Daily Market Analysis By FXOpen

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NZDUSD Technical Analysis – 06th NOV, 2024
NZDUSD – Near Resistance of Channel

NZDUSD was unable to continue its bullish momentum and after touching a low of 0.6019 the prices started to decline against the United States Dollar today in the US Trading session.
The prices are ranging Near Resistance of Channel in the 15-minutes timeframe.
Also, we see Moving Average bearish crossovers: MA20 & MA50 in the 15-minutes timeframe.
We can see Ichimoku - Bearish crossover: Tenkan & Kijun in the 30-minutes timeframe.

The Support of channel is broken in the 1-hourly timeframe.
We see Bearish price crossover with adaptative moving average 20 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.
We have seen the formation of Bearish engulfing lines in the daily timeframe.

NZDUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.6019 mark.
• Short-term range appears to be Bearish.
• NZDUSD continues to remain above the 0.5950 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.5949 which is a Pivot Point 2nd Support Point.
NZDUSD is now trading near to its Pivot levels of 0.5951 and is moving into a Bearish channel.
The price of NZDUSD remains above its Classic support levels of 0.5936 and is now moving towards its next target of 0.5931 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 – 06th NOV, 2024
USDCAD – Near Horizontal Support

USDCAD was unable to continue its Bearish momentum and after touching a low of 1.3884 the prices started to rise upwards against the United States Dollar today in the US Trading session.
The prices are ranging Near Horizontal Support in the 15-minutes timeframe.
We have seen that the Momentum indicator is back over zero in the 4-hourly timeframe.
The CCI indicator is overbought: over 100 indicating a Neutral market in the 4-hourly timeframe.

Also, we see the formation of Doji in the 1 hourly timeframe.
The RSI indicator is oversold: under 30 in the 15-minutes timeframe indicating a Neutral market.
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 below its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Loonie Bullish reversal seen above the 1.3884 mark.
• Short-term range appears to be Bullish.
• USDCAD continues to remain above the 1.3890 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 1.3908 at which the Price Crosses 9 Day Moving Average.
USDCAD is now trading near to its Pivot levels of 1.3894 and is moving into a Bullish channel.
The price of USDCAD remains above its Classic support levels of 1.3885 and is now moving towards its next target of 1.3923 which is a 14-3 Day Raw Stochastic at 70%.

#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 – 06th NOV, 2024
USDJPY – Near Support of Channel

USDJPY was unable to continue its bearish momentum and after touching a low of 153.81 the prices started to correct upwards against the United States Dollar today in the US Trading session.
We can see that the prices are ranging Near support of channel in the 15-minutes timeframe.
Also, we can see that USDJPY is Near support of triangle in the 15-minutes timeframe.
We can see SuperTrend indicator bullish reversal in the weekly timeframe.

Also, we have detected 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.
USDJPY is now trading above its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Yen Bullish reversal seen above the 153.81 mark.
• Short-term range appears to be Bullish.
• USDJPY continues to remain above the 154.00 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 154.70 which is a 1-Month High.
USDJPY is now trading near to its Pivot levels of 154.16 and is moving into a Bullish channel.
The price of USDJPY remains above its Classic support levels of 153.49 and is now moving towards its next target of 154.70 which is a 13-Week High.

#fxopen

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

 

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US Nonfarm Payroll Report: Market Insights

Navigating the complex waves of the financial markets requires an astute understanding of various economic indicators. Among them, the nonfarm payroll report stands out as a pivotal monthly metric that can significantly sway financial markets. This article demystifies the intricacies of this influential report, walking through what to know before trading it.

Nonfarm Payroll Definition

The nonfarm payroll (NFP) is a key economic barometer that tallies the number of employed individuals in the US, excluding the agricultural sector. Besides the farm workers, government, private household, and nonprofit organisation workers are not included.

This nonfarm payroll, meaning the workforce in industries like manufacturing, services, construction, and goods, reflects the health of corporate America and, by extension, the US economy. It’s one of the components of the Employment Situation report released on the first Friday of every month by the US Bureau of Labor Statistics. Nonfarm employment change data is released along with unemployment rate and average hourly earnings data.

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 Price Takes Hit While WTI Crude Oil Eyes Upsides

Gold price is declining below the $2,700 support zone. Crude oil price is rising and it could climb further higher toward the $75.00 resistance.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

• Gold price failed to clear the $2,800 resistance and corrected lower against the US Dollar.
• There is a key bearish trend line forming with resistance at $2,725 on the hourly chart of gold at FXOpen.
• WTI Crude oil prices are moving higher above the $70.00 resistance zone.
• There is a key bullish trend line forming with support near $70.90 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,750 resistance. The price even broke the $2,765 level before the bears appeared.

The price traded toward $2,785 before there was a fresh decline. There was a move below the $2,760 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 30. Finally, it tested the $2,645 zone.

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 Do Traders Identify Overbought and Oversold Stocks?

Identifying overbought and oversold stocks is a key part of technical analysis for traders. These conditions occur when a market’s price moves to extremes—either too high or too low—compared to its recent performance. By recognising these signals, traders can spot potential turning points in the market. This article explores what overbought and oversold stocks are, how to find them using technical indicators, and the risks involved in trading them.

What Is an Oversold Stock?

Oversold stocks are those that have experienced a significant price decline, often beyond what might seem reasonable based on their underlying value. This often happens when market sentiment is overly negative, even if the company’s fundamentals remain solid.

Several factors can lead to a stock becoming oversold. For instance, bad news about a company, such as a missed earnings report or legal troubles, can cause investors to sell off shares quickly. Broader market events, like economic downturns or changes in industry regulations, can also drive prices down across the board. Sometimes, even strong stocks get caught up in these waves of negativity.

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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Dollar Declines Following Fed Rate Decision

The recent rally of the U.S. dollar, observed during the U.S. election results, has slightly slowed after yesterday's Federal Reserve meeting. As anticipated by analysts, the Fed lowered the base interest rate by 25 basis points, from 5.00% to 4.75%. In their accompanying statement, Fed officials highlighted robust economic activity and improvements in labour market conditions. Following these comments, the dollar initially declined but attempted to recover its lost ground a few hours after the Fed meeting.

USD/JPY

Technical analysis of the USD/JPY pair suggests the possibility of a deeper downward correction, as a "bearish harami" pattern has formed on the daily timeframe. The initial target range for this retracement is 152.70–152.00. If the price consolidates below 152.00, the pair may test recent lows in the 151.30–150.00 range. However, a return to upward movement could occur if the price confidently re-establishes itself above 154.80.

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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Tesla (TSLA) Stock Surges Following Trump’s Election Win

According to the TSLA chart:
→ Tesla shares opened this week at $244.25.
→ By yesterday’s close, the stock had reached $296.52.

This reflects a gain of over 21% for the week, with the major boost occurring on 6 November, as news broke of Trump’s U.S. presidential victory—a candidate supported by Tesla’s CEO, Elon Musk.

As CNBC reports:
→ Musk reportedly invested at least $130 million into Trump’s campaign, lending his support as a significant effort in recent months.
→ The president-elect has pledged to roll back regulations that Musk opposes, leading Wall Street to bet on potential advantages for Tesla under the new administration.

Back on 24 October, after Tesla’s earnings report, we noted:
→ Since May, the price has been fluctuating within an upward channel (shown in blue), with the lower boundary acting as a strong support level.
→ The bullish momentum after the earnings release indicated a failed attempt by bears to break this lower boundary (shown with a red arrow).
→ Bulls might continue driving TSLA's price within this channel, aiming to breach the key resistance at $260.

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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Fed Cuts Rate by 0.25%; Stocks Reach Highs

Yesterday, the Federal Reserve announced a unanimous decision to lower the interest rate from 4.75% to 4.50%, marking the second consecutive cut—a move in line with analyst expectations and forecasts.

“This move will support further progress in controlling inflation as we aim for a more neutral stance over time,” said Fed Chair Jerome Powell.

According to Bloomberg, this decision aligns with the Fed’s efforts to support robust U.S. economic growth, creating positive sentiment for stock indices as newly re-elected President Donald Trump is expected to introduce economic stimulus measures.

However, could tensions arise between the new administration and the Fed? Trump has a record of publicly criticizing Powell and even considered dismissing him during his first term. At a press conference yesterday, Powell was asked if he would step down if requested by Trump, to which he replied decisively, “No.” He added that the removal or demotion of Fed board members, including himself, is “not legally permissible.” Powell emphasized that the U.S. election results would have "no effect" on the Fed’s decisions in the near term.

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 to Measure the Trend Strength with the Average Directional Index?

While identifying the direction of a trend is important, knowing how strong that trend is can provide an additional edge. This is where the average directional index (ADX) comes into play. The ADX is a technical analysis tool that helps traders gauge the strength of a trend, regardless of whether the market is moving up or down. In this article, we'll explore what the ADX indicator is, and how to use it to measure trend strength, enhance your trading strategies, and make more confident trades.

What Is an Average Directional Index?

ADX, the average directional index or average directional movement index, is a technical tool developed by J. Welles Wilder in the 1970s to measure the strength of a trend. It ranges from 0 to 100, with higher values indicating a stronger trend and lower values signalling a weaker one. Unlike many technical analysis tools that focus on the direction of price movement, the ADX focuses solely on the trend's intensity. It works in conjunction with two other lines, the positive directional indicator (+DI) and negative directional indicator (-DI), to provide a more complete picture of market dynamics. A rising ADX suggests increasing trend strength, while a falling one may indicate weakening momentum.

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 Price Takes Hit While WTI Crude Oil Eyes Upsides

Gold price is declining below the $2,700 support zone. Crude oil price is rising and it could climb further higher toward the $75.00 resistance.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

• Gold price failed to clear the $2,800 resistance and corrected lower against the US Dollar.
• There is a key bearish trend line forming with resistance at $2,725 on the hourly chart of gold at FXOpen.
• WTI Crude oil prices are moving higher above the $70.00 resistance zone.
• There is a key bullish trend line forming with support near $70.90 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,750 resistance. The price even broke the $2,765 level before the bears appeared.

The price traded toward $2,785 before there was a fresh decline. There was a move below the $2,760 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 30. Finally, it tested the $2,645 zone.

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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Coinbase (COIN) Stock Rises Approximately 18% in Two Days

On 15 October, in our analysis of Coinbase (COIN) stock:
→ we established a long-term upward channel (shown in blue),
→ speculating that bulls were aiming to renew the trend from its lower boundary.

Then, on 30 October, Coinbase released its Q3 performance report to investors. Results fell short of expectations, leading to a decline in COIN’s price (indicated by a red arrow).

Despite this, today COIN’s stock price is providing investors with renewed optimism as it approaches its record high, currently around the $282.00 mark.

In this move, the price broke through:
→ the $220 resistance level,
→ a red trendline shown on the chart.

Key drivers of COIN's recent price increase:
→ the Fed's interest rate cut,
→ Trump’s election win, which market participants view as a positive signal.

What lies ahead?

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 Chart Analysis: Bears Apply Pressure to Key Support

According to ICE data, the U.S. Dollar Index futures have reached highs last seen in early July 2024. The dollar’s strength is attributed, in part, to anticipated economic stimulus measures outlined by the newly elected President Donald Trump during his campaign.

This has put pressure on other currencies paired with the dollar. Currently, the British pound is trading near 1.28400, close to a three-month low.

Today’s technical analysis of the 4-hour GBP/USD chart reveals:
→ long-term price fluctuations have shaped an upward channel since May;
→ the pair is near a key support level at the lower boundary of this channel;
→ a downtrend channel (in red) has formed since early October, highlighting recent bearish control; → the ATR indicator is at an annual high, indicating heightened volatility.

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 – 11th NOV, 2024
AUDUSD – Bearish Price Crossover Pattern

AUDUSD was unable to continue its bullish momentum and after touching a high of 0.6597 the prices have started to decline against the United States Dollar today in the US trading session.
We can see the formation of Bearish price crossover with adaptative moving average 20 in the 15-minutes timeframe.
We can see the formation of Doji in the 30-minutes timeframe which indicates a Neutral market.
Also, we see Moving Average bearish crossovers: MA20 & MA50 in the 2-hourly timeframe.

The Moving Average bearish crossovers: AMA20 & AMA50 is visible in the 2-hourly timeframe.
We can see Moving Average bearish crossovers: AMA50 & AMA100 in the daily 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 MACD indicator is back under zero 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 0.6597 mark.
• Short-term range appears to be Bearish.
• AUDUSD continues to remain above the 0.6570 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.6567 which is a 14-3 Day Raw Stochastic at 30%.
AUDUSD is now trading near to its Pivot levels of 0.6584 and is moving into a Bearish channel.
The price of AUDUSD remains above its Classic support levels of 0.6572 and is moving towards its next target of 0.6560 at which the Price Crosses 9 Day Moving Average Stalls.

#fxopen

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

 

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EURUSD Technical Analysis – 11th NOV, 2024
EURUSD – Horizontal Support is Broken

EURUSD was unable to continue its bullish momentum and after touching a high of 1.0749 the prices started to decline against the United States Dollar today in the US Trading session.
The Horizontal support is broken in the 15-minutes timeframe.
The Support of channel is broken in the 1-hourly timeframe.
We see that the RSI indicator is oversold: under 30 indicating a Neutral market in the 1-hourly timeframe.

We have also seen Moving Average bearish crossovers: MA50 & MA100 in the 4-hourly timeframe.
Also, we can detect that the Support of channel 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.
We have also seen a Bearish opening of the markets this week.
EURUSD is now trading below its 100-hour SMA and below its 200-hour SMA simple moving averages.
• Euro Bearish reversal seen below the 1.0749 mark.
• Short-term range appears to be Bearish.
• EURUSD continues to remain above the 1.0650 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 1.0653 which is a 1-Month Low.
EURUSD is now trading near to its Pivot levels of 1.0663 and is moving into a Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.0637 and is moving towards its next target of 1.0618 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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GBPUSD Technical Analysis – 11th NOV, 2024
GBPUSD – Support of Channel is Broken

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2924 the prices started to decline against the United States Dollar today in the US Trading session.
We can see that the Support of channel is broken in the 1-hourly timeframe.
The CCI indicator is oversold: under -100 in the 1-hourly timeframe indicating a Neutral market.
We can see that the Momentum indicator is back under zero in the daily timeframe.

We have detected Bearish opening of the markets this week.
The prices of GBPUSD are 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 1.2924 mark.
• Short-term range appears to be Bearish.
• GBPUSD continues to remain above the 1.2880 levels.
• Average true range ATR is indicating Less market volatility.

GBPUSD is now trading near to its Pivot levels of 1.2884 and is moving into a Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2866 and is now moving towards its next target of 1.2877 which is a 14-3 Day Raw Stochastic at 20%.
We are also looking for the breach of the levels of 1.2872 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

 

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NZDUSD Technical Analysis – 11th NOV, 2024
NZDUSD – Support of Channel is Broken

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.5977 the prices started to decline against the United States Dollar today in the US Trading session.
The Support of channel is broken in the 15-minutes timeframe.
Also, we see Bearish trend reversal: Moving Average 50 in the 15-minutes timeframe.
We can see Bearish trend reversal: Moving Average 20 in the 30-minutes timeframe.

We have also seen the formation of Doji in the 1-hourly timeframe.
We see Bearish trend reversal: Moving Average 100 in the 2-hourly 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 Bearish opening of the markets this week.
NZDUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.5977 mark.
• Short-term range appears to be Bearish.
• NZDUSD continues to remain above the 0.5960 levels.
• Average true range ATR is indicating Less market volatility.

The next support is located at 0.5956 which is a 14-3 Day Raw Stochastic at 30%.
NZDUSD is now trading near to its Pivot levels of 0.5967 and is moving into a Bearish channel.
The price of NZDUSD remains above its Classic support levels of 0.5961 and is now moving towards its next target of 0.5942 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

 

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USDCAD Technical Analysis – 11th NOV, 2024
USDCAD – Near Resistance of Channel

USDCAD was unable to continue its Bearish momentum and after touching a low of 1.3893 the prices started to rise upwards against the United States Dollar today in the US Trading session.
The prices are ranging Near resistance of channel in the 15-minutes timeframe.
We have seen that the prices are still ranging Near horizontal resistance in the 1-hourly timeframe.
The CCI indicator is overbought: over 100 indicating a Neutral market in the 2-hourly timeframe.

Also, we see the Pivot points: price is over resistance 1 indicating a Neutral market.
The USDCAD is ranging Near resistance 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.
USDCAD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Loonie Bullish reversal seen above the 1.3893 mark.
• Short-term range appears to be Bullish.
• USDCAD continues to remain above the 1.3940 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 1.3948 which is a 14-3 Day Raw Stochastic at 80%.
USDCAD is now trading near to its Pivot levels of 1.3934 and is moving into a Bullish channel.
The price of USDCAD remains above its Classic support levels of 1.3918 and is now moving towards its next target of 1.3965 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

 

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USDJPY Technical Analysis – 11th NOV, 2024
USDJPY – Resistance of Channel is Broken

USDJPY was unable to continue its bearish momentum and after touching a low of 152.43 the prices started to correct upwards against the United States Dollar today in the US Trading session.
We can see that the Resistance of channel is broken in the 15-minutes timeframe.
Also, we can see Aroon indicator bullish trend formation in the 15-minutes timeframe.
We can see Resistance of channel is broken in the 1-hourly timeframe.

Also, we have detected the Pivot points: price is over resistance 1 in the 2-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 the formation of a White morning star in the daily timeframe.
Also, we have seen Bullish opening of the markets this week.
USDJPY is now trading above its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Yen Bullish reversal seen above the 152.43 mark.
• Short-term range appears to be Bullish.
• USDJPY continues to remain above the 153.90 levels.
• Average true range ATR is indicating Less market volatility.

The next resistance is located at 153.93 which is a Pivot Point 2nd Level Resistance.
USDJPY is now trading near to its Pivot levels of 153.80 and is moving into a Bullish channel.
The price of USDJPY remains above its Classic support levels of 153.62 and is now moving towards its next target of 154.28 Price 2 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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What Is Quantitative Tightening and How Does It Work in Financial Markets?

Quantitative tightening (QT) is a critical tool central banks use to control inflation by reducing the money supply. In this article, we’ll break down how QT works, its impact on financial markets, and how it influences the broader economy. Read on to learn more about the effects of QT and how it shapes markets.

What Is Quantitative Tightening?

Quantitative tightening (QT) is a type of tightening monetary policy that central banks use to reduce the amount of money circulating in the economy.

When central banks like the USA’s Federal Reserve or European Central Bank engage in QT, they aim to tighten liquidity by reducing their balance sheets, typically by allowing bonds or other financial assets to mature without reinvestment or selling them outright. QT is a practice often used alongside hiking central bank interest rates, though not always.

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.