Daily Market Analysis By FXOpen

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EURUSD Technical Analysis – 19th SEP, 2024
EURUSD – Bullish Price Crossover Pattern

EURUSD was unable to continue its bearish momentum and after touching a low of 1.1067 the prices started to correct upwards against the United States Dollar today in the European Trading session.
We have seen Bullish price crossover with Moving Average 100 in the 15-minutes timeframe.
We can see Bullish price crossover with adaptative moving average 100 in the 15-minutes timeframe.
The price of EURUSD is back over the pivot point in the 15-minutes timeframe.

We can see the formation of Bullish price crossover with Moving Average 100 in the 30-minutes timeframe.
The RSI indicator is back over 50 in the 1-hourly timeframe.
The Ichimoku: price is over the cloud in the 1-hourly timeframe.
We have also seen Moving Average bullish crossovers: MA50 & MA100 in the 4-hourly timeframe.

The Resistance of channel is broken in the daily timeframe.
EURUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bullish reversal seen above the 1.1067 mark.
• Short-term range appears to be Mild Bullish.
• EURUSD continues to remain above the 1.1120 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 1.1132 which is a 14-3 Day Raw Stochastic at 70%.
EURUSD is now trading near to its Pivot levels of 1.1137 and is moving into a Mild Bullish channel.
The price of EURUSD remains above its Classic support levels of 1.1115 and is moving towards its next target of 1.1151 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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GBPUSD Technical Analysis – 19th SEP, 2024
GBPUSD – Bullish Price Crossover Pattern

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.3152 the prices started to rise upwards against the United States Dollar today in the European Trading session.
We can see Bullish price crossover with adaptative moving average 50 in the 15-minutes timeframe.
We can see Bullish price crossover with 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 seen Bullish trend reversal: Moving Average 100 in the 4-hourly timeframe.
We can see the Horizontal resistance is broken in the daily timeframe.
The prices of GBPUSD are back over the pivot point in the daily timeframe.
We can see the formation of Bullish engulfing lines in the weekly timeframe.

GBPUSD prices are hovering 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 1.3152 mark.
• Short-term range appears to be Strong Bullish.
• GBPUSD continues to remain above the 1.3220 levels.
• Average true range ATR is indicating Less market volatility.

GBPUSD is now trading below its Pivot levels of 1.3257 and is moving into a Strong Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.3206 and is now moving towards its next target of 1.3238 which is a 14-3 Day Raw Stochastic at 80%.
We are also looking for the breach of the levels of 1.3261 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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NZDUSD Technical Analysis – 19th SEP, 2024
NZDUSD – Resistance of Channel is Broken

NZDUSD was unable to continue its bearish momentum and after touching a low of 0.6180 the prices started to rise upwards against the United States Dollar today in the European Trading session.
The Resistance of channel is broken in the 1-hourly timeframe.
The Price is back over the pivot point in the daily timeframe.
We can see that the Momentum indicator is back over zero in the daily timeframe.

We have also seen the formation of a Bullish price crossover with adaptative moving average 100 in the weekly timeframe.
We can see the formation of a White morning star in the weekly timeframe which indicates the bullish nature of the markets.
We have also seen a Bullish opening of the markets this week.
We can see that the NZDUSD is hovering Near a new HIGH record (1 year) 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 0.6180 mark.
• Short-term range appears to be Strong 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 3-10 Day Moving Average Crossover Stalls.
NZDUSD is now trading below its Pivot levels of 0.6237 and is moving into a Strong Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.6213 and is now moving towards its next target of 0.6241 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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Analytical Aussie Dollar Predictions By 2028: Will It Get Stronger

In this comprehensive FXOpen article, we delve into the future of the Australian dollar (AUD), exploring how domestic economic trends, global market dynamics, and central bank policies are expected to influence its value. As we navigate through potential fluctuations and opportunities, this article serves as a valuable resource for traders and investors looking to understand the AUD's prospects. Join us to uncover the analytical predictions for the AUD in 2024 and beyond.

The Australian Dollar's Recent Performance

The Australian dollar has navigated a complex landscape from 2019 through 2023, reflecting the influence of global and domestic factors on its performance against the US dollar (USD). Head over to FXOpen’s free TickTrader platform to interact with real-time charts and observe how the Aussie dollar has moved over the years.

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.

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 Rallies While USD/CAD Struggles

GBP/USD started a fresh increase above the 1.3200 zone. USD/CAD declined and now consolidates below the 1.3600 level.

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

• The British Pound is eyeing more gains above the 1.3300 resistance.
• There is a key expanding triangle forming with support near 1.3200 on the hourly chart of GBP/USD at FXOpen.
• USD/CAD started a fresh decline after it failed to clear the 1.3650 resistance.
• There was a break below a short-term contracting triangle with support at 1.3560 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 1.3100 level. The British Pound started a steady increase above the 1.3200 resistance zone against the US Dollar, as discussed in the previous analysis.

The pair gained strength above the 1.3235 level. The bulls even pushed the pair above the 1.3300 level and the 50-hour simple moving average. The pair tested the 1.3315 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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The Price of Tesla (TSLA) Shares Has Risen by More Than 7%

As the Tesla (TSLA) stock chart shows today, the price increased by more than 7% during yesterday's trading, surpassing the $240 mark.

The bullish sentiment was supported by the following factors:
→ The Federal Reserve's decision to cut interest rates by 0.5%;
→ Data tracked by Citi analyst Jeff Chung. According to Barron’s, they indicated that Tesla sold more than 15,000 vehicles in China last week – strong sales there could help the company deliver one of its best quarters.
→ A key signal from the technical analysis of the Tesla (TSLA) 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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Watch FXOpen's 16 - 20 September Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: S&P 500, Fed Cuts Interest Rates, US Dollar, S&P/ASX 200 Index

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.

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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.

#fxopen #fxopenyoutube #fxopenint #weeklyvideo

 

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USD/ZAR: New Trading Opportunities at FXOpen

FXOpen traders can now incorporate the USD/ZAR currency pair into their strategies. If you want to diversify your portfolio and deal with market volatility, open an account now and enjoy USD/ZAR trading.

As shown by the USD/ZAR chart, on 19th September the price fell below the 17.400 level for the first time since February 2023.

It is likely that this was more due to the weakness of the US dollar ahead of the Federal Reserve's decision on interest rate cuts than to the strength of the South African rand.

However, after the decision was published, the ensuing surge in volatility led the price to hit a multi-month low, and today the USD/ZAR chart offers bulls increasing hope for a rebound.

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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Swing Trading: Unique Features and Strategies

Swing trading stands out as a dynamic approach in the trading world, blending elements of both short-term and long-term strategies. In this article, we will explore the unique features of swing trading, including its reliance on technical analysis, the use of chart patterns, and the strategic timing of entries and exits. Whether you're new to trading or seeking to refine your approach, understanding the nuances of swing trading can provide valuable insights into navigating the financial markets.

The Basics of Swing Trading

Swing trading meaning refers to a style that involves holding short- and medium-term positions - usually from a couple of days to a few weeks - with the aim of capitalising on the “swings” in the market.

What is a swing trader? A swing trader’s definition is simple: swing traders are those who typically enter and exit markets at significant support and resistance levels, hoping to capture the bulk of expected moves.

TO VIEW THE FULL ARTICLE, VISIT FXOPEN BLOG

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

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

 

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The Price of Nike (NKE) Shares Surged by More Than 6%

Investors in Nike (NKE) can hardly call 2024 a successful year:
→ while the S&P 500 index (US SPX 500 mini on FXOpen) has risen by over 20% since the beginning of the year and is hovering near historic highs,
→ the price of NKE shares has dropped by about 20% in 2024 and is now more than twice as low as its all-time high reached in 2021.

Nike’s shares have been in a downward trend for several months, driven by increasing competition, as confirmed by the latest quarterly report, which showed that sales remained flat, and the company forecasts a potential 10% decline in quarterly sales.

As CNN reports, many investors had been calling for changes at Nike. Thus, they welcomed the news of a leadership change – it was announced last week that the current CEO, John Donahoe, will retire next month and will be replaced by former Nike executive Elliott Hill – which led to a rise in the company’s shares by over 6% in a single day.

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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A Dark Cloud Cover Candlestick Pattern: Meaning and Application

The dark cloud cover is a two-candlestick pattern that suggests a potential reversal from an uptrend to a downtrend. It may benefit traders and technical analysts seeking to identify selling opportunities. In this article, we will discuss how to spot the setup on a price chart and interpret its signals.

What Is a Dark Cloud Cover?

The dark cloud cover is a two-candlestick bearish pattern that signals a potential reversal in an uptrend. How to identify dark cloud cover? To recognise the pattern, traders look for specific characteristics that distinguish this formation on a chart.

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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EUR/GBP Exchange Rate Hits 29-Month Low

According to today’s daily chart of EUR/GBP:

→ The rate is around £0.832 per euro – the lowest since April 2022.

→ The RSI indicator has dropped into oversold territory.

Yesterday, the EUR/GBP rate fell by 0.71%, driven by bearish sentiment following the release of PMI indices, which indicated a slowdown in the Eurozone economy.

According to Forex Factory:

French Flash Manufacturing PMI: actual = 44.0, expected = 44.3, previous = 43.9;

French Flash Services PMI: actual = 48.3, expected = 53.0, previous = 55.0;

German Flash Manufacturing PMI: actual = 40.3, expected = 42.4, previous = 42.4;

German Flash Services PMI: actual = 50.6, expected = 51.1, previous = 51.2.

Meanwhile, PMI indices for the UK remain above 50, signalling economic growth.

Flash Manufacturing PMI: actual = 51.5, expected = 52.3, previous = 52.5;

Flash Services PMI: actual = 52.8, expected = 53.5, previous = 53.7.

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 Price of Gold Continues to Hit Record Highs

As shown by today's XAU/USD chart, the price of an ounce of gold is around $2,628, marking a new all-time high for three consecutive trading days: 20th, 23rd, and 24th September.

The bullish sentiment in the gold market is driven by:
→ the reaction to Wednesday’s decision by the Federal Reserve to cut interest rates by 50 basis points;
→ another surge in tensions in the Middle East.

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 – 24th SEP, 2024
AUDUSD – Resistance of Channel is Broken

AUDUSD was unable to continue its bearish momentum and after touching a low of 0.6814 the prices started to rise upwards against the United States Dollar today in the European Trading session.
The Resistance of channel is broken in the 15-minutes timeframe.
The price of AUDUSD is back over the pivot point in the 4-hourly timeframe.
The Williams percent Range indicator is back over -50 in the 4-hourly timeframe.

We can see that the Resistance of channel is broken 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.
The prices of AUDUSD are ranging 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 0.6814 mark.
• Short-term range appears to be Strong Bullish.
• AUDUSD continues to remain above the 0.6850 levels.
• Average true range ATR is indicating High market volatility.

The next resistance is located at 0.6869 which is a 1-Month High.
AUDUSD is now trading above its Pivot levels of 0.6847 and is moving into a Strong Bullish channel.
The price of AUDUSD remains just above its Classic support levels of 0.6839 and is moving towards its next target of 0.6886 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 – 24th SEP, 2024
EURUSD – Bullish Trend Reversal Pattern

EURUSD was unable to continue its bearish momentum and after touching a low of 1.1103 the prices started to correct upwards against the United States Dollar today in the European Trading session.
We have seen Bullish trend reversal: Moving Average 20 in the 1-hourly timeframe.
We can see Bullish trend reversal: adaptative moving average 100 in the 1-hourly timeframe.
We have also detected Bullish price crossover with adaptative moving average 50 in the 2-hourly timeframe.

The RSI indicator is back over 50 in the 2-hourly timeframe.
We can also see the Aroon indicator bullish trend formation in the 2-hourly timeframe.
The RSI indicator is back over 50 in the 4-hourly timeframe.
The EURUSD Price is back over the pivot point in the daily timeframe.
EURUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Euro Bullish reversal seen above the 1.1103 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 1.1158 which is a Pivot Point 1st Resistance Point.
EURUSD is now trading above its Pivot levels of 1.1139 and is moving into a Strong Bullish channel.
The price of EURUSD remains above its Classic support levels of 1.1112 and is moving towards its next target of 1.1201 which is a 1-Month High.

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

For in-depth analysis, please check FXOpen Blog

 

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GBPUSD Technical Analysis – 24th SEP, 2024
GBPUSD – Bullish Trend Reversal Pattern

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.3331 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 Resistance of channel is broken in the daily timeframe.
The CCI indicator is overbought: over 100 in the 4-hourly timeframe.

We are now also looking at some saturation levels near to the 1.3390 which also indicates that the prices are expected to enter into a consolidation zone soon.
We can see the formation of Doji in the 4-hourly timeframe which indicates a Neutral market.
GBPUSD prices are hovering 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 1.3152 mark.
• Short-term range appears to be Strong Bullish.
• GBPUSD continues to remain above the 1.3331 levels.
• Average true range ATR is indicating High market volatility.

GBPUSD is now trading above its Pivot levels of 1.3379 and is moving into a Strong Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.3336 and is now moving towards its next target of 1.3398 which is a 1-Month High.
We are also looking for the breach of the levels of 1.3409 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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NZDUSD Technical Analysis – 24th SEP, 2024
NZDUSD – Resistance of Channel is Broken

NZDUSD was unable to continue its bearish momentum and after touching a low of 0.6258 the prices started to rise upwards against the United States Dollar today in the European Trading session.
The Resistance of channel is broken in the 1-hourly timeframe.
The CCI indicator is overbought: over 100 indicating a Neutral market.
The Resistance of channel is broken in the daily timeframe.

We have also seen the SuperTrend indicator bullish reversal in the weekly timeframe.
We can see that the prices of NZDUSD are reaching a saturation level near to the 0.6330 levels which also indicates a possible shift towards the consolidation phase in the markets.
We can see that the NZDUSD is hovering Near a new HIGH record (1 year) 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 0.6258 mark.
• Short-term range appears to be Strong Bullish.
• NZDUSD continues to remain above the 0.6320 levels.
• Average true range ATR is indicating High market volatility.

The next resistance is located at 0.6326 which is a 1-Month High.
NZDUSD is now trading near to its Pivot levels of 0.6321 and is moving into a Strong Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.6314 and is now moving towards its next target of 0.6338 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

 

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How Does a Carry Trade Work?

A carry trade is a popular forex trading strategy that takes advantage of interest rate differentials between two currencies, aiming to earn returns from the interest gap. This article explores what a carry trade is, its formula, and how the strategy works, helping traders understand its potential advantages and risks.

Carry Trade: Definition

A carry trade is a popular forex strategy where traders take advantage of the difference in interest rates between two currencies. It involves borrowing money in a currency with a low borrowing cost—this is known as the "funding currency"—and then converting that borrowed amount into another offering higher interest, called the "investment currency." This is done to earn the interest rate differential between the two.

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 Dollar Continues to Decline Ahead of US GDP Data

The Fed's rate cut and a series of weak macroeconomic data from the US have contributed to the resumption of the downward trend for the USD in major currency pairs. For instance, EUR/USD buyers are pushing the price towards the key level of 1.1200, GBP/USD has consolidated above 1.3400, and USD/CAD has hit new year-to-date lows at 1.3440. However, in the upcoming trading sessions, important macroeconomic data are expected, which could either strengthen the current trend or lead to a corrective reversal.

USD/CAD

Weak consumer confidence data from the US for September, along with the economic stimulus measures announced by China's central bank, have boosted demand for commodity currencies. Both the Canadian and Australian dollars have strengthened to strategic levels, the breach of which could shift medium-term trends.

Technical analysis of the USD/CAD pair suggests the potential for further declines towards the 1.3360-1.3300 range, as several reversal patterns signalling selling pressure have formed on higher timeframes. The bearish scenario could be invalidated if the price confidently consolidates above 1.3500-1.3480.

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: Exchange Rate Hits Yearly High Today

According to the NZD/USD chart, the exchange rate has reached 0.635 New Zealand dollars per US dollar today, its highest level since December 2023.

As reported by Trading Economics:

→ On one hand, the "kiwi" strengthened due to China's announcement of an economic stimulus package, as China is New Zealand's largest trading partner.

→ On the other hand, weaker-than-expected US consumer confidence data (CB Consumer Confidence) released yesterday also supported the pair: actual = 98.7, forecast = 103.9, previous = 105.6.

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.