Daily Market Analysis By FXOpen

[Resolve]

S&P 500 Analysis: Concerning Market Behaviour

On Friday, data was released showing that inflation in the US slowed down in May. According to ForexFactory, the actual monthly Core PCE Price Index was 0.1%, which matched the forecasts (last month’s PCE was 0.3%).

Reuters reports that:
→ Prices for recreational goods, as well as for vehicles, furniture, and durable household appliances, dropped significantly.
→ This news reinforced expectations that the Federal Reserve might begin to cut interest rates later this year. According to the CME FedWatch tool, market prices now indicate a 63% probability of a Fed rate cut in September, compared to a 55% probability a month ago.

Monetary policy easing should be perceived as bullish news for the market, however… While the S&P 500 index (US SPX 500 mini on FXOpen) initially rose in the hours following the publication, it dropped to the week's lows by the end of trading. This bearish market behaviour amidst positive news of slowing inflation is concerning.

Today, the price of the S&P 500 (US SPX 500 mini on FXOpen) shows that bulls are trying to recover from Friday's decline. They might be aiming to resume the upward trend that has been in place in 2024.

How successful could this be?

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

Post automatically merged: Jul 1, 2024

EUR/USD Rate Rises After First Round of Voting in France

According to Reuters, exit polls show that Marine Le Pen's far-right party, the National Rally (RN), won the first round of parliamentary elections in France on Sunday.

The financial market reacted to this with a rise in the euro's exchange rate against other currencies.

Specifically, the EUR/USD rate jumped to its highest level since June 13.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

EURUSD Technical Analysis – 01st JULY, 2024

EURUSD – Parabolic SAR Bullish Reversal

EURUSD was unable to sustain its bearish momentum and after touching a low of 1.0705 the prices started to bounce upwards touching a high of 1.0755 against the United States Dollar.
The Parabolic SAR indicator is giving a bullish reversal signal in the daily timeframe.
The momentum indicator is back over zero indicating the bullish trends.

The Arron indicator is also giving bullish trend signal in the weekly timeframe.
We can also see the formation of Upside Gap in the daily timeframe which suggest the Bullish nature of the markets.

EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages.
• Euro Bullish Reversal seen above the 1.0705 mark.
• Short-term range appears to be Mildly Bullish.
• EURUSD continues to remain above the 1.0700 levels.
• Average true range ATR is indicating less market volatility.


The next resistance is located at 1.0769 at which the Price Crosses 40 Day Moving Average Stalls.
EURUSD is now trading below its Pivot levels of 1.0763 and is moving into a Mild Bullish channel.

The price of EURUSD remains above its Classic support levels of 1.0740 and is moving towards its next target of 1.0791 which is a 50% Retracement From 4 Week High/Low.

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

For in-depth analysis, please check FXOpen Blog

Post automatically merged: Jul 1, 2024

GBPUSD Technical Analysis – 01st JULY, 2024

GBPUSD – Bullish Price Crossover

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.2630 the prices started to bounce upwards touching a high of 1.2688 against the United States dollar.
We can see the formation of Bullish Price crossover pattern with Moving Average MA100 in the 2-hourly timeframe.
The Resistance of the channel is broken in the 1-hourly timeframe.
The Super Trend indicator is also giving a bullish reversal signal in the 2-hourly timeframe.
We have also seen a Bullish opening of the markets this week.

The prices of GBPUSD are ranging near the support of the channel in the daily timeframe.
GBPUSD is now trading above its 100-hour SMA and above its 200-hour SMA simple moving average.
• Pound Bullish Reversal seen above the 1.2630 mark.
• Short-term range appears to be Mild Bullish.
• GBPUSD continues to remain above the 1.2650 levels.
• Average true range ATR is indicating less market volatility.



GBPUSD is now trading below its Pivot levels of 1.2672 and is moving into a Mild Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.2660 with further progression towards the 1.265 which is a 14 Day RSI at 50%.

We are also looking for the breach of the levels of 1.2687 which is a 14-3 Day Raw Stochastic at 30%.

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

For in-depth analysis, please check FXOpen Blog

 

[Resolve]

Silver Price Analysis: Awaiting Powell's Comments

Today, at 16:30 GMT+3, the Federal Reserve Chairman is scheduled to speak. Market participants are looking for more clarity on the Fed's plans regarding interest rate cuts following the release of inflation data last Friday.

According to Trading Economics, Fed officials have repeatedly called for caution before cutting rates, and Federal Reserve Board member Michelle Bowman stated that she is open to further rate hikes if progress in combating inflation stalls or reverses.

Powell's speech will significantly impact many financial markets, including the precious metals market, as lowering interest rates could increase the appeal of gold and silver as "safe haven" assets compared to bonds.

It is important to note that besides the Fed's monetary policy, the XAG/USD price is significantly influenced by news about the Chinese economy – the largest consumer of silver. The demand outlook remains uncertain, considering that official data for June indicated a second consecutive month of production decline.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

TSLA Stock Price Hits Over 5-Month High

As today's TSLA chart shows, the stock price rose by approximately 6% during yesterday's trading, surpassing the $209 per share level. This marks the highest point since 24 January this year.

The price increase was driven by optimism related to the release of second-quarter car sales data. It is expected that Tesla might report a decline in sales, but not as significant as it could have been.

Analysts surveyed by Bloomberg estimate that the automaker will report sales of around 440,000 electric vehicles in the second quarter, which is 5.8% less than a year ago.

Factors contributing to the decline in sales include:
→ The suspected arson at the Tesla factory in Berlin;
→ Changes in the supply chain due to attacks in the Red Sea;
→ A reduction of approximately 10% in the company's workforce, announced by Musk in April.

However, the main factor could be competition and Tesla's aging model lineup. Can the TSLA price maintain its current high?

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

Pound and Euro Test Key Support Levels: Is a Breakout Possible?

European currencies are showing surprising resilience. Despite the general strengthening of the dollar and strong macroeconomic data from the US, EUR/USD and GBP/USD continue to trade above strategically important levels:

- EUR/USD has been testing 1.0660 for over three weeks but cannot establish itself below this level.
- GBP/USD buyers have been holding off sellers for a second week at the 1.2610-1.2600 level.

EUR/USD

The recent parliamentary elections in France, with the first round concluding last Sunday, have contributed to a slight strengthening of the euro. The pair opened with a small price gap and managed to strengthen by over 60 pips within a few hours. Experts attribute the rise in the single European currency to the possibility that Le Pen's far-right party might outpace President Emmanuel Macron's centrist alliance and the left-wing "New People's Front" with fewer votes than needed for an absolute majority after the second and final round of voting.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

Gold Price Prospects for H2

As shown by the daily XAU/USD chart:

→ Since November 2022, the price has been moving in an upward channel, marked in orange;

→ Since the start of 2024, the price has risen by approximately 12.5%.

What are the gold price forecasts for the end of 2024?

According to Investing.com, Georgette Boele, a senior sustainability economist at ABN Amro, published a cautious forecast on 27 June, predicting a gold price of $2000 per ounce by the end of the year. In her view:

→ Gold prices peaked at the beginning of the year but have since lost momentum.

→ Anticipated easing measures by central banks have not provided the expected support to gold prices.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

Post automatically merged: Jul 3, 2024

S&P 500: Mid-Year Prospects Analysis

As shown by the daily chart of the S&P 500 (US SPX 500 mini on FXOpen):

→ Since the beginning of 2023, the price has been moving in an upward blue channel. To date, the increase has been over 42%;

→ Since the start of 2024, the price has formed a steeper upward channel (shown in orange). In the first half of the year, the growth has exceeded 14%.

How realistic is it for bullish sentiment to persist? And what might the index quotations be by the end of 2024?

Yahoo Finance reports a decidedly bearish outlook for the S&P 500 (US SPX 500 mini on FXOpen) at the end of 2024, held by Marko Kolanovic, the chief strategist at JPMorgan Chase & Co. He cites the following factors:

→ Economic slowdown;

→ Downward revision of company profits;

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

USD/CAD Breaks Key Support

On 25 June, we noted that the USD/CAD price had approached a crucial support level—the lower boundary of a converging triangle, which indicated a relative balance of supply and demand in the market during May.

Since then, the price has bounced twice from this level (as indicated by the arrow).

Today, as the USD/CAD chart shows, the exchange rate is breaking through this key support, indicating a disruption in balance.

This has been influenced by the weakness of the USD. According to Reuters, the US dollar has declined relative to other currencies due to weaker-than-expected US economic data released on Wednesday. These included a weak ISM Services PMI report and the ADP Non-Farm Employment Change report, which might suggest an economic slowdown.

How might the Canadian dollar's exchange rate change relative to the US dollar?

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

Market Analysis: AUD/USD and NZD/USD Set for Steady Gains

AUD/USD is correcting gains from the 0.6735 zone. NZD/USD is showing positive signs and might attempt a fresh increase above 0.6120.

Important Takeaways for AUD USD and NZD USD Analysis Today

• The Aussie Dollar started a downside correction from 0.6735 against the US Dollar.
• There is a key bullish trend line forming with support at 0.6700 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is gaining pace above the 0.6100 support zone.
• There is a major bullish trend line forming with support at 0.6100 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6635 support. The Aussie Dollar was able to clear the 0.6680 resistance to move into a positive zone against the US Dollar.

There was a close above the 0.6700 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6735 zone. A high was formed near 0.6733 and the pair is now correcting gains.

There was a move below the 0.6720 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6634 swing low to the 0.6733 high. On the downside, initial support is near a key bullish trend line at 0.6700.

The next major support is near the 50% Fib retracement level of the upward move from the 0.6634 swing low to the 0.6733 high at 0.6680.

If there is a downside break below the 0.6680 support, the pair could extend its decline toward the 0.6660 level. Any more losses might signal a move toward 0.6635.

On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6720. The first major resistance might be 0.6735. An upside break above the 0.6735 resistance might send the pair further higher.

The next major resistance is near the 0.6760 level. Any more gains could clear the path for a move toward the 0.6800 resistance zone.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

Market Analysis: Gold and Oil Prices Soar, More Gains Ahead?

Gold price started a fresh increase above the $2,342 resistance level. Crude oil prices are gaining bullish momentum and might soon test $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price started a steady increase from the $2,320 zone against the US Dollar.
• A connecting bullish trend line is forming with support near $2,355 on the hourly chart of gold at FXOpen.
• Crude oil prices extended gains above the $82.00 and $83.00 resistance levels.
• There is a key bullish trend line forming with support at $82.75 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price found support near the $2,320 zone. The price formed a base and started a fresh increase above the $2,330 level.

There was a decent move above the 50-hour simple moving average and $2,335. The bulls pushed the price above the $2,355 resistance zone. Finally, the bears appeared near $2,365. A high was formed near $2,364.89 and the price is now consolidating gains.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

US Dollar Consolidates Ahead of Nonfarm Payrolls: Possible Scenarios

In anticipation of the release of one of the most important reports, the NonFarm Payrolls, the US currency has suffered losses across almost all fronts. Earlier this week, the EUR/USD currency pair tested and settled above 1.0800, GBP/USD traded above 1.2700, and USD/CAD fell back to 1.3610.

Today, we might see either continued corrective pullbacks or a resumption of medium-term trends if the employment data deviates from expectations. So, what should we expect?

• Experts forecast a decline in average earnings to 0.3% (if the figure comes in at last month's level or higher, it could strengthen the US currency).
• The number of new jobs in June is expected to be 194K (if the figure is significantly higher or lower than the forecast, it could cause volatility in major currency pairs).

USD/CAD

Dollar buyers in the USD/CAD pair failed to overcome resistance at 1.3750. A rebound from this level led to the formation of a "bearish engulfing" pattern on the daily timeframe. According to the technical analysis of USD/CAD, the price has approached the lower boundary of the medium-term flat corridor at 1.3610. If the price consolidates below this level in the coming trading sessions, the downward movement could continue towards 1.3520-1.3480. A rebound from 1.3610 could lead to a retest of 1.3700-1.3660.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

GOOG Stock Sets Historic Record

As the chart shows, the GOOG stock price yesterday surpassed the June 27th high and set a historic record at $185.88.

What contributed to this?
→ Overall bullish sentiment in the US stock market. Incidentally, the S&P 500 index (US SPX 500 mini on FXOpen) also set a historic record yesterday;
→ Positive market expectations ahead of the second-quarter earnings report from Alphabet (Google's parent company);
→ Benzinga reports positive prospects, particularly highlighting the development of YouTube and language models.

Out of 38 analysts surveyed by TipRanks, 32 recommend buying Google stock. The average price forecast is $199 in 12 months.

But why then is Alphabet CEO Sundar Pichai selling over $4 million worth of company shares? According to the Form 4 filed with the SEC, Sundar sold a total of 22,500 shares.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

Post automatically merged: Jul 5, 2024

FTSE 100 Index Behaves Bullishly Amid Elections

On Friday, the FTSE 100 index rose by 0.4% to 8273 points, continuing its 0.9% rise on Thursday. According to Trading Economics, the centre-left Labour Party, as expected, won the parliamentary elections and secured a majority, ousting the Conservative Party after 14 years in power.

The Labour Party emphasised the importance of economic stability in its decisions and committed to strict budgetary spending rules.

Prime Minister Sunak conceded defeat, and the UK stock market positively received the official election results. As shown by the chart, the FTSE 100 index (UK 100 on FXOpen) has risen by approximately 1.9% from the July 2nd low.

However, the situation remains unfavourable for the bulls.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

Watch FXOpen's 1 - 5 July Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: S&P 500, USD/CAD, Gold Price, TSLA Stock

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

• S&P 500: Mid-Year Prospects Analysis
• USD/CAD Breaks Key Support
• Gold Price Prospects for H2
• TSLA Stock Price Hits over 5-Month High

Stay in the know and empower yourself with our short, yet power-packed video.

Watch it now and stay updated with FXOpen.

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





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

#fxopen #fxopenyoutube #fxopenint #weeklyvideo

 

[Resolve]

The EUR/GBP rate fluctuates under the influence of political factors

On 10th June, we wrote that the EUR/GBP rate fell to a 21-month low after the European Parliament elections. Political fundamental factors continue to influence this pair.

As Reuters reports:

→ The euro is down on Monday amid unexpectedly strong results for the left-wing forces in the French elections, which has created new uncertainty regarding the country’s financial outlook.

→ The pound sterling has risen to a 3.5-week high against the US dollar, as the British currency strengthens following the Labour Party’s decisive victory in last week’s elections, ending 14 years of Conservative rule.

Therefore, it is not surprising that a bearish gap formed on the EUR/GBP chart at the start of the week – however, bulls managed to recoup the decline during the Asian session. How will events unfold from here?

TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG

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

 

[Resolve]

Brent Crude Oil Price Hits the Highest Level Since 1 May

Analysing the oil price on 19th June, we wrote that:

→ Amidst increasing demand for oil during the holiday season, Goldman Sachs analysts suggested that by the end of summer, the Brent price could rise to $86 per barrel with an upper limit around $90.

→ The price could reach the upper boundary of a narrowing triangle that originated in 2022-2023 – technically, this is a significant resistance level.

As the Brent crude oil price chart (XBR/USD) shows, the price has reached the upper boundary of the triangle since then. How will events unfold from here?

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

XAU/USD Analysis: Gold Price Falls from Six-Week High

As shown by the XAU/USD chart, on Friday, 5 July, the price of gold rose above the $2390 level for the first time since 22 May. According to Reuters, this increase occurred following the release of key US employment data, which indicated a softening labour market, raising expectations of a Federal Reserve interest rate cut in September.

However, yesterday, Monday, the gold price fell to $2360 per ounce – the level from which Friday's ascent began. This suggests that the bulls were unable to maintain control over the market, which indicates a bearish sign.
Could the Gold Price Decline in the Coming Days?

From a technical analysis perspective of the XAU/USD chart:

• The gold market has clear support around the $2300 area. Each time the price fell below this level in June (as indicated by arrows), it quickly rebounded upwards, demonstrating sustained demand.
• Price action since April provides enough reference points to establish a descending channel (shown in red). The recent bearish reversal returned the price within this channel, reinforcing resistance from its upper boundary.
• There is also reason to believe that the bullish breakout of local resistance (shown in black) might be false.

Therefore, signs of seller activity in the $2380-2400 range suggest that the gold price could continue to decline towards the important support at $2300.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

EURUSD Technical Analysis – 09th JULY, 2024

EURUSD – Bearish Price Crossover

EURUSD was unable to sustain its bullish momentum and after touching a high of 1.0844 the prices have started to decline touching a low of 1.0818 today in the Asian trading session.

We can see the formation of Bearish price crossover pattern with the Adaptive Moving average AMA20 and AMA50 in the 15-minutes timeframe.
The Parabolic SAR indicator is also giving a bearish reversal signal in the 15-minutes timeframe.
The RSI indicator is back under 50 in the 30-minutes timeframe.
We can also see that the price is back under the pivot point in the 1-hourly timeframe.

EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages.
• Euro Bearish Reversal seen below the 1.0844 mark.
• Short-term range appears to be Mildly Bearish.
• EURUSD continues to remain above the 1.0800 levels.
• Average true range ATR is indicating less market volatility.


The next support is located at 1.0802 which is a Pivot Point 1st Support Point.
EURUSD is now trading below its Pivot levels of 1.0829 and is moving into a Mild Bearish channel.

The price of EURUSD remains above its Classic support levels of 1.0822 and is moving towards its next target of 1.0809 which is a 14-3 Day Raw Stochastic at 80%.

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

For in-depth analysis, please check FXOpen Blog

Post automatically merged: Jul 9, 2024

GBPUSD Technical Analysis – 09th JULY, 2024

GBPUSD – Bearish Harami Cross

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2844 on 8th July the prices have started to decline against the United States dollar.

We can see the formation of Bearish Harami Cross pattern in the weekly timeframe.
The prices of GBPUSD are also ranging near a new low record of 1 months which is also bearish in nature.
The RSI indicator is giving a bearish divergence signal in the weekly timeframe.
The prices of GBPUSD are ranging near the resistance of the channel in the weekly timeframe, and near the horizontal resistance in the 15-minutes timeframe.

GBPUSD is now trading above its 100-hour SMA and above its 200-hour SMA simple moving average.
• Pound Bearish Reversal seen below the 1.2844 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain above the 1.2800 levels.
• Average true range ATR is indicating less market volatility.


GBPUSD is now trading just near to its Pivot levels of 1.2809 and is moving into a Mild Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2799 levels which is a 14-3 Day Raw Stochastic at 80%.
We are also looking for the breach of the levels of 1.2785 which is a Pivot Point 1st Support Point.

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

For in-depth analysis, please check FXOpen Blog

 

[Resolve]

American Currency Adjusts Ahead of Jerome Powell’s Speech

A rather weak employment report, published late last week, contributed to the weakening of the American dollar. According to the published data:

• The unemployment rate in June increased to 4.1% (experts’ forecast: 4.0%);
• The actual number of new jobs was slightly higher than analysts predicted (206K vs 191K).

According to Bloomberg Economics experts, the US labour market is starting to slow down significantly, which could prompt the Federal Reserve to cut rates as early as the September meeting. It is quite possible that more clues about the Fed’s future monetary policy will be provided to market participants by the end of the week, as important press conferences and macroeconomic data releases are expected in the upcoming trading sessions.

USD/JPY

Technical analysis of the USD/JPY pair indicates the possibility of a continued downward correction, as a "bearish engulfing" pattern has formed on the daily timeframe. The pattern can be considered partially worked out, as the price has decreased by more than 100 pips and has almost tested the significant support at 160.00 since it formed on the chart.

The price behaviour in the 160.30-159.80 range will demonstrate the sellers' strength. If the price consolidates below this range, the downward movement may resume with renewed vigour. Conversely, if the pair rises above 162.00, it could lead to the start of a new upward impulse.

The following events could impact the pair's price:

• Today at 17:00 (GMT +3): Speech by Federal Reserve Chairman Jerome Powell;
• Today at 17:00 (GMT +3): Speech by US Treasury Secretary Janet Yellen.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

Analysis of NZD/USD: The "kiwi" sharply fell after the central bank's decision

The Reserve Bank of New Zealand (RBNZ) kept the interest rate unchanged at 5.5% on Wednesday.

The decision to maintain the interest rate was anticipated. However, market participants noted a shift in the tone of the RBNZ's official statements. In May, the bank indicated that the tight policy would continue as long as necessary, but now it is open to easing the restrictive monetary policy if inflation slows down.

As a result, market participants are now considering the possibility of a nearer-term rate cut, which led to a decline in the New Zealand dollar relative to other currencies.

Specifically, against the US dollar, the "kiwi" fell by approximately 0.75%.

Will the decline continue as the situation develops?

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

Analysts Raise NVDA Forecasts, Stock Price Rises

According to FactSet, in July, seven reputable analysts have raised their target prices for NVDA stock. KeyBanc analyst John Vinh, for instance, increased his target from $130 to $180 (approximately 33% above the current price).

Following these target increases, Nvidia's stock has risen, closing above the psychological level of $130 yesterday for the first time since June 20. Consequently, NVDA's price has increased by more than 160% since the start of the year.

Will Nvidia's rally continue?

The NVDA chart data raises doubts about the stock's ability to confidently set new historical highs as it did in the first half of the year.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

[Resolve]

EURUSD Technical Analysis – 11th JULY, 2024

EURUSD – Bullish Trend Reversal

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

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

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

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

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


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

For in-depth analysis, please check FXOpen Blog

Post automatically merged: Jul 11, 2024

GBPUSD Technical Analysis – 11th JULY, 2024

GBPUSD – Ichimoku - Bullish crossover

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

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

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

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

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

For in-depth analysis, please check FXOpen Blog