Daily Market Analysis By FXOpen

[Resolve]

GBPUSD Technical Analysis – 22nd OCT, 2024
GBPUSD – Bullish Harami Pattern

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.2976 the prices started to rise upwards against the United States Dollar today in the US Trading session.
We have seen Bullish Harami pattern in the 30-minutes timeframe.
The prices are ranging Near support of channel in the 1-hourly timeframe.
We have also seen Bullish Harami cross in the 4-hourly timeframe.

Also, we see RSI indicator: bullish divergence in the daily timeframe.
We can see Bullish opening of the markets this week.
Some of the technical indicators are also giving a Bearish to Neutral stance in the markets indicating the presence of the consolidation wave in the markets.
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 1.2976 mark.
• Short-term range appears to be Bullish.
• GBPUSD continues to remain above the 1.2970 levels.
• Average true range ATR is indicating High market volatility.

GBPUSD is now trading near to its Pivot levels of 1.2978 and is moving into a Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.2965 and is now moving towards its next target of 1.2984 which is the Last level.
We are also looking for the breach of the levels of 1.3013 which is a Price 1 Standard Deviation Resistance.

#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

 

[Resolve]

NZDUSD Technical Analysis – 22nd OCT, 2024
NZDUSD – Near Support of Channel

NZDUSD was unable to continue its bearish momentum and after touching a low of 0.6020 the prices started to correct upwards against the United States Dollar today in the US Trading session.
The prices are ranging Near support of channel in the 15-minutes timeframe.
The Momentum indicator is back over zero in the 30-minutes timeframe.
We have also seen Bullish price crossover with Moving Average 20 in the 2-hourly timeframe.

The MACD crosses UP its Moving Average in the 4-hourly timeframe.
The prices of NZDUSD are back over the pivot point in the daily timeframe.
NZDUSD is ranging Near support of channel 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.

NZDUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Kiwi Bullish reversal seen above the 0.6020 mark.
• Short-term range appears to be Bullish.
• NZDUSD continues to remain above the 0.6050 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 0.6114 which is a 14-3 Day Raw Stochastic at 30%.
NZDUSD is now trading near to its Pivot levels of 0.6054 and is moving into a Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.6043 and is now moving towards its next target of 0.6122 which is a Pivot Point 3rd Level Resistance.

#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

 

[Resolve]

USDCAD Technical Analysis – 22nd OCT, 2024
USDCAD – Bearish Trend Reversal Pattern

USDCAD was unable to continue its Bullish momentum and after touching a high of 1.3842 the prices started to correct downwards against the United States Dollar today in the US Trading session.
We have seen Bearish trend reversal: adaptative moving average 100 in the 30-minutes timeframe.
Also, we can detect Bearish price crossover with Moving Average 100 in the 30-minutes timeframe.
The Support of channel is broken in the 1-hourly timeframe.

We have seen Bearish price crossover with adaptative moving average 20 in the 1-hourly timeframe.
The price of USDCAD is back under the pivot point in the 2-hourly timeframe.
The MACD crosses DOWN its Moving Average 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 Consolidation wave in the markets.
USDCAD is now trading above its 100-hour SMA and above its 200-hour SMA simple moving averages.

• Loonie Bearish reversal seen below the 1.3842 mark.
• Short-term range appears to be Bearish.
• USDCAD continues to remain above the 1.3810 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 1.3804 which is a Pivot Point 1st Support Point.
USDCAD is now trading near to its Pivot levels of 1.3828 and is moving into a Bearish channel.
The price of USDCAD remains above its Classic support levels of 1.3818 and is now moving towards its next target of 1.3801 which is a Price 1 Standard Deviation 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

 

[Resolve]

USDJPY Technical Analysis – 22nd OCT, 2024
USDJPY – Bearish Price Crossover Pattern

USDJPY was unable to continue its Bullish momentum and after touching a high of 151.09 the prices started to correct downwards against the United States Dollar today in the US Trading session.
We have seen Bearish price crossover with Moving Average 20 in the 15-minutes timeframe.
Also, we can detect Bearish price crossover with adaptative moving average 100 in the 15-minutes timeframe.
The prices of USDJPY are ranging Near resistance of channel in the 1-hourly timeframe.

We have seen Bearish price crossover with adaptative moving average 20 in the 1-hourly timeframe.
USDJPY is ranging Near resistance of channel 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.
USDJPY is now trading above its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Yen Bearish reversal seen below the 151.09 mark.
• Short-term range appears to be Bearish.
• USDJPY continues to remain above the 150.70 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 150.40 which is a 38.2% Retracement From 13 Week High.
USDJPY is now trading near to its Pivot levels of 150.87 and is moving into a Bearish channel.
The price of USDJPY remains above its Classic support levels of 150.64 and is now moving towards its next target of 150.21 which is a Price 1 Standard Deviation 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

 

[Resolve]

Triangle Chart Patterns: How to Identify and Trade Them

Triangle chart patterns are essential tools in technical analysis, helping traders identify potential trend continuations. These formations build as the price consolidates between converging trendlines, signalling an upcoming move in the market. In this article, we’ll explore the three types of triangle patterns—symmetrical, ascending, and descending—and how traders use them to analyse price movements.

What Are Triangle Chart Patterns?

Triangle chart patterns are a common tool used to understand price movements in the market. These patterns form when the price of an asset moves within two converging trendlines, creating a triangle shape on a chart. The lines represent support and resistance levels, and as they get closer together, it signals a potential breakout in one direction.

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.

 

[Resolve]

Market Analysis: Gold Rallies To New ATH, WTI Crude Oil Eyes Recovery

Gold price started a fresh surge above $2,720. Crude oil is recovering and might rise toward the $73.85 resistance zone.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price started a strong increase from the $2,645 zone against the US Dollar.
• A major bullish trend line is forming with support at $2,735 on the hourly chart of gold at FXOpen.
• Crude oil is recovering losses and trading above the $70.50 support.
• There was a break above a connecting bearish trend line with resistance near $70.00 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed support near the $2,645 zone. The price remained in a bullish zone and started a fresh increase above $2,680.

The bulls even pushed the price above the $2,720 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,748. The price is now consolidating gains near the $2,745 zone and the RSI is above 50.

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.

 

[Resolve]

Nikkei 225 Index Resumes Its Decline?

In mid-October, the Nikkei 225 index attempted to break through the psychological barrier of 40,000 points but ultimately reversed direction.

This week, the index has continued its downward trend, driven by concerns surrounding the upcoming elections for Japan's House of Representatives scheduled for October 27. According to Reuters, the ruling Liberal Democratic Party (LDP) and its coalition partner, Komeito, may lose their majority in the elections.

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.

 

[Resolve]

General Motors (GM) Shares Surge Nearly 10%

According to the chart for General Motors (GM), the following points stand out:

→ Yesterday, the share price closed above $53, a significant rise from just below $49 the previous day.
→ Since the beginning of the year, the stock has experienced an increase of around 50%.

The sharp rise in price can be attributed to the company's robust Q3 earnings report:

→ General Motors reported a 10% year-on-year increase in gross revenue for Q3, reaching $48.75 billion, significantly higher than analysts' expectations of $44.67 billion.
→ Earnings per share climbed by 30% year-on-year to $2.96, compared to a forecast of $2.49.
→ Additionally, the company raised its earnings guidance for the next quarter and indicated that it is intensifying efforts to launch autonomous vehicles.

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.

 

[Resolve]

Three Outside Up and Down Candlestick Patterns: How to Identify and Trade Them

The three outside up and three outside down candlestick patterns offer traders a powerful way to analyse potential market reversals. Formed by 3 consecutive candlesticks they can signal key shifts in market sentiment, providing valuable insights into future price movements. In this article, we’ll break down how traders identify, trade, and confirm these patterns.

What Are the Three Outside Up and Down Patterns?

The three outside candlestick patterns are powerful tools in technical analysis that can help traders analyse potential market reversals. These patterns are made up of three consecutive candlesticks that reveal shifts in market sentiment. There are two variations: the three outside up and three outside down formations, each signalling opposite directions.

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.

 

[Resolve]

Tesla (TSLA) Shares Surge by 11%

As shown by Tesla's stock chart, trading closed below $213.50 yesterday. However, following the main trading session, the company reported its third-quarter earnings:

→ Earnings per share (EPS): actual = $0.72, expected = $0.59
→ Gross revenue: actual = $25.46 billion, expected = $25.18 billion

Additionally, Tesla forecasted a sharp increase in vehicle sales, assuring investors that CEO Elon Musk remains focused on expanding the company's core electric vehicle business.

According to Reuters, this earnings report positively impacted investors who were previously concerned about:

→ Profit margins shrinking due to price cuts.
→ Musk potentially being distracted by new projects like the Cybercab robotaxi, Robovan, and humanoid robots (Optimus Gen), which were unveiled during the "We, Robot" event that caused a TSLA stock drop on October 11.

As a result, Tesla's pre-market share price shows a rise of over 11%, indicating that today's trading may open around $235.

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.

 

[Resolve]

DAX 40 Loses Upward Momentum

Today, Germany's PMI data was released, according to Forex Factory:
→ German Flash Manufacturing PMI: actual = 42.6, expected = 40.7, previous = 40.6;
→ German Flash Services PMI: actual = 51.4, expected = 50.6, previous = 50.6.

The DAX 40 index (Germany 40 mini on FXOpen) showed a slight intraday increase, which could be viewed positively, especially given that last week, the index reached a yearly high.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.

 

[Resolve]

An Ascending Channel Pattern: Unique Features and Trading Signals

Trading in financial markets can be a challenging task, but with the right tools and techniques, it can also be an exciting experience. One of the indicators that can help a trader build a strategy is the ascending channel pattern. In this FXOpen article, we will discuss what ascending channels are and how to trade them and will provide clear examples of doing so.

What Is an Ascending Channel Pattern?

An ascending channel is a common pattern on price charts. Also known as a rising channel pattern or an upward channel pattern, this formation can be found primarily in the uptrend. It is characterised by two parallel lines. As the price of an asset moves higher over time, these two lines are formed by connecting higher highs and lows, creating boundaries that the price interacts with.

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.

 

[Resolve]

Coca-Cola (KO) Share Price Drops Sharply After Earnings Report

On 23 October, Coca-Cola (KO) released its third-quarter earnings, which exceeded forecasts:

→ Earnings per share (EPS): Actual = $0.77; Expected = $0.74
→ Gross revenue: Actual = $11.95 billion; Expected = $11.69 billion

Despite these positive results, KO's share price saw a sharp decline, likely due to market concerns about fourth-quarter sales forecasts, which face risks associated with currency fluctuations.

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.

 

[Resolve]

What Is a Doji Candle, and How Can You Use It in Trading?

A Doji candle is a technical analysis tool reflecting the uncertainties in the market. Although it provides strong signals, it should be used with other patterns or technical indicators. Why do traders look for Dojis when trading stocks, commodities, and currencies? Keep reading this FXOpen article to discover the unique features of this candlestick and various Doji candlestick types.

What Is a Doji Candle?

A Doji is a pattern that consists of a single candle. It looks very different from other candlesticks. Therefore, traders of any level of experience can determine it on a price chart. The Doji has a tiny body comprising equal or almost equal open and close prices and long shadows. What does a Doji candlestick mean? A short body informs traders about the indecision of buyers and sellers as none of them can drive the market. Long shadows reflect a market uncertainty. The longer the shadows, the more significant the market uncertainties.

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.

 

[Resolve]

A Bearish Gap on the Brent Crude Oil Chart

As the XBR/USD chart shows, Brent crude oil prices formed a gap at the start of this week: while Friday’s session closed at 75.60, Monday’s opening price dropped below 72.60.

According to Reuters, this development is tied to the fact that Israel’s recent missile strike on Iran did not impact oil or nuclear facilities, reducing the immediate risk of escalation.

Will Brent Crude Oil Prices Continue Falling?

In terms of technical analysis for XBR/USD today:

→ The price is within a descending channel (shown in red) that has been active since early summer. A bullish breakout attempt on 7 October was unsuccessful (marked by a red arrow), and Brent crude has since dropped over 10%. Price consolidation between 17-22 October near the median of this red channel confirms its current relevance.

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.

 

[Resolve]

Market Analysis: EUR/USD Dives, USD/JPY Remains In Strong Uptrend

EUR/USD declined from the 1.0880 resistance and corrected gains. USD/JPY is rising and might gain pace above the 153.85 resistance.

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

• The Euro started a fresh decline below the 1.0850 support zone.
• There was a break below a connecting bullish trend line with support at 1.0805 on the hourly chart of EUR/USD at FXOpen.
• USD/JPY climbed higher above the 150.50 and 152.20 levels.
• There was a break above a key contracting triangle with resistance at 152.00 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 1.0880 resistance zone. The Euro started a fresh decline and traded below the 1.0850 support zone against the US Dollar.

The pair declined below 1.0820 and tested the 1.0760 zone. A low was formed near 1.0761 and the pair recently attempted a recovery wave. There was a minor recovery wave above the 1.0800 level. However, the bears were active near 1.0840 and the pair started another decline.

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.

 

[Resolve]

USD/JPY Chart Analysis: Rate Hits Autumn High

Today’s USD/JPY chart indicates that the U.S. dollar has strengthened against the yen by over 6.6% since the beginning of the month. Starting this trading week, the rate has surpassed 153 yen per dollar, a level not seen since August 31.

This bullish sentiment towards the dollar has been driven by the outcome of Japan’s parliamentary elections over the weekend. According to Reuters, investors believe that the loss of the ruling coalition’s majority in Japan’s parliament reduces the likelihood of a future interest rate hike, contributing to the yen's weakening.

On October 10, there was speculation that bears might halt the October rally (marked by the blue channel) and guide the rate back down within a descending channel from its upper boundary (marked in red), with the psychological level of 150 yen per dollar acting as resistance.

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.

 

[Resolve]

AUDUSD Technical Analysis – 28th OCT, 2024
AUDUSD – Near Horizontal Resistance

AUDUSD was unable to continue its bullish momentum and after touching a high of 0.6639 the prices have started to decline against the United States Dollar today in the US trading session.
The prices are ranging Near horizontal resistance in the 15-minutes timeframe.
We can see the formation of Bearish trend reversal: Moving Average 50 in the daily timeframe.
The AUDUSD is now ranging Near resistance of triangle in the weekly timeframe.

We have seen Bearish trend reversal: adaptative moving average 20 in the weekly timeframe.
We have also seen Bearish trend reversal: adaptative moving average 100 in the weekly timeframe.
Some of the technical indicators are also giving a Bullish to Neutral stance in the markets indicating the presence of the Consolidation wave in the markets.
The AUDUSD is ranging near a new LOW 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 Bearish reversal seen below the 0.6639 mark.
• Short-term range appears to be Bearish.
• AUDUSD continues to remain above the 0.6600 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.6588 which is the Pivot Point 1st Support Point.
AUDUSD is now trading near to its Pivot levels of 0.6604 and is moving into a Bearish channel.
The price of AUDUSD remains above its Classic support levels of 0.6593 and is moving towards its next target of 0.6577 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

 

[Resolve]

EURUSD Technical Analysis – 28th OCT, 2024
EURUSD – RSI indicator: Bearish Divergence

EURUSD was unable to continue its bullish momentum and after touching a high of 1.0832 the prices started to decline against the United States Dollar today in the US Trading session.
The RSI indicator: bearish divergence is visible in the 30-minutes timeframe.
The Support of channel is broken in the weekly timeframe.
We can see Bearish trend reversal: adaptative moving average 100 in the weekly timeframe.

The CCI indicator is overbought: over 100 indicating a Neutral market.
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 above its 100-hour SMA and below its 200-hour SMA simple moving averages.
• Euro Bearish reversal seen below the 1.0832 mark.
• Short-term range appears to be Bearish.
• EURUSD continues to remain above the 1.0800 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 1.0783 which is a 38.2% Retracement From 52 Week Low.
EURUSD is now trading near to its Pivot levels of 1.0818 and is moving into a Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.0800 and is moving towards its next target of 1.0779 which is a Pivot Point 1st 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

 

[Resolve]

GBPUSD Technical Analysis – 28th OCT, 2024
GBPUSD – Bearish Trend Reversal Pattern

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.3000 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 2-hourly timeframe.
Also, we see Bearish trend reversal: adaptative moving average 50 in the 2-hourly timeframe.
We have detected Bearish trend reversal: adaptative moving average 20 in the 4-hourly timeframe.

We also see Bearish trend reversal: Moving Average 50 in the daily timeframe.
Also, Bearish trend reversal: adaptative moving average 20 is visible in the weekly timeframe.
Some of the technical indicators are also giving a Bullish to Neutral stance in the markets indicating the presence of the consolidation wave in the markets.
We have also seen a bearish opening of the markets this week.
GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bearish reversal seen below the 1.3000 mark.
• Short-term range appears to be Bearish.
• GBPUSD continues to remain above the 1.2960 levels.
• Average true range ATR is indicating Less market volatility.

GBPUSD is now trading near to its Pivot levels of 1.2960 and is moving into a Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2954 and is now moving towards its next target of 1.2956 which is a 3-10 Day Moving Average Crossover Stalls.
We are also looking for the breach of the levels of 1.2947 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