Daily Market Analysis By FXOpen

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What Are Lagging Indicators, and How Can You Use Them in Trading?

Lagging indicators are fundamental tools in technical analysis, helping traders confirm trends and assess market momentum using historical price data. This article explores what lagging indicators are, the types available, and how traders use them in their strategies. We’ll also discuss their limitations and common mistakes traders should avoid.

What Are Lagging Indicators?

Lagging technical indicators are tools that traders use to confirm the direction of a price trend after it has already begun. There are leading and lagging technical indicators. The difference between leading and lagging indicators is that the former signal future price movements while the latter relying on past data help traders spot well-established trends.

These indicators work by smoothing out price movements over time, which helps traders analyse whether a trend is likely to continue. For example, after a market has been rising steadily, a lagging indicator may show that the trend has solidified, giving traders more confidence in their analysis. However, because they react to past movements, lagging indicators can be slow to signal when a trend is reversing, which is why they’re often used alongside other tools.

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

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

 

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Natural Gas Prices Reach Yearly Highs

According to the XNG/USD chart, natural gas prices have risen by approximately 13% since early November and this week hit a new 2024 high.

Factors Driving Bullish Sentiment (as reported by Reuters):
→ A sharp increase in global gas prices.
→ Forecasts of colder weather and higher heating demand in the United States.

Will Natural Gas Prices Continue to Rise?

From a fundamental perspective, the Energy Information Administration (EIA) forecast on 13 November predicts natural gas prices could peak in January 2025.

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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Meta Platforms (META) Shares Dip Below $550

On 7 October, we analysed the Meta Platforms (META) price chart and highlighted:
→ The formation of a long-term upward channel (marked in blue).
→ The key drivers supporting bullish sentiment.

We also emphasised the psychological significance of the $600 level.

Since then, the price has approached this level four times, only to be met with resistance each time (indicated by red arrows).

Yesterday, for the first time since mid-September, META’s price fell below $550, suggesting that the stock underperformed the broader market during October and November.

What’s Next?

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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What Are Leading Trading Indicators, and How Can You Use Them in Trading?

Leading indicators are essential tools for traders aiming to analyse market movements. This article explains what leading indicators are, how they work, and their practical application across different asset classes. Read on to discover how tools like RSI, Stochastic Oscillator, On-balance Volume, and Fibonacci retracements can enhance your trading strategy.

What Are Leading Technical Indicators?

Technical indicators are divided into leading and lagging. Leading indicators in trading are tools used to identify potential price movements before they occur. Lagging indicators confirm trends after they begin, helping traders validate price movements. The difference between leading and lagging indicators is that leading indicators aim to give traders an edge by signalling when a new trend or reversal might be on the horizon while lagging indicators confirm trends after they've developed.

Leading trading indicators work by analysing price data to identify patterns or extremes in buying and selling behaviour. For instance, popular leading indicators like the Relative Strength Index (RSI) and the Stochastic Oscillator measure momentum in a market. These indicators help traders spot overbought or oversold conditions, where RSI tracks recent price movements relative to historical performance, while the Stochastic Oscillator compares a security's closing price to its price range over a set period.

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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Shopify (SHOP) Shares Retreat After Sharp Surge

On 12 November, Shopify released its Q3 earnings report, which exceeded analysts' expectations:

• Earnings per share: actual = $0.36, forecast = $0.27;
• Gross revenue: actual = $2.23 billion, forecast = $2.15 billion.

The company also provided strong earnings guidance for Q4. According to Zacks analysts, Q4 earnings per share could reach $0.39.

As a result, SHOP shares surged by more than 20% following the report's release. But is it the right time to buy now?

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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Market Analysis: AUD/USD and NZD/USD Recover - More Gains Ahead?

AUD/USD is attempting a recovery wave from 0.6440. NZD/USD is also correcting losses and might recover if there is a clear move above the 0.5950 resistance.

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

• The Aussie Dollar found support near 0.6440 and is now recovering against the US Dollar.
• There was a break above a key bearish trend line with resistance at 0.6480 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is attempting a recovery wave above the 0.5880 resistance.
• There was a break above a major bearish trend line with resistance near 0.5860 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 0.6685 resistance zone. The Aussie Dollar declined below 0.6500, but the bulls were active near 0.6440 against the US Dollar.

A low was formed near 0.6439 and the pair is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward wave from the 0.6685 swing high to the 0.6439 low. There was also a break above a key bearish trend line with resistance at 0.6480.

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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Morgan Stanley: Trump’s Tariff Plans Could Lower Stock Indices

As reported by CNBC, Morgan Stanley analysts have evaluated the potential impact of tariff plans proposed by Donald Trump during his presidential campaign on the U.S. economy and stock market.

Key initiatives from the president-elect include:
→ Introducing a general tariff of 10% to 20% on all imported goods.
→ Imposing additional tariffs of 60% to 100% on imports from China.

Morgan Stanley’s Chief Global Economist, Seth Carpenter, suggests these measures could:
→ Eliminate the possibility of interest rate cuts in 2025 and constrain economic growth.
→ Threaten a slowdown in U.S. economic growth by 2026.
→ Drive inflation higher.
→ Pressure industries such as automotive, consumer electronics, machinery, construction, and retail. Increased producer costs are likely to be passed on to consumers.

These scenarios imply a negative outlook for the U.S. stock market. Tariffs may reduce investment appeal and raise borrowing costs for companies, potentially dampening market performance.

How Might This Affect Indices Like the Nasdaq 100 (US Tech 100 Mini on FXOpen)?

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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European Currencies' Decline Slows Near Key Levels

As anticipated, investor concerns over escalating trade tensions between the U.S. and Europe, following Donald Trump’s U.S. election victory, have driven the euro and pound toward critical support levels.

GBP/USD

Last week, GBP/USD sellers pushed the pair down to the significant 1.2600 level. After testing this support, the downward trend paused, transitioning to sideways movement within the 1.2700–1.2600 range.

Technical analysis suggests the possibility of an upward correction, with a bullish "engulfing" pattern visible on the daily timeframe. If the price breaks above 1.2700 in the next trading sessions, a move toward 1.2840–1.2800 could follow. Conversely, breaking the recent low near 1.2600 might open the path to 1.2500–1.2450.

Key events to watch:

• 10:00 (GMT+3): UK Consumer Price Index (CPI) for October.
• 16:30 (GMT+3): UK House Price Index.
• 19:00 (GMT+3): Speech by Bank of England MPC member Ramsden.

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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Tweezer Candlestick Patterns for Trend Trading

There are numerous patterns and indicators that can help traders determine the formation of a new trend. One valuable tool in a trader's arsenal is the Tweezer candlestick pattern. In this FXOpen article, we will discuss the definition of Tweezers, elucidate the importance of these patterns in trading, and emphasise their role in potentially achieving precision in trend trading.

What Is a Tweezer?

Tweezers are candlestick patterns that signify potential reversals in market trends. These patterns occur when two consecutive candlesticks share similar highs or lows, forming a "tweezer" shape on the price chart. Tweezers can be either bullish or bearish, each conveying distinct market sentiment.

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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Nvidia (NVDA) Stock Drops Following Earnings Report

On 13 November, we analysed Nvidia’s (NVDA) price chart and noted:
→ The continuation of a long-term upward channel (highlighted in blue).
→ A consolidation below the psychological $150 level, forming a narrowing triangle along the Quater Line, which divides the lower half of the channel.

On 20 November, Nvidia released its Q3 earnings report, which exceeded analysts’ expectations:
→ Earnings per share (EPS): $0.81 (expected: $0.74).
→ Revenue: $35.08 billion (expected: $33.17 billion).
→ Revenue growth: +94% year-on-year, +17% quarter-on-quarter.
Key Insights (via Reuters):

→ Optimism centres on Nvidia’s new Blackwell processors.
→ Concerns arise over a reduced revenue forecast due to supply chain constraints in chip production.

Despite strong results, Nvidia’s stock price dipped slightly following the report. Pre-market data suggests today’s trading could start around $142.50.

What’s Next?

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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Analysis of XAU/USD: Gold Price Rises by 5% in a Week

As shown in the XAU/USD chart, last Thursday, the price of gold dropped below $2,540. Today, however, the precious metal has surged above $2,660 per ounce.

The more than 5% weekly increase was driven by a new wave of international tensions, particularly the escalation surrounding the approval for Ukraine to use Western long-range weapons for strikes deep into Russian territory.

Technical analysis of the XAU/USD chart highlights that last week’s upward reversal once again demonstrates how effectively parallel channel lines can work. During the summer, the median line of the ascending channel (marked in blue) acted as support. However, following its bearish breakout on 11 November, the lower boundary of the channel, reinforced by the $2,535 level (which served as resistance in August and September), provided support for the price.

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 NOV, 2024
AUDUSD – Support of Channel is Broken

AUDUSD was unable to continue its bullish momentum and after touching a high of 0.6532 the prices have started to decline against the United States Dollar today in the Asian trading session.
We can see that the Support of channel is broken in the 15-minutes timeframe. Also, the Support of triangle is broken in the 15-minutes timeframe.
We can see Bearish trend reversal: adaptative moving average 50 in the 1-hourly timeframe.
We have detected Bearish trend reversal: adaptative moving average 100 in the 1-hourly timeframe.

Also, we see Bearish price crossover with adaptative moving average 100 present in the 1-hourly timeframe.
The SuperTrend indicator bearish reversal signal is visible in the 1-hourly 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 can also see the Ichimoku: price is under the cloud in the 2-hourly timeframe.

AUDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bearish reversal seen below the 0.6532 mark.
• Short-term range appears to be Bearish.
• AUDUSD continues to remain above the 0.6490 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.6483 which is a Price 3 Standard Deviations Support.
AUDUSD is now trading near to its Pivot levels of 0.6507 and is moving into a Bearish channel.
The price of AUDUSD remains above its Classic support levels of 0.6491 and is moving towards its next target of 0.6460 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 – 22nd NOV, 2024
EURUSD – MACD crosses DOWN its Moving Average

EURUSD was unable to continue its bullish momentum and after touching a high of 1.0544 the prices started to decline against the United States Dollar today in the Asian Trading session.
We can see that the MACD crosses DOWN its Moving Average in the 15-minutes timeframe.
Also, the Moving Average bearish crossovers: AMA20 & AMA50 can be seen in the 15-minutes timeframe.
We have detected Parabolic SAR indicator bearish reversal in the 30-minutes timeframe.

We can see the Momentum indicator is back under zero in the 1-hourly timeframe.
We have seen the formation of Bearish engulfing lines in the 2-hourly timeframe.
Also, we can detect Bearish trend reversal: Moving Average 100 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.

The prices are ranging New LOW record (1 month) 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 1.0544 mark.
• Short-term range appears to be Bearish.
• EURUSD continues to remain above the 1.0450 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 1.0439 which is a Pivot Point 1st Support Point.
EURUSD is now trading near to its Pivot levels of 1.0474 and is moving into a Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.0464 and is moving towards its next target of 1.0409 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

 

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GBPUSD Technical Analysis – 22nd NOV, 2024
GBPUSD – Support of Channel is Broken

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2656 the prices started to decline against the United States Dollar today in the Asian Trading session.
We can see that the Support of channel is broken in the 15-minutes timeframe.
Also, we can see the formation of Doji in the 1-hourly timeframe.
We see Bearish trend reversal: Moving Average 20 present in the weekly timeframe.

Also, we see Bearish trend reversal: adaptative moving average 100 in the weekly timeframe.
We have seen Bearish price crossover with Moving Average 100 present in the weekly timeframe.
Also, the Price is ranging Near a new LOW record (1 year) 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.

GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bearish reversal seen below the 1.2656 mark.
• Short-term range appears to be Bearish.
• GBPUSD continues to remain above the 1.2550 levels.
• Average true range ATR is indicating Less market volatility.

GBPUSD is now trading near to its Pivot levels of 1.2573 and is moving into a Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2545 and is now moving towards its next target of 1.2557 which is a Pivot Point 1st Support Point.
We are also looking for the breach of the levels of 1.2536 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

 

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NZDUSD Technical Analysis – 22nd NOV, 2024
NZDUSD – Support of Channel is Broken

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.5883 the prices started to decline against the United States Dollar today in the Asian Trading session.
We can see that the Support of channel is broken in the 1-hourly timeframe.
We can see the formation of Doji in the 1-hourly timeframe.
We see that the Previous candle closed under Bollinger bands in the 2-hourly timeframe.

We can clearly see the formation of Three black crows in the 4-hourly timeframe.
The prices of NZDUSD are ranging New LOW record (1 year) 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.
We have seen that the Support of channel is broken in the monthly timeframe.

NZDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.5883 mark.
• Short-term range appears to be Bearish.
• NZDUSD continues to remain above the 0.5830 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.5829 which is a Pivot Point 2nd Support Point.
NZDUSD is now trading near to its Pivot levels of 0.5831 and is moving into a Bearish channel.
The price of NZDUSD remains above its Classic support levels of 0.5815 and is now moving towards its next target of 0.5813 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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USDCAD Technical Analysis – 22nd NOV, 2024
USDCAD – Resistance of Channel is Broken

USDCAD was unable to continue its Bearish momentum and after touching a low of 1.3931 the prices started to rise upwards against the United States Dollar today in the Asian Trading session.
The Resistance of channel is broken in the 15-minutes timeframe.
We have seen Bullish trend reversal: adaptative moving average 50 in the 1-hourly timeframe.
Also, we can see Bullish trend reversal: adaptative moving average 20 present in the 2-hourly timeframe.

Also, we see the Bullish price crossover with adaptative moving average 100 in the 4-hourly timeframe.
The MACD crosses UP 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.
We see that USDCAD is ranging Near a new HIGH record (5 years) in the weekly timeframe.

USDCAD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Loonie Bullish reversal seen above the 1.3931 mark.
• Short-term range appears to be Bullish.
• USDCAD continues to remain above the 1.3950 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 1.3991 which is a Pivot Point 1st Resistance Point.
USDCAD is now trading near to its Pivot levels of 1.3982 and is moving into a Bullish channel.
The price of USDCAD remains above its Classic support levels of 1.3966 and is now moving towards its next target of 1.4010 which is a Price 3 Standard Deviations 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

 

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USDJPY Technical Analysis – 22nd NOV, 2024
USDJPY – Resistance of Channel is Broken

USDJPY was unable to continue its bearish momentum and after touching a low of 153.89 the prices started to rise upwards against the United States Dollar today in the Asian Trading session.
We can see that the Resistance of channel is broken in the 15-minutes timeframe.
We see that the prices are Near support of triangle in the 1-hourly timeframe.
Also, we can see Bullish trend reversal: adaptative moving average 20 present in the 1-hourly timeframe.

Also, we have detected Bullish price crossover with Moving Average 100 in the 1-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.
We can see Moving Average bearish crossovers: MA20 & MA50 present in the 2-hourly timeframe. Also, MACD crosses UP its Moving Average in the 2-hourly timeframe.
Also, we see that the prices are ranging Near a new HIGH record (5 years) in the weekly timeframe.

We have seen Moving Average bullish crossovers: AMA50 & AMA100 in the daily timeframe.
USDJPY is now trading above its 100-hour SMA and below its 200-hour SMA simple moving averages.
• Yen Bullish reversal seen above the 153.89 mark.
• Short-term range appears to be Bullish.
• USDJPY continues to remain above the 154.80 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 155.04 which is a Price 2 Standard Deviations Resistance.
USDJPY is now trading near to its Pivot levels of 154.64 and is moving into a Bullish channel.
The price of USDJPY remains above its Classic support levels of 154.21 and is now moving towards its next target of 155.35 which is a Pivot Point 1st Resistance 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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Strategies for Trading Exotic Currency Pairs

Exotic currency pairs offer unique opportunities in forex trading, combining major currencies with those from emerging or smaller economies. While they may be less frequently traded than major or minor pairs, their higher volatility can lead to significant price swings. This article delves into exotic currency pairs and trading strategies for speculating on these volatile price movements.

Understanding Exotic Currency Pairs

In the forex market, pairs are categorised into three types: major, minor, and exotic currency pairs. Exotic forex pairs typically involve one major currency paired with the currency of aУn emerging or a strong but smaller economy. They are less frequently traded compared to major or minor pairs, leading to higher volatility and potentially larger price swings. An exotic currency example is the pairing of the US Dollar (USD) with the Turkish Lira (TRY).

These pairs often exhibit unique market dynamics. For instance, political events, economic developments, or changes in commodity prices can significantly influence exotic pairs due to their local market sensitivities. This aspect can lead to both opportunities and risks for traders.

VIEW 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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Dollar Resumes Gains Amid Weak Rivals and Fresh Economic Data

After a brief correction, the US dollar is back on an upward trajectory. The GBP/USD pair has fallen to 1.2600, USD/CAD has bounced from 1.3940 and is heading towards 1.4000, while EUR/USD is approaching 2023 lows.

USD/CAD

At the start of the trading week, dollar buyers managed to push USD/CAD up to 1.4100. However, the pair failed to consolidate above this level and lost over 150 points in subsequent sessions. Nonetheless, the 1.3940–1.3900 range, which had served as resistance for two years, acted as support.

The bounce from 1.3940 allowed buyers to form a reversal pattern, potentially paving the way for another attempt at 1.4100. A decline below 1.3900, however, could lead to a full-fledged downward correction towards the 1.3870–1.3800 range.

Key events influencing USD/CAD pricing today:

• 16:30 (GMT +3): Canadian core retail sales for October.
• 17:45 (GMT +3): US services PMI for November.
• 21:00 (GMT +3): Baker Hughes rig count data.

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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Alphabet Inc. (GOOGL) Shares Drop Over 4.5% in a Single Day

As the chart shows, during yesterday’s trading session, the stock price of Alphabet Inc. (GOOGL), the parent company of Google, declined by more than 4.5%. The drop was driven by regulatory pressure on the company concerning its Chrome browser, which may face a forced sale or breakup.

The US Department of Justice believes Google should end its monopoly on online search. A court case is scheduled for April next year, but the sharp decline in GOOGL’s share price reflects growing investor caution.

The technical chart for Alphabet Inc. shares reveals further reasons for concern due to several bearish indicators:
→ The price reversed downward (indicated by an arrow) from the median line of the long-term channel (shown in blue).

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.