Daily Market Analysis By FXOpen

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GBPUSD Technical Analysis – 27th NOV, 2024
GBPUSD – Resistance of Channel is Broken

GBPUSD was unable to continue its bearish momentum and after touching a low of 1.2524 the prices started to correct upwards against the United States Dollar today in the London Trading session.
We can see that the Resistance of channel is broken in the 15-minutes timeframe.
The RSI indicator is overbought: over 70 in the 30-minutes timeframe.
As we can see the Bullish trend reversal: Moving Average 50 in the 2-hourly timeframe.

Also, we see Moving Average bullish crossovers: MA20 & MA50 in the 2-hourly timeframe.
The SuperTrend indicator bullish reversal can be seen in the 4-hourly timeframe. Also, we see Ichimoku - Bullish crossover: Tenkan & Kijun in the 4-hourly timeframe.
We see Bullish price crossover with adaptative moving average 50 and Ichimoku: price is over the cloud in the weekly timeframe.
GBPUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving average.

• Pound Bullish reversal seen above the 1.2524 mark.
• Short-term range appears to be Bullish.
• GBPUSD continues to remain above the 1.2650 levels.
• Average true range ATR is indicating High market volatility.

GBPUSD is now trading above its Pivot levels of 1.25649 and is moving into a Bullish channel.
The price of GBPUSD is above its Classic support levels of 1.2596 and is now moving towards its next target of 1.2672 which is a Pivot Point 2nd Level Resistance.
We are also looking for the breach of the levels of 1.2701 which is a 38.2% Retracement From 4 Week Low.

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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 – 27th NOV, 2024
NZDUSD – Near Support of Channel

NZDUSD was unable to continue its bearish momentum and after touching a low of 0.5830 the prices started to correct upwards against the United States Dollar today in the London Trading session.
The prices are ranging Near support of channel in the 15-minutes timeframe. Also, the Resistance of channel is broken in the 15-minutes timeframe.
Also, we see the Previous candle closed over Bollinger bands in the 4-hourly timeframe indicating a Neutral market.
The MACD crosses UP its Moving Average in the daily timeframe. The prices continue to range Near support of channel in the weekly timeframe.

The Price is back over the pivot point in the weekly timeframe indicating a Bullish scenario.
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 have seen that the prices continue to range Near a new HIGH record (1 month) in the weekly timeframe.
NZDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.

• Kiwi Bullish reversal seen above the 0.5830 mark.
• Short-term range appears to be Bullish.
• NZDUSD continues to remain above the 0.5890 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 0.5908 at which the Price Crosses 18 Day Moving Average.
NZDUSD is now trading near to its Pivot levels of 0.5903 and is moving into a Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.5891 and is now moving towards its next target of 0.5927 which is a 3-10-16 Day MACD 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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USDCAD Technical Analysis – 27th NOV, 2024
USDCAD – Support of Channel is Broken

USDCAD was unable to continue its Bullish momentum and after touching a high of 1.4076 the prices started to decline against the United States Dollar today in the London Trading session.
We have seen that the Support of Channel is Broken in the 1-hourly timeframe.
Also, Bearish price crossover with adaptative moving average 50 is visible in the 2-hourly timeframe.
We can see Bearish price crossover with Moving Average 20 in the 4-hourly timeframe.

The RSI indicator is back under 50 in the 4-hourly timeframe.
The CCI indicator: bearish divergence is also visible 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 prices are Near resistance of channel 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 above its 100-hour SMA and its 200-hour SMA simple moving averages.

• Loonie Bearish reversal seen below the 1.4076 mark.
• Short-term range appears to be Bearish.
• USDCAD continues to remain above the 1.4020 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 1.4010 which is a 14-3 Day Raw Stochastic at 50%.
USDCAD is now trading near to its Pivot levels of 1.4028 and is moving into a Bearish channel.
The price of USDCAD remains above its Classic support levels of 1.4007 and is now moving towards its next target of 1.3991 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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USDJPY Technical Analysis – 27th NOV, 2024
USDJPY – Support of Channel is Broken

USDJPY was unable to continue its bullish momentum and after touching a high of 152.73 the prices started to decline against the United States Dollar today in the London Trading session.
The Support of Channel is Broken in the 1-hourly timeframe.
We see Pivot points: price is under support 3 in the 1-hourly timeframe indicating a Neutral market.
Also, we can see Moving Average bearish crossovers: MA50 & MA100 in the 4-hourly timeframe.

The Support of channel is broken and Horizontal support is broken 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.
Also, we see Bearish price crossover with adaptative moving average 20 in the daily timeframe.
We have seen SuperTrend indicator bearish reversal present in the daily timeframe.

USDJPY is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.

• Yen Bearish reversal seen below the 152.73 mark.
• Short-term range appears to be Bearish.
• USDJPY continues to remain above the 151.00 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 150.97 which is a Price 2 Standard Deviations Support.
USDJPY is now trading near to its Pivot levels of 151.13 and is moving into a Bearish channel.
The price of USDJPY remains above its Classic support levels of 150.96 and is now moving towards its next target of 150.76 which is a 50% Retracement From 52 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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Forex Market Sentiment Strategies

In forex trading, high performance often hinges not only on fundamental knowledge and technical analysis skills but also on the collective psychology of market participants. Leveraging market sentiment can thus be effective. This article discusses forex market sentiment, unravelling its nuances, exploring key indicators and sources, and offering strategies you may use to integrate sentiment analysis with technical indicators.

Understanding Forex Market Sentiment

Market sentiment in forex encompasses the collective mood and attitude of traders towards a particular currency pair. Traders often categorise market sentiment into various types, primarily:

Bullish Sentiment: Indicates an optimistic outlook, where traders expect the price of a currency to rise.
Bearish Sentiment: Reflects a pessimistic outlook, suggesting that participants expect a currency's value to decline.

Market Sentiment Indicators and Sources

Sentiment analysis in trading requires research into specific indicators and data sources, allowing for the integration of market psychology with objective market data.

VIEW 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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Dollar Declines Following Weak Macroeconomic Data

The final trading week of November may prove to be the worst this month for the US dollar. Following the release of Chicago PMI data and the US Q3 GDP report, USD/JPY and USD/CAD have fallen to key support levels.

USD/JPY

A retest of the critical resistance level at 156.00 proved decisive for USD/JPY buyers. The rejection from this level confirmed the previously formed "bearish engulfing" pattern and led to losses exceeding 400 pips. Yesterday, the price fell below the 152.00–151.50 range, which had initiated the pair’s rally after Donald Trump's election victory. In upcoming trading sessions, this range may be retested, but now as resistance. If buyers fail to hold above 152.00, a further downtrend toward 150.00–149.00 is possible.

Key upcoming events that could shape USD/JPY’s trajectory include:

• Today at 17:00 (GMT +3): Dallas Fed Personal Consumption Expenditures (PCE) Index (US)
• Tomorrow at 02:50 (GMT +3): Japanese Industrial Production data
• Tomorrow at 17:45 (GMT +3): Chicago PMI report (US)

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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Analytical Tesla Stock Predictions for 2024, 2025 – 2030 and Beyond

Tesla's stock has experienced significant volatility since its IPO in 2010, driven by its significant technological advancements and status as a leading electric vehicle producer. This article explores Tesla's recent price history, analyses its outlook for 2024 and 2025, and provides detailed analytical forecasts for 2026 to 2030 and beyond, offering insights into the company's future performance and potential growth in the EV market.

Tesla’s Recent Price History

Tesla's journey in the stock market has been marked by significant milestones and periods of volatility. Since its initial public offering (IPO) in June 2010, when it debuted at $17 per share, Tesla has seen dramatic price changes driven by key events and developments.

If you want to follow TSLA CFD price movements, head over to the TickTrader trading platform.

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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Brent Crude Oil Consolidates Ahead of OPEC+ Meeting

The ATR indicator on the XBR/USD chart has dropped to its lowest level since early autumn, signalling reduced volatility. This likely reflects market participants awaiting announcements from the OPEC+ meeting scheduled for 1 December.

Overall, Brent crude prices remain under pressure due to:
→ reduced tensions in the Middle East, with reports this week confirming a ceasefire agreement between Israel and the Lebanese militant group Hezbollah;
→ news of rising crude oil inventories in the U.S.;
→ forecasts of slower oil demand growth from China in 2025.

On the other hand, the $70-71 range serves as strong support, marked by key lows from 2023-2024.

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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Forex Correlation and Diversification Strategies

In forex trading, currency correlation and diversification strategies are vital tools for managing risk and optimising returns. This article explores the nuances of these techniques, providing traders with insights to navigate the forex market effectively using currency correlation.

Understanding Forex Correlation and Diversification

In forex trading, understanding the correlation between currencies is pivotal. This concept refers to how currency pairs move in relation to each other. For example, some pairs exhibit positive correlation, moving in tandem, while others show negative correlation, moving in opposite directions. Grasping these correlations aids traders in analysing market movements and in developing strategies that may minimise risks.

VIEW 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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HP Inc. (HPQ) Shares Drop 11%

HP Inc. (HPQ) shares plummeted 11% following the release of its quarterly earnings report:

→ Earnings per share (EPS): Actual = $0.93, Expected = $0.93
→ Revenue: Actual = $14.05 billion, Expected = $13.09 billion

While HP Inc.'s reported revenue and EPS aligned closely with analysts’ expectations, the market was disappointed by its forward guidance. According to FactSet, the company forecast EPS for the next quarter at $0.73, falling short of the $0.85 expected by analysts.

As a result, HPQ shares dropped below $35 for the first time since October 1. Is now the time to buy shares in this leading provider of PCs and high-tech products?

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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USD/JPY Chart Analysis: Bears Target the 150 Yen per Dollar Level

Thanksgiving in the U.S. might have been expected to bring calm to financial markets, but Forex trading in Asia tells a different story following the release of Japan's Consumer Price Index (CPI).

According to Forex Factory:
→ Actual = 2.2%
→ Forecast = 2.0%
→ Previous = 1.8%

Signs of sustained inflation growth have spurred currency market participants to buy yen, speculating that the Bank of Japan might raise interest rates. The upcoming December meeting could see rates increased to 0.5%, which would mark the highest level since 2008.

As a result, the yen strengthened by approximately 1% today, hitting its highest level in six weeks and briefly dipping below the psychological level of 150 yen per dollar.

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 25 - 29 November Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: SP500, US Dollar, Brent Crude Oil, Black Friday

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.

• S&P 500 Index Hits a New Record
• Dollar Declines Following Weak Macroeconomic Data
• Brent Crude Oil Consolidates Ahead of OPEC+ Meeting
• How Black Friday Could Impact the Stock Market in 2024

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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What Is the Difference Between Brent and WTI Crude Oil for Traders?

Brent Crude and WTI are two of the most important oil benchmarks in the world, influencing global markets and trading strategies. While both represent high-quality crude, they differ in origin, composition, pricing, and market dynamics. This article explores questions like “What is Brent Crude?”, “What is WTI Crude?”, and “What is the difference between Brent and crude oil from West Texas?”, helping traders navigate their unique characteristics.

Brent Oil vs Crude Oil from West Texas

Brent Crude and West Texas Intermediate (WTI) are two primary benchmarks in the global oil market, each representing distinct qualities and origins.

What Is Brent Crude Oil?

Brent Crude originates from the North Sea, encompassing oil from fields between the United Kingdom and Norway, like Brent, Forties, Oseberg, Ekofisk, and Troll. This region's offshore production benefits from direct access to sea routes, facilitating efficient transportation to international markets. The North Sea's strategic location allows Brent Crude to serve as a global pricing benchmark and influence oil prices worldwide.

This blend is slightly heavier and contains more sulphur compared to WTI. Despite this, Brent Crude is extensively traded and serves as a pricing reference for about two-thirds of the world's oil contracts, primarily on the Intercontinental Exchange (ICE).

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: GBP/USD Climbs Back as EUR/GBP Faces Pressure

GBP/USD is attempting a recovery wave above the 1.2600 resistance. EUR/GBP declined steadily below the 0.8340 and 0.8330 support levels.

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

• The British Pound is attempting a fresh increase above 1.2620.
• There is a key bullish trend line forming with support near 1.2680 on the hourly chart of GBP/USD at FXOpen.
• EUR/GBP is trading in a bearish zone below the 0.8330 pivot level.
• There is a connecting bearish trend line forming with resistance near 0.8305 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair declined after it failed to clear the 1.3000 resistance. As mentioned in the previous analysis, the British Pound even traded below the 1.2800 support against the US Dollar.

Finally, the pair tested the 1.2500 zone and is currently attempting a fresh increase. The bulls were able to push the pair above the 50-hour simple moving average and 1.2600. The pair even climbed above the 1.2700 level.

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.