Daily Market Analysis By FXOpen

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EURUSD Technical Analysis – 26th AUG, 2024
EURUSD – MACD crosses UP its Moving Average

EURUSD was unable to continue its bearish momentum and after touching a low of 1.1097 the prices started to rise upwards touching a high of 1.1201 in the European Trading session today.
The Parabolic SAR indicator is giving a bullish reversal signal in the 30-minutes timeframe.
We can see the formation of a Bullish price crossover with adaptative moving average 20 in the 2-hourly timeframe.

The Resistance of channel is broken in both the daily and weekly timeframes.
The MACD crosses UP its Moving Average in the 15-minutes timeframe.
Some of the technical indicators are also giving a bearish to neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.
The prices of EURUSD are ranging near a 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 1.1097 mark.
• Short-term range appears to be Strong Bullish.
• EURUSD continues to remain above the 1.1150 levels.
• Average true range ATR is indicating high market volatility.

The next resistance is located at 1.1201 which is a 1-Month High.
EURUSD is now trading above its Pivot levels of 1.1157 and is moving into a Strong Bullish channel.
The price of EURUSD remains above its Classic support levels of 1.1151 and is moving towards its next target of 1.1224 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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GBPUSD Technical Analysis – 26th AUG, 2024
GBPUSD – Parabolic SAR Indicator Bullish Reversal

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.3010 the prices started to rise upwards touching a high of 1.3229 in the European Trading session today.
We can see Parabolic SAR Indicator Bullish Reversal signal in the 30-minutes timeframe.
The Aroon indicator bullish trend is also visible in the 30-minutes timeframe.

We can see the formation of Bullish price crossover with adaptative moving average 20 in the 1-hourly timeframe.
We have also detected the Moving Average bullish crossovers: AMA20 & AMA50 in the 2-hourly 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 Resistance of channel is broken in the weekly timeframe.

GBPUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bullish reversal seen above the 1.3010 mark.
• Short-term range appears to be Strong Bullish.
• GBPUSD continues to remain above the 1.3175 levels.
• Average true range ATR is indicating high market volatility.

GBPUSD is now trading near to its Pivot levels of 1.3192 and is moving into a Strong Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.3181 and is now moving towards its next target of 1.3230 which is a 1-Month High.
We are also looking for the breach of the levels of 1.3268 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 – 26th AUG, 2024
NZDUSD – Bullish Engulfing Lines

NZDUSD was unable to continue its bearish momentum and after touching a low of 0.6128 the prices have started to rise upwards touching a high of 0.6235 in the European Trading session today.
We can see the formation of Bullish Engulfing Lines in the 4-hourly timeframe.
The Resistance of channel is broken in the daily timeframe.

We have seen Bullish trend reversal: adaptative moving average 100 in the weekly timeframe.
The prices of NZDUSD are ranging Near support of channel in the 1-hourly timeframe.
Some of the technical indicators are also giving a Bearish to Neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.

NZDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bullish reversal seen above the 0.6128 mark.
• Short-term range appears to be Strong Bullish.
• NZDUSD continues to remain above the 0.6200 levels.
• Average true range ATR is indicating high market volatility.

The next resistance is located at 0.6236 which is a 14 Day RSI at 70%.
NZDUSD is now trading near to its Pivot levels of 0.6210 and is moving into a Strong Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.6195 and is now moving towards its next target of 0.6269 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 Identify and Trade Bull and Bear Flag Patterns

Flags are crucial tools in technical analysis, offering traders insights into trend continuation. In this article, we’ll explore questions like “What is a bull flag pattern?” and “What does a bear flag look like?” alongside the pattern’s psychology, formal identification, and trading strategies.

What Is a Flag Pattern?

A flag is a continuation chart pattern that signals the potential for an ongoing trend to resume after a brief consolidation. It consists of a sharp price movement, known as the flagpole, followed by a rectangular consolidation phase that slopes against the prevailing trend, forming the flag. The flag is framed by parallel trendlines, acting as support and resistance.

This consolidation represents a temporary pause in the trend as market participants catch their breath before continuing in the trend's direction. Identifying a flag pattern helps traders anticipate the resumption of the prior trend, providing strategic entry points for trades.

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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Broadcom Inc. (AVGO) Shares Drop Over 4%

As shown by the chart, yesterday, shares of Broadcom Inc. (AVGO)—a US technology company ranked in the top 10 by market capitalisation—were among the worst performers in terms of price movement.

This is a warning sign for those investing in semiconductor manufacturers, considering that:
→ Tomorrow, data on Nvidia’s second-quarter performance will be released;
→ Since mid-June, AVGO's share price has been underperforming the stock index.

A technical analysis of the AVGO chart provides further grounds for concern:

→ In 2024, the price formed an ascending channel (shown in blue), which remains relevant for now, despite a drop below the lower boundary on 5 August.
→ Price action in August indicates (marked by an arrow) that the median line of this channel, reinforced by the psychological level at $170, has now assumed the role of 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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XNG/USD: Natural Gas Price Hits 2.5-Week Low

As shown on the XNG/USD chart, today, the price of natural gas fell below $2.16 for the first time since 8 August.

Bearish sentiment is being driven by the fact that: → This is the last week of summer. Gas consumption typically decreases in mid-September as the use of air conditioning declines; → Gas storage levels are abundant. According to Reuters, current stock levels exceed the seasonal average by 12%.

A technical analysis of the XNG/USD chart provides several arguments suggesting that bears hold the upper hand in the market:

→ Price action is forming a descending channel, shown in red. The upper boundary of the channel acted as resistance, with the price forming a bearish rounding reversal pattern (as indicated in blue).

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 – 27th AUG, 2024
AUDUSD – MACD crosses UP its Moving Average

AUDUSD was unable to continue its bearish momentum and after touching a low of 0.6761 the prices started to correct upwards touching a high of 0.6790 in the European Trading session today.
The MACD crosses UP its Moving Average in the 30-minutes timeframe.
The Ichimoku: price is over the cloud in the 30-minutes timeframe.

The Resistance of channel is broken in the 1-hourly timeframe.
The price of AUDUSD is back over the pivot point in the 4-hourly timeframe.
We can also see the formation of a Bullish trend reversal: adaptative moving average 100 in the weekly timeframe.

AUDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bullish reversal above the 0.6761 mark.
• Short-term range appears to be Bullish.
• AUDUSD continues to remain above the 0.6780 levels.
• Average true range ATR is indicating less market volatility.

The next resistance is located at 0.6798 which is a 1-Month High.
AUDUSD is now trading near to its Pivot levels of 0.6782 and is moving into a Bullish channel.
The price of AUDUSD remains above its Classic support levels of 0.6774 and is moving towards its next target of 0.6808 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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EURUSD Technical Analysis – 27th AUG, 2024
EURUSD – Bullish Trend Reversal Pattern

EURUSD was unable to continue its bearish momentum and after touching a low of 1.1158 the prices started to rise upwards touching a high of 1.1178 in the European Trading session today.
We can see Bullish trend reversal: adaptative moving average 50 in the 15-minutes timeframe.
The Momentum indicator is back over zero in the 2-hourly timeframe.

The Resistance of channel is broken in both the weekly and monthly timeframes.
The prices of EURUSD are ranging Near support of channel in the 15-minutes timeframe.
Some of the technical indicators are also giving a bearish to neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.

The prices of EURUSD are ranging near a new HIGH record of 1 year in the weekly timeframe.
EURUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bullish reversal seen above the 1.1158 mark.
• Short-term range appears to be Bullish.
• EURUSD continues to remain above the 1.1150 levels.
• Average true range ATR is indicating less market volatility.

The next resistance is located at 1.1176 which is a 14 Day RSI at 70%.
EURUSD is now trading near to its Pivot levels of 1.1166 and is moving into a Bullish channel.
The price of EURUSD remains above its Classic support levels of 1.1154 and is moving towards its next target of 1.1190 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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GBPUSD Technical Analysis – 27th AUG, 2024
GBPUSD – Resistance of Channel is Broken

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.3179 the prices started to rise upwards touching a high of 1.3246 in the European Trading session today.
The Resistance of channel is broken in the 1-hourly timeframe.
We can see the formation of Three white soldiers pattern in the weekly timeframe.
The Resistance of channel is broken in the monthly 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 support of channel in the 15-minutes timeframe.
GBPUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving average.

• Pound Bullish reversal seen above the 1.3179 mark.
• Short-term range appears to be Bullish.
• GBPUSD continues to remain above the 1.3200 levels.
• Average true range ATR is indicating high market volatility.

GBPUSD is now trading near to its Pivot levels of 1.3220 and is moving into a Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.3207 and is now moving towards its next target of 1.3212 which is a Pivot Point 1st Resistance Point.
We are also looking for the breach of the levels of 1.3238 which is a Pivot Point 2nd Level 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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NZDUSD Technical Analysis – 27th AUG, 2024
NZDUSD – Resistance of Channel is Broken

NZDUSD was unable to continue its bearish momentum and after touching a low of 0.6194 the prices have started to rise upwards touching a high of 0.6233 in the European Trading session today.
The Resistance of channel is broken in both the 15-minutes and 1-hourly timeframes.
We can see the formation of Moving Average bullish crossovers: MA20 & MA50 in the daily timeframe.

We have seen Bullish trend reversal: adaptative moving average 50 in the weekly timeframe.
The MACD indicator is back over zero in the weekly timeframe.
Some of the technical indicators are also giving a Bearish to Neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.

NZDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bullish reversal seen above the 0.6194 mark.
• Short-term range appears to be Bullish.
• NZDUSD continues to remain above the 0.6220 levels.
• Average true range ATR is indicating less market volatility.

The next resistance is located at 0.6236 which is a 1-Month High.
NZDUSD is now trading near to its Pivot levels of 0.6230 and is moving into a Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.6215 and is now moving towards its next target of 0.6246 which is a Pivot Point 2nd Level 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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Descending Triangle Pattern: Rules and Signals

A descending triangle is one of the patterns of a triangle group. The descending triangle is one of the most common technical analysis tools that can be spotted on price charts of any asset. Therefore, traders like implementing it in their trading strategies. However, this formation may be challenging. Read on to learn how to distinguish between the descending triangle signals.

What Is a Descending Triangle Pattern?

A descending or falling triangle is a bearish formation that is usually formed in downtrends. Thus, it signals a trend continuation. Although it is believed that a descending triangle pattern can occur in an uptrend, the theory states that it must form during a downtrend to provide strong signals.

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: Gold and Oil Prices Signal More Upsides

Gold price started a fresh increase above the $2,500 resistance level. Crude oil prices climbed higher above $76.00 before the bears appeared.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price started a steady increase from the $2,470 zone against the US Dollar.
• A connecting bullish trend line is forming with support near $2,505 on the hourly chart of gold at FXOpen.
• Crude oil prices extended gains above the $76.00 and $77.00 resistance levels.
• There was a break below a key bullish trend line with support at $75.80 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed a base near the $2,470 zone. The price started a steady increase above the $2,490 and $2,500 resistance levels.

There was a decent move above the 50-hour simple moving average and $2,515. The bulls pushed the price above the $2,320 resistance zone. Finally, the bears appeared near $2,525. A high was formed near $2,526 and the price is now consolidating gains.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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Nasdaq 100 Consolidates Ahead of Nvidia Report

Today, after the main trading session ends, Nvidia (NVDA) – the second-largest company by market capitalisation and the leader of 2024 amid the AI boom – will release its second-quarter earnings report.

It’s reasonable to assume that market participants are anticipating this event, which will likely trigger a surge in market volatility:
→ Nvidia shares (NVDA) have been fluctuating within the $123.50 – $131.00 range since 19 August;

→ Signs of anticipation are also evident on the technology index chart.

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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AUD/USD: Price Faces Resistance After CPI Release

Today, the Australian Bureau of Statistics released the Consumer Price Index (CPI) figures. According to ForexFactory, the actual annual inflation rate was 3.5% (expected = 3.4%, previous = 3.8%). In other words, inflation in Australia is declining, but not at the pace that might have been hoped for.

The initial reaction to the news was a sharp rise in the Australian dollar, with the AUD/USD rate increasing by approximately 0.4% in the first 15 minutes after the release.

However, the price then returned to levels seen before the inflation news was released. How can this be interpreted?

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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Dollar Downtrend Continues: When Might an Upward Correction Start?

The end of last week was quite unfavourable for the US dollar. Following the Jackson Hole symposium, where Jerome Powell confirmed the Fed’s readiness to start lowering the base interest rate, the dollar sharply declined across the board. The USD/CAD pair dropped below 1.3600, GBP/USD reached new 2023 highs at 1.3140, and EUR/USD buyers managed to test the key resistance at 1.1200. The downward trend has continued into the start of this week. Under what conditions might this downtrend slow down, and at what levels could a rebound be expected?

USD/CAD

Sellers of the USD/CAD pair successfully broke through the key 1.3600-1.3580 range that had been holding the price in the first half of this year. The break of this support could pave the way for further price decline and a test of 1.3400-1.3350. Near these levels, a slowdown in the downward movement could be expected, particularly if the news backdrop is favourable. The beginning of an upward correction could lead to a price return to the 1.3600-1.3500 range. Technical analysis of the USD/CAD pair indicates the potential for further decline, as higher timeframes show a strong downward impulse, with no correction patterns yet forming.

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 – 28th AUG, 2024
AUDUSD – Bearish Trend Reversal Pattern

AUDUSD was unable to sustain its bullish momentum and after touching a high of 0.6812 the prices started to decline sharply against the United States Dollar in the European Trading session today.
We can see the formation of Bearish trend reversal: adaptative moving average 20 in the 2-hourly timeframe.
The Parabolic SAR indicator bearish reversal is seen in the 4-hourly timeframe.

The Support of triangle is broken in the daily timeframe.
The Horizontal support is broken in the daily timeframe.
The price of AUDUSD is back under the pivot point in the daily timeframe.

We can also see the formation of a Bearish Harami pattern in the weekly timeframe.
AUDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bearish reversal seen below the 0.6812 mark.
• Short-term range appears to be Mild Bearish.
• AUDUSD continues to remain above the 0.6770 levels.
• Average true range ATR is indicating high market volatility.

The next support is located at 0.6771 which is a Pivot Point 1st Support Point.
AUDUSD is now trading near to its Pivot levels of 0.6775 and is moving into a Bearish channel.
The price of AUDUSD remains above its Classic support levels of 0.67604 and is moving towards its next target of 0.6756 which is a Price 1 Standard Deviation 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 – 28th AUG, 2024
EURUSD – Bearish Price Crossover Pattern

EURUSD was unable to continue its bullish momentum and after touching a high of 1.1189 the prices started to decline sharply against the United States dollar in the European Trading session.
We can see Bearish price crossover with Moving Average 100 in the 2-hourly timeframe.
The SuperTrend indicator bearish reversal is seen in the 4-hourly timeframe.
We have also detected the formation of Ichimoku - Bearish crossover: Tenkan & Kijun in the 4-hourly timeframe.

We can see Moving Average bullish crossovers: AMA50 & AMA100 in the 2-hourly timeframe.
Some of the technical indicators are also giving a bearish to neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.
The prices of EURUSD are ranging near horizontal resistance in the weekly timeframe.

EURUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Euro Bearish reversal seen below the 1.1189 mark.
• Short-term range appears to be Mild Bearish.
• EURUSD continues to remain above the 1.1130 levels.
• Average true range ATR is indicating high market volatility.

The next support is located at 1.1131 which is a Price 2 Standard Deviations Support.
EURUSD is now trading above its Pivot levels of 1.1114 and is moving into a Mild Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.1094 and is moving towards its next target of 1.1119 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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GBPUSD Technical Analysis – 28th AUG, 2024
GBPUSD – Support of Channel is Broken

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.3265 the prices started to decline sharply against the United States Dollar in the European Trading session today.
The Support of channel is broken in the 15-minutes timeframe.
We can see the formation of Bearish Harami pattern in the 15-minutes timeframe.

We have also detected the Bearish Harami cross in the 15-minutes timeframe.
The Support of channel is broken in the 1-hourly 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 a new LOW record of 1 month.

GBPUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bearish reversal seen below the 1.3265 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain above the 1.3200 levels.
• Average true range ATR is indicating high market volatility.

GBPUSD is now trading near to its Pivot levels of 1.3199 and is moving into a Mild Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.3177 and is now moving towards its next target of 1.3205 which is a Pivot Point 1st Support Point.
We are also looking for the breach of the levels of 1.3198 which is a Price 1 Standard Deviation 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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NZDUSD Technical Analysis – 28th AUG, 2024
NZDUSD – Bearish Price Crossover Pattern

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.6251 the prices started to decline sharply against the United States Dollar today in the European Trading session.
We can see the formation of Bearish price crossover with Moving Average 50 in the 30-minutes timeframe.
The Momentum indicator is back under zero in the 1-hourly timeframe.

The prices of NZDUSD are ranging Near horizontal resistance in the daily timeframe.
Some of the technical indicators are also giving a Bullish to Neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.
NZDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.6251 mark.
• Short-term range appears to be Mild Bearish.
• NZDUSD continues to remain above the 0.6240 levels.
• Average true range ATR is indicating less market volatility.

The next support is located at 0.6213 which is a Pivot Point 1st Support Point.
NZDUSD is now trading near to its Pivot levels of 0.6245 and is moving into a Mild Bearish channel.
The price of NZDUSD remains above its Classic support levels of 0.6224 and is now moving towards its next target of 0.6206 which is a Price 1 Standard Deviation 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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Double Top Pattern: Overview and Trading Rules

A double top is a popular technical analysis pattern that usually appears before a reversal in an uptrend. It’s one of the most common patterns and it can be found on any timeframe of any asset. Still, some traders confuse its signals. In this FXOpen article, we will explore how to spot the double top formation on a price chart and use it to build your own trading strategy.

What Is a Double Top Pattern?

In technical analysis, a double top pattern meaning refers to a chart pattern that consists of two swing highs with a trough in between, and the two highs should be at the same or almost the same level. Some traders confuse a double top with a double bottom formation. Therefore, the question “Is the double top bullish or bearish?” is common. The double top pattern appears at the end of an uptrend, and it’s always bearish. Conversely, the double bottom setup occurs at the end of a downtrend, and it’s always bullish.

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.