Daily Market Analysis By FXOpen

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EUR/USD Breaks 2023 Low

Today’s PMI figures were released and came in worse than analysts’ expectations. The Flash Manufacturing PMI and Flash Services PMI for both Germany and France fell below the 50.0 threshold, indicating that Europe’s economy is slowing down.

This weakened the euro further and exacerbated the situation on the EUR/USD chart, which has been in a downtrend since early October (as indicated by the red channel):

→ Earlier, support near the 1.0800 level (drawn through the spring-summer lows) was breached.
→ Today, the pair fell below the psychological level of 1.0500 and beneath the 2023 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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How Can You Trade with an Inverted Hammer Pattern?

In trading, patterns are powerful tools, allowing traders to anticipate changes in trend direction. One such pattern is the inverted hammer, a formation often seen as a bullish signal following a downtrend. Recognising this pattern and understanding its implications can be crucial for traders looking to spot reversal opportunities. In this article, we will explore the meaning of inverted hammer candlestick, how to identify it on a price chart, and how traders can incorporate it into their trading strategies.

What Is an Inverted Hammer?

An inverted hammer is a candlestick pattern that appears at the end of a downtrend, typically signalling a potential bullish reversal. It has a distinct shape, with a small body at the lower end of the candle and a long upper wick that is at least twice the size of the body. This structure suggests that although sellers initially dominated, buyers stepped in, pushing prices higher before closing near the opening level. While the inverted hammer alone does not confirm a reversal, it’s often considered a sign of a possible trend change when followed by a bullish move on subsequent candles.

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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Market Analysis: Gold and WTI Crude Oil Prices Signal Bullish Bias

Gold price started a fresh increase above the $2,600 resistance level. WTI Crude oil prices climbed higher above $70.00 and might extend gains.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

• Gold price started a steady increase from the $2,535 zone against the US Dollar.
• A connecting bullish trend line is forming with support near $2,645 on the hourly chart of gold at FXOpen.
• WTI Crude oil prices extended gains above the $68.50 and $70.00 resistance levels.
• There is a key bullish trend line forming with support at $70.30 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed a base near the $2,535 zone. The price started a steady increase above the $2,600 and $2,605 resistance levels.

There was a decent move above the 50-hour simple moving average and $2,675. The bulls pushed the price above the $2,700 resistance zone. Finally, the bears appeared near $2,720. A high was formed near $2,720 and the price is now consolidating gains.

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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Moderna (MRNA) Stock Rises 7.5% in a Single Day

Last week, shares of several major European and American vaccine manufacturers dropped in response to the appointment of Robert F. Kennedy Jr. as head of the Department of Health and Human Services, given his well-known anti-vaccine stance.

This added pressure to Moderna (MRNA) shares, which have been in a downtrend (illustrated by the red channel). Since the start of 2024, they have fallen by over 50%, even as the S&P 500 (US SPX 500 mini on FXOpen) has gained more than 25%.

However, during Friday’s trading session, MRNA shares surged by 7.5%, making them one of the market leaders (by comparison, the S&P 500 gained approximately 0.4% on the same day).

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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GBP/USD Analysis: Pair Finds Support at Psychological Level

As the GBP/USD chart shows today:
→ Since the start of the month, the pound has declined by approximately 2.5% against the US dollar.
→ The 1.2618 level has shifted from support to resistance (as indicated by arrows).

Bearish sentiment has also been fuelled by Friday’s UK data (according to Forex Factory):
→ Retail sales fell by 0.7% month-on-month.
→ PMI figures came in below analysts’ expectations.

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 – 26th NOV, 2024
AUDUSD – Bearish Price Crossover

AUDUSD was unable to continue its bullish momentum and after touching a high of 0.6526 the prices have started to decline against the United States Dollar today in the Asian trading session.
We can see that the Bearish price crossover with Moving Average 20 in the 15-minutes timeframe. Also, the MACD crosses DOWN its Moving Average in the 15-minutes timeframe.
We can see Parabolic SAR indicator bearish reversal in the 15-minutes timeframe.
We have detected the Long black line and Black line without upper shadow in the 15-minutes timeframe indicating a Bearish market.

Also, we see that the Bearish price crossover with Moving Average 20 present in the 30-minutes timeframe.
The SuperTrend indicator bearish reversal can be seen in the 2-hourly timeframe.
We can also see Moving Average bearish crossovers: AMA20 & AMA50 and the Ichimoku: price is under the cloud in the 1-hourly timeframe.
AUDUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving averages.

• Aussie Bearish reversal seen below the 0.6526 mark.
• Short-term range appears to be Bearish.
• AUDUSD continues to remain above the 0.6450 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.6451 which is a Pivot Point 2nd Support Point.
AUDUSD is now trading below its Pivot levels of 0.6503 and is moving into a Bearish channel.
The price of AUDUSD remains below its Classic support levels of 0.6497 and is moving towards its next target of 0.6415 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 – 26th NOV, 2024
EURUSD – Near Resistance of Channel

EURUSD was unable to continue its bullish momentum and after touching a high of 1.0528 the prices started to decline against the United States Dollar today in the Asian Trading session.
We can see that the prices are Near resistance of channel in the 15-minutes timeframe.
Also, the Bearish price crossover with Moving Average 50 is visible in the 15-minutes timeframe.
We have detected Bearish price crossover with adaptative moving average 50 in the 15-minutes timeframe.

We can see the MACD indicator: bearish divergence is present in the 15-minutes timeframe.
We have seen the Bearish trend reversal: adaptative moving average 100 in the 30-minutes timeframe.
Also, we can detect SuperTrend indicator bearish reversal in the 30-minutes timeframe.
We see Ichimoku - Bearish crossover: Tenkan & Kijun in the 30-minutes timeframe.

The RSI indicator is back under 50 in the daily timeframe. Also, we can see Momentum indicator is back under zero in the 2-hourly timeframe.
EURUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bearish reversal seen below the 1.0528 mark.
• Short-term range appears to be Bearish.
• EURUSD continues to remain above the 1.0430 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 1.0430 which is a Price 2 Standard Deviations Support.
EURUSD is now trading near to its Pivot levels of 1.0463 and is moving into a Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.0367 and is moving towards its next target of 1.0415 which is a Price 3 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 – 26th NOV, 2024
GBPUSD – Near Resistance of Channel

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2612 the prices started to decline against the United States Dollar today in the Asian Trading session.
We can see that the prices are Near resistance of channel in the 15-minutes timeframe.
Also, we can see the prices Near horizontal resistance in the 1-hourly timeframe.
As we can see the MACD crosses DOWN its Moving Average in the 2-hourly timeframe.

Also, we see Parabolic SAR indicator bearish reversal present in the 4-hourly timeframe.
The MACD indicator is back under zero in the weekly timeframe. Also, the Price is back under the pivot point in the weekly timeframe.
As it is visible with the recent price action the bearish trend is expected to continue in the medium term and we are expecting a consolidation wave sooner.
GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.

• Pound Bearish reversal seen below the 1.2612 mark.
• Short-term range appears to be Bearish.
• GBPUSD continues to remain above the 1.2520 levels.
• Average true range ATR is indicating Less market volatility.

GBPUSD is now trading below its Pivot levels of 1.2545 and is moving into a Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2473 and is now moving towards its next target of 1.2518 which is a Price 1 Standard Deviation Support.
We are also looking for the breach of the levels of 1.2502 which is a Pivot Point 2nd 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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NZDUSD Technical Analysis – 26th NOV, 2024
NZDUSD – Bearish Price Crossover

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.5867 the prices started to decline against the United States Dollar today in the Asian Trading session.
We can see Bearish price crossover with adaptative moving average 20 present in the 15-minutes timeframe.
Also, we see Moving Average bearish crossovers: MA20 & MA50 in the 1-hourly timeframe.
The Support of channel is broken in the daily timeframe.

As we have seen today in the early Asian trading session a strong bearish correction was observed and it is expected to continue in the medium-term scenario.
The Support of channel is broken in the monthly 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 prices continue to range New LOW record (1 year) in the weekly timeframe.
NZDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.

• Kiwi Bearish reversal seen below the 0.5867 mark.
• Short-term range appears to be Bearish.
• NZDUSD continues to remain above the 0.5820 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 0.5816 which is a Pivot Point 2nd Support Point.
NZDUSD is now trading near to its Pivot levels of 0.5816 and is moving into a Bearish channel.
The price of NZDUSD remains above its Classic support levels of 0.5783 and is now moving towards its next target of 0.5798 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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USDCAD Technical Analysis – 26th NOV, 2024
USDCAD – Bullish Price Crossover

USDCAD was unable to continue its Bearish momentum and after touching a low of 1.3950 the prices started to rise upwards against the United States Dollar today in the Asian Trading session.
We have seen Bullish price crossover with adaptative moving average 20 present in the 15-minutes timeframe.
We have seen that the Resistance of channel is broken in the 1-hourly timeframe.
Also, we can see Moving Average bullish crossovers: AMA20 & AMA50 in the 4-hourly timeframe.

As we can see the Horizontal resistance is broken in the daily timeframe.
We have seen the formation of Bullish engulfing lines 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.
The Resistance of channel is broken in the monthly timeframe.

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 1.3950 mark.
• Short-term range appears to be Bullish.
• USDCAD continues to remain above the 1.4090 levels.
• Average true range ATR is indicating High market volatility.

The next resistance is located at 1.4099 which is a Pivot Point 3rd Level Resistance.
USDCAD is now trading near to its Pivot levels of 1.4122 and is moving into a Bullish channel.
The price of USDCAD remains above its Classic support levels of 1.4062 and is now moving towards its next target of 1.4122 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 – 26th NOV, 2024
USDJPY – Near Support of Channel

USDJPY was unable to continue its bearish momentum and after touching a low of 153.62 the prices started to rise upwards against the United States Dollar today in the Asian Trading session.
The CCI indicator: bullish divergence is visible in the 30-minutes timeframe.
We see that the prices are Near support of channel and near horizontal support in the 15-minutes timeframe.
Also, we can see that the Resistance of channel is broken in the weekly timeframe.

As we have seen in the recent price corrections the immediate targets remain on the upside.
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.
Also, we see that the prices are ranging Near a new HIGH record (5 years) in the weekly timeframe.
We have seen prices ranging Near horizontal support in the monthly timeframe.
USDJPY is now trading below its 100-hour SMA and below its 200-hour SMA simple moving averages.

• Yen Bullish reversal seen above the 153.62 mark.
• Short-term range appears to be Bullish.
• USDJPY continues to remain above the 153.70 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 154.02 which is a 50% Retracement From 4 Week High/Low.
USDJPY is now trading near to its Pivot levels of 154.00 and is moving into a Bullish channel.
The price of USDJPY remains above its Classic support levels of 153.60 and is now moving towards its next target of 154.66 which is a 38.2% Retracement From 4 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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What Indicators Do Traders Use for Scalping?

Scalping is a fast-paced trading style where traders aim to take advantage of small price movements within short timeframes. Such traders often rely on technical indicators to make quick decisions. This article explores some of the most popular scalping indicators, providing insights into how they can help traders spot opportunities in fast-moving markets.

Understanding Scalping Indicators

As you know, scalping is a trading strategy where traders aim to take advantage of small price movements by executing numerous trades within short timeframes, often closing trades within a few minutes. This approach requires swift decision-making and precise timing.

Technical indicators are essential tools in this context, as they provide real-time data and insights into market trends, momentum, and volatility. Using these indicators, traders can identify optimal entry and exit points, potentially enhancing their ability to navigate the rapid pace of the market.

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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How Black Friday Could Impact the Stock Market in 2024

Black Friday, one of the most anticipated and significant days in retail, falls on the Friday following Thanksgiving in the United States. This day is considered an early indicator of the success of the Christmas shopping season and can serve as a trigger for the so-called "Santa Claus rally" – a period of stock market growth typically observed from late December to early January. Let’s explore how Black Friday might influence the stock markets this year.

Fundamental Analysis
According to data from the Federal Reserve Bank of St. Louis, consumer spending accounts for approximately 70% of the U.S. Gross Domestic Product (GDP). Many analysts view stimulating consumer spending as key to sustaining economic activity. Thus, Black Friday sales figures are often seen as a vital indicator of the nation’s economic health.

In 2024, Black Friday takes on added importance amid the Federal Reserve's recent cycle of interest rate cuts. Consumer spending levels during the sales period will reflect the current state of the economy, which could influence the Fed's future monetary policy direction.

Impact on the U.S. Stock Market
From 2001 to 2023, trends in the S&P 500 index around Black Friday have been variable, though generally positive. For example, the S&P 500 gained more than 1% in 2001, 2007, and 2012, while in 2009, it fell by 1.7%. This variability highlights the difficulty of finding a consistent annual pattern.

However, retail stocks often display discernible trends during this period. As noted by Yahoo Finance, some companies’ shares have shown positive momentum in the week before and after Black Friday.

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.