Daily Market Analysis By FXOpen

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What Order Imbalance Is and How To Use It in a Trading Strategy

Understanding the nuances of order imbalances is key for traders looking to navigate the ebb and flow of asset prices. Order imbalances provide a clear window into the supply and demand dynamics at play, offering strategic insights. This article delves into the intricacies of order imbalances, their causes, and a practical strategy for leveraging these market phenomena.

Understanding Order Imbalances

Order imbalance, a fundamental concept in forex, crypto*, commodity, and stock markets, refers to a situation where there is a disproportionate number of buy or sell orders for a particular asset. This imbalance of orders can significantly influence asset prices, pushing them up or down depending on the direction of the imbalance. Known also as fair value gaps, they offer a window into the underlying supply and demand dynamics shaping the market at any given moment.

TO VIEW THE FULL ARTICLE, 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.

RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

 

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Nasdaq Composite: Worst Session Since Late 2022

As indicated by the Nasdaq Composite chart (US Tech 100 mini on FXOpen), yesterday's decline was -2.62% in a single session.

Thus, tech stocks experienced the sharpest drop since late 2022, with around 75% of companies in the Nasdaq Composite index closing in the red.

Alphabet (GOOG) shares, the parent company of Google, fell by 4.9% due to higher-than-expected AI expenses and disappointing YouTube advertising revenues.

Tesla (TSLA) shares dropped by 12% due to a 7% decline in automotive revenue, missed earnings, and delays in the Robotaxi project.

Chipmaker stocks also suffered losses.

What is the reason for the Nasdaq Composite (US Tech 100 mini on FXOpen) price decline?

According to Business Insider, renowned Wall Street investor Ed Yardeni believes that:

→ Major market players started exiting tech stocks on July 11, as news of low inflation motivated them to rotate and shift capital into stocks sensitive to the anticipated interest rate cuts;

→ The stock market is overbought and undergoing a minor correction.

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 25, 2024

Analysis of USD/JPY: Yen Strengthens by 5.5% Against US Dollar in 2 Weeks

On Thursday, 11 July, the USD/JPY exchange rate was above 161, and today it is below 153.

According to Reuters, this could be attributed to effective intervention by the Bank of Japan.

While intervention was anticipated when the yen weakened to extreme levels not seen since 1983, Tokyo authorities were cryptic in their comments, maintaining uncertainty, making it harder for investors to predict when and how they might intervene.

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.

 

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EURUSD Technical Analysis – 25th JULY, 2024

EURUSD – SuperTrend Indicator Bullish Reversal

EURUSD was unable to continue its bearish momentum and after touching a low of 1.0828 the prices started to rise upwards touching a high of 1.0864 in the US Trading session.
The SuperTrend Indicator is giving a Bullish Reversal signal in the 1-hourly timeframe.
The Resistance of the channel is broken in the 1-hourly timeframe.

We can also see the formation of Bullish Trend reversal pattern with the Moving average MA20 and the Adaptive Moving average AMA50 in the 2-hourly timeframe.
We have also detected the presence of Moving Average bullish crossovers with the AMA20 and AMA50 in the 15-minutes timeframe.

EURUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bullish correction seen above the 1.0828 mark.
• Short-term range appears to be Mild Bullish.
• EURUSD continues to remain above the 1.0850 levels.
• Average true range ATR is indicating high market volatility.

The next resistance is located at 1.0870 which is a Price 2 Standard Deviations Resistance.
EURUSD is now trading just above its Pivot levels of 1.0860 and is moving into a Mild Bullish channel.

The price of EURUSD remains above its Classic support levels of 1.0844 and is moving towards its next target of 1.0881 which is a 61.8% Retracement from the 52 Week Low.

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

For in-depth analysis, please check FXOpen Blog

 

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GBPUSD Technical Analysis – 25th JULY, 2024

GBPUSD – CCI Indicator: Bullish Divergence

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.2860 today the prices have started correcting upwards in the US trading session.
The CCI Indicator is giving a Bullish Divergence signal in the 4-hourly timeframe.
The MACD indicator is giving a bullish divergence signal in the 2-hourly timeframe.

The MACD crosses UP its Moving average in the 1-hourly timeframe.
The Resistance of the channel is broken in the weekly timeframe.
The prices of GBPUSD are ranging near the horizontal support in the 1-hourly timeframe.

GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bullish correction seen above the 1.2860 mark.
• Short-term range appears to be Mild Bullish.
• GBPUSD continues to remain above the 1.2880 levels.
• Average true range ATR is indicating high market volatility.

GBPUSD is now trading above its Pivot levels of 1.2882 and is moving into a Mild Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.2865 and is now moving towards its next target of 1.2899 which is a 14-3 Day Raw Stochastic at 50%.

We are also looking for the breach of the levels of 1.2925 which is a Price 1 Standard Deviation Resistance.

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

For in-depth analysis, please check FXOpen Blog

 

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Order Blocks and Breaker Blocks and How To Trade Them

In the intricate world of trading, especially within the forex markets, understanding the mechanics behind order blocks and breaker blocks is paramount. These concepts, rooted in the actions of institutional participants, offer a window into the potential future price movements. In this article, we’ll explore what these critical areas are and how to use them effectively.

What Is an Order Block in Trading?

An order block, also known as a supply or demand zone, represents a significant area on the price chart where large market participants, such as banks or institutional traders, have placed substantial buy or sell orders. They’re crucial in understanding the flow and direction of an asset, as they often precede notable movements in price. Particularly in the realm of forex, where the magnitude of transactions can be immense, identifying these zones can provide traders with a strategic edge.

TO VIEW THE FULL ARTICLE, 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.

RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

 

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Analysis of AMZN Stock: Price at 1.5-Month Low

As shown in the AMZN chart, the stock price dropped below:

→ the psychological level of $180;

→ the mid-June interim low.

The last time AMZN traded below $180 was in early June.

Thus, AMZN has faced sell-offs, similar to other tech stocks whose charts we've published this week. A widely mentioned reason for the sell-offs is investor rotation, moving capital from overbought tech stocks to shares in other sectors.

Will AMZN's price drop further?

Fundamentally, bulls might find hope in speculation that:

→ the company might start paying dividends. Rumours suggest the company has accumulated $100 billion in cash;

→ Amazon in Austin, Texas, is developing its own AI chip to compete with Nvidia.

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.

 

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Analysis of AUD/USD: Exchange Rate Falls to Early May Low

As indicated by the 4-hour AUD/USD chart today:

→ the rate fell below 0.652, a level last seen on May 2;

→ the RSI indicator dropped below 15, a level last seen during the panic over the spread of COVID-19 in spring 2020.

The weakening of the Australian dollar could be linked to participants' expectations of upcoming news:

→ the US Core PCE Price Index will be published today at 15:30 GMT+3;

→ next week, Australian inflation data and the Federal Reserve's interest rate decision (both events scheduled for Wednesday) will be released.

Is further decline in the AUD/USD rate possible?

It is possible that the release of significant news could trigger a surge in volatility, causing the AUD/USD rate to fall below the recent monthly low of 0.652.

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.

 

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EURUSD Technical Analysis – 26th JULY, 2024

EURUSD – Parabolic SAR Indicator Bullish Reversal

EURUSD was unable to continue its bearish momentum and after touching a low of 1.0842 the prices started to rise upwards touching a high of 1.0864 in the US Trading session.
The Parabolic SAR Indicator is giving Bullish Reversal signal in the 15-minutes timeframe.
The Resistance of the channel is broken in the 15-minutes timeframe.

We can also see the formation of Bullish Trend reversal pattern with the Adaptive Moving average AMA100 in the 1-hourly timeframe and the Adaptive Moving average AMA50 in the 2-hourly timeframe.
We have also detected the presence of Aroon indicator bullish trend in the 1-hourly timeframe.
Some of the technical indicators are also giving a neutral stance which indicates the presence of the consolidation phase in the markets.

EURUSD is now trading above its 100-hour SMA and below its 200-hour SMA simple moving averages.
• Euro Bullish correction seen above the 1.0842 mark.
• Short-term range appears to be Mild Bullish.
• EURUSD continues to remain above the 1.0850 levels.
• Average true range ATR is indicating less market volatility.

The next resistance is located at 1.0865 which is a Price 1 Standard Deviation Resistance.
EURUSD is now trading just above its Pivot levels of 1.0858 and is moving into a Mild Bullish channel.

The price of EURUSD remains above its Classic support levels of 1.0845 and is moving towards its next target of 1.0875 which is a 14-3 Day Raw Stochastic at 50%.

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

For in-depth analysis, please check FXOpen Blog

 

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GBPUSD Technical Analysis – 26th JULY, 2024

GBPUSD – Bullish Price Crossover

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.2848 today the prices have started correcting upwards in the US trading session.
We can see the formation of Bullish Price Crossover pattern with the Moving Average MA20, MA50 and MA100 in the 15-minutes timeframe.
We have also detected the formation of Moving Average bullish crossovers: MA20 & MA50 in the 30-minutes timeframe.

The RSI indicator is back over 50 in the 30-minutes timeframe.
We can also see the formation of Bullish Harami pattern in the 30-minutes timeframe.
The resistance of the channel is broken in the 1-hourly timeframe.

GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bullish correction seen above the 1.2848 mark.
• Short-term range appears to be Mild Bullish.
• GBPUSD continues to remain above the 1.2860 levels.
• Average true range ATR is indicating less market volatility.

GBPUSD is now trading below its Pivot levels of 1.2870 and is moving into a Mild Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.2856 and is now moving towards its next target of 1.2879 which is a 38.2% Retracement From 4 Week High.

We are also looking for the breach of the levels of 1.2886 at which the Price Crosses 18 Day Moving Average.

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

For in-depth analysis, please check FXOpen Blog

 

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Watch FXOpen's 22 - 26 July Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: Nasdaq, EUR/USD, USD/CHF, Crude Oil, Alphabet Inc. Shares

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

• Nasdaq Composite: Worst Session since Late 2022
• Market Analysis: EUR/USD Trims Gains While USD/CHF Regains Strength
• Brent Crude Oil Price is Declining amid De-escalation in the Middle East
• Alphabet Inc. (GOOGL) Shares Decline after Earnings Report

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

Watch it now and stay updated with FXOpen.

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



FXOpen YouTube


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

RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

#fxopen #fxopenyoutube #fxopenint #weeklyvideo

 

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MA Trading Strategies for Experienced Traders

Despite their simplicity, moving average (MA) trading strategies remain popular with experienced traders looking to refine their market analysis. This article delves into various MA types and four advanced MA strategies, including moving average ribbons, envelopes, and channels, providing actionable insights to potentially boost trading performance.

Moving Average Indicators: Advanced Types

This is a short overview of moving averages (MAs). If you already know this, please scroll down and learn advanced types of MAs and comprehensive trading strategies.

Moving averages are fundamental tools used by traders to smooth out price data and identify trends. By averaging the price over a specified period, MAs help traders filter out the noise from random price fluctuations, providing a clearer picture of the underlying market direction.

Traders use moving averages in various ways, such as determining trend direction, identifying potential support and resistance levels, and confirming other technical indicators. They can also help in spotting reversals and momentum changes. Below are the most notable moving averages that traders can use to construct a strategy.

TO VIEW THE FULL ARTICLE, 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.

RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

 

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The Price of Natural Gas Finds Support. But for How Long?

On 21 June, we wrote that the trend in the market was weakening, noting that:

→ Forecasts of a hotter summer, published during April-May, led to a sustained bullish trend in the natural gas market.

→ According to the technical analysis of the 4-hour XNG/USD chart and the signs of weakness that have formed on it, the level of 3.160 appears to sufficiently account for the risks of an extremely hot summer.

→ Bears might push the price to the lower boundary of the ascending trend channel.

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.

 

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EURUSD Technical Analysis – 29th JULY, 2024

EURUSD – Support of Channel Is Broken

EURUSD was unable to sustain its bullish momentum and after touching a high of 1.0869 the prices started to decline against the United States dollar.
The Support of the channel is broken in both the 1-hourly and 4-hourly timeframes which indicates the bearish nature of the markets.
We can also see the formation of Bearish Trend reversal pattern with the Moving Average MA100 in the 4-hourly timeframe.

We have also detected the presence of Bearish Engulfing lines in the daily timeframe.
Some of the technical indicators are also giving a neutral stance which indicates the presence of the consolidation phase in the markets.
The RSI indicator is back under 50 in the daily timeframe.
EURUSD is now trading below its 100-hour SMA and below its 200-hour SMA simple moving averages.

• Euro Bearish correction seen below the 1.0869 mark.
• Short-term range appears to be Mild Bearish.
• EURUSD continues to remain above the 1.0800 levels.
• Average true range ATR is indicating high market volatility.

The next support is located at 1.0816 which is a Pivot Point 3rd Support Point.
EURUSD is now trading below its Pivot levels of 1.0824 and is moving into a Mild Bearish channel.

The price of EURUSD remains above its Classic support levels of 1.0805 and is moving towards its next target of 1.0801 which is a 38.2% Retracement From 4 Week Low.

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

For in-depth analysis, please check FXOpen Blog

 

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GBPUSD Technical Analysis – 29th JULY, 2024

GBPUSD – Bearish Price Crossover

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2887 the prices started to decline sharply against the United States dollar.
We can see the formation of Bearish Price Crossover pattern with the Moving Average MA20 and Adaptive Moving Average AMA20 in the daily timeframe.
The Momentum indicator is back under Zero in the daily timeframe.

The RSI indicator is back under 50 in the daily timeframe.
The prices of GBPUSD are ranging near the horizontal resistance in the weekly timeframe.
We have also seen a bearish opening of the markets this week.
GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.

• Pound Bearish correction seen below the 1.2887 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain above the 1.2830 levels.
• Average true range ATR is indicating high market volatility.

GBPUSD is now trading above its Pivot levels of 1.2834 and is moving into a Mild Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2815 and is now moving towards its next target of 1.2831 which is a 14-3 Day Raw Stochastic at 20%.

We are also looking for the breach of the levels of 1.2816 which is a 38.2% Retracement From 13 Week High.

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

For in-depth analysis, please check FXOpen Blog

 

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Oscillator Indicators for Experienced Traders (No RSI and MACD)

In the realm of technical trading, seasoned traders and beginners alike often turn to indicators to gauge market momentum and potential reversals. While many are familiar with popular tools like RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence), this article takes a different route. Here, we delve into other oscillators—each with its own unique features, significance in trading strategies, and methods for interpreting signals. Once you understand these instruments, you can open an FXOpen account to try them out on the live markets, trading with tight spreads from 0.0 pips and low commissions from $1.50.

Stochastic

TO VIEW THE FULL ARTICLE, 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.

RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

 

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McDonald's Share Price Rises Despite Disappointing Report

On Monday, before the start of regular trading, McDonald's reported its second-quarter results:

→ Earnings per share: actual = $2.97, expected = $3.07;
→ Gross revenue: actual = $6.49 billion, expected = $6.62 billion;
→ Net profit for the quarter was $2.02 billion, 12% less than the previous year.

The company's management notes that consumers are limiting spending. CEO Chris Kempczinski mentioned that customers are buying fewer items per visit or opting for cheaper products. Many people prefer dining at home, a trend consistent across various regions of the world.

Nonetheless, McDonald's share price rose by 3.7% on Monday's trading, making it the leader of the day among Dow Jones stocks. Investors were encouraged by the following:

→ McDonald's maintains its overall forecast for new stores, capital expenditures, and operating margin for the year, whereas, for example, the Domino's Pizza chain announced it would reduce the number of new openings worldwide;
→ McDonald's is seeking ways to boost sales, such as the $5 combo meal. Initially launched for just a month, this promotion has been extended through the end of summer.

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.

 

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Analysis of AMD Share Price Ahead of Today's Report

The earnings season is in full swing: over 200 companies in the S&P 500 index (SPX 500 mini on FXOpen) have reported their current cycle results, with average earnings up 6.5% year-on-year and revenue growth of 4.1%, according to a client note from Oppenheimer Asset Management published on Monday.

This week, investors are awaiting reports from mega-cap companies, including Apple (AAPL), Microsoft (MSFT), Facebook (META), and Amazon.com (AMZN). Among other major brands are Intel (INTC), Boeing (BA), Pfizer (PFE), Exxon Mobil (XOM), as well as chipmaker AMD, whose second-quarter earnings report will be released today after the close of the main trading session.

Analysts expect AMD's earnings per share to rise from $0.62 to $0.68.

What does the AMD chart indicate?

Despite the S&P 500 index (SPX 500 mini on FXOpen) rising approximately 15% in 2024, AMD's share price remains near its January start price.

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.

 

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EURUSD Technical Analysis – 30th JULY, 2024

EURUSD – Parabolic SAR Indicator Bearish Reversal

EURUSD was unable to sustain its bullish momentum and after touching a high of 1.0835 the prices started to decline against the United States dollar.
The Parabolic SAR Indicator is giving a Bearish Reversal signal in the 1-hourly timeframe.
The MACD crosses down its Moving Average in the 2-hourly timeframe which is indicative of the bearish trend present in the markets.

The SuperTrend indicator is also giving a bearish reversal signal in both the 15-minutes and 30-minutes timeframes.
The Support of the channel is also broken in the 15-minutes timeframe.
We have also detected the formation of Bearish price crossover with adaptative moving average 50 in the daily timeframe.
The prices of EURUSD are ranging near the resistance of triangle in the weekly timeframe.

EURUSD is now trading below its 100-hour SMA and below its 200-hour SMA simple moving averages.
• Euro Bearish correction seen below the 1.0835 mark.
• Short-term range appears to be Mild Bearish.
• EURUSD continues to remain above the 1.0800 levels.
• Average true range ATR is indicating high market volatility.

The next support is located at 1.0802 which is a Price 1 Standard Deviation Support.
EURUSD is now trading below its Pivot levels of 1.0827 and is moving into a Mild Bearish channel.

The price of EURUSD remains below its Classic support levels of 1.0818 and is moving towards its next target of 1.0798 which is a 50% Retracement From 13 Week High/Low.

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

For in-depth analysis, please check FXOpen Blog

 

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GBPUSD Technical Analysis – 30th JULY, 2024

GBPUSD – Moving Average Bearish Crossovers

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2863 the prices started to decline sharply against the United States dollar.
We can see the formation of Moving Average Bearish Crossovers: MA20 & MA50 in the both the 15-minutes and 30-minutes timeframe.
The Support of the channel is also broken in the 15-minutes timeframe.

The MACD crosses down its Moving Average in the 2-hourly timeframe.
The prices of GBPUSD are back under the Pivot point in the daily timeframe.
We have also seen the formation of Bearish Engulfing lines in the daily timeframe.

GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bearish correction seen below the 1.2863 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain above the 1.2820 levels.
• Average true range ATR is indicating high market volatility.

GBPUSD is now trading below its Pivot levels of 1.2847 and is moving into a Mild Bearish channel.
The price of GBPUSD is below its Classic support levels of 1.2838 and is now moving towards its next target of 1.2826 which is a 3-10 Day MACD Oscillator Stalls.

We are also looking for the breach of the levels of 1.2814 which is a Price 3 Standard Deviations Support.

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

For in-depth analysis, please check FXOpen Blog

 

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Nasdaq Composite Index Reaches Key Support

Important news days are ahead, with high volatility likely in the US stock markets.

The Federal Open Market Committee (FOMC) will announce its monetary policy decision today at 21:00 GMT+3. Wall Street expects the FOMC to keep the rate unchanged at 5.25%. Traders will then analyse Fed Chair Jerome Powell's speech at 21:30 GMT+3 to assess the likelihood of a quarter-point rate cut in mid-September, as they anticipate.

In addition to this key news:

→ ADP will release its National Employment Report for July at 15:15 GMT+3 today. According to ForexFactory, analysts expect an increase of 146,000 jobs (excluding the agricultural sector) for the month.

→ The Institute for Supply Management will publish its Chicago Business Barometer for July today. The National Association of Realtors will release real estate market news.

→ Major companies are reporting their second-quarter results, including Meta (report due on 31 July), Apple, and Amazon (1 August).

Given that the Nasdaq Composite Index (US Tech 100 mini on FXOpen) has fallen more than 8% since 11 July, market participants might be wary of the downward trend continuing. However, the chart offers some hope for 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.