1% in the first week, the XLF financial sector fund is holding near the year's opening price.

According to MarketWatch, bank stocks are becoming increasingly popular amid expectations of a positive yield curve in the second half of 2024, and analysts have set “buy” ratings on shares of Goldman Sachs, Morgan Stanley and Wells Fargo (WFC).

It should be noted that shares of JP Morgan bank set a historical record. The previous high set on October 25, 2021 was USD 172.75 per share. At its peak last Friday, the price reached USD 173.19 per share.

The growth of JPM shares is facilitated by the dividend policy:
→ January 2024: USD 1.05 per share;
→ January 2023: USD 1.00 per share;
→ January 2022: USD 1.00 per share;
→ January 2021: USD 0.90 per share;
→ January 2020: USD 0.90 per share.

JPM data will be published on Friday. Will the price be able to maintain its highs?

There are some concerns.

From a fundamental point of view, in the current economic environment, with inflation remaining above target and interest rates at high levels, the results for the 4th quarter may disappoint.

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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.

79Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Mon Jan 08, 2024 12:52 pm

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High Hopes for FTSE 100 Deflate After First Week of 2024
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At the end of last year, there were a number of interesting speculations regarding the trajectory that the stock of London's most prestigious 100 companies would take in the new year.

The FTSE 100 index had been increasing in value very steadily during the final two weeks of 2023, creating the potential notion that it may venture toward the 8,000 mark once again, revisiting the milestone which it passed in February last year for the first time in history.

One full week of trading has now passed since 2024 began, and the upward direction that was prevailing at the end of December has not continued.

Instead, a steady decrease in value has materialised, with the FTSE 100 index having reduced in value over the five-day moving average from 7,764 on January 2 to 7,680 on the opening bell this morning at the London Stock Exchange at FXOpen. The FTSE 100 had dipped as low as 7,654 on Friday afternoon last week.

Hopes were high for a bumper start to 2024 for the London Stock Exchange's FTSE 100 index, with many analysts having made their predictions at the end of 2023 that it would have a better year in 2024 than it did in 2023.

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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.

80Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Fri Jan 05, 2024 1:11 pm

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The Dollar On the Rise ahead of the US Non-farm Payrolls Report
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The American currency is receiving support after the publication of the meeting minutes of the Federal Open Market Committee, according to which officials may begin a cycle of interest rate cuts by the end of this year, while pointing to continued uncertainty in the economy. Trading participants are in no hurry to open new positions ahead of today's publication of the December report on the US labour market. Forecasts assume a slowdown in the growth rate of new jobs outside the agricultural sector from 199.0k to 170.0k. At the same time, the unemployment rate is expected to adjust from 3.7% to 3.8%, and the average hourly wage, from 4.0% to 3.9%. At the moment, investors are evaluating a report from Automatic Data Processing (ADP), which reflected an increase in employment in the private sector from 101.0k to 164.0k, while analysts expected 115.0k. In turn, the number of initial applications for unemployment benefits for the week of December 29 decreased from 220.0k to 202.0k, with a forecast of 216.0k.

EUR/USD
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According to EUR/USD technical analysis, the pair shows mixed trading dynamics, consolidating near the 1.0940 mark. Immediate resistance can be seen at 1.0989, a break higher could trigger a move towards 1.1000. On the downside, immediate support is seen at 1.0911, a break below could take the pair towards 1.0839.

Activity in the market remains quite low, as investors are in no hurry to open new positions ahead of the publication of European statistics on consumer inflation and the December report on the US labour market. Forecasts suggest a moderate rise in the eurozone consumer price index in December from 2.4% to 3.0%, which could lead to the ECB taking a pause before the expected launch of a cycle of interest rate cuts this year. Yesterday, inflation statistics were published in Germany. In monthly terms, the indicator increased by 0.1% after declining by 0.4% in November, and in annual terms it accelerated from 3.2% to 3.7%, which turned out to be slightly worse than market expectations at 3.8%. The single currency was also moderately supported by statistics on business activity: the composite index in the eurozone manufacturing sector in December rose from 47.0 points to 47.6 points, and in the services sector from 48.1 points to 48.8 points, beating neutral forecasts.

Based on the lows of two days, a new downward channel has formed. Now the price is in the middle of the channel and may continue to decline after approaching the upper limit.

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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.

81Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Fri Jan 05, 2024 11:30 am

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USD/JPY: The Price Reaches Resistance at 145 Yen per US Dollar
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As of Friday morning, the situation on the USD/JPY market deserves attention:

→ the US dollar is on course to demonstrate its strongest week since July 2023. The media writes that markets are adjusting expectations regarding the easing of monetary policy by the Fed.

→ The yen fell about 3% against the US dollar in the first week of the year, which could be its weakest weekly performance since August 2022.

The USD/JPY chart shows that:

→ the price moves within the descending channel (shown in red). Growth at the beginning of the year expanded its boundaries along the principle of a parallel channel.

→ the median line has been broken by the bulls. The price action around 142 shows increased demand. The price could not consolidate below this level in December, serving as a powerful support for ending panic on December 7 and 14-15. Also, demand forces did not allow the price to reach the lower border of the channel on December 28.

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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.

82Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Fri Jan 05, 2024 11:28 am

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Market Analysis: Gold Price Corrects Gains While Crude Oil Price Aims Higher
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Gold price is correcting lower from the $2,088 resistance. Crude oil price is rising and it could climb further higher toward the $75.90 resistance.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price failed to clear the $2,088 resistance and corrected lower against the US Dollar.
  • A key contracting triangle is forming with support at $2,042 on the hourly chart of gold at FXOpen.
  • Crude oil prices are moving higher above the $71.00 resistance zone.
  • There is a key bullish trend line forming with support near $72.60 on the hourly chart of XTI/USD at FXOpen.


Gold Price Technical Analysis
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On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,050 resistance. The price even broke the $2,078 level before the bears appeared.

The price traded as high as $2,088 before there was a downside correction. There was a move below the $2,060 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 50. Finally, it tested the $2,030 zone.

The price is now attempting a recovery wave above the $2,040 level. It climbed above the 23.6% Fib retracement level of the downward move from the $2,078 swing high to the $2,030 low.

If the bulls remain active, the price could start a fresh increase. Immediate resistance is near the 50-hour simple moving average at $2,046. The next major resistance is near the 50% Fib retracement level of the downward move from the $2,078 swing high to the $2,030 low at $2,055.

An upside break above the $2,055 resistance could send Gold price toward $2,078. Any more gains may perhaps set the pace for an increase toward the $2,088 level.

Initial support on the downside is near the $2,042 level. There is also a key contracting triangle forming with support at $2,042. The first major support is $2,030. If there is a downside break below $2,030, the price might decline further. In the stated case, the price might drop toward $2,010.

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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.

83Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Thu Jan 04, 2024 5:14 pm

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5 Stocks To Consider in January 2024
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A new year means a new start. Market optimism appears to be the order of the day as the beginning of 2024 leads a foray into the new era in which the slow recovery of Western economies signalled in 2023.

With tech stocks back in the limelight over the course of recent months, will market conditions favour these even more during the year ahead?

Given that there is a wide range of speculations and expectations relating to a potential change in central bank policy, which would see a move away from the ultra-conservative methods being used on both sides of the Atlantic that have been in place for a long period, with increases in interest rates continuing despite the backdrop of reducing inflation, it may be worth considering that dynamic, modern high-tech companies whose stocks are listed on North American stock exchanges are very responsive to such changes.

In circumstances where monthly commitments are high, a very different corporate policy is often considered at times when the cost of meeting such commitments is considerably lower, allowing companies to reinvest in growth.

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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.

84Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Thu Jan 04, 2024 5:12 pm

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European Currencies Find a Short-term Bottom after Publication of Fed Minutes
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The beginning of this year turned out to be quite successful for the American currency. In just a few trading sessions, the euro/US dollar pair lost about 200 points, the pound/US dollar pair dropped to 1.2600, and the US dollar/yen managed to strengthen by more than 300 points. However, yesterday the upward correction on the greenback slowed down slightly, which allowed the major currencies to find short-term support.

GBP/USD

The pound/US dollar currency pair, after testing 1.2800, sharply rolled back. Weak volatility during the pre-holiday days contributed to increased sales of the pound, and yesterday the price fell to 1.2600. But by the end of the American session, the pair sharply rolled back up to 1.2670.

Today is an important fundamental day for the pair. At 12:30 GMT+3, the UK composite index for December will be published. The index of business activity in the services sector and the volume of mortgage lending for November will also be released. Analysts expect growth in indicators, which may contribute to the continued strengthening of the pair.

On the daily GBP/USD chart, we see the bearish reversal bar from December 28. At the moment, the pair's decline has slowed down at the intertwined alligator lines. If the level of 1.2000 is broken, we may expect a resumption of the decline to 1.2500.

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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.

85Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Thu Jan 04, 2024 5:08 pm

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Analysts Downgrade AAPL Shares
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According to Yahoo Finance, Barclays analysts downgraded AAPL shares to “underweight” and lowered their price forecast: they expect the share price to drop to USD 160 (although AAPL traded above USD 184 yesterday).

Analysts justified their decision by their expectations of a decrease in demand for new iPhone models. “Our checks remain negative on volumes and mix for iPhone 15, and we see no features or upgrades that are likely to make the iPhone 16 more compelling.”

The news caused AAPL's share price to fall 3.6% on Tuesday, its biggest one-day percentage drop since September, and the decline wiped out more than USD 107 billion in market value. Concerns are growing due to:

→ growing competition from companies such as Huawei Technologies Co;

→ strict measures by the Chinese government against foreign-made devices.

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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.



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86Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Thu Jan 04, 2024 11:29 am

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Traders Adjust Their Expectations for Fed Action
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From the beginning of November to the end of December 2023, the dollar index futures price fell by approximately 5.5%, according to the CME exchange. The weakening of the USD was caused by the sentiment of traders who expected the Fed to cut interest rates in March. As a result of the sentiment that prevailed at the end of 2023, stock indices, gold (setting a historical maximum on December 4) and cryptocurrencies rose.

However, the start of 2024 indicated a sharp change in sentiment, with the dollar index futures price rising more than 1% during the January 3-4 sessions.

This can be interpreted as:

→ during the pre-holiday period, there was a certain emotional component that helped to look into the future with optimism;

→ after the end of the holidays, market participants adjusted their expectations regarding the easing of the Fed's actions.

Data released yesterday showed that there is no clear indication that the Fed may start cutting rates, as its members still see the need for policy to remain restrictive for some time.

That is, in the first days of 2024, there was a correction of bullish sentiment at the end of 2023. In the cryptocurrency market, which is characterised by a high degree of margin (opening positions with borrowed funds), the correction turned into an avalanche of sales — the BTC/USD rate dropped rapidly to the level of $41,000, forming a false bullish breakout of the consolidation zone at the end of 2023, which we wrote about yesterday.

We also note the decline in the NASDAQ technology stock index, which, according to Bloomberg, showed the worst start to the year since 2001 (the time of the dot-com crash).

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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.



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87Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Wed Jan 03, 2024 3:56 pm

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EUR/USD, GBP/USD, and USD/JPY Market Analysis
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Today, investors are focusing on the December minutes of the US Federal Reserve meeting, which will help clarify the regulator’s plans for the near future: more than 70.0% of analysts expect that officials may resume the program to reduce borrowing costs in March. Also during the day, December data on the index of business activity in the manufacturing sector from the Institute for Supply Management (ISM) will be published: a moderate increase in the indicator is expected from 46.7 points to 47.1 points. It is worth noting that a similar index from S&P Global presented the day before did not meet analysts’ expectations, falling from 48.2 points to 47.9 points with neutral forecasts.

EUR/USD
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According to EUR/USD technical analysis, the EUR/USD pair is showing slight growth, correcting after a rather sharp decline the day before, as a result of which the local lows of December 20, 2023, were updated. The single currency is trading near the 1.0960 mark, and market participants expect new drivers to appear in the market. Immediate resistance can be seen at 1.1000, a break higher could trigger a move towards 1.1047. On the downside, immediate support is seen at 1.0947, a break below could take the pair towards 1.0869.

The EU will present December inflation statistics within a week, which may affect the ECB's further monetary policy. The German consumer price index may rise by 0.1% in monthly terms after -0.4 and in annual terms from 3.2% to 3.8%. Final inflation data in the eurozone will be published on Friday. The annual rate is expected to accelerate from 2.4% to 3.0%. In addition, investors will evaluate the December report on the American labour market, which may also have an impact on future decisions of the US Federal Reserve.

Based on the lows of two days, a new downward channel has formed. Now the price is in the middle of the channel and may continue to decline after approaching the upper limit.

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.



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88Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Wed Jan 03, 2024 3:53 pm

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2024 Is All About Interest Rate Policy, but Who Is Right?
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There are high hopes for the year ahead, especially given that 2023 was mostly a period in which rebuilding Western economies was steady and relatively progressive within the financial markets.

Britain slowly moved forward, away from the cost of living crisis, double figure inflation and government-enforced lockdowns that dogged the early part of this decade, with 2023 having been a gradual move upwards for the British economy, in which inflation became more palatable, and in which it avoided any of the toxicity from some of the high profile bank demises in the United States during last year.

Similarly, the United States economy has been getting itself very much back on track, with inflation now well under control and productivity reasonably high. Despite the collapse of some major banks, which brought memories of the 2008/2009 banking catastrophe back to the forefront of many minds, the US continued steadily and calmly with a strong Dollar and good overall figures.

Even the tech stocks are now back to a good level of trading volatility and out of the doldrums, leading US investors to be back to positivity.

There has been a lot of discussion and speculation regarding the potential monetary policy on both sides of the Atlantic for 2024. Will the central bankers begin to stop increasing interest rates? Will they pursue quantitative easing policies?

One school of thought centres around quantitative easing, which is a monetary policy strategy used by central banks in which they purchase securities in an attempt to reduce interest rates, increase the supply of money and drive more lending to consumers and businesses.

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.



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89Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Wed Jan 03, 2024 11:16 am

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Bitcoin Price Starts the Year with Bullish Sentiment
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The first Bitcoin block, also known as the genesis block, was mined on January 3, 2009 at 18:15:05 UTC. 15 years have passed and the value of Bitcoin is in the tens of thousands of US dollars.

In the first days of 2023, bitcoin was worth about $16,600 — and, as it turned out, this was the minimum. After all, then the BTC/USD rate went up and by the end of 2023 reached $44,000. The change was more than +150%!

On January 3, 2024, the price was already above $45,000, giving hope to the bulls that 2024 will be no less successful. If in the coming 2024 BTC/USD repeats the progress of last year, this will mean exceeding the psychological mark of USD 100,000 per coin!

What will influence the price of Bitcoin in the first half of the year?

→ Expected approval of applications for BTC ETF by the SEC regulator. On the one hand, approval will allow a wide range of people to simply invest in Bitcoin, which should increase demand. On the other hand, waiting for approval takes too long. And if it happens, it is possible that a price reduction may occur according to the “buy rumours, sell facts” principle.

→ Approximately, halving will occur in April. This will happen after the 210,000th block is mined. After the halving, miners' block rewards will be reduced from 6.25 BTC to 3.125 BTC. It is believed that this should reduce the supply of coins on the market —  accordingly, the price of BTC/USD may rise (and history suggests this).

→ Fed rate cut. Easing monetary policy can serve as a driver for the growth of investment in risky assets, which is Bitcoin.

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The BTC/USD daily chart shows that:

→ the price of Bitcoin is within the ascending channel;

→ the price broke through the resistance level of $44,400 per coin.

In this case, a comparison with the recent breakdown of the level of 38,000 is appropriate. If the price acts in the same bullish manner, it may consolidate above 44,400, without even testing this former resistance level.

If the demand for Bitcoin does not exhaust itself, the price may reach the upper boundary of the channel and drift towards the psychological mark of $50k. A return below the $44,000 level will mean a big setback for the bulls and will give reason to consider bearish scenarios, up to a breakdown of the current channel.

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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.



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90Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Wed Jan 03, 2024 8:53 am

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Market Analysis: GBP/USD Retreats From Highs, USD/CAD Grinds Higher
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GBP/USD declined below the 1.2715 support zone. USD/CAD is rising and might aim for more gains above the 1.3330 resistance.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

  • The British Pound started a fresh decline below the 1.2715 support zone.
  • There is a key bearish trend line forming with resistance near 1.2680 on the hourly chart of GBP/USD at FXOpen.
  • USD/CAD is showing positive signs above the 1.3260 support zone.
  • There was a break above a major bearish trend line with resistance near 1.3260 on the hourly chart at FXOpen.


GBP/USD Technical Analysis
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On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2820 zone. The British Pound traded below the 1.2715 support to move further into a bearish zone against the US Dollar.

The pair even traded below 1.2680 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2610 level. A low was formed near 1.2610 and the pair is now attempting a recovery wave.

Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.2827 swing high to the 1.2610 low at 1.2660. The first major resistance is near a key bearish trend line at 1.2680 or the 50-hour simple moving average.

A close above the 1.2680 resistance might spark a steady upward move. The next major resistance is near the 50% Fib retracement level of the downward move from the 1.2827 swing high to the 1.2610 low at 1.2715. Any more gains could lead the pair toward the 1.2820 resistance in the near term.

Initial support sits near 1.2610. The next major support is at 1.2565, below which there is a risk of another sharp decline. In the stated case, the pair could drop towards 1.2500.

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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.



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91Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Fri Dec 29, 2023 2:07 pm

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The Dollar Stopped Falling
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The US dollar is trying to win back losses, trading at 100.800 in USDX, however, key statistics on the labour market were negative: the number of initial applications for unemployment benefits amounted to 218.0k, much higher than 206.0k a week earlier and the expected 210.0k, as a result of which the total number of citizens receiving government assistance increased from 1.861 million to 1.875 million, putting pressure on the US currency. Market participants expect an adjustment in monetary policy from the US Federal Reserve, and also hope for a threefold reduction in borrowing costs next year. According to a CNBC survey of 300 leading investors, most expect the transition to dovish rates to begin in the second half of 2024, with some predicting it will begin in March.

EUR/USD
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The EUR/USD pair is trading in the main range of 1.1083-1.1060, with the price trying to resume growth after a correction the day before, when it retreated from six-month highs at 1.1138. Immediate resistance can be seen at 1.1145, a break higher could trigger a rise towards 1.1177. On the downside, immediate support is seen at 1.1066, a break below could take the pair towards 1.1000.

The euro quotes were put under pressure by the continuing uncertainty regarding further actions (by the ECB) in the field of monetary policy. Previously, it was assumed that the European regulator, like the US Federal Reserve, would begin a cycle of easing monetary policy, but recent comments by ECB board member Robert Holtzman have somewhat changed these forecasts. The day before, in an interview with Bloomberg, the official said that it was too early to talk about the beginning of a reduction in borrowing costs in the region, while admitting that the measures taken by the department led to a noticeable weakening of inflation. The potential for the EUR/USD pair to resume its upward dynamics after the Christmas holidays remains.

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92Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Fri Dec 29, 2023 11:32 am

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USD/JPY Analysis: Outlook for 2024
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The Japanese yen has been one of the worst performing currencies over the past couple of years. The situation could improve in 2024, writes WSJ.

The yen has lost about 20% against the dollar since the end of 2021, underperforming other major currencies. The reason is that Japan's central bank kept interest rates ultra-low while most of its peers raised them aggressively. This was possible because it did not grow so rapidly in Japan. Japan's core inflation rate, which does not include fresh produce, was 2.5% in November. Although this is already above its 2% inflation target, the Bank of Japan is reluctant to raise interest rates too quickly for fear of a hit to the economy.

But the situation may change in 2024. The central bank has already made several changes to its “yield curve control” policy in the bond market. And the yen has risen about 7% against the dollar since mid-November, partly because traders expect the Bank of Japan to continue reforms. On the other hand, the dollar may weaken, including due to the expected easing of Fed policy.

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93Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Fri Dec 29, 2023 11:27 am

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Market Analysis: AUD/USD and NZD/USD Regain Strength
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AUD/USD is moving higher and might climb further above 0.6870. NZD/USD is also rising and could extend its increase above the 0.6370 resistance zone.

Important Takeaways for AUD USD and NZD USD Analysis Today

  • The Aussie Dollar started a fresh increase above the 0.6760 and 0.6800 levels against the US Dollar.
  • There is a bullish flag forming with resistance near 0.6845 on the hourly chart of AUD/USD at FXOpen.
  • NZD/USD is gaining bullish momentum above the 0.6320 support.
  • There is a short-term contracting triangle forming with support near 0.6320 on the hourly chart of NZD/USD at FXOpen.


AUD/USD Technical Analysis
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On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6725 support. The Aussie Dollar was able to clear the 0.6760 resistance to move into a positive zone against the US Dollar.

There was a close above the 0.6800 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6870 zone. A high is formed near 0.6869 and the pair is now consolidating gains.

There was a minor move below the 23.6% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high.

On the downside, initial support is at 0.6820. The next support could be the 50% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high at 0.6800. If there is a downside break below the 0.6800 support, the pair could extend its decline toward the 0.6760 zone.

Any more losses might signal a move toward 0.6660. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6845. There is also a bullish flag forming with resistance near 0.6845.

The first major resistance might be 0.6870. An upside break above the 0.6870 resistance might send the pair further higher. The next major resistance is near the 0.6920 level. Any more gains could clear the path for a move toward the 0.7000 resistance zone.

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94Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Fri Dec 29, 2023 6:00 am

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Brent Crude Oil Dips Back Below $80 Mark Despite Middle East Escalation
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The commodities market is a wide-ranging and varied one, largely because the different physical products represent different uses. Oil is one of those rare commodities that is an actual consumable item, and due to its nature as a staple raw material for fuel production, combined with its concentration within certain countries that extract and sell it, its value is often intrinsically linked to geopolitical events and economic circumstances.

Currently, Brent Crude Oil is under some degree of observation by analysts and market participants due to its steadily decreasing value which has been consistent for the most part over the past two and a half months since the beginning of the war, which is taking place in the Middle East, a contrary pattern to what may be expected, when ordinarily circumstances like this cause increases.

Historically, oil prices across the board have been dramatically affected by wars involving Israel and its neighbouring countries, largely because many of the OPEC countries which supply oil globally are Middle Eastern nations and members of the Arab League.

For example, in 1973, during the Yom Kippur War, the OPEC nations imposed an oil embargo against the United States in an attempt to reverse the decision by the US government to supply weapons and funding to the Israel Defense Forces, resulting in fuel rationing and the imposition of a 55 miles per hour speed limit, as well as spiralling oil prices.

Despite the discourse from many OPEC countries relating to the current political situation and the escalation of war between Israel and the Gaza Strip, the price of Brent Crude Oil has actually decreased over recent days. During these recent days, there has been further escalation to the extent that other surrounding nations may begin a campaign against Israel.

On December 26, Brent Crude Oil was trading at $80.50 per barrel at FXOpen; however, by the next day, it returned to below the $80 per barrel mark and hit $79.15 at FXOpen at the end of trading yesterday before a slight rebound in the very early hours of the morning to $79.52 at FXOpen.

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European Stock Index Shows Signs of Weakness
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As the comparison chart shows, the ESX50 lags behind the US500. And this trend has been observed since mid-December, a period when central banks around the world published interest rate decisions and set expectations for the future. The divergence suggests that Europe's central bankers are in no rush to join the US turn to lower interest rates — even as investors continue to insist that they will have to accept easier monetary policy soon enough.

According to Bloomberg, after Federal Reserve Chairman Jerome Powell signalled that the focus is now on lowering borrowing costs, colleagues from Frankfurt to London said that a further slowdown in inflation cannot be taken for granted. That is, for now in Europe, policy easing is not yet on the agenda.

“We should absolutely not lower our guard,” European Central Bank President Christine Lagarde told reporters in December, while her Bank of England counterpart Andrew Bailey noted there was “still work to be done” in the fight to rein in consumer prices.

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96Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Thu Dec 28, 2023 10:10 am

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ETH/USD Analysis: New Record of the Year
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Today, the price of Ethereum exceeded the level of 2,440 per token, thereby setting a new high for 2023. It is noteworthy that the price of Bitcoin did not support the bullish sentiment, continuing to fluctuate around the USD 43,000 level for the fifth day.

What is the reason for the growth of ETH/USD from a fundamental point of view? There is no obvious trigger in the media, so we can only make assumptions:

→ market participants considered ETH an undervalued asset against the backdrop of the growth of Bitcoin and Solana;

→ perhaps buyers assume that after the expected approval of applications for the BTC ETF, the ETH ETF story will be next?

→ Santa's rally and the positive sentiment associated with it.

From a technical point of view, the price of ETH/USD moved up beyond the balance period “B”, where the forces of supply and demand were balanced. The bullish momentum was maintained, with upward momentum above the 2,333 level attracting followers and forcing short sellers to take losses. According to on-chain analytical platforms, in just one hour, at the peak of growth, USD 14 million of bearish positions were liquidated on cryptocurrency exchanges—there was a short squeeze in the market to some extent.

What's next? Will the price be able to form a new balance period “C”, which will be above the period “B” (similar to the trend “A” → “B”)?

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97Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Wed Dec 27, 2023 12:58 pm

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FTSE 100 Continues Pre-holiday Rally: Is 8000 in Sight?
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Almost a year ago, the FTSE 100, which is a prestigious index comprising the most prestigious blue-chip stocks of companies listed on the London Stock Exchange, hit 8,000 points for the first time in history.

The euphoria that accompanied this historic breakthrough in mid-February 2023 echoed a similar response in 2021 when the index broke the 7,000 barrier for the first time ever. However, the brief venture above the 8,000 mark was relatively short-lived, and since then, the FTSE 100 index has languished anywhere between the mid-7,200 range up to the 7,700s during the last three quarters of this year.

Before the markets made their annual break for the holiday season that has just passed, the FTSE 100 index began to show a steady upward climb, which has been relatively consistent since October 27's low point of 7,259 at FXOpen.

Now, with the markets reopening this week, the FTSE 100's upward direction has continued to demonstrate buoyancy, and the possibility of reaching the lofty heights of 8,000 points is once again being openly discussed by market participants.

As the London trading session opened this morning, the FTSE 100 index jumped from 7,715 to 7,742 at FXOpen, giving further weight to opinions in mainstream media last week that a revisitation of the 8,000 mark may be in sight.

The reasons for this rally are being viewed by many analysts and commentators in a very basic form, largely centred on the possibility that central banks in Western continents, in which the main headquarters of companies listed in London and included in the FTSE 100 index, may reduce their interest rates as the talks about ending the prolonged policy of increasing them over recent years in an attempt to counter inflation.

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Brent Oil Price Reaches New December High
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Financial markets are experiencing a traditional decline in trading activity associated with the holiday period. Notable events:

    the S&P-500 and NASDAQ-100 stock indices updated their maximum for the year after the holiday Monday, thereby confirming the idea that the decline on Wednesday, September 20, was in the nature of a correction. Santa and his rally do not disappoint.
    The dollar index drops to six-month lows due to expectations of an interest rate cut in March 2024.
    The price of oil reached a new high in December.

The rise in oil prices is caused by geopolitical tensions:

    WSJ: Iran-backed militias fire at US bases in the Middle East.
    Bloomberg: Continued Houthi attacks on shipping and US strikes on targets in Iraq raise the risk of the war expanding in the Middle East.
    Reuters: The war in Gaza will last several months. Concerns about the spread of the conflict are growing.
    Barron's: Dispute between Venezuela and Guyana could threaten oil production and higher prices.

If military action disrupts the production and supply of oil, this could sharply increase its price.

The XBR/USD chart shows that:

    the price is still in a downtrend (as shown by the red channel);
    moving within the ascending channel (shown in blue) in December, the price has reached the upper limit of the red channel, and is now in a vulnerable position.

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99Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Wed Dec 27, 2023 9:08 am

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EUR/USD Extends Rally While USD/JPY Revisits Support
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EUR/USD gained bullish momentum above the 1.0985 resistance. USD/JPY is declining and showing bearish signs below the 142.85 level.

Important Takeaways for EUR/USD and USD/JPY Analysis Today

  • The Euro remained in a bullish zone and climbed above the 1.0985 resistance zone.
  • There is a key bullish trend line forming with support near 1.1020 on the hourly chart of EUR/USD at FXOpen.
  • USD/JPY is trading in a bearish zone below the 143.40 and 142.85 levels.
  • There was a break above a major bearish trend line with resistance near 142.25 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 1.0930 zone. The Euro climbed above the 1.0985 resistance zone against the US Dollar.

The pair even settled above the 1.1020 resistance and the 50-hour simple moving average. Finally, it tested the 1.1040 resistance. A high is formed near 1.1044 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 1.0929 swing low to the 1.1044 high at 1.1020. There is also a key bullish trend line forming with support near 1.1020 and the 50-hour simple moving average.

The next major support is near the 50% Fib retracement level of the upward move from the 1.0929 swing low to the 1.1044 high at 1.0985.

If there is a downside break below 1.0985, the pair could drop toward the 1.0930 support. The main support on the EUR/USD chart is near 1.0910, below which the pair could start a major decline.

On the upside, the pair is now facing resistance near 1.1040. The next major resistance is near the 1.1065 level. An upside break above 1.1065 could set the pace for another increase. In the stated case, the pair might rise toward 1.1120.

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Market Analysis: Dollar Corrects in Thin Market
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The American currency is strengthening slightly after Christmas. Thus, the pound/US dollar currency pair retreated from the recent high just above 1.2700 and the US dollar/yen pair found support at 142.00. The euro/US dollar pair is trying to retest Friday’s high at 1.1040. Both the Australian and Canadian currencies continue to rise against the dollar.

USD/JPY

A block of data from Japan published this morning contributed to a slight strengthening of the USD/JPY pair, as the incoming fundamentals turned out to be quite weak. Thus, the core consumer price index (CPI) from the Bank of Japan decreased to 2.7% against the forecast of 3.00%. The price index for corporate services also fell: 2.3% versus 2.4%. Also in the red zone was the ratio of vacancies to applicants: 1.28 to 1.30. Today at 21:00 GMT+3, it is worth paying attention to the publication of data on the auction for the placement of 2-year US Treasury notes.

On the daily and weekly USD/JPY chart, the pair is below the alligator lines, the priority is to sell on the breakdown of the lower fractal at 140.90. We can consider cancelling the downward scenario if the price confidently consolidates above 145.00.

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101Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Tue Dec 26, 2023 1:38 pm

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2023 In Review: A Look Back At The Highlights Of The Year
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The year 2023 commenced after two years of economic uncertainty and heavy inflation across Europe and North America, home to leading financial markets, with major currencies such as the euro and the US dollar, and financial hubs including London, New York, Chicago, Frankfurt, and Toronto.

These continents, where major stock exchanges operate and the S&P 500, NASDAQ, and FTSE 100 indices represent the top stocks of the top listed companies in Britain and the US, witnessed a dynamic interplay of economic recovery, inflation challenges, and policy adjustments.

The European and North American economies had spent 2023 recovering from a sustained period of inflation and cost of living issues (Britain and mainland Europe), and in the US, yet more bank collapses and a close call with state insolvency as the US Government had to raise the debt ceiling to stop it defaulting on its existing commitments, highlighting the country's huge national debt.

Inflation did decline during 2023, but central bank policy on both sides of the Atlantic favoured continued increases in interest rates, despite the US inflation going down from 11% in mid-2022 to around 3.1% now, and the British inflation rate is 3.9% now whereas it was also in double figures during 2022. Now, we move on to looking at specific markets.

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102Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Tue Dec 26, 2023 1:35 pm

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Solana Is the Fourth Largest Cryptocurrency by Capitalisation. But for How Long?
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2023 turned out to be a good year for cryptocurrencies, especially given the depressing mood that reigned at the end of 2022.

From the beginning of 2023:
  • Bitcoin increased in price by more than 150% – including due to rumours related to the approval of applications for a Bitcoin ETF;
  • Ethereum rose by approximately 85%.


But what has been particularly impressive is the progress made by the Solana project. This is a decentralised blockchain platform, which is characterised by high speed and scalability — they are achieved through the use of a unique architecture based on the Proof-of-History (PoH) protocol. In 2023, Solana became the first blockchain platform to reach 50,000 transactions per second. And a number of large investment funds, such as Grayscale and CoinShares, have added SOL to their portfolios.

SOL is a token that is used to pay for transactions and services on the Solana platform. It can also be used for staking to help support the network. The SOL/USD rate in 2023 has increased by more than 1000%!

At the same time, SOL now ranks 4th in terms of capitalisation of cryptocurrencies — after BTC, ETH, and the USDT stablecoin. December was the month when the price of the SOL token exceeded the psychological level of USD 100 for the first time since April 2022 (the historical high reached in the fall of 2021 exceeds the USD 250 level for SOL).

But will the price be able to stay above USD 100?

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103Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Tue Dec 26, 2023 1:33 pm

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Watch FXOpen's Market Year Wrap 2023 Video

Yearly Market Wrap With Gary Thomson: INDICES, OIL, TECH STOCKS, CURRENCIES, BANKS INFLATION

Get the latest scoop on the year's hottest happenings, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • Inflation
  • Indices market - S&P 500, Nasdaq
  • Commodities - Oil market
  • Equities - Tech stocks
  • Currencies - AUD/USD, GBP/USD, EUR/USD
  • Bank demises
  • Monetary policy - Interest rates


Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

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

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Market Analysis: GBP/USD Aims Fresh Increase While EUR/GBP Rallies
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GBP/USD is attempting a fresh increase from the 1.2610 zone. EUR/GBP is gaining pace and might extend its rally above the 0.8700 zone.

Important Takeaways for GBP/USD and EUR/GBP Analysis Today

  • The British Pound is trading in a bullish zone above 1.2600 against the US Dollar.
  • There was a break above a key bearish trend line with resistance at 1.2640 on the hourly chart of GBP/USD at FXOpen.
  • EUR/GBP started a fresh increase above the 0.8620 resistance zone.
  • There is a major bullish trend line forming with support near 0.8640 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 downside correction from the 1.2760 zone. The British Pound traded below the 1.2700 zone against the US Dollar.

A low was formed near 1.2611 and the pair is now attempting a fresh increase. There was a break above the 23.6% Fib retracement level of the downward move from the 1.2761 swing high to the 1.2611 low. Besides, there was a break above a key bearish trend line with resistance at 1.2640.

The pair is now trading above the 50-hour simple moving average and 1.2680. On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 50% Fib retracement level of the downward move from the 1.2761 swing high to the 1.2611 low at 1.2685.

The next major resistance is near the 1.2705 level. If the RSI moves above 60 and the pair climbs above 1.2705, there could be another rally. In the stated case, the pair could rise toward the 1.2760 level or even 1.2790.

On the downside, there is a major support forming near 1.2600. If there is a downside break below the 1.2630 support, the pair could accelerate lower. The next major support is near the 1.2610 zone, below which the pair could test 1.2550. Any more losses could lead the pair toward the 1.2500 support.

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105Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Thu Dec 21, 2023 11:11 am

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USD/CAD, AUD/USD, EUR/USD Analysis: Commodity Currencies Testing Important Marks
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The penultimate five-day trading period of the past year turned out to be quite successful for commodity currencies. Thus, the AUD/USD pair is approaching the July extremes of this year, the USD/CAD pair has broken through the support at 1.3400, and the NZD/USD pair has confidently strengthened above 62. At the same time, European currencies failed to move above strategic levels and are slightly adjusted against the dollar.

USD/CAD

The USD/CAD currency pair lost more than 200 pips last week and strengthened below the alligator lines on higher time frames. The likelihood of a change in the vector of monetary policy by the American Federal Reserve is contributing to the strengthening of the downward trend in the pair. Yesterday, data on the US consumer confidence index for December was published, showing positive dynamics: 110.7 versus 103.8. This fundamental impulse allowed the pair’s buyers to find support at 1.3310 and rebound to 1.3370, but so far no upward dynamics have been observed.

Today at 16:30 GMT+3, it is worth paying attention to the publication of US GDP data for the third quarter. Also, at this time, the core Canadian retail sales index for October will be published. In addition to the data already mentioned, weekly figures on the number of applications for unemployment benefits in the United States will be released.

On the daily and weekly USD/CAD charts, the price is below the alligator lines, the AO and AC oscillators are red, which additionally indicates sales. The downward scenario may be cancelled if the price confidently consolidates above 1.3460-1.3500.

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106Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Thu Dec 21, 2023 11:07 am

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S&P 500: Worst Day since September
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The S&P 500 fell 70.02 points, or 1.47%, to 4,698.35 yesterday, according to Dow Jones Newswires. This is the largest one-day point decline since Thursday, September 21, 2023.

Of the 500 stocks in the index, only 19 closed in the green. Of these, Google shares, as the company announced plans to reorganize its advertising department, which employs 30 thousand people.

From a fundamental perspective, there were no obvious triggers that carried enough weight to cause the sharp decline. Moreover, the Consumer Confidence indicator was published yesterday, which showed that consumer confidence has increased the most since the beginning of 2021.

From the point of view of behavioral psychology and technical analysis, the sharp decline has reasonable explanations:

→ from the low of late October to the beginning of yesterday's session, the S&P 500 index grew by 16%. This is an impressive rally, fueled by expectations of easing inflation and interest rate cuts in 2024. A significant correction is a logical development of events.

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EURUSD Pair May Rise Despite Bank Predictions of Bearish Trend
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During the middle of 2023, the EURUSD pair witnessed a steady decline that lasted until October, reflecting a prolonged period of challenges for the euro against the US dollar. Since then, there has been a glimmer of hope in the market. Despite the recent correction, the market has hinted at a potential continuation of the uptrend over the past five days.

Over the weekend, the EURUSD pair, which had slumbered at the high of 1.0890, experienced a notable rise to 1.10 by Tuesday midway through the London trading session. As the new week began, the euro maintained its upward trajectory, standing at 1.10 as trading commenced this morning. While some analysts cautiously labelled this movement as a 'rally,' it is evident that there has been a discernible shift in sentiment for the EURUSD pair.

HSBC's Bearish Prediction


Adding an interesting layer to the unfolding narrative, Tier 1 interbank FX dealer HSBC has released its predictions for the most traded currencies in 2024. The bank's outlook for the EURUSD pair is notably bearish, projecting a trading level of around 1.02 by the end of 2024. While such predictions are speculative and subject to change, they introduce an element of anticipation for traders and investors navigating the currency markets.

It's essential to note that HSBC's forecast raises echoes of the latter part of 2022 when the EURUSD pair experienced a significant decline, breaching parity and reaching 0.97 by the end of September, reaching 0.9535 at one point on September 29. Whether a similar scenario will unfold in 2024 remains uncertain, with the consensus around central bank monetary policy playing a pivotal role.

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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.



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108Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Wed Dec 20, 2023 12:07 pm

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Market Analysis: Gold Price Eyes Breakout, Crude Oil Price Recovers
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Gold price gained traction and climbed above the $2,030 resistance level. Crude oil price is recovering, and it could climb further higher toward the $78 resistance.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price started a decent increase from the $1,975 zone against the US Dollar.
  • A connecting bullish trend line is forming with support near $2,030 on the hourly chart of gold at FXOpen.
  • Crude oil prices rallied above the $71.00 and $73.00 resistance levels.
  • There is a key bullish trend line forming with support near $73.00 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 found support near the $1,975 zone. The price formed a base and started a fresh increase above the $1,990 level.

There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $2,030 resistance zone. Finally, the bears appeared near $2,045, A high is formed near $2,046.99 and the price is now consolidating gains.

There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,015 swing low to the $2,046 high. The RSI is still stable above 50 and the price could aim for more gains. Immediate resistance is near the $2,045 level.

The next major resistance is near the $2,050 level. An upside break above the $2,050 resistance could send Gold price toward $2,065. Any more gains may perhaps set the pace for an increase toward the $2,080 level.

Initial support on the downside is near the 50-hour simple moving average or $2,030. There is also a connecting bullish trend line forming with support near $2,030. The trend line is close to the 61.8% Fib retracement level of the upward move from the $2,015 swing low to the $2,046 high.

If there is a downside break below the $2,030 support, the price might decline further. In the stated case, the price might drop toward the $2,008 support.

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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.



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109Daily Market Analysis By FXOpen - Page 4 Empty Re: Daily Market Analysis By FXOpen Wed Dec 20, 2023 12:04 pm

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AMZN: Stock Price Ends Year Stronger Than S&P 500
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Amazon shares are up approximately 79% year to date in 2023, outperforming the S&P 500. This reflects the company's strong fundamentals:

→ Amazon's third-quarter results beat Wall Street estimates, helped by growth in its cloud and advertising businesses. According to Barchart, analysts are forecasting AMZN's earnings growth of 35% in fiscal 2024, as well as revenue growth of 11%.

→ Positive forecasts are associated with the activation of retail trade. In the past three months alone, the SPDR S&P Retail ETF has gained 16.4%, significantly outpacing the S&P 500's 6.8% gain over the same period, according to FactSet data. Therefore, AMZN could benefit significantly from the holiday shopping season.

→ Analysts are praising the prospects of the Prime platform, which will soon broadcast games involving 40 major league teams in baseball, basketball and hockey.

The chart shows that the AMZN stock price is moving steadily within the ascending channel (shown in blue). Wherein:

→ the price quickly rebounded from its lower border at the end of October - a sign of strong demand;
→ the price is able to stay in the upper half of the channel, using its median line as support and forming rising lows in December;
→ at the beginning of the new week, the price exceeded the psychological level of USD 150, setting a high of the year.

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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.



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