Daily Market Analysis By FXOpen

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NZDUSD Technical Analysis – 30th SEP, 2024
NZDUSD – Bearish Trend Reversal Pattern

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.6375 the prices started to decline against the United States Dollar today in the US Trading session.
The Bearish trend reversal: Moving Average 100 is visible in the 15-minutes timeframe.
We can also see Bearish trend reversal: Moving Average 20 in the 30-minutes timeframe.
We can see Bearish trend reversal: adaptative moving average 50 in the 30-minutes timeframe.

The Parabolic SAR indicator bearish reversal is visible in the 1-hourly timeframe.
We can detect MACD indicator: bearish divergence in the 1-hourly timeframe.
The MACD crosses DOWN its Moving Average in the 2-hourly timeframe.
The prices of NZDUSD are ranging Near horizontal resistance in the weekly timeframe.

NZDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.6375 mark.
• Short-term range appears to be Bearish.
• NZDUSD continues to remain above the 0.6340 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 0.6334 which is a Pivot Point.
NZDUSD is now trading below its Pivot levels of 0.6374 and is moving into a Bearish channel.
The price of NZDUSD remains below its Classic support levels of 0.6361 and is now moving towards its next target of 0.6315 which is a 14-3 Day Raw Stochastic at 80%.

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

For in-depth analysis, please check FXOpen Blog

 

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What Is a Diamond Chart Pattern, and How Can You Trade It?

The diamond chart pattern is a technical analysis tool used by traders in different financial markets for breakout trading. It can provide valuable insights into potential price movements and trend reversals. However, it can be challenging to find it in a price chart. In this FXOpen article, we will tell you how to spot the diamond formation and build your own trading strategy.

Overview of the Diamond Pattern

The diamond is a reversal pattern, meaning it can signal a potential trend change in the market. It typically occurs after an extended trend and indicates a period of consolidation before a potential breakout in the opposite direction.

The diamond can be bearish and bullish; therefore, it is also known as the diamond top pattern and diamond bottom pattern for trading. A bearish formation typically occurs during an uptrend and signals a potential reversal to the downside, while a bullish diamond pattern in trading forms during a downtrend and signals a potential reversal to the upside.

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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XAG/USD Analysis: Silver Price Fails to Hold at 11-Year High

As shown on the XAG/USD chart, during the trading session on 26th September, the price of silver surpassed the previous 2024 high (set in July), reaching levels last seen in December 2012.

Key drivers of silver’s price include news related to the Federal Reserve’s policy:

→ Last month, when the Federal Reserve cut interest rates, it led to a rise in both gold and silver prices.

→ However, precious metal prices dipped slightly yesterday after Fed Chair Jerome Powell adjusted expectations regarding further rate cuts this year, stating that the Fed would not rush into making more reductions.

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 – 01st OCT, 2024
AUDUSD – Support of Channel is Broken

AUDUSD was unable to continue its bullish momentum and after touching a high of 0.6939 the prices started to decline against the United States Dollar today in the US Trading session.
We can see the formation of Moving Average bearish crossovers: MA20 & MA50 in the 15-minutes timeframe.
The Support of channel is broken in the 15-minutes timeframe.

We have seen that the Momentum indicator is back under zero in the 4-hourly timeframe.
The RSI indicator: bearish divergence is visible in the daily timeframe.
The prices of AUDUSD are ranging Near horizontal resistance in the weekly timeframe.
The levels are also Near resistance of triangle in the monthly timeframe.

Some of the technical indicators are also giving a Neutral stance in the markets.
AUDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bearish reversal seen below the 0.6939 mark.
• Short-term range appears to be Bearish.
• AUDUSD continues to remain above the 0.6900 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.6894 which is a Pivot Point 1st Support Point.
AUDUSD is now trading below its Pivot levels of 0.6909 and is moving into a Bearish channel.
The price of AUDUSD remains above its Classic support levels of 0.6889 and is moving towards its next target of 0.6877 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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EUR/USD Rate Accelerates Decline Following European Inflation News

According to the Eurostat data released today:
→ Core CPI Flash Estimate (YoY): actual = 2.7%, expected = 2.7%, previous = 2.8%;
→ CPI Flash Estimate (YoY): actual = 1.8%, expected = 1.8%, previous = 2.2%.

This news, coupled with yesterday’s statements from the Fed Chair, led to the EUR/USD rate dropping by over 1% from yesterday’s high.

Could the downward trend continue?

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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EURUSD Technical Analysis – 01st OCT, 2024
EURUSD – Support of Channel is Broken

EURUSD was unable to continue its bullish momentum and after touching a high of 1.1176 the prices started to decline against the United States Dollar today in the US Trading session.
The Support of channel is broken in the daily timeframe.
The Bearish trend reversal: Moving Average 20 is visible in the 4-hourly timeframe.
We have also detected Bearish trend reversal: adaptative moving average 100 in the 4-hourly timeframe.

We have also seen Bearish price crossover with Moving Average 100 in the 4-hourly timeframe.
The Horizontal support is broken in the daily timeframe.
We can also see the Bearish price crossover with Moving Average 20 in the daily timeframe.
The RSI indicator is back under 50 in the daily timeframe.

We have also seen Parabolic SAR indicator bearish reversal in the daily timeframe. Along with the RSI indicator: bearish divergence is seen in the weekly timeframe.
EURUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bearish reversal seen below the 1.1176 mark.
• Short-term range appears to be Bearish.
• EURUSD continues to remain above the 1.1080 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 1.1083 which is a 38.2% Retracement From 4 Week Low.
EURUSD is now trading below its Pivot levels of 1.1101 and is moving into a Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.1064 and is moving towards its next target of 1.1076 which is a Price 3 Standard Deviations Support.

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

For in-depth analysis, please check FXOpen Blog

 

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GBPUSD Technical Analysis – 01st OCT, 2024
GBPUSD – Support of Channel Is Broken

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.3414 the prices started to decline against the United States Dollar today in the US Trading session.
We can see that the Support of channel is broken in the 1-hourly timeframe.
We have seen Moving Average bearish crossovers: AMA20 & AMA50 in the 1-hourly timeframe.
The Bearish trend reversal: Moving Average 20 is visible in the 4-hourly timeframe.

We can see the Bearish trend reversal: adaptative moving average 50 in the 4-hourly timeframe.
The MACD indicator is back under zero in the 4-hourly timeframe.
We can see Ichimoku - Bearish crossover: Tenkan & Kijun in the 4-hourly timeframe.
The RSI indicator: bearish divergence is visible in the weekly timeframe.
We have also detected the CCI indicator: bearish divergence in the weekly timeframe.

Now we can see the formation of Bearish engulfing lines in the weekly timeframe. The Resistance of channel is broken in the monthly 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 1.3414 mark.
• Short-term range appears to be Bearish.
• GBPUSD continues to remain above the 1.3310 levels.
• Average true range ATR is indicating Less market volatility.

GBPUSD is now trading below its Pivot levels of 1.3329 and is moving into a Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.3303 and is now moving towards its next target of 1.3310 which is a Pivot Point 2nd Support Point.
We are also looking for the breach of the levels of 1.3304 which is a Price 3 Standard Deviations Support.

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

For in-depth analysis, please check FXOpen Blog

 

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NZDUSD Technical Analysis – 01st OCT, 2024
NZDUSD – Support of Channel Is Broken

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.6375 the prices started to decline against the United States Dollar today in the US Trading session.
The Support of channel is broken in the 1-hourly timeframe.
The Ichimoku: price is under the cloud in the 1-hourly timeframe.
We can see Ichimoku - Bearish crossover: Tenkan & Kijun in the 1-hourly timeframe.

The Bearish price crossover with Moving Average 50 is visible in the 2-hourly timeframe.
We can detect Bearish price crossover with adaptative moving average 100 in the 2-hourly timeframe.
The Horizontal support is broken in the daily timeframe.
The prices of NZDUSD are ranging Near horizontal resistance in the weekly timeframe. The Resistance of channel is broken in the weekly timeframe.
We have also detected the formation of Bearish Harami in the weekly timeframe.

NZDUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.6375 mark.
• Short-term range appears to be Bearish.
• NZDUSD continues to remain above the 0.6300 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.6308 which is a Pivot Point 2nd Support Point.
NZDUSD is now trading below its Pivot levels of 0.6321 and is moving into a Bearish channel.
The price of NZDUSD remains near its Classic support levels of 0.6304 and is now moving towards its next target of 0.6296 which is a 14-3 Day Raw Stochastic at 70%.

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

For in-depth analysis, please check FXOpen Blog

 

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Market Analysis: EUR/USD Trims Gains, USD/JPY Eyes Fresh Increase

EUR/USD declined from the 1.1200 resistance and corrected gains. USD/JPY is rising and might gain pace above the 144.65 resistance.

Important Takeaways for EUR/USD and USD/JPY Analysis Today

• The Euro started a fresh decline below the 1.1150 support zone.
• There is a connecting bearish trend line forming with resistance at 1.1070 on the hourly chart of EUR/USD at FXOpen.
• USD/JPY climbed higher above the 142.50 and 143.40 levels.
• There is a connecting bullish trend line forming with support at 143.45 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.1200 resistance zone. The Euro started a fresh decline and traded below the 1.1150 support zone against the US Dollar.

The pair declined below 1.1125 and tested the 1.1100 zone. A low was formed near 1.1045 and the pair is now consolidating losses. There was a minor recovery wave above the 1.1060 level. On the upside, the pair is now facing resistance near a connecting bearish trend line at 1.1070.

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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XBR/USD Analysis: Brent Oil Price Soars After Attack on Israel

Following Israel's military operation in Lebanon, Iran launched a missile strike on Israel on October 1. Financial markets reacted sharply as soon as the first reports of the attack emerged:

→ U.S. stock indices dropped significantly, and Bitcoin also fell, with BTC/USD nearing the psychological $60,000 mark at yesterday's low.

→ Gold surged to $2670, though supply forces have since curbed the panic buying, and XAU/USD has dropped back below $2650.

Oil prices also spiked. Unlike other financial assets, there has been no correction on the XBR/USD chart today, despite the end of the missile strike on Israel. This highlights oil's heightened sensitivity to Middle Eastern tensions.

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 Wyckoff Method: What It Is and How You Can Trade It

The Wyckoff trading method is a classic approach to technical analysis, focusing on understanding market behaviour through price and volume patterns. Developed by Richard D. Wyckoff in the early 20th century, it helps traders identify market trends, reversals, and optimal entry and exit points. This comprehensive article explores the key principles of the Wyckoff method and how it can be applied to modern trading strategies.

What Is the Wyckoff Method?

The Wyckoff method is a type of technical analysis developed in the early 20th century by Richard D. Wyckoff, a renowned stock market trader and analyst. The method is based on the belief that markets are driven by fundamental supply and demand forces and that these forces can be traded through repeatable patterns.

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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Analysis of GBP/CAD: Price Falls Below 1.800 Level

In the first nine months of 2024, the GBP/CAD exchange rate rose by over 7%, surpassing the significant 1.800 level.

The last time GBP/CAD remained consistently above this level was back in 2016, but it later dropped below. Since then, bulls have made two attempts to push the price above 1.800: in 2018 and again in 2020 (during the coronavirus panic) – both of which failed.

A third attempt occurred when GBP/CAD climbed above 1.800 in September 2024, but yesterday’s large bearish candles (marked with an arrow) suggest that this attempt to stay above 1.800 may also fail.

Yesterday’s decline in GBP/CAD was driven by a combination of factors, including:
→ A rise in oil prices, which strengthens the Canadian dollar as Canada is a major exporter of oil;
→ A slowdown in manufacturing activity in the UK during September, as reported by Reuters.

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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Simple, Weighted, and Exponential Moving Averages: The Differences

Moving averages (MAs) are commonly used indicators in technical analysis; in fact, they are among the first indicators traders will consult when forming a trading strategy.

There are several types of averages, including a simple moving average (SMA), a weighted moving average (WMA), and an exponential moving average (EMA), each with its unique features. In this FXOpen article, we compare SMA vs EMA vs WMA and explore how to use MA indicators in trading.

What Is an MA in Trading?

A moving average (MA) in trading is a tool used to analyse market movements over a specific period. Represented as a line on a chart, an MA indicator smooths out fluctuations by averaging the data points over the selected timeframe. This helps traders identify trends and make decisions about when to buy or sell.

The moving average meaning varies based on the type and calculation method, but the core function is to filter out short-term noise and highlight the underlying trend. The primary difference between various MAs lies in the weight given to recent versus older data points. Some give equal weight to all data, while others emphasise recent movements, making them more sensitive to current market conditions.

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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Lockheed Martin (LMT) Stock Price Surpasses $600 for the First Time

As indicated by the Lockheed Martin (LMT) stock chart, after breaking through the psychological barrier of $600, the price has reached an all-time high. Remarkably, it took less than 2.5 months for the stock to climb from $500 to $600.

Demand for Lockheed Martin (LMT) shares is being driven by consistent news of government contracts awarded to the company amid rising geopolitical tensions. These contracts include deals for F-35 Joint Strike Fighter aircraft, Trident II D5 missile production, and supplies for the U.S. missile defence system.

The surge in orders has enabled Lockheed Martin’s board of directors (NYSE: LMT) to announce an increase in dividends for Q4 2024 by $0.15, bringing them to $3.30 per share. It is worth noting that the company has raised its dividends for 22 consecutive years.

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 – 03rd OCT, 2024
AUDUSD – Support of Channel is Broken

AUDUSD was unable to continue its bullish momentum and after touching a high of 0.6897 the prices started to decline against the United States Dollar today in the US Trading session.
The Support of channel is broken in the 1-hourly timeframe.
We can see the formation of Bearish engulfing lines in the 15-minutes timeframe.
We have seen that the Pivot points: price is under support 3 in the 2-hourly timeframe indicating a Neutral market.

The prices of AUDUSD are ranging Near horizontal resistance in the weekly timeframe.
The prices of AUDUSD is back under the pivot point in the weekly timeframe.
The RSI indicator: bearish divergence is also visible in the weekly timeframe.

AUDUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Aussie Bearish reversal seen below the 0.6897 mark.
• Short-term range appears to be Bearish.
• AUDUSD continues to remain above the 0.6840 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.6844 which is a Price 3 Standard Deviations Support.
AUDUSD is now trading near to its Pivot levels of 0.6845 and is moving into a Bearish channel.
The price of AUDUSD remains above its Classic support levels of 0.6832 and is moving towards its next target of 0.6828 which is a Pivot Point 3rd Support Point.

#fxopen

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 – 03rd OCT, 2024
EURUSD – Near Horizontal Resistance

EURUSD was unable to continue its bullish momentum and after touching a high of 1.1054 the prices started to decline against the United States Dollar today in the US Trading session.
The prices are Near horizontal resistance in the 15-minutes timeframe.
We have seen Bearish price crossover with Moving Average 20 in the 15-minutes timeframe.
The MACD crosses DOWN its Moving Average in the 15-minutes timeframe.

We can also see the formation of Bearish price crossover with adaptative moving average 20 in the 30-minutes timeframe.
The RSI indicator is back under 50 in the 30-minutes timeframe.
We can see the presence of Bearish engulfing lines in the 30-minutes timeframe
We have also detected Bearish price crossover with adaptative moving average 50 in the daily timeframe.
The Parabolic SAR indicator bearish reversal is visible 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 1.1054 mark.
• Short-term range appears to be Bearish.
• EURUSD continues to remain above the 1.1030 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 1.1035 at which the Price Crosses 18 Day Moving Average Stalls.
EURUSD is now trading near to its Pivot levels of 1.1042 and is moving into a Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.1030 and is moving towards its next target of 1.1016 which is a 3-10 Day Moving Average Crossover Stalls.

#fxopen

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 – 03rd OCT, 2024
GBPUSD – Support of Channel is Broken

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.3274 the prices started to decline against the United States Dollar today in the US Trading session.
The Support of channel is broken in the 1-hourly timeframe.
We can see Bearish price crossover with Moving Average 20 in the daily timeframe.
The Bearish price crossover with adaptative moving average 20 is visible in the daily timeframe.
The RSI indicator is back under 50 in the daily timeframe.

We can see that the SuperTrend indicator bearish reversal is visible in the daily timeframe.
Also the Momentum indicator is back under zero in the daily timeframe.
The RSI indicator: bearish divergence is visible in the weekly timeframe.
We have also detected the CCI indicator: bearish divergence in the weekly timeframe.

Now we can see the formation of Bearish engulfing lines in the weekly timeframe. GBPUSD is ranging Near horizontal resistance in the monthly timeframe.
GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bearish reversal seen below the 1.3274 mark.
• Short-term range appears to be Bearish.
• GBPUSD continues to remain above the 1.3100 levels.
• Average true range ATR is indicating High market volatility.

GBPUSD is now trading near to its Pivot levels of 1.3108 and is moving into a Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.3071 and is now moving towards its next target of 1.3081 which is a Price 3 Standard Deviations Support.
We are also looking for the breach of the levels of 1.3073 at which the Price Crosses 18 Day Moving Average Stalls.

#fxopen

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 – 03rd OCT, 2024
NZDUSD – Support of Channel Is Broken

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.6277 the prices started to decline against the United States Dollar today in the US Trading session.
The Support of channel is broken in the 1-hourly timeframe.
We can see Bearish price crossover with Moving Average 20 in the daily timeframe.
The RSI indicator is back under 50 in the daily timeframe.

The MACD crosses DOWN its Moving Average in the daily timeframe.
We can also detect Bearish price crossover with adaptative moving average 100 in the weekly timeframe.
Some of the technical indicators are also giving a Neutral stance in the markets which indicates the presence of the consolidation wave.
NZDUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.6277 mark.
• Short-term range appears to be Bearish.
• NZDUSD continues to remain above the 0.6200 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.6209 which is a Price 1 Standard Deviation Support.
NZDUSD is now trading below its Pivot levels of 0.6222 and is moving into a Bearish channel.
The price of NZDUSD remains near its Classic support levels of 0.6206 and is now moving towards its next target of 0.6190 at which the Price Crosses 40 Day Moving Average.

#fxopen

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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Dollar Strengthens Ahead of Employment Data Release

In early October, major currency pairs are trading with mixed directions. European currencies continue to trade within narrow ranges, commodity currencies are approaching key levels, and the Japanese yen has entered a full-scale downward correction. However, the upcoming U.S. employment report for September, set to be released at the end of this trading week, may either reinforce existing trends or spark new ones.

USD/JPY

Technical analysis of the USD/JPY pair indicates the potential for continued corrective growth, as a "piercing line" pattern formed on the daily timeframe on 30 September. The price managed to update the September high at 147.20. If the 147.20–147.00 range turns into support, the pair could strengthen towards 149.40–149.00. A break below the 146.00–145.00 range would invalidate the bullish scenario.

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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How to Trade on Support and Resistance Reversals

Trading in the financial markets can be a complex endeavour, but it may become more manageable when traders have a solid grasp of support and resistance levels. Recognising support and resistance reversals is a crucial skill that may enhance one's trading performance. In this FXOpen article, we will learn the types of support and resistance and consider some trading strategies based on market reversals.

Recognising Support and Resistance Reversals

It’s unlikely you will need to ask, “What are support and resistance lines?” Still, let’s refresh your memory.

A support line is a level at which an asset's price tends to find buying interest, preventing it from falling further. In other words, it's where demand for the asset is strong enough to counteract selling pressure. Traders often identify support as a potential point when going long or a take-profit target when selling. It can be formed at various price points on a chart and can be horizontal and diagonal (trendlines).

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.