Daily Market Analysis By FXOpen

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GBPUSD Technical Analysis – 21st AUG, 2024
GBPUSD – Resistance of Channel is Broken

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.2798 on 15th Aug the prices have started to rise upwards against the United States dollar in the London trading session.
The Resistance of Channel is Broken in the daily timeframe.
The Parabolic SAR indicator is giving a bullish reversal signal in the weekly timeframe.

The MACD indicator is back over zero in the 15-minutes timeframe, which indicates the presence of a bullish trend.
The prices of GBPUSD are ranging Near the horizontal support in the 1-hourly timeframe.
We can see the formation of a Bullish trend reversal: adaptative moving average 20 in the 1-hourly timeframe.

The Price is back over the pivot point in the 4-hourly timeframe.
GBPUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bullish reversal seen above the 1.2798 mark.
• Short-term range appears to be Bullish.
• GBPUSD continues to remain above the 1.3000 levels.
• Average true range ATR is indicating less market volatility.

GBPUSD is now trading above its Pivot levels of 1.3016 and is moving into a Strong Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.3008 and is now moving towards its next target of 1.3052 which is a 1-Month High.
We are also looking for the breach of the levels of 1.3066 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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NZDUSD Technical Analysis – 21st AUG, 2024
NZDUSD – Bullish Trend Reversal Pattern

NZDUSD was unable to continue its bearish momentum and after touching a low of 0.5974 the prices started to correct upwards against the United States dollar in the London trading session today.
We can see the formation of a Bullish trend reversal: adaptative moving average 20 in the weekly timeframe.
The MACD crosses UP its Moving Average in the weekly timeframe.

The Parabolic SAR indicator is also giving a bullish reversal signal in the weekly timeframe.
The Ichimoku: price is over the cloud in the weekly timeframe.
We have also seen the formation of a Three white soldiers pattern in the weekly timeframe.

The Resistance of channel is broken in the weekly timeframe.
NZDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bullish reversal seen above the 0.5974 mark.
• Short-term range appears to be Strong Bullish.
• NZDUSD continues to remain above the 0.6100 levels.
• Average true range ATR is indicating less market volatility.

The next resistance is located at 0.6163 which is a 1-Month High.
NZDUSD is now trading below its Pivot levels of 0.6141 and is moving into a Strong Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.6131 and is now moving towards its next target of 0.6171 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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How Traders Use Support and Resistance Indicators in Trading Strategies

In the dynamic realm of trading, traders employ a variety of tools to navigate the continually evolving market landscape. Among these, support and resistance stand out as pivotal instruments, aiding traders in understanding important price levels on the charts. This article seeks to explore the indicators for support and resistance, offering insights into how they can be used to analyse market changes.

Why Traders Use Support and Resistance Levels

By effectively utilising support and resistance trading strategies, traders may enhance their decision-making processes.

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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European Currencies Strengthened Ahead of the Jackson Hole Symposium

The release of revised US employment data and the FOMC minutes has added downward pressure on the dollar. The updated figures show that in March, there were 818,000 fewer non-farm jobs than initially reported, suggesting that the US labour market continues to slow. This raises the possibility that the Fed may cut rates by 0.50% at the September meeting, rather than the 0.25% predicted by experts.

Given the current situation, traders will be closely watching the annual Jackson Hole symposium and Jerome Powell’s comments on the state of the US economy. Important data is also expected from the UK and Europe.

EUR/USD

Technical analysis of the EUR/USD pair indicates the potential for further price strengthening, supported by a strong bullish impulse on the daily timeframe after a series of buy setups. Yesterday, the price broke through key resistance at 1.1100. If this level turns into support, the pair may continue its rise towards last year’s highs at 1.1270-1.1240.

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 NZD/USD: Price Approaches Key Resistance Zone

The NZD/USD chart today shows that the New Zealand dollar has risen by over 3% against the USD in less than a week. From another perspective, the NZD/USD rate has climbed more than 5% from its August low.

The volatility in the exchange rate was influenced by the Reserve Bank of New Zealand's decision to cut interest rates, as reported on 14 August.

Technical analysis of the NZD/USD chart reveals:
→ The current bullish sentiment has pushed the RSI indicator from the oversold into the overbought zone.
→ The 0.60770 level, which marked the peak on 13-14 August, may now act as support following its bullish breakout on 19 August.

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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The S&P 500 Index Approaches Historic High

On 2 August, we analysed the S&P 500 (US SPX 500 mini on FXOpen) chart, where we:
→ Constructed an ascending channel A-B with a median line shown as a dotted line;
→ Highlighted the risk of a bearish breakout (as indicated by the red arrow).

Since then:
→ The price dropped by more than 5% to the 5 August low, doubling the width of the A-B channel towards point C – the B line became the median of a wider channel. The index's decline was driven by recession fears, based on weak US labour market data;
→ However, the price then began to recover from the lower boundary of the wider channel, indicating that recession fears have subsided and the rally continues;
→ The price has now returned close to historical highs.

Yesterday, the minutes from the FOMC meeting on 30-31 July were released, revealing that the vast majority of participants noted that if data continues to align with expectations, it might be appropriate to ease policy at the next meeting.

The S&P 500 (US SPX 500 mini on FXOpen) index remained largely unchanged on this news – this indicates market participants' belief that interest rates will likely be cut in September, which would stimulate economic growth, company performance, and stock indices.

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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5 Popular Momentum Indicators

Momentum indicators are technical analysis tools that help traders gauge the force behind price movements. They can show optimal entry and exit points and provide valuable insight into whether a trend is likely to continue or reverse.

Let’s look at the most common momentum signals.
- Overbought and oversold conditions;
- Divergences;
- Crossovers.

Now let’s break down five of the most popular indicators.

• The Average Directional Index, or ADX, is used to determine a trend’s strength.
• The Commodity Channel Index, or CCI, is a versatile momentum indicator that measures an asset's price deviation from its average price relative to its mean deviation. The indicator can also be used to identify divergences.
• The Relative Strength Index, or RSI, is an oscillator that measures the speed and change of price movements. Traders can look for divergence between the RSI and price to identify weakening trends and possible reversals.
• The Moving Average Convergence Divergence, or MACD, is a highly regarded trend-following momentum indicator. Traders use crossovers between the MACD and signal lines as potential entry and exit signals.
• The Momentum indicator measures the rate of change in an asset's price over a specific period. The Momentum is especially useful for identifying divergences.

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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.

#indicatorstrading #adx #rsi #macd #cci

 

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AUDUSD Technical Analysis – 22nd AUG, 2024
AUDUSD – Bearish Trend Reversal Pattern

AUDUSD was unable to sustain its bullish momentum and after touching a high of 0.6760 the prices started to decline against the United States dollar in the European Trading session today.
We can see the formation of a Bearish trend reversal: adaptative moving average 20 in the 2-hourly timeframe.
The Support of channel is broken in the 1-hourly timeframe.

We can see Ichimoku - Bearish crossover: Tenkan & Kijun in the 1-hourly timeframe.
The prices of AUDUSD are ranging near resistance of triangle in the weekly timeframe.
Some of the technical indicators are also giving a Bullish to Neutral stance which indicates the presence of the consolidation wave in the markets.

AUDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bearish reversal seen below the 0.6760 mark.
• Short-term range appears to be Mild Bearish.
• AUDUSD continues to remain above the 0.6700 levels.
• Average true range ATR is indicating less market volatility.

The next support is located at 0.6712 which is a Price 1 Standard Deviation Support.
AUDUSD is now trading below its Pivot levels of 0.6731 and is moving into a Mild Bearish channel.
The price of AUDUSD remains above its Classic support levels of 0.6715 and is moving towards its next target of 0.6699 which is a Price 2 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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EURUSD Technical Analysis – 22nd AUG, 2024
EURUSD – Parabolic SAR Indicator Bearish Reversal

EURUSD was unable to sustain its bullish momentum and after touching a high of 1.1173 the prices started to decline against the United States dollar today in the European trading session.
The Parabolic SAR Indicator is giving a Bearish Reversal signal in the 2-hourly timeframe.
We can see the formation of a Bearish price crossover with adaptative moving average 50 in the 1-hourly timeframe.

The Resistance of channel is broken in both the daily and weekly timeframes.
The MACD crosses DOWN its Moving Average in the 15-minutes timeframe which is indicative of the bearish trends.
The RSI indicator is back under 50 in the 1-hourly timeframe.

The prices of EURUSD are ranging near horizontal resistance in the daily timeframe.
EURUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bearish reversal seen below the 1.1173 mark.
• Short-term range appears to be Mild Bearish.
• EURUSD continues to remain above the 1.1100 levels.
• Average true range ATR is indicating less market volatility.

The next support is located at 1.1120 which is a 14 Day RSI at 70%.
EURUSD is now trading near to its Pivot levels of 1.1138 and is moving into a Mild Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.1118 and is moving towards its next target of 1.1108 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

 

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GBPUSD Technical Analysis – 22nd AUG, 2024
GBPUSD – Bearish Price Crossover Pattern

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.3127 the prices have started to decline against the United States dollar in the US Trading session.
We can see Bearish price crossover with adaptative moving average 20 in the 15-minutes timeframe.
The MACD crosses DOWN its Moving Average in the 30-minutes timeframe.

The CCI indicator: bearish divergence is seen in the 30-minutes timeframe.
We have also detected the MACD indicator: bearish divergence in the 30-minutes timeframe.
Some of the technical indicators are also giving a Neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.

The prices of GBPUSD are ranging near resistance of channel in the weekly timeframe.
GBPUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bearish reversal seen below the 1.3127 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain above the 1.3075 levels.
• Average true range ATR is indicating less market volatility.

GBPUSD is now trading below its Pivot levels of 1.3113 and is moving into a Mild Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.3083 and is now moving towards its next target of 1.3089 at which the Price Crosses 18-40 Day Moving Average.
We are also looking for the breach of the levels of 1.3088 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

 

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NZDUSD Technical Analysis – 22nd AUG, 2024
NZDUSD – Bearish Trend Reversal Pattern

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.6177 the prices started to decline against the United States dollar in the US Trading session today.
We can see the formation of a Bearish trend reversal: adaptative moving average 100 in the 30-minutes timeframe.
The SuperTrend indicator is giving a bearish reversal signal in the 30-minutes timeframe.

The Support of channel is broken in the 1-hourly timeframe.
The Parabolic SAR indicator is giving a bearish reversal signal in the 2-hourly timeframe.
The Horizontal support is broken in the daily timeframe.

The RSI indicator: bearish divergence is seen in the daily timeframe.
NZDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.6177 mark.
• Short-term range appears to be Mild Bearish.
• NZDUSD continues to remain above the 0.6100 levels.
• Average true range ATR is indicating less market volatility.

The next support is located at 0.6133 which is a Pivot Point 1st Support Point.
NZDUSD is now trading below its Pivot levels of 0.6146 and is moving into a Mild Bearish channel.
The price of NZDUSD remains above its Classic support levels of 0.6113 and is now moving towards its next target of 0.6112 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

 

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What Is the ICT Silver Bullet Strategy, and How Does It Work?

The ICT Silver Bullet strategy offers traders a unique approach to capitalising on market opportunities during specific trading hours. This article explored this advanced strategy, explaining the role of fair value gaps, liquidity, and timeframes and how to implement it.

Understanding the ICT Silver Bullet Strategy

The ICT Silver Bullet trading strategy is a sophisticated trading methodology developed by Michael J. Huddleston, known as the Inner Circle Trader, or ICT. This strategy is designed to capitalise on specific, high-probability trading opportunities that align with certain times throughout certain sessions, specifically the London and New York sessions.

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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Market Analysis: GBP/USD Surges, USD/CAD Drops To Support

GBP/USD started a fresh increase above the 1.2920 zone. USD/CAD declined and now consolidates below the 1.3640 level.

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

• The British Pound is eyeing more gains above the 1.3130 resistance.
• There is a connecting bullish trend line forming with support near 1.3100 on the hourly chart of GBP/USD at FXOpen.
• USD/CAD started a fresh decline after it failed to clear the 1.3720 resistance.
• Recently, there was a break above a short-term bearish trend line with resistance at 1.3585 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.2880 level. The British Pound started a steady increase above the 1.2920 resistance zone against the US Dollar.

The pair gained strength above the 1.3000 level. The bulls even pushed the pair above the 1.3050 level and the 50-hour simple moving average. The pair tested the 1.3130 zone and is currently 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.

 

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Analysis of GBP/USD: The Pair Approaches 2023 High

Yesterday, the Purchasing Managers' Index (PMI) data for both the UK and the US were released.

According to ForexFactory, the UK figures were as follows:
→ Flash Manufacturing PMI: actual = 52.5, forecast = 52.1; previous = 52.1;
→ Flash Services PMI: actual = 53.3, forecast = 52.8; previous = 52.5.

As SPGlobal reports, the August PMI data signalled another significant expansion (the largest since April) in the UK's private sector output, supported by strong growth in new orders.

In contrast, the US figures were less encouraging:
→ Flash Manufacturing PMI: actual = 48.0, forecast = 49.5; previous = 49.6;
→ Flash Services PMI: actual = 55.2, forecast = 54.0; previous = 55.0.

In response to yesterday’s PMI releases, the GBP/USD rate has been climbing this morning towards the 2023 high around the 1.3140 level. Notably:
→ Since the August low, the pair has risen by over 3.5%;
→ A key driver of bullish sentiment for GBP/USD is the weakness of the US dollar, driven by expectations of a Fed rate cut in September.

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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NIO Stock Price Tests the 4.2 Level

For many months, the share price of the Chinese automaker NIO has been moving within a downward channel (shown in red), driven by the company’s ongoing struggle to achieve profitability.

From a technical analysis perspective, this week has provided a discouraging signal for investors – the 4.2 level, which acted as support in June and July before being broken in early August, has now been tested:
→ On the 19th, the price rose on a narrow candle (a sign of buyer uncertainty);
→ On the 20th, the price fell on a wide candle (a sign of seller confidence);
→ This suggests that the 4.2 level has likely switched from support to resistance.

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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Watch FXOpen's 19 - 23 August Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: Gold, Brent Oil, European Currencies, S&P 500

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.

• The S&P 500 Index Approaches Historic High
• European Currencies Strengthened Ahead of the Jackson Hole Symposium
• Brent Oil Price Drops Over 3.5% in Two Days
• Gold Price Surpasses $2500 for the First Time

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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What Is the Hanging Man Candlestick Pattern, and How Can You Trade It?

In the world of technical analysis, candlestick patterns play a vital role in helping traders decipher market trends and potential reversals. Among the many setups, the hanging man holds particular significance. This distinctive formation captures traders' attention as it often serves as a warning sign of a possible trend reversal. This article will go through the technical analysis of the hanging man formation and explain how traders can trade with it.

What Is a Hanging Man Pattern?

The hanging man candlestick pattern is characterised by a small body near the top of the candlestick, a long lower shadow, and little to no upper shadow. It resembles a figure hanging from its head, hence the name "Hanging Man."

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 EUR/USD Exchange Rate Has Risen to the 1.12 Level

During his speech at Jackson Hole, as reported by Reuters, the Fed Chair unexpectedly focused heavily on the US labour market. Powell stated that weaker employment prospects are unacceptable. As a result of this emphasis, market expectations for a rate cut in September decreased, and the value of the US dollar increased:

→ On Monday morning, the dollar index is recovering from the year's lows, which were reached on Friday;
→ Accordingly, other currencies are depreciating against the USD.

As shown by the technical analysis of the EUR/USD chart:

→ Since April, the exchange rate fluctuations have been forming an upward channel (marked in blue, with support points indicated by circles);
→ Within this channel, the price is near the upper boundary, from which resistance can be expected;

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 Crude Oil Bounces Off Key Support

Analysing the oil market on the XBR/USD chart on 20 August, when Brent was trading around $77 per barrel, we:

→ Identified resistance around $81.60;
→ Noted that the price was approaching a key support level (shown by the yellow line), which has been in effect for several months;
→ Speculated that bears might attempt to break the August low.

This attempt by the bears can be seen in the price drop to $75.55 on 22 August.

However, the August low was not breached, as the yellow support line had an impact on the price—Brent crude oil reversed upwards (indicated by an arrow).

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 – 26th AUG, 2024
AUDUSD – Bullish Price Crossover Pattern

AUDUSD was unable to continue its bearish momentum and after touching a low of 0.6696 the prices started to correct upwards touching a high of 0.6797 in the European Trading session today.
We can see the formation of a Bullish price crossover with adaptative moving average 50 in the 30-minutes timeframe.
We have also seen Bullish price crossover with Moving Average 20 in the 1-hourly timeframe.
The Resistance of channel is broken in the daily timeframe.

We have also detected the presence of Moving Average bullish crossovers: AMA20 & AMA50.
Some of the technical indicators are also giving a Bearish to Neutral stance which indicates the presence of the consolidation wave in the markets.
AUDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bullish reversal above the 0.6696 mark.
• Short-term range appears to be Strong Bullish.
• AUDUSD continues to remain above the 0.6760 levels.
• Average true range ATR is indicating high market volatility.

The next resistance is located at 0.6798 which is a 1-Month High.
AUDUSD is now trading above its Pivot levels of 0.6776 and is moving into a Strong Bullish channel.
The price of AUDUSD remains above its Classic support levels of 0.6761 and is moving towards its next target of 0.6821 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