Daily Market Analysis By FXOpen

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Morgan Stanley (MS) Shares Rise 6.45%, Setting Historic High

Morgan Stanley (MS) reported its third-quarter results:
→ Earnings per share: actual = $1.88, forecast = $1.59
→ Gross revenue: actual = $15.38 billion, forecast = $14.35 billion

According to Barron’s, Morgan Stanley’s profit increased by 32% compared to last year, driven by heightened activity in investment banking, which had previously been pressured by the Federal Reserve's high interest rates.

Market participants reacted positively to Morgan Stanley’s success, with MS shares rising 6.45% in a day, reaching an all-time high. Will the rally continue?

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 – 17th OCT, 2024
AUDUSD – Resistance of Channel is Broken

AUDUSD was unable to continue its bearish momentum and after touching a low of 0.6658 the prices have started to rise upwards against the United States Dollar today in the US trading session.
The Resistance of channel is broken in the 1-hourly timeframe.
We can also see Ichimoku - Bullish crossover: Tenkan & Kijun in the 1-hourly timeframe.
We have seen Bullish trend reversal: adaptative moving average 20 in the 4-hourly timeframe.

The prices of AUDUSD are ranging Near support of channel in the daily timeframe.
We have also seen Bullish price crossover with Moving Average 100 in the daily timeframe.
The Ichimoku: price is over the cloud in the daily timeframe.

We can see the formation of Bullish engulfing lines in the daily timeframe.
The AUDUSD is ranging Near a new HIGH record (1 year) in the weekly timeframe.
AUDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bullish reversal seen above the 0.6658 mark.
• Short-term range appears to be Bullish.
• AUDUSD continues to remain above the 0.6690 levels.
• Average true range ATR is indicating High market volatility.

The next resistance is located at 0.6704 at which the Price Crosses 40 Day Moving Average Stalls.
AUDUSD is now trading near to its Pivot levels of 0.6699 and is moving into a Bullish channel.
The price of AUDUSD remains above its Classic support levels of 0.6686 and is moving towards its next target of 0.6715 which is a 38.2% Retracement From 13 Week High.

#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 – 17th OCT, 2024
EURUSD – Support of Channel is Broken

EURUSD was unable to continue its bullish momentum and after touching a high of 1.0872 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 Horizontal support is broken in the daily timeframe.

We have also detected Bearish price crossover with Moving Average 50 in the weekly timeframe.
We can also see Bearish price crossover with adaptative moving average 100 in the weekly timeframe.
The MACD crosses DOWN its Moving Average in the weekly timeframe.
Also, we can see that the Momentum indicator is back under zero in the weekly timeframe.

The prices of EURUSD are ranging New LOW record (1 month) in the weekly timeframe.
Some of the technical indicators are also giving a Bullish to Neutral stance in the markets which indicates the presence of the consolidation wave in the markets.
EURUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bearish reversal seen below the 1.0872 mark.
• Short-term range appears to be Bearish.
• EURUSD continues to remain above the 1.0820 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 1.0819 which is a Price 1 Standard Deviation Support.
EURUSD is now trading near to its Pivot levels of 1.0825 and is moving into a Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.0813 and is moving towards its next target of 1.0801 which is a Price 2 Standard Deviations Support.

#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 – 17th OCT, 2024
GBPUSD – CCI indicator: Bullish Divergence

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.2973 the prices started to rise upwards against the United States Dollar today in the US Trading session.
We have seen CCI indicator: bullish divergence in the daily timeframe.
The prices are ranging Near horizontal support in the weekly timeframe.
GBPUSD is Near support of channel in the daily timeframe.

Some of the technical indicators are also giving a Bullish to Neutral stance in the markets which indicates the presence of the consolidation wave in the markets.
The MACD crosses DOWN its Moving Average in the weekly timeframe which is indicative of the bearish trends.
The prices are ranging Near a new HIGH record (1 year) in the weekly timeframe.
GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bullish reversal seen above the 1.2973 mark.
• Short-term range appears to be Bullish.
• GBPUSD continues to remain above the 1.3000 levels.
• Average true range ATR is indicating High market volatility.

GBPUSD is now trading near to its Pivot levels of 1.3011 and is moving into a Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.2995 and is now moving towards its next target of 1.3028 which is a Price 1 Standard Deviation Resistance.
We are also looking for the breach of the levels of 1.3049 which is a 50% Retracement From 13 Week High/Low.

#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 – 17th OCT, 2024
NZDUSD – Parabolic SAR Indicator Bearish Reversal

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.6073 the prices started to decline against the United States Dollar today in the US Trading session.
We have seen Bearish trend reversal: adaptative moving average 20 in the 15-minutes timeframe.
We have also detected Moving Average bearish crossovers: MA20 & MA50 in the 15-minutes timeframe.
The MACD crosses DOWN its Moving Average in the 15-minutes timeframe.

We can also detect Parabolic SAR indicator bearish reversal in the 15-minutes timeframe.
The RSI indicator is back under 50 in the 1-hourly timeframe.
Also, Bearish trend reversal: Moving Average 20 is visible in the weekly timeframe.
The MACD crosses DOWN its Moving Average 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 0.6073 mark.
• Short-term range appears to be Bearish.
• NZDUSD continues to remain above the 0.6050 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 0.6052 which is a 38.2% Retracement From 13 Week Low.
NZDUSD is now trading below its Pivot levels of 0.6062 and is moving into a Bearish channel.
The price of NZDUSD remains near its Classic support levels of 0.6054 and is now moving towards its next target of 0.6040 which is a 1-Month Low.

#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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How to Trade with the Island Reversal Pattern

Price action analysis serves as a pivotal methodology in financial markets, offering a means to assess and determine the future price movements of various assets, including stocks, currencies, and commodities. Among the many tools employed within this method, the Island Reversal pattern stands out as a significant indicator of potential trend reversals.

What Is an Island Reversal Pattern?

The Island Reversal is a technical analysis pattern that signals a potential trend reversal. It typically occurs after a strong uptrend or downtrend and is characterised by a gap in price action, isolating a group of candlesticks. The pattern suggests a shift in market sentiment, indicating that the previous trend may be losing momentum.

TO VIEW THE FULL ARTICLE, VISIT THE FXOPEN BLOG

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

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

 

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Market Analysis: GBP/USD Takes Hit While USD/CAD Remains in Uptrend

GBP/USD started a fresh decline below the 1.3200 zone. USD/CAD is rising and might aim for more gains above the 1.3820 resistance.

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

• The British Pound started a major decline from the 1.3400 resistance zone.
• There was a break above a key bearish trend line forming with resistance at 1.3000 on the hourly chart of GBP/USD at FXOpen.
• USD/CAD is showing positive signs above the 1.3745 support zone.
• There was a break above a major bearish trend line with resistance at 1.3765 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair struggled to continue higher above the 1.3400 resistance zone. The British Pound started a downside correction and traded below the 1.3200 support zone against the US Dollar.

The pair even traded below 1.3040 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2975 level. A low was formed at 1.2973 and the pair is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the 1.3102 swing high to the 1.2973 low.

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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Pound Near 1.3000 After Inflation Data; Euro Falls After Rate Cut

The upward momentum of the U.S. dollar continues to build:

• GBP/USD traded below 1.3000 this week;
• EUR/USD tested 1.0800;
• USD/JPY buyers strengthened the price above the key support level of 150.00.

GBP/USD

On Wednesday, the release of the UK Consumer Price Index (CPI) confirmed market expectations that the Bank of England may soon cut its base interest rate. The CPI showed inflation easing to 1.7% (from a forecast of 1.9%), which could influence the regulator’s monetary policy.

Following this data, GBP/USD sharply dropped below the key 1.3000 level, testing 1.2970. However, the downward movement did not gain further momentum, and the price rebounded from 1.2970, forming a bullish reversal pattern known as “bullish harami.” The pair is now testing the 1.3060-1.3000 range as resistance. A breakout above this level could lead to further growth towards 1.3170-1.3130. A rejection from current levels may push the price back down towards 1.2940-1.2870.

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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XAU/USD Analysis: Gold Price Surpasses $2700 for the First Time

The XAU/USD chart shows that gold has reached a historic high, surpassing the psychological level of $2700.

According to Yahoo Finance:
→ Bullish momentum is being driven by central banks increasing their gold reserves;
→ Goldman Sachs analysts have raised their gold price target from $2700 to $2900.

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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Taiwan Semiconductor (TSM) Shares Rise by Nearly 10%

Taiwan Semiconductor Manufacturing Company Limited (TSM) posted quarterly results that exceeded analyst expectations, driven by strong demand for AI-related chips:

→ Earnings per share: Actual = $1.95, Expected = $1.79;
→ Revenue: Actual = $23.6 billion, Expected = $23.3 billion.

According to the Wall Street Journal:

→ The company expects its revenue from servers and AI processors to triple this year, representing about 15% of its total revenue.
→ TSMC forecasts Q4 revenue between $26.1 billion and $26.9 billion.
→ Citi analysts believe TSMC's gross profit could continue growing next year.
→ Morningstar analyst Felix Lee noted that TSMC is well-positioned against competitors like Samsung and Intel.

TSMC shares surged following the report. Today's stock chart shows: → A 10% increase, reaching an all-time high;
→ The stock surpassed the psychological $200 level;
→ Year-to-date price growth is around 100%.

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 14 - 18 October Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: GBP, EUR, Natural Gas and NVIDIA (NVDA) Shares

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

• Pound Falls After Inflation Report
• Euro Tests Key Support Levels Ahead of ECB Meeting
• Natural Gas Price Drops Over 8% Since the Start of the Month
• NVIDIA (NVDA) Shares Fall Over 4%, Missing a Record High

Stay in the know and empower yourself with our short, yet power-packed video.

Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.



FXOpen YouTube

#marketwrap #marketanalysis #forexmarketanalysis #stockmarketanalysis

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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Mastering Trading with Continuation Candlestick Patterns

Continuation candlestick patterns are a common tool traders use in technical analysis to identify when a prevailing trend is likely to continue after a pause. In this FXOpen article, we explain how continuation candlestick patterns work, and how you can use them to identify market trends and make informed trading decisions.

What Is a Continuation Candlestick Pattern?

Candlesticks are a popular tool in technical analysis used by traders to visualise price movements in financial markets, including forex, stocks, and commodities. They show the opening, closing, high, and low prices of an asset within a specific timeframe (such as 1 minute, 1 hour, 1 day, etc.). Continuation candlestick patterns are chart formations that indicate the current price trend (whether bullish or bearish) is likely to continue, rather than reverse.

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.

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: AUD/USD and NZD/USD Could Recover In Short-Term

AUD/USD is attempting a recovery wave from 0.6660. NZD/USD could gain bullish momentum if there is a clear move above the 0.6090 resistance.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

• The Aussie Dollar found support near 0.6660 and is now recovering against the US Dollar.
• There was a break above a key bearish trend line with resistance at 0.6690 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is attempting a recovery wave above the 0.6050 resistance.
• There was a break above a major bearish trend line with resistance near 0.6075 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair dipped from the 0.6760 resistance zone. The Aussie Dollar declined below 0.6700, but the bulls were active near 0.6660 against the US Dollar.

A low was formed near 0.6658 and the pair is now correcting losses. There was a move above the 50% Fib retracement level of the downward move from the 0.6759 swing high to the 0.6658 low. There was also a break above a key bearish trend line with resistance at 0.6690.

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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EUR/USD Approaching Key Support Level

Last week, the European Central Bank (ECB) cut interest rates as expected, marking the third reduction this year. According to Trading Economics, market participants speculate there could be another rate cut in December. This dovish stance is weakening the euro, as the ECB signals deteriorating economic prospects in the Eurozone.

In contrast, the U.S. dollar remains strong, supported by:
→ Robust economic data, including retail sales figures that exceeded expectations last week.
→ Expectations that Trump may win the next U.S. election, with his proposed trade and tax policies likely to support the dollar.

As a result, EUR/USD continued its decline last week, with the pair falling by about 2.5% since the start of October. Will the downtrend persist?

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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Netflix (NFLX) Shares Hit Record High in Aggressive Move

Netflix (NFLX) shares reached a record high in a dynamic move. As shown in Netflix's stock chart, the price hit an all-time peak, with Friday’s candle closing above $760. This follows an aggressive rebound, given that on Thursday, the price had fallen below the psychological level of $700.

This sharp move created a significant bullish gap, with the difference between Thursday’s and Friday’s closing prices exceeding 11%. The catalyst for this surge in volatility was the release of Netflix's strong third-quarter results:

→ Earnings per share: Actual = $5.40, Expected = $5.11;
→ Gross revenue: Actual = $9.82 billion, Expected = $9.77 billion. Netflix also forecast a 15% growth in Q4 2024;
→ Free cash flow increased from $1.213 billion in Q2 to $2.194 billion in Q3.

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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Price Action Trading: Key Concepts

Price action is a popular trading method where traders analyse raw price movements on a chart, without relying on technical indicators. Traders identify patterns, trends, and key levels that help them understand market behaviour. This article explores what price action is, the key concepts, and how to get started with a price action strategy.

What Is Price Action Trading?

Price action is the movement of an asset’s price over time, and it’s one of the purest forms of market analysis. When using price action, indicators like moving averages or oscillators take a back seat, with traders focusing solely on the movement of the market itself. In studying how prices behave in real-time or historically, traders can spot trends, patterns, and potential turning points in the market.

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.

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

 

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Nvidia Shares (NVDA) Close Above $140 for the First Time

As shown on the Nvidia (NVDA) stock chart, yesterday’s candle closed above the psychological level of $140 for the first time in history. This represents a price increase of over 186% since the beginning of 2024 and more than a ninefold rise since early 2023, following the launch of ChatGPT.

According to Benzinga:
→ Nvidia's shares continue to benefit from the surging demand for AI technologies, with hyperscalers buying its graphic chips in vast quantities to rapidly build data centres with advanced AI capabilities.
→ Nvidia’s CEO, Jensen Huang, has stated that the next-generation Blackwell GPU platform is in "insane" demand. Despite production being in full swing, the demand remains extraordinarily high.

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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XAG/USD Analysis: Silver Price Approaching $35

Precious metal prices are fluctuating near multi-year highs due to safe-haven demand driven by:
→ Uncertainty surrounding the U.S. elections,
→ Ongoing tensions in the Middle East,
→ Expectations of central banks lowering interest rates.

As seen on the XAG/USD chart, silver prices:
→ Are near their highest levels in 12 years,
→ Are approaching the $35 mark,
→ Have risen by over 43% since the start of the year.

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 – 22nd OCT, 2024
AUDUSD – Resistance of Channel is Broken

AUDUSD was unable to continue its bearish momentum and after touching a low of 0.6650 the prices have started to rise upwards against the United States Dollar today in the US trading session.
The Resistance of channel is broken in the 1-hourly timeframe.
We can also see Bullish trend reversal: adaptative moving average 100 in the 30-minutes timeframe.
We have seen Bullish price crossover with adaptative moving average 50 in the 1-hourly timeframe.
The RSI indicator is back over 50 in the 2-hourly timeframe.

We have also seen Bullish engulfing lines in the 4-hourly timeframe.
Also, we can see Bullish price crossover with adaptative moving average 100 in the daily timeframe.
We have detected RSI indicator: bullish divergence in the daily timeframe.
The AUDUSD is ranging Near a new HIGH record (1 month) in the weekly timeframe.
AUDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.

• Aussie Bullish reversal seen above the 0.6650 mark.
• Short-term range appears to be Bullish.
• AUDUSD continues to remain above the 0.6680 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 0.6693 which is a Price 3 Standard Deviations Resistance.
AUDUSD is now trading near to its Pivot levels of 0.6681 and is moving into a Bullish channel.
The price of AUDUSD remains above its Classic support levels of 0.6673 and is moving towards its next target of 0.6719 at which the Price Crosses 9 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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EURUSD Technical Analysis – 22nd OCT, 2024
EURUSD – MACD Indicator: Bullish Divergence

EURUSD was unable to continue its bearish momentum and after touching a low of 1.0810 the prices started to correct upwards against the United States Dollar today in the US Trading session.
We can see MACD indicator: bullish divergence in the 2-hourly timeframe.
The prices are ranging Near horizontal support in the daily timeframe.
We have also detected RSI indicator: bullish divergence in the daily timeframe.

The prices of EURUSD are ranging Near support of channel in the weekly timeframe.
Also, we can see that the CCI indicator is oversold: under -100 in the daily timeframe indicating a Neutral market.
The prices of EURUSD are ranging Near a new HIGH record (1 year) 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.
EURUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bullish reversal seen above the 1.0810 mark.
• Short-term range appears to be Bullish.
• EURUSD continues to remain above the 1.0810 levels.
• Average true range ATR is indicating High market volatility.

The next resistance is located at 1.0838 which is a Price 1 Standard Deviation Resistance.
EURUSD is now trading near to its Pivot levels of 1.0824 and is moving into a Bullish channel.
The price of EURUSD remains above its Classic support levels of 1.0803 and is moving towards its next target of 1.0865 which is a 14-3 Day Raw Stochastic at 20%.

#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