Daily Market Analysis By FXOpen

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GBPUSD Technical Analysis – 15th AUG, 2024
GBPUSD – Bearish Price Crossover Pattern

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2868 the prices started to decline sharply against the United States dollar in the London trading session.
We can see the formation of a Bearish Price Crossover Pattern with the Adaptive moving average AMA20 and AMA50 in the 15-minutes timeframe.
The MACD indicator: bearish divergence is seen in the 15-minutes timeframe.

We can see the formation of a Long black line and Black Marubozu pattern in the 15-minutes timeframe.
The MACD crosses DOWN its Moving Average in the 30-minutes timeframe.
The Parabolic SAR indicator bearish reversal is also seen in the 30-minutes timeframe.
The SuperTrend indicator bearish reversal is also visible in the 30-minutes timeframe.

GBPUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving average.
• Pound Bearish reversal seen below the 1.2868 mark.
• Short-term range appears to be Bearish.
• GBPUSD continues to remain above the 1.2800 levels.
• Average true range ATR is indicating high market volatility.

GBPUSD is now trading below its Pivot levels of 1.2833 and is moving into a Strong Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2737 and is now moving towards its next target of 1.2790 which is a Pivot Point 2nd Support Point.
We are also looking for the breach of the levels of 1.2777 which is a 38.2% Retracement From 13 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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NZDUSD Technical Analysis – 15th AUG, 2024
NZDUSD – Bearish Trend Reversal Pattern

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.6014 the prices started to decline sharply against the United States dollar in the London trading session.
We can see the formation of a Bearish Trend Reversal Pattern with the Adaptive Moving average AMA20 and AMA50 in the 30-minutes timeframe.
The Ichimoku: price is under the cloud in the 2-hourly timeframe.
MACD indicator is back under zero in the 4-hourly timeframe.

The prices of NZDUSD are ranging Near resistance of triangle in the weekly timeframe.
We have also seen the formation of a Black gravestone / inverted hammer and Bearish Harami patterns in the weekly timeframe.
The prices of NZDUSD are ranging Near resistance of channel in the 1-hourly timeframe.

NZDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.6014 mark.
• Short-term range appears to be Strong Bearish.
• NZDUSD continues to remain above the 0.5980 levels.
• Average true range ATR is indicating high market volatility.

The next support is located at 0.5978 at which the Price Crosses 18 Day Moving Average Stalls.
NZDUSD is now trading below its Pivot levels of 0.5994 and is moving into a Strong Bearish channel.
The price of NZDUSD remains above its Classic support levels of 0.5961 and is moving towards its next target of 0.5973 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

 

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What Is ICT PO3, and How Do Traders Use It?

The ICT Power of 3 is a strategic trading method that helps traders identify behaviour of ‘smart money.’ It dissects market movements into three distinct phases: accumulation, manipulation, and distribution. This article explores the intricacies of the Power of 3 strategy and its practical application in trading.

Understanding the ICT PO3 Trading Concept

The ICT Power of 3 (PO3), or the AMD setup, is a strategic trading framework developed by Michael J. Huddleston, better known as the Inner Circle Trader. This approach revolves around three critical phases: accumulation, manipulation, and distribution, which collectively help traders understand and anticipate market movements.

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.

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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Market Analysis: Gold and Oil Prices Aim For Further Gains

Gold price started a fresh increase above the $2,432 resistance level. Crude oil prices are gaining bullish momentum and might even test $80.00.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price started a steady increase from the $2,400 zone against the US Dollar.
• A connecting bearish trend line is forming with resistance at $2,460 on the hourly chart of gold at FXOpen.
• Crude oil prices extended gains above the $75.70 and $76.40 resistance levels.
• There is a connecting bearish trend line forming with resistance at $77.10 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 $2,432 zone. The price formed a base and started a fresh increase above the $2,440 level.

There was a decent move above the 50-hour simple moving average and $2,450. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,480 swing high to the $2,432 low.

The RSI is now near 50 and the price could aim for more gains. Immediate resistance is near the $2,460 level. There is also a connecting bearish trend line forming with resistance at $2,460.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $2,480 swing high to the $2,432 low. The next major resistance is near the $2,480 level. An upside break above the $2,480 resistance could send Gold price toward $2,488.

Any more gains may perhaps set the pace for an increase toward the $2,500 level. Initial support on the downside is near the $2,432 zone. If there is a downside break below the $2,432 support, the price might decline further.

In the stated case, the price might drop toward the $2,415 support. The next major support sits at $2,400. Any more losses might send the price toward the $2,365 level.

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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USD/JPY Analysis: Rate Surpasses 149 Yen Per Dollar

As the USD/JPY chart indicates, the rate has risen approximately 5.4% above the August 5 low.

On one hand, the yen's weakening against the U.S. dollar is partly driven by rumours that the Bank of Japan might intervene not to support the weak yen (as when the rate was above 160) but to weaken it further. "Intervention history shows that after yen-buying interventions, yen-selling interventions followed to curb excessive yen strength," Reuters reports, reflecting analysts' views.

On the other hand, the dollar strengthened yesterday as robust U.S. economic data all but dispelled fears of a recession.

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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TSLA Stock Price Rises by Over 6%

The Tesla (TSLA) stock chart today shows that the price surged by more than 6% during yesterday’s trading session, driven by a strong retail sales report released the same day.

According to ForexFactory, analysts had expected Retail Sales to increase by 0.4% month-on-month. However, the actual data showed a 1.0% rise (for comparison, previous figures indicated a decline of -0.2%).

It seems that market participants interpreted this as a sign that Tesla's sales could also rise, propelling the electric vehicle manufacturer's stock to one of the top performers.

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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3 Popular Scalping Strategies

Scalping is a widely-used strategy among day traders worldwide.

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

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.

#scalpingstrategy #scalping #scalpingtradingstrategy #scalper

 

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Gold Price Surpasses $2500 for the First Time

We noted bullish sentiment in the gold market six days ago:
→ The price is moving within an ascending channel (shown in blue);
→ Bulls may attempt to set a historic record amid the release of economic news.

As today's XAU/USD chart shows, the gold price has risen above the psychological level of $2500. This was influenced by last week's news, indicating that market participants expect the Federal Reserve to cut rates as early as September. Notably, important signals regarding U.S. monetary policy may be given later this week at the annual economic symposium in Jackson Hole, attended by finance ministers and central bank governors.

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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Netflix (NFLX) Shares Reach a Two-Month High

As shown on the daily chart of Netflix (NFLX) shares, the price surpassed the July 19 peak around $677 on Friday but closed well below the day’s highs. Notably:
→ Since August 5, Netflix (NFLX) has outperformed stock indices;
→ The stock has risen by about 15% from the August 5 close.

Will the rally continue?

Bullish argument:
→ Analysts expect an improvement in the company’s fundamentals following enhancements to its business model. According to Zacks, Netflix might report earnings of $5.07 per share for the current quarter, representing a year-on-year increase of +35.9%. The Zacks consensus estimate has risen by +7.9% over the past 30 days.

Bearish argument:
According to SEC filings, Netflix’s Chief Legal Officer sold $7 million worth of shares. Could this sale be motivated by insider information that might lead to a decline in the stock 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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What Are 52-Week Highs and Lows, and How Do Traders Use Them?

The 52-week high and low are crucial metrics in stock trading, providing insights into a stock’s performance over the past year. These levels offer valuable guidance on potential breakouts and reversals. In this FXOpen article, we’ll explore their importance for determining reversals and breakouts and examine this with a couple of examples.

Understanding 52-Week High and Low

The 52-week high and low are crucial metrics in stock trading, providing insights into a stock’s performance over the past year. These levels offer valuable guidance on potential breakouts and reversals. In this FXOpen article, we’ll explore their importance for determining reversals and breakouts and examine this with a couple of examples.

Understanding 52-Week High and Low

The 52-week high and 52-week low represent the highest and lowest closing prices for a stock over the past year. Note that this means the previous 52 weeks, not year-to-date. This metric is crucial for traders and investors as it provides a longer-term perspective on a stock's performance, helping them assess potential trading opportunities and market sentiment.

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.

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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What Is an Inverse Head and Shoulders Pattern in Trading?

It's known that traders, even with little experience, use the head and shoulders pattern. However, it has an inverted version. The inverse head and shoulders is one of the most common patterns experienced traders use in their journeys in the trading world. In this FXOpen article, we will tell you how to spot the inverse head and shoulders pattern and build your own strategies with this formation.

What Is an Inverse Head and Shoulders Pattern?

An inverse head and shoulders pattern, sometimes known as an inverted head and shoulders pattern, is a chart formation that appears at the end of a downtrend. Is the inverse head and shoulders bullish or bearish? It’s a bullish setup that demonstrates a potential reversal from a downtrend to an uptrend.

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 Pound Near July Highs: What Could Trigger a Breakout?

The slowdown in U.S. inflation and a cooling labour market have rekindled investor confidence that the Federal Reserve may soon begin cutting interest rates. As bearish sentiment towards the dollar dominates the market, key currency pairs have approached critical levels, the breach of which could spark new medium-term trends.

GBP/USD

Technical analysis of GBP/USD suggests the possibility of a retest of the July high at 1.3050, as a strong upward momentum has developed on the daily timeframe following a bullish engulfing pattern. If buyers manage to secure a hold above 1.3000, the price could extend towards last year's highs around 1.3140-1.3100. Conversely, a rejection from 1.3000 might lead to a corrective decline towards 1.2900-1.2800.

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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AMD Shares Soared After News of a Server Manufacturer Acquisition

Yesterday, it was announced that Analog Micro Devices (AMD) intends to acquire ZT Systems, a manufacturer of equipment for data centres, cloud computing, and artificial intelligence. The market responded positively, with investors believing this move could help AMD reduce Nvidia's substantial market share.

As shown by the AMD stock chart, the price jumped by 4.5% yesterday. What’s next?

On 30 July, we highlighted the support block formed by the $135 level and the long-term upward trendline (shown in yellow). Bears managed to push the price below this block during the overall market decline on 5 August, but only briefly.

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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Brent Oil Price Drops Over 3.5% in Two Days

As indicated by the XBR/USD chart, the price per barrel opened at $80.28 on Friday and closed at $77.27 on Monday. Moreover, early Tuesday trading also shows a downward trend.

Bearish sentiment in the market is being influenced by geopolitical factors, particularly the easing of tensions in the Middle East. According to media reports, Israeli Prime Minister Benjamin Netanyahu has accepted a proposal aimed at resolving disagreements between Israel and Hamas.

Additionally, ANZ Bank analysts point to a reduction in petrol consumption in China due to the increasing use of electric vehicles.

Could Brent crude oil prices continue to fall further?

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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What Is a Morning Star Pattern, and How Can You Use It in Trading?

The morning star candlestick is a popular price action pattern that technical analysts and traders use to identify potential trading opportunities. It indicates a reversal from a bearish to a bullish trend and is a valuable addition to any trader's toolkit. In this article, we will cover all the technical aspects of the morning star candlestick pattern.

What Is the Morning Star Candlestick Pattern?

The morning star in technical analysis is a reversal formation that appears at the end of a downtrend and signals a trend reversal. It consists of three candles.

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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Market Analysis: EUR/USD Regains Strength While USD/CHF Struggles

EUR/USD started a fresh increase above the 1.1000 resistance. USD/CHF declined and now struggling below the 0.8600 resistance.

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

• The Euro surged after it broke the 1.0950 resistance against the US Dollar.
• There is a connecting bullish trend line forming with support near 1.1090 on the hourly chart of EUR/USD at FXOpen.
• USD/CHF declined below the 0.8635 and 0.8600 support levels.
• There is a major bearish trend line forming with resistance near 0.8575 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0950 zone. The Euro cleared the 1.1000 resistance to move into a bullish zone against the US Dollar.

The bulls pushed the pair above the 50-hour simple moving average and 1.1050. Finally, the pair tested the 1.1130 resistance. A high was formed near 1.1132 and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.0798 swing low to the 1.1132 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.

 

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USD/CAD Drops to 1.3600 Support Level

The USD/CAD chart shows the Canadian dollar strengthening against the USD to levels last seen at the end of July.

On one hand, the US dollar is weakened by expectations of an inevitable rate cut. On the other, the Canadian dollar gained strength after yesterday’s inflation data:
→ Although the initial reaction pushed USD/CAD up to 1.364,
→ Today, the market seems to have reassessed the impact, with the pair falling to yesterday's low, indicating continued bearish dominance.

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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Coinbase (COIN) Shares Drop Below $200

Yesterday, shares of cryptocurrency exchange Coinbase (COIN) underperformed the broader market, falling by approximately 5%.

This decline is part of a worrying trend. While the S&P 500 (US SPX 500 mini on FXOpen) set records in mid-summer, Coinbase (COIN) struggled to surpass its March high. It seems the positive impact of the Bitcoin ETF launch earlier this year has faded.

Additionally, COIN's share price has been affected by a weak earnings report published on 1st August, where earnings per share fell significantly short of expectations (actual = $0.14 vs forecast = $0.95).

Adding to the negative sentiment is the news that if Kamala Harris wins the US presidential election, current SEC Chair Gary Gensler, known for his sceptical stance on cryptocurrencies, might be appointed as Treasury Secretary.

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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AUDUSD Technical Analysis – 21st AUG, 2024
AUDUSD – Bullish Price Crossover Pattern

AUDUSD was unable to continue its bearish momentum and after touching a low of 0.6595 on 15th Aug the prices have started to rise upwards against the United States dollar in the London trading session today.
We can see the formation of a Bullish price crossover with adaptative moving average 50 in the 30-minutes timeframe.
The Resistance of channel is broken in the daily timeframe.

The MACD crosses UP its Moving Average in the weekly timeframe.
The Parabolic SAR indicator is giving a bullish reversal signal in the weekly timeframe.
The prices are ranging Near support of triangle in the monthly timeframe.

The levels of AUDUSD are ranging near a New HIGH record of 1 month.
AUDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bullish reversal seen above the 0.6595 mark.
• Short-term range appears to be Strong Bullish.
• AUDUSD continues to remain above the 0.6700 levels.
• Average true range ATR is indicating less market volatility.

The next resistance is located at 0.6752 which is a 1-Month High.
AUDUSD is now trading near to its Pivot levels of 0.6738 and is moving into a Strong Bullish channel.
The price of AUDUSD remains above its Classic support levels of 0.6726 and is moving towards its next target of 0.6759 which is a Pivot Point 1st Resistance 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

 

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EURUSD Technical Analysis – 21st AUG, 2024
EURUSD – Bullish Trend Reversal Pattern

EURUSD was unable to continue its bearish momentum and after touching a low of 1.0949 on 15th Aug the prices have started to rise upwards touching a high of 1.1131 today in the London trading session.
We can see the formation of a Bullish Trend Reversal Pattern with the Adaptive moving average AMA20 in the 30-minutes timeframe.
The prices of EURUSD are ranging near the support of the channel in the 15-minutes timeframe.

Some of the technical indicators are also giving a bearish trend signal which indicates the presence of the consolidation wave present in the markets.
The resistance of the channel is broken in the daily timeframe.
The prices of EURUSD are ranging near new high record of 1 month.

EURUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bullish reversal seen above the 1.0949 mark.
• Short-term range appears to be Strong Bullish.
• EURUSD continues to remain above the 1.1100 levels.
• Average true range ATR is indicating less market volatility.

The next resistance is located at 1.1132 which is a 1-Month High.
EURUSD is now trading near to its Pivot levels of 1.1117 and is moving into a Strong Bullish channel.
The price of EURUSD remains above its Classic support levels of 1.1105 and is moving towards its next target of 1.1149 which is a Pivot Point 1st Resistance 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