Daily Market Analysis By FXOpen

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GBPUSD Technical Analysis – 11th SEP, 2024
GBPUSD – Bullish Price Crossover Pattern

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.3048 the prices started to rise upwards against the United States Dollar today in the European Trading session.
We can see Bullish price crossover with Moving Average 50 in the 15-minutes timeframe.
We have also detected Bullish price crossover with adaptative moving average 20 in the 30-minutes timeframe.
The RSI indicator is back over 50 in the 30-minutes timeframe.

The Resistance of channel is broken in the 1-hourly timeframe.
We have also detected the formation of Bullish price crossover with adaptative moving average 50 in the 1-hourly timeframe.
The MACD crosses UP its Moving Average in the 4-hourly timeframe.
We can also see Parabolic SAR indicator bullish reversal in the 4-hourly timeframe.

GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bullish reversal seen above the 1.3048 mark.
• Short-term range appears to be Mild Bullish.
• GBPUSD continues to remain above the 1.3090 levels.
• Average true range ATR is indicating Less market volatility.

GBPUSD is now trading near to is Pivot levels of 1.3091 and is moving into a Mild Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.3076 and is now moving towards its next target of 1.3108 which is a Pivot Point 1st Resistance Point.
We are also looking for the breach of the levels of 1.3114 which is a 14-3 Day Raw Stochastic at 30%.

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

For in-depth analysis, please check FXOpen Blog

 

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NZDUSD Technical Analysis – 11th SEP, 2024
NZDUSD – Moving Average Bullish Crossovers

NZDUSD was unable to continue its bearish momentum and after touching a low of 0.6135 the prices started to rise upwards against the United States Dollar today in the European Trading session.
We can see Moving Average bullish crossovers: AMA20 & AMA50 in the 30-minutes timeframe.
The prices of NZDUSD are ranging Near horizontal support in the 1-hourly timeframe.
We have also detected Bullish trend reversal: adaptative moving average 20 in the 1-hourly timeframe.

We can see the formation of Parabolic SAR indicator bullish reversal in the 1-hourly timeframe.
The Momentum indicator is back over zero in the 1-hourly timeframe.
We can also see Bullish price crossover with Moving Average 20 in the 2-hourly timeframe.
The RSI indicator: bullish divergence is visible in the 4-hourly timeframe.

We have also seen MACD indicator: bullish divergence in the 4-hourly timeframe.
NZDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bullish reversal seen above the 0.6135 mark.
• Short-term range appears to be Mild Bullish.
• NZDUSD continues to remain above the 0.6150 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 0.6159 which is a 14-3 Day Raw Stochastic at 20%.
NZDUSD is now trading below its Pivot levels of 0.6151 and is moving into a Mild Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.6147 and is now moving towards its next target of 0.6176 which is a 14-3 Day Raw Stochastic at 30%.

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

For in-depth analysis, please check FXOpen Blog

 

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S&P 500 Rises Following Inflation Data Release

Historically, September has been the worst month for the S&P 500 (US SPX 500 mini on FXOpen), and the start of the month reflected this trend, with the index dropping around 4.5% from 1 to 6 September, indicating bearish sentiment.

However, yesterday's event — the release of the Consumer Price Index (CPI) — may have marked a turning point.

According to Reuters, US inflation data showed that the core CPI rose by 0.28% in August, slightly above the forecast of 0.2%. This led market participants to believe that the Federal Reserve might agree to a 25-basis point rate cut next Wednesday.

TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG

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

 

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Analytical Gold Price Forecasts for 2024 and the Next 6 Years

Over the past century, gold has consistently shown as both a beacon of potential stability and a mirror reflecting global economic fluctuations. This FXOpen article delves into the historical trends and future projections of gold prices, offering insights into its expected movements between 2024 and 2030.

Gold Price History

The journey of gold's value over time is marked by significant fluctuations influenced by economic policies, global crises, and shifts in demand. Traders can observe how these various factors influenced the spot gold price (XAUUSD) on FXOpen’s free TickTrader platform.

Post Bretton Woods and 1970s Inflation

The collapse of the Bretton Woods system in 1971 initiated a free float of currency values against gold, leading to a decade of volatility. The 1970s experienced a dramatic increase in the price of gold, fueled by inflation, geopolitical tensions, and energy crises, peaking at around $843 in 1980.

TO VIEW THE FULL ARTICLE, VISIT THE FXOPEN BLOG

Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, 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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Nvidia (NVDA) Shares Surge Over 8%

According to the Nvidia (NVDA) stock chart, yesterday’s closing price was just below $117, compared to just over $108 the day before. The positive momentum was largely driven by the stock market’s reaction to inflation news, as mentioned earlier.

For Nvidia investors, this is a clear sign that the stock is regaining its leadership position, a success attributed to CEO Jensen Huang.

As Barron’s reports, at the Goldman Sachs conference in San Francisco, Huang discussed the launch of the new Blackwell chip and the return on investment for Nvidia’s clients. He mentioned that demand is so high that some companies Nvidia works with have become "emotional."

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 – 12th SEP, 2024
AUDUSD – Bullish Price Crossover Pattern

AUDUSD was unable to continue its bearish momentum and after touching a low of 0.6622 yesterday the prices started to rise upwards against the United States Dollar today in the European Trading session.
We can see the formation of Bullish price crossover with adaptative moving average 20 in the 4-hourly timeframe.
The prices of AUDUSD are ranging Near support of channel in the daily timeframe.

We have seen the formation of Doji in the 2-hourly timeframe which indicates Neutral markets.
Some of the technical indicators are giving a Neutral to Bearish stance in the markets which indicates the presence of the consolidation wave in the markets.
We can see Aussie is Near a new HIGH record (1 month) in the weekly timeframe.

AUDUSD is now trading above its 100-hour SMA and below its 200-hour SMA simple moving averages.
• Aussie Bullish reversal seen above the 0.6622 mark.
• Short-term range appears to be Mild Bullish.
• AUDUSD continues to remain above the 0.6670 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 0.6683 which is a Price 1 Standard Deviation Resistance.
AUDUSD is now trading near to its Pivot levels of 0.6675 and is moving into a Mild Bullish channel.
The price of AUDUSD remains just above its Classic support levels of 0.6662 and is moving towards its next target of 0.6693 which is a 14 Day RSI at 50%.

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

For in-depth analysis, please check FXOpen Blog

 

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EURUSD Technical Analysis – 12th SEP, 2024
EURUSD – Ichimoku - Bullish crossover: Tenkan & Kijun

EURUSD was unable to continue its bearish momentum and after touching a low of 1.1001 yesterday the prices started to rise upwards against the United States Dollar today in the European Trading session.
We can see the formation of Ichimoku - Bullish crossover: Tenkan & Kijun in the 15-minutes timeframe.
The MACD indicator is back over zero in the 30-minutes timeframe.

We can see the formation of Bullish trend reversal: Moving Average 20 in the 1-hourly timeframe.
We can also see Aroon indicator bullish trend present in the 1-hourly timeframe.
The MACD indicator: bullish divergence is visible in the 4-hourly timeframe.

The prices of EURUSD are ranging Near support of channel in the weekly timeframe.
EURUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bullish reversal seen above the 1.1001 mark.
• Short-term range appears to be Mild Bullish.
• EURUSD continues to remain above the 1.1020 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 1.1034 which is a 14 Day RSI at 50%.
EURUSD is now trading near to its Pivot levels of 1.1015 and is moving into a Mild Bullish channel.
The price of EURUSD remains above its Classic support levels of 1.1002 and is moving towards its next target of 1.1044 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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GBPUSD Technical Analysis – 12th SEP, 2024
GBPUSD – Horizontal Resistance is Broken

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.3001 yesterday the prices started to rise upwards against the United States Dollar today in the European Trading session.
The Horizontal resistance is broken in the 15-minutes timeframe.
We have also detected Bullish price crossover with adaptative moving average 20 in the 1-hourly timeframe.
The RSI indicator is back over 50 in the 1-hourly timeframe.

The Price is back over the pivot point in the 2-hourly timeframe.
We have also detected that the RSI indicator is back over 50 in the daily timeframe.
The prices of GBPUSD are ranging Near support of channel in the weekly timeframe.

We can also see that the prices are Near a new HIGH record (1st January) in the weekly timeframe.
GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bullish reversal seen above the 1.3001 mark.
• Short-term range appears to be Mild Bullish.
• GBPUSD continues to remain above the 1.3050 levels.
• Average true range ATR is indicating Less market volatility.

GBPUSD is now trading near to is Pivot levels of 1.3052 and is moving into a Mild Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.3035 and is now moving towards its next target of 1.3074 which is a 38.2% Retracement From 4 Week High.
We are also looking for the breach of the levels of 1.3081 which is a 14-3 Day Raw Stochastic at 30%.

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

For in-depth analysis, please check FXOpen Blog

 

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NZDUSD Technical Analysis – 12th SEP, 2024
NZDUSD – Bullish Trend Reversal Pattern

NZDUSD was unable to continue its bearish momentum and after touching a low of 0.6119 yesterday the prices started to rise upwards against the United States Dollar today in the European Trading session.
We can see Bullish trend reversal: adaptative moving average 20 in the 15-minutes timeframe.
The SuperTrend indicator bullish reversal is visible in the 15-minutes timeframe.
We have also detected Bullish price crossover with adaptative moving average 20 in the 30-minutes timeframe.
The RSI indicator is back over 50 in the 30-minutes timeframe.

The Parabolic SAR indicator bullish reversal is visible in the 30-minutes timeframe.
The MACD crosses UP its Moving Average in the 1-hourly timeframe.
We have also seen MACD indicator: bullish divergence in the 1-hourly timeframe.
The Price is back over the pivot point in the 4-hourly timeframe.

NZDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bullish reversal seen above the 0.6119 mark.
• Short-term range appears to be Mild Bullish.
• NZDUSD continues to remain above the 0.6140 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 0.6151 which is a Price 1 Standard Deviation Resistance.
NZDUSD is now trading above its Pivot levels of 0.6134 and is moving into a Mild Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.6124 and is now moving towards its next target of 0.6164 which is a 14-3 Day Raw Stochastic at 30%.

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

For in-depth analysis, please check FXOpen Blog

 

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Market Analysis: Gold Price Rallies To New ATH, Crude Oil Price Recovers

Gold price started a fresh surge above $2,550. Crude oil is recovering and might rise toward the $70.25 resistance zone.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price started a strong increase from the $2,500 zone against the US Dollar.
• A major bullish trend line is forming with support at $2,528 on the hourly chart of gold at FXOpen.
• Crude oil is recovering losses and trading above the $67.00 support.
• There was a break above a connecting bearish trend line with resistance near $67.00 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed support near the $2,500 zone. The price remained in a bullish zone and started a fresh increase above $2,520.

The bulls even pushed the price above the $2,550 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,570. The price is now consolidating gains near the $2,570 zone and the RSI is above 75.

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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DAX 40 Reacts Positively to ECB's Rate Cut Decision

Yesterday, the European Central Bank’s Governing Council cut the refinancing rate, as expected, from 4.25% to 3.65%.

The ECB also stated that monetary policy would remain sufficiently restrictive "for as long as necessary" to ensure inflation returns to its medium-term target of 2%.

Financial markets responded with:
→ A strengthening of the euro. EUR/USD rose by more than 0.5% after the rate cut announcement.
→ A rise in European stock market 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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Gold Price Hits New Record

As shown by the XAU/USD chart:
→ Gold has reached a new all-time high;
→ This morning, gold is trading around $2,567 per ounce.

Bullish sentiment is being driven by expectations of a Federal Reserve rate cut next week. According to MoneyControl, the International Monetary Fund stated on Thursday that it would be "appropriate" for the Fed to start its long-awaited monetary easing cycle at its meeting next week, as inflation risks have eased.

On 6 September, we analysed the gold price chart and identified:
→ an ascending channel (shown in blue);
→ two resistance lines forming a “bullish flag” pattern.

Gold’s surge to a new all-time high has broken through the “bullish flag,” suggesting a potential resumption of the rally. How successful could this be?

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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What Are the Analytical Forecasts for Natural Gas Prices From 2024 to 2029?

Exploring the dynamics of the natural gas market reveals intricate patterns shaped by a range of factors. This FXOpen article delves into analytical natural gas price predictions for 2024 and the next 5 years, offering insights into potential trends and fluctuations. Understanding these forecasts can provide valuable perspectives for traders, investors, and industry analysts looking to navigate the complexities of energy markets in the near to long term.

Natural Gas Recent Price History

The history of natural gas prices, particularly at the Henry Hub, the benchmark for natural gas prices in the United States, is a testament to the commodity's volatility and susceptibility to various external factors. Here's a look at some of the most notable periods since 2000:

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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Watch FXOpen's 9 - 13 September Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: S&P 500, AUD/USD, NZD/USD, USD/JPY Analysis, NVDA Shares

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

• S&P Rises Following Inflation Data Release
• Market Analysis: AUD/USD and NZD/USD Trim Gains, are Bears Back?
• USD/JPY Analysis: Rate Drops to New Yearly Low
• Nvidia (NVDA) Shares Surge over 8%

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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Adobe (ADBE) Shares Drop Over 8%

On Thursday evening, Adobe Inc. (ADBE) reported its third-quarter financial results:
→ Earnings per share: actual = $4.65, expected = $4.53;
→ Revenue: actual = $5.40 billion, expected = $5.37 billion.

Despite beating analyst estimates, Adobe Inc.'s (ADBE) stock dropped by more than 9% due to a disappointing fourth-quarter forecast, which fell short of market expectations. According to the chart for Adobe Inc. (ADBE), trading on Friday opened with a large bearish gap. By the end of the day, the stock had fallen by more than 8% compared to Thursday's close.

To recap, on 5 June, when the stock price was around $460, we conducted a technical analysis and identified an upward channel (shown in blue), pointing to the potential resumption of a bullish trend.

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: The Rate Falls Below 140 Yen per Dollar

Despite today's public holiday in Japan, yen buyers remain active.

As shown on the USD/JPY chart, today's candle low has dropped below the psychological level of 140 yen per dollar. The last time this exchange rate was seen was on 28 July 2023.

On 11 August, when analysing the USD/JPY chart, we:
→ drew a descending channel (shown in red);
→ plotted a resistance line (shown in orange);
→ predicted the possibility of a bearish attack on the 140 yen per dollar level.

Current market sentiment is influenced by:
→ comments from Bank of Japan representative Junko Nakagawa, who stated last week that interest rates will continue to rise if economic and inflation forecasts align with expectations;
→ expectations of a rate cut from the Federal Reserve. A shift towards monetary easing now seems almost inevitable, with the main question being whether the rate will be reduced by 25 or 50 basis points.

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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Mastering Trading with the Symmetrical Triangle Chart Pattern

In technical analysis, a symmetrical triangle is one of the most popular tools traders use to analyse a price direction. It’s a bilateral formation, meaning it provides buy and sell signals. This is the biggest challenge for traders. In this FXOpen article, we will try to explain how to read and use the symmetrical triangle formation.

What Is a Symmetrical Triangle Pattern in Trading?

A symmetrical triangle is a chart pattern that relates to the triangle group, which also includes ascending and descending triangles. It’s a bilateral formation, so it may signal a fall or rise in the price.

Moreover, as with ascending and descending triangles, it can occur in an uptrend and downtrend and reflect a potential trend reversal or continuation. Still, according to the work Technical Analysis of Stock Trends by Robert D. Edwards and John Magee, in 75% of cases, the triangle is a continuation signal. Therefore, it can be assumed that a bullish symmetrical triangle pattern occurs in an uptrend, while a bearish symmetrical triangle pattern appears in a downtrend.

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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AUDUSD Technical Analysis – 16th SEP, 2024
AUDUSD – Resistance of Channel is Broken

AUDUSD was unable to continue its bearish momentum and after touching a low of 0.6697 the prices started to rise upwards against the United States Dollar today in the European Trading session.
We can see that the Resistance of channel is broken in the 1-hourly timeframe.
We can detect Bullish price crossover with Moving Average 20 in the daily timeframe.
We have also seen Bullish price crossover with adaptative moving average 20 in the daily timeframe.

The Parabolic SAR indicator bullish reversal is visible in the daily timeframe.
Some of the technical indicators are giving a Neutral to Bearish stance in the markets which indicates the presence of the consolidation wave in the markets.
We can see Aussie is Near a new HIGH record (1 year) in the weekly timeframe.

AUDUSD is now trading above its 100-hour SMA and below its 200-hour SMA simple moving averages.
• Aussie Bullish reversal seen above the 0.6697 mark.
• Short-term range appears to be Strong Bullish.
• AUDUSD continues to remain above the 0.6740 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 0.6746 which is a 38.2% Retracement From 4 Week High.
AUDUSD is now trading near to its Pivot levels of 0.6744 and is moving into a Strong Bullish channel.
The price of AUDUSD remains just above its Classic support levels of 0.6727 and is moving towards its next target of 0.6755 which is a Price 2 Standard Deviations 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 – 16th SEP, 2024
EURUSD – Bullish Price Crossover Pattern

EURUSD was unable to continue its bearish momentum and after touching a low of 1.1069 the prices started to rise upwards against the United States Dollar today in the European Trading session.
The prices of EURUSD are ranging Near support of channel in the 15-minutes timeframe.
We can see that the Resistance of channel is broken in the 1-hourly timeframe.
The Horizontal resistance is broken in the daily timeframe.

We can see the formation of Bullish price crossover with Moving Average 20 in the daily timeframe.
The Momentum indicator is back over zero in the daily timeframe.
The Williams percent range indicator is back over -50 in the daily timeframe, which is a bullish indication.

Some of the technical indicators are giving a Bearish to Neutral stance in the markets which indicates the presence of the consolidation wave in the markets.
EURUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bullish reversal seen above the 1.1069 mark.
• Short-term range appears to be Strong Bullish.
• EURUSD continues to remain above the 1.1120 levels.
• Average true range ATR is indicating High market volatility.

The next resistance is located at 1.1034 which is a 14-3 Day Raw Stochastic at 70%.
EURUSD is now trading near to its Pivot levels of 1.1122 and is moving into a Strong Bullish channel.
The price of EURUSD remains above its Classic support levels of 1.1108 and is moving towards its next target of 1.1150 at which the Price Crosses 18 Day Moving Average Stalls.

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 – 16th SEP, 2024
GBPUSD – Bullish Harami Cross Pattern

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.3117 the prices started to rise upwards against the United States Dollar today in the European Trading session.
The prices of GBPUSD are ranging Near support of channel in the 15-minutes timeframe.
We have also detected Bullish Harami cross in the 15-minutes timeframe.

We can see that the Resistance of channel is broken in the 1-hourly timeframe.
We have seen Bullish price crossover with Moving Average 20 in the daily timeframe.
The Parabolic SAR indicator bullish reversal is visible in the daily timeframe.

The Momentum indicator is back over zero in the daily timeframe.
We have seen the formation of Bullish engulfing lines in the daily timeframe.
We can also see that the prices are Near a new HIGH record (1 year) 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 1.3117 mark.
• Short-term range appears to be Strong 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 is Pivot levels of 1.3197 and is moving into a Strong Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.3182 and is now moving towards its next target of 1.3213 which is a 14-3 Day Raw Stochastic at 80%.
We are also looking for the breach of the levels of 1.3220 which is a Price 3 Standard Deviations 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