Daily Market Analysis By FXOpen

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Meta Platforms (META) Stock Price Holds Near All-Time High

As shown on the Meta Platforms (META) stock chart, the price remains around the $560 level, less than 2% away from the all-time high of over $570, reached on 23 September.

A significant gain of approximately 3.80% in one day was achieved on 19 September, driven by increased demand for shares following the Federal Reserve’s decision to ease monetary policy.

Technical analysis of the META stock chart indicates that:
→ The price is forming an upward channel (constructed using the linear regression method, marked in blue), currently sitting in the upper half of this channel.
→ Prior to breaking through key resistance at $540, the price trajectory formed a bullish "inverse cup with handle" pattern, which aligns with another bullish pattern – an "inverse head and shoulders."
→ The bullish gap that appeared on 19 September could act as a key support zone, helping the price stay above the former resistance at $540.

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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.

 

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Why Would Countries Devalue Their Currency?

Currency devaluation is a nuanced aspect of fiscal policy with profound implications globally. This article demystifies the strategic reasons and consequential effects when nations choose to devalue their currency. From influencing trade balances to adjusting economic strategies, understanding these dynamics is crucial for traders and investors alike. Dive into the complex world of currency devaluation and its far-reaching impact on global economics.

Devalued Currency Definition

So, what is currency devaluation, and how does a country devalue its currency? Currency devaluation is a deliberate downward adjustment of a country's currency value relative to another currency, group of currencies, or standard. This monetary policy decision is typically made by a national government or its central bank. Devaluation is distinct from depreciation, which is a market-driven decrease in currency value.

In a practical sense, devaluation reduces the cost of a country's exports and increases the cost of imports. For countries with fixed or semi-fixed exchange rates, this involves officially lowering the exchange rate by the revaluation of the peg or a change in the pegged currency.

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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.

 

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Franc and Euro Adjust in Anticipation of Key Events

The end of the current trading week could bring quite a few surprises for market participants. Many important fundamental events are scheduled for the upcoming trading sessions:

• Today at 11:00 (GMT +3:00) the press conference of the Swiss National Bank
• Today at 12:15 (GMT +3:00) a speech by Elizabeth McCaul, a member of the Supervisory Board (ECB representative)
• Today at 15:30 (GMT +3:00) the publication of US GDP
• Today at 16:20 (GMT +3:00) a speech by US Federal Reserve Chairman Jerome Powell

Depending on the incoming data and comments from officials, the main currency pairs could either continue their current trends or correct towards recent impulses.

USD/CHF

According to the technical analysis of the USD/CHF pair, the price is in a sideways movement in the range of 0.8540–0.8400. The pair has been trading within this channel for about four weeks, and a breakout above the upper boundary of this range could lead to a renewed rise towards 0.8760–0.8640. Should the price decline, last year’s lows around 0.8360 could be revisited.

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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Shares of Chinese Companies Surge

As evidenced by today’s Hang Seng chart (Hong Kong 50 on FXOpen), this stock index has risen to a yearly high.

Bullish sentiment in the market is bolstered by promises from China's top leadership, including President Xi Jinping, to achieve the growth target for 2024 and to halt the decline in the real estate market.

Bloomberg News reported that China is considering injecting up to 1 trillion yuan of capital into its largest state lenders to enhance their capacity to support the recovery of the Chinese economy. This proposal is part of broader stimulus measures launched by the People’s Bank of China earlier this week.

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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Natural Gas Price Hits 3-Month High

According to today's XNG/USD chart, the price of natural gas:

→ has risen by approximately 30% since the beginning of September;

→ is currently around the 2.95 level – the last time the price was at this level was at the end of June this year.

Bullish sentiment is supported by:

→ forecasts of a warmer autumn, which is increasing demand for natural gas to power air conditioning systems;

→ concerns related to Hurricane Helen in the US Gulf of Mexico. According to the EIA, 5% of total US dry natural gas production comes from the Gulf of Mexico, and 51% of the total capacity of US natural gas processing plants is located along the US Gulf Coast.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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What is a Divergence in Trading? 3 Trading Strategies Explained

Divergence trading is a cornerstone concept in the realm of technical analysis. By comparing the direction of asset prices with the direction of momentum indicators, traders can notice subtle changes in market dynamics.

In this video, we'll dive into the concept of divergence in trading, explaining how it can help identify potential trend reversals or continuations. We'll cover the most popular indicators that form divergences with the price, offering a detailed breakdown of each type.



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 #divergencetrading #tradingstrategy

 

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Best Parabolic SAR Indicator Settings

Parabolic SAR is a key component of technical trading, or technical analysis, which involves assessing financial markets and guiding trading decisions through analysing historical price and volume data, along with utilising diverse technical indicators and chart patterns. This article aims to explore the significance of the Parabolic SAR indicator, finding out which settings make it an effective tool for market analysis.

What Is the Parabolic SAR Indicator?

The Parabolic SAR (Stop and Reverse), or simply PSAR, is a technical analysis indicator designed by J. Welles Wilder to assist traders in identifying potential trend reversals in financial markets. Calculated based on an acceleration factor and an initial SAR value, the indicator trails the price movement, moving towards the trend.

When the Parabolic SAR crosses the price, it signifies a potential trend reversal, serving as a signal for traders to buy or sell depending on the crossover direction. Widely used to identify trend direction and adjust to market volatility, it is often employed in conjunction with other technical tools to make more informed trading decisions, although traders should be cautious and consider risk management strategies. Also, traders widely use the indicator as a trailing stop mechanism.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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

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

 

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Market Analysis: Gold Price Sets New High While Oil Price Dips Further

Gold price rallied further and traded to a new high above $2,680. Crude oil is showing bearish signs and might decline below $66.80.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price started a steady increase from the $2,545 zone against the US Dollar.
• A key bullish trend line is forming with support near $2,665 on the hourly chart of gold at FXOpen.
• Crude oil prices failed to clear the $72.20 region and started a fresh decline.
• There is a connecting bearish trend line forming with resistance at $68.10 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price found support near the $2,545 zone. The price remained in a bullish zone and started a strong increase above $2,600.

There was a decent move above the 50-hour simple moving average and $2,620. The bulls pushed the price above the $2,635 and $2,650 resistance levels. Finally, the price climbed to a new all-time high near the $2,685 level.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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Micron Technology (MU) Shares Surge by Approximately 15%

The US stock market is experiencing positive momentum following the much-anticipated decision by the Federal Reserve to cut interest rates this month. The S&P 500 (US SPX 500 mini on FXOpen) closed at a new all-time high, driven by yesterday's news of:
→ Steady US GDP growth at 3% annually
→ Low unemployment, with 218K jobless claims filed last week (forecast = 224K, previous = 222K).

One of the top performers on the stock market yesterday was memory chip maker Micron Technology (MU). As seen on the MU stock chart, yesterday's candle closed around the $110 level, up from below $95 at the start of the week.

The strong bullish momentum was driven by Micron Technology's quarterly earnings report. According to Barron’s:
→ Earnings per share reached $1.18 for the fourth fiscal quarter, beating analysts’ forecasts of $1.11;
→ Revenue grew by 93% year-on-year to $7.75 billion;
→ Micron Technologies expects revenue next quarter to be $8.7 billion, surpassing forecasts of $8.3 billion and significantly more than $4.73 billion for the same period last year;
→ Micron Technologies' CEO Sanjay Mehrotra stated that demand for AI "drove a strong ramp of our data-center DRAM products and our industry-leading high-bandwidth memory."

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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Brent Crude Oil Price Drops to Yearly Low

When analysing the oil market on the XBR/USD chart on 4th September, with Brent crude trading near its yearly low, we:
→ noted the formation of a descending channel (marked in red);
→ highlighted key support (marked in yellow), which has now been broken;
→ suggested the likelihood of an interim upward correction, potentially rising to $74.50.

Since then, Brent crude oil:
→ climbed to $75;
→ tested the yellow line from below;
→ then reversed downwards, reaffirming the relevance of the red descending channel (as the bullish breakout attempt failed).

Bearish sentiment was fuelled by reports of a potential increase in global oil supply, particularly due to higher production in Libya and Saudi Arabia.

Could Brent crude prices continue to fall?

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 SEP, 2024
AUDUSD – Ichimoku: Price is over the Cloud

AUDUSD was unable to continue its bearish momentum and after touching a low of 0.6867 the prices started to rise upwards against the United States Dollar today in the European Trading session.
The Ichimoku: Price is over the Cloud in the 30-minutes timeframe.
The price of AUDUSD is ranging Near support of channel in the 1-hourly timeframe.
We can see that the Bullish price crossover with Moving Average 20 is visible in the 1-hourly timeframe.
The MACD crosses UP its Moving Average in the 2-hourly timeframe.

The Resistance of channel is broken in the daily 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 0.6867 mark.
• Short-term range appears to be Strong Bullish.
• AUDUSD continues to remain above the 0.6890 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 0.6908 which is a 1-Month High.
AUDUSD is now trading above its Pivot levels of 0.6886 and is moving into a Strong Bullish channel.
The price of AUDUSD remains just above its Classic support levels of 0.6864 and is moving towards its next target of 0.6927 which is a Pivot Point 1st Resistance Point.

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

For in-depth analysis, please check FXOpen Blog

 

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EURUSD Technical Analysis – 27th SEP, 2024
EURUSD – Bullish Price Crossover Pattern

EURUSD was unable to continue its bearish momentum and after touching a low of 1.1124 the prices started to correct upwards against the United States Dollar today in the European Trading session.
We have seen Bullish price crossover with adaptative moving average 50 in the 30-minutes timeframe.
We can see that the Price is back over the pivot point in the 1-hourly timeframe.
We have also detected Bullish trend reversal: Moving Average 50 in the 2-hourly timeframe.

The Ichimoku: price is over the cloud in the 4-hourly timeframe.
The RSI indicator is back over 50 in the 4-hourly timeframe.
Some of the technical indicators are also giving a Bearish to Neutral stance in the markets which indicates the presence of the Conslidation 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 1.1124 mark.
• Short-term range appears to be Strong 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 1.1164 which is a Pivot Point.
EURUSD is now trading below its Pivot levels of 1.1164 and is moving into a Strong Bullish channel.
The price of EURUSD remains above its Classic support levels of 1.1139 and is moving towards its next target of 1.1171 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 – 27th SEP, 2024
GBPUSD – SuperTrend indicator Bullish Reversal

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.3359 the prices started to rise upwards against the United States Dollar today in the European Trading session.
We can see SuperTrend indicator bullish reversal in the 15-minutes timeframe.
The Bullish price crossover with adaptative moving average 100 is visible in the 15-minutes timeframe.
The prices of GBPUSD are ranging Near support of channel in the 1-hourly timeframe.

We can see the formation of a Doji in the 1-hourly timeframe which indicates a Neutral market.
Some of the technical indicators are giving a Bearish to Neutral stance in the markets which indicates the presence of the Consolidation wave present in the markets.
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 1.3359 mark.
• Short-term range appears to be Strong Bullish.
• GBPUSD continues to remain above the 1.3380 levels.
• Average true range ATR is indicating Less market volatility.

GBPUSD is now trading below its Pivot levels of 1.3391 and is moving into a Mild Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.3376 and is now moving towards its next target of 1.3434 which is a 1-Month High.
We are also looking for the breach of the levels of 1.3455 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 – 27th SEP, 2024
NZDUSD – Moving Average Bullish Crossovers

NZDUSD was unable to continue its bearish momentum and after touching a low of 0.6295 the prices started to rise upwards against the United States Dollar today in the European Trading session.
The Moving Average bullish crossovers: AMA20 & AMA50 is visible in the 15-minutes timeframe.
We can also see Moving Average bullish crossovers: AMA50 & AMA100 in the 30-minutes timeframe.
The Bullish trend reversal: Moving Average 50 is seen in the 1-hourly timeframe.
The Resistance of channel is broken in the daily timeframe.
We can see that the prices of NZDUSD are reaching a saturation level near to the 0.6350 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 0.6295 mark.
• Short-term range appears to be Strong Bullish.
• NZDUSD continues to remain above the 0.6350 levels.
• Average true range ATR is indicating High market volatility.

The next resistance is located at 0.6365 which is a Price 1 Standard Deviation Resistance.
NZDUSD is now trading above its Pivot levels of 0.6319 and is moving into a Strong Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.6304 and is now moving towards its next target of 0.6369 which is a 52-Week 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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Understanding the Volume-Weighted Average Price (VWAP) Indicator in Trading

Known for its use by both institutional and retail traders, the Volume-Weighted Average Price (VWAP) indicator is one of the most well-respected trading tools. But how does it work, and what does it tell us? Join us in this article as we dive into the world of VWAP trading, exploring its applications, advantages, and limitations.

The VWAP Indicator Explained

What does VWAP stand for? VWAP is an acronym for the Volume-Weighted Average Price indicator. There are two key terms here:

- Volume-Weighted: The calculation considers the amount of volume traded during each time period.
- Average Price: The mean price of an asset over a specified timeframe.

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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.

 

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Alibaba Group (BABA) Share Price Rises Over 30% Since Early September

As shown on the Alibaba Group (BABA) stock chart, the price surpassed $107 on the NYSE on Friday, after trading below $85 at the start of the month.

Bullish sentiment surrounding Chinese stocks is driven by the authorities' plans to stimulate the country's economy:
→ According to Benzinga, China’s Central Bank shared plans last week to lower the banks’ required reserve ratio (RRR);
→ The Central Bank also outlined further support measures for the struggling real estate market.

It appears that market participants expect these economic stimulus measures to benefit Alibaba Group (BABA).

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 Yen Strengthens by Over 2.8% in One Day

According to Reuters, it was announced on Friday that Shigeru Ishiba, known for his tough stance on interest rates, will become Japan's next Prime Minister.

This news caused a sharp intraday reversal in the USD/JPY exchange rate on Friday: while the price initially rose in the morning (as shown by the arrow), it was followed by a sharp downward impulse later in the day.

Technical analysis of the USD/JPY chart shows:
→ The price made a false bullish breakout of the upper boundary of the descending channel before retreating back inside it;
→ The price broke the upward trend (marked by blue lines);

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 – 30th SEP, 2024
AUDUSD – Bearish Price Crossover Pattern

AUDUSD was unable to continue its bullish momentum and after touching a high of 0.6940 the prices started to decline against the United States Dollar today in the US Trading session.
We can see the formation of Bearish price crossover with Moving Average 100 in the 15-minutes timeframe.
We have seen Bearish price crossover with adaptative moving average 100 in the 15-minutes timeframe.
The MACD crosses DOWN its Moving Average in the 15-minutes timeframe.

The Parabolic SAR indicator bearish reversal is visible in the 15-minutes timeframe.
The RSI indicator is back under 50 in the 1-hourly timeframe.
The CCI indicator: bearish divergence is visible in the 1-hourly timeframe.

We have also detected the presence of Bearish Harami pattern in the 4-horly timeframe.
AUDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bearish reversal seen below the 0.6940 mark.
• Short-term range appears to be Bearish.
• AUDUSD continues to remain above the 0.6890 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 0.6874 which is a 14-3 Day Raw Stochastic at 80%.
AUDUSD is now trading below its Pivot levels of 0.6937 and is moving into a Bearish channel.
The price of AUDUSD remains below its Classic support levels of 0.6932 and is moving towards its next target of 0.6868 which is a Pivot Point 1st Support Point.

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

For in-depth analysis, please check FXOpen Blog

 

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EURUSD Technical Analysis – 30th SEP, 2024
EURUSD – Parabolic SAR Indicator Bearish Reversal

EURUSD was unable to continue its bullish momentum and after touching a high of 1.1208 the prices started to decline against the United States Dollar today in the US Trading session.
The Parabolic SAR indicator bearish reversal is visible in the 15-minutes timeframe.
The MACD crosses DOWN its Moving Average in the 15-minutes timeframe.

We have also detected the formation of a Long black line in the 15-minutes timeframe.
We have also seen Moving Average bearish crossovers: AMA20 & AMA50 in the 30-minutes timeframe.
The Support of channel is broken in the 1-hourly timeframe.
The Ichimoku: price is under the cloud in the 2-hourly timeframe.

We can see that the SuperTrend indicator bearish reversal is seen in the 2-hourly timeframe.
The prices of EURUSD are ranging Near resistance of channel in the daily timeframe.
EURUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bearish reversal seen below the 1.1208 mark.
• Short-term range appears to be Bearish.
• EURUSD continues to remain above the 1.1120 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 1.1124 which is a Pivot Point 1st Support Point.
EURUSD is now trading below its Pivot levels of 1.1154 and is moving into a Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.1132 and is moving towards its next target of 1.1113 at which the Price Crosses 9 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 – 30th SEP, 2024
GBPUSD – Bearish Trend Reversal Pattern

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.3422 the prices started to decline against the United States Dollar today in the US Trading session.
We can see Bearish trend reversal: adaptative moving average 20 in the 30-minutes timeframe.
The RSI indicator: bullish divergence is seen in the 30-minutes timeframe.
The prices of GBPUSD are ranging Near resistance of channel in the 1-hourly timeframe.

We can see the Bearish price crossover with Moving Average 100 in the 1-hourly timeframe.
The MACD crosses DOWN its Moving Average in the 1-hourly timeframe.
The prices of GBPUSD are back under the pivot point in the 1-hourly timeframe.
The Aroon indicator bearish trend is visible in the 4-hourly timeframe.

We have also detected the RSI indicator: bearish divergence in the weekly timeframe.
The GBPUSD is ranging Near a new HIGH record (1 year) in the weekly timeframe.
GBPUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving average.
• Pound Bearish reversal seen below the 1.3422 mark.
• Short-term range appears to be Bearish.
• GBPUSD continues to remain above the 1.3370 levels.
• Average true range ATR is indicating High market volatility.

GBPUSD is now trading below its Pivot levels of 1.3400 and is moving into a Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.3378 and is now moving towards its next target of 1.3347 which is a 14-3 Day Raw Stochastic at 80%.
We are also looking for the breach of the levels of 1.3345 which is a Pivot Point 1st Support Point.

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

For in-depth analysis, please check FXOpen Blog