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1,576

Re: Technical Analysis by FXOpen

The Dollar Resumes Growth after the Release of Positive Macroeconomic Statistics
https://i.imgur.com/iRjN5sV.jpeg

Weak market volatility associated with the celebration of Catholic Easter and a strong foundation from the United States contributed to a sharp strengthening of the dollar against commodity and European currencies. Thus, the pound/US dollar currency pair is trading below the key support at 1.2600, euro sellers are preparing to test 1.0700, and the US dollar/yen pair is as close as possible to recent extremes at 152.00.

GBP/USD
https://i.imgur.com/3jszTUR.png
The data on the US manufacturing business activity index for March published yesterday was at the level of 50.3 points, which significantly exceeded the analysts' forecast of 48.3 points. The released data reduces the likelihood of a reduction in the base interest rate at the next Fed meeting and naturally leads to strengthening of the American currency in almost all directions.

The GBP/USD pair traded between 1.2700 and 1.2600 for about a week. Yesterday, sellers of the pound were stronger than buyers and the pair lost about 100 pp in just a couple of hours. If the current mood in the market continues, the price on the GBP/USD chart may test the low of February of this year at 1.2518. We can consider canceling the downward scenario if we confidently consolidate above 1.2700.

Today at 11:30 GMT+3, we are waiting for data on the volume of consumer lending from the Bank of England for February. Also at the same time, the manufacturing business activity index (PMI) for March will be published.

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.

1,577

Re: Technical Analysis by FXOpen

Gold Price XAU/USD Sets Another All-time High
https://i.imgur.com/e8dISoL.jpeg

The XAU/USD gold chart today indicates that the price of the metal has exceeded USD 2,250 per ounce.

Causes:
→ Geopolitical tensions. Military conflicts in Ukraine and the Middle East do not subside, the threat of terrorist attacks is growing, and new hot spots may appear on the world map.
→ Concerns about a new round of inflation due to rising commodity prices.

In both cases, gold acts as a safe-haven asset.

https://i.imgur.com/vLPsW8v.png

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.

1,578

Re: Technical Analysis by FXOpen

Market Analysis: EUR/USD Starts Recovery, USD/CHF Could Extend Gains
https://i.imgur.com/w2TC4P7.jpeg

EUR/USD is attempting a recovery wave from the 1.0725 zone. USD/CHF climbed higher above 0.9070 and might extend gains in the near term.

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

  • The Euro declined toward 1.0725 before it started a recovery wave against the US Dollar.

  • There was a break above a key bearish trend line with resistance at 1.0765 on the hourly chart of EUR/USD at FXOpen.

  • USD/CHF climbed higher above the 0.9035 and 0.9070 resistance levels.

  • There was a break above a major bearish trend line with resistance at 0.9035 on the hourly chart at FXOpen.

EUR/USD Technical Analysis
https://i.imgur.com/3hoCvTV.png
On the hourly chart of EUR/USD at FXOpen, the pair extended the decline below the 1.0785 support zone. The Euro even declined below 1.0750 before the bulls appeared against the US Dollar, as mentioned in the previous analysis.

The pair traded as low as 1.0724 and recently started a recovery wave. There was a move above the 1.0745 resistance zone. Besides, there was a break above a key bearish trend line with resistance at 1.0765.

The bulls pushed the pair above the 50-hour simple moving average and the 50% Fib retracement level of the downward move from the 1.0805 swing high to the 1.0724 low.

Immediate resistance on the EUR/USD chart is near the 1.0785 zone. It is close to the 76.4% Fib retracement level of the downward move from the 1.0805 swing high to the 1.0724 low. The first major resistance is near the 1.0805 level.

An upside break above the 1.0805 level might send the pair toward the 1.0825 resistance. The next major resistance is near the 1.0850 level. Any more gains might open the doors for a move toward the 1.0920 level.

Immediate support on the downside sits at 1.0765. The next major support is the 1.0745 zone. A downside break below the 1.0745 support could send the pair toward the 1.0725 level. Any more losses might send the pair to 1.0650.

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.

1,579

Re: Technical Analysis by FXOpen

USD/JPY Analysis: Calm Before the Storm?
https://i.imgur.com/dMs3hqV.jpeg

The USD/JPY chart today shows that the rate has stabilized at 152 yen per US dollar. But can we say that there is calm in the market?

Hardly.

First, it is important to note that in 2023 there was a sharp reversal of trend around the 152.00 level due to intervention by the Japanese authorities, which supported an excessively weak yen. Therefore, crossing this psychological threshold can serve as a trigger for a new intervention.

Secondly, Reuters writes about a growing volatility premium in the options market, which confirms the growing likelihood of a strong trend in the near future.

https://i.imgur.com/gScvNak.png

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.

1,580

Re: Technical Analysis by FXOpen

Brent Oil Price Reaches Its Highest Since October 2023.
https://i.imgur.com/6xaQweM.jpeg

The Brent oil chart today shows that the price has exceeded USD 89 per barrel — this is the highest level since the end of October 2023.

Reasons for strong demand for oil:
→ The OPEC+ meeting ended this week. Exporting countries maintained their policy of limiting oil production unchanged.
→ Ukrainian drone attacks on oil refineries in Russia.
→ Latest data on the strength of the US economy.

https://i.imgur.com/4xnOvMZ.png

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.

1,581

Re: Technical Analysis by FXOpen

The US Stock Market Awaits the Publication of NFP And Unemployment Data
https://i.imgur.com/WANkRpP.jpeg

Important events of this week for investors and traders in the US stock market could be the employment news, which will be published tomorrow at 15:30 GMT+3:
→ non-Farm Payrolls (NFP) report for March. According to CNN, analysts expect nonfarm payrolls to rise by 192,500 in March. NFP for February was 275,000, according to FactSet.
→ data on the unemployment rate (Unemployment Rate). According to ForexFactory, the unemployment rate is expected to remain unchanged at 3.9%.

The state of the labour market is under close scrutiny by the Fed and could provide valuable insight into the prospects for interest rate cuts. The release of the unemployment rate and NFP numbers for March could be an example of what is called "bad news is good news" on Wall Street. After all, if the data shows a deterioration in the labour market, then this will be an argument for the Fed to lower interest rates, which in turn could lead to an increase in the stock market.

Indeed, according to CNN, Fed Chairman Jerome Powell said last week that a weakening labour market would be a reason to cut interest rates.

https://i.imgur.com/lhT6ZyB.png

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.

1,582

Re: Technical Analysis by FXOpen

Market Analysis: AUD/USD and NZD/USD Remain In Uptrend
https://i.imgur.com/3B5xHrz.jpeg

AUD/USD is correcting gains from the 0.6620 zone. NZD/USD is also moving lower and might attempt a fresh increase from 0.6000.

Important Takeaways for AUD USD and NZD USD Analysis Today

  • The Aussie Dollar started a downside correction from 0.6620 against the US Dollar.

  • There is a key bullish trend line forming with support at 0.6550 on the hourly chart of AUD/USD at FXOpen.

  • NZD/USD is also moving lower below the 0.6030 support zone.

  • There is a major bullish trend line forming with support at 0.5995 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis
https://i.imgur.com/3jZCn7x.png
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6480 support. The Aussie Dollar was able to clear the 0.6535 resistance to move into a positive zone against the US Dollar.

There was a close above the 0.6550 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6620 zone. A high was formed near 0.6619 and the pair is now correcting gains.

There was a move below the 0.6600 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6480 swing low to the 0.6619 high. On the downside, initial support is near the 50% Fib retracement level of the upward move from the 0.6480 swing low to the 0.6619 high at 0.6550.

There is also a key bullish trend line forming with support at 0.6550. The next support could be 0.6535. If there is a downside break below the 0.6535 support, the pair could extend its decline toward the 0.6480 level. Any more losses might signal a move toward 0.6440.

On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6580. The first major resistance might be 0.6600. An upside break above the 0.6600 resistance might send the pair further higher.

The next major resistance is near the 0.6620 level. Any more gains could clear the path for a move toward the 0.6650 resistance 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.

1,583

Re: Technical Analysis by FXOpen

TSLA Analysis: Price Recovers after Disastrous Report
https://i.imgur.com/qsbJDJV.jpeg

We previously wrote that lower vehicle deliveries could lower TSLA's stock price.

And as it became known on Tuesday, Tesla, led by Elon Musk, delivered just 386,810 cars in the first three months of 2024 - 14% below analysts' forecasts, according to Bloomberg. As a result, Tesla shares fell 4.9% that day, extending their 2024 decline to 33%, the worst performance in the Nasdaq 100 Index.

What is the market outlook?

Bullish arguments:
→ After a strong disappointment on Tuesday, the price of TSLA showed signs of stability on Wednesday and Thursday. Since these were bullish candles, and the market was recovering despite the non-bearish gap on Tuesday, this can be interpreted as a sign of demand.
→ From the point of view of technical analysis, the market is supported by the lower border of the downward channel (shown in red). The price forms rebounds from this border, as shown by the arrows.
→ Bloomberg writes about a decrease in the number of short positions after the report on Tuesday. This could be a sign that short position holders do not see any further decline in the price of TSLA and are taking profits.

Bearish arguments:
→ TSLA price is still in the lower half of the downward channel, despite the bullish sentiment in the stock market.
→ Resistance may come from the level of USD 183 per share and the median line of the descending channel.

https://i.imgur.com/rAV2yOH.jpeg

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.

1,584

Re: Technical Analysis by FXOpen

BTC/USD Analysis: Bearish Arguments Become More Convincing
https://i.imgur.com/OHv5QF1.jpeg

On March 18, we wrote about the activation of bears near the USD 70,000 level and the likelihood of consolidation forming near this psychological mark.

On March 25, we wrote that anxiety remains in the Bitcoin market.

Technical analysis of the BTC/USD chart with new data on the behavior of Bitcoin prices today relative to the previously designated levels and lines shows that bearish arguments are becoming more convincing:

→ the median line of the ascending channel acted as resistance (shown by the first arrow);
→ the price has formed a consolidation zone (shown in green) with a subsequent bearish exit from it;

https://i.imgur.com/AvR0HB6.jpeg

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.

1,585

Re: Technical Analysis by FXOpen

Watch FXOpen's 1 - 5 April Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: US stock market, EUR/USD, Oil, Gold

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.

  • The US Stock Market Awaits the Publication of NFP and Unemployment Data

  • Market Analysis: EUR/USD Starts Recovery, USD/CHF Could Extend Gains

  • Brent Oil Price Reaches Its Highest Since October 2023

  • Gold Price XAU/USD Sets Another All-time High

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.

https://i.imgur.com/2AJHEoA.jpeg

FXOpen YouTube


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.

#fxopen #fxopenyoutube #fxopenint #weeklyvideo

1,586

Re: Technical Analysis by FXOpen

FTSE 100's Holy Grail of 8,000 Continues to Be a Pipe Dream
https://i.postimg.cc/L5c0cdGm/ftse100.jpg

The British economy has been somewhat of an anomaly over the past few years. In no way did the British authorities limit the liberties and livelihoods of the population to the extent that the North American authorities did during 2020 and 2021, and the nation has far less national debt.

Britain's banking industry is also less notorious for high profile, large scale collapses of long established institutions, and its overall investing mentality is very conservative compared to the gung-ho nature of the United States capital markets and commercial investing culture.

The differences between some of the largest stock markets in the world are also indicators of this differential. The technology-focused NASDAQ exchange in New York is a bastion of volatility and comprises the 'Magnificent 7' Silicon Valley internet companies as well as a raft of startups which suddenly gained multi-billion dollar valuations and entered the public listing arena via SPAC blank cheque companies.

By contrast, Britain's FTSE 100 index, which represents the 100 most highly capitalised companies whose stock is listed on the London Stock Exchange, represents more traditional, bricks and mortar businesses in more 'grey suit' sectors such as transport, construction, energy giants, retail chains and pharmaceuticals.

The FTSE 100 has been very buoyant recently however over the past few weeks, the index stopped short of the much anticipated 8,000 mark, and its performance has been slowly tailing off.

On March 1, the FTSE 100 reached 7,978 points after a month-long rally, which made it look as if 8,000 points was in easy reach, but since the beginning of last month, it has been decreasing in value, today standing at 7,925.4 at 8.30 am as the excitement of the week's trading begins in London.

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.

1,587

Re: Technical Analysis by FXOpen

BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving
https://i.postimg.cc/Kjn15x5L/btcusd.jpg

The halving (reduction of block mining rewards) is expected to occur on April 19-20.

Theoretically, Bitcoin mining will become less profitable, leading to a reduction in coin supply. Given unchanged demand, this should drive up the BTC/USD price. Ripple CEO Brad Garlinghouse has forecasted that the cryptocurrency market cap will double by the end of 2024, reaching $5 trillion, with Bitcoin's halving contributing to this growth.

In practice, Bitcoin price is influenced by too many factors to conclusively prove the bullish impact of halving. For instance, looking at history, the last halving occurred on May 11, 2020, and the price increased by approximately 12% in the following week. On the other hand, today's Bitcoin price might already reflect the imminent halving.

Nevertheless, the market currently shows predominantly positive sentiment, as over the weekend, BTC/USD price rose by around 2.5%.

https://i.postimg.cc/C5V159VK/btcusdx.jpg

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.

1,588

Re: Technical Analysis by FXOpen

The Market Is Waiting for Inflation Values in the US
https://i.imgur.com/aO87q6q.jpeg

Tomorrow one of the most significant events of the week will take place, which can greatly affect the sentiment of participants in both the currency and stock markets - at 15:30 GMT+3 inflation data will be published, namely: the values of the CPI (Consumer Price Index) and Core indices CPI.

According to ForexFactory, analysts expect the following values:
→ Core consumer price index, excluding food and energy prices, (Core CPI) in monthly terms: forecast = 0.3%, previous value = 0.4%
→ Consumer Price Index (CPI) in monthly terms – similar: forecast = 0.3%, previous value = 0.4%.
→ CPI in annual terms: forecast = 3.4%, previous value = 3.2%.

The Fed's inflation target is 2%. The values that will be published tomorrow may greatly affect market participants' expectations regarding the Fed's monetary policy.

According to the CME FedWatch tool:
→ traders are confident that the Fed will leave the rate unchanged in May;
→ the probability that the Fed will cut rates in June is just over 50%. But if the CPI indicates that inflation is stable, the likelihood will likely decrease.

Minneapolis Fed President Neel Kashkari said last week that a Fed rate cut was not a possible scenario if inflation continued to move sideways. George Lagarias, chief economist at Mazars, told CNBC, "I wouldn't be surprised if we see smaller rate cuts by the end of the year."

https://i.imgur.com/2doG0Me.jpeg

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.

1,589

Re: Technical Analysis by FXOpen

Rate Cut Rhetoric Blunts US Stock Market Performance
https://i.imgur.com/5vc4CA5.jpeg

Analysts' speculation regarding the central bank policy within the United States has been very much based on sentiment over the past few months.

A few months ago, a quick glance at the mainstream financial headlines would have been enough to ensure a clear view that 2024 would be a year of reducing interest rates, and commentators and analysts had even made predictions regarding actual times during the year at which rate cuts would take place.

These predictions were scuppered in February when minutes from the Federal Open Markets Committee (FOMC) meeting at the end of January stated that the Federal Reserve Bank would not be reducing interest rates in the early part of this year and was sticking firmly to its conservative policy of working toward a sustainable 2% inflation rate.

That dialogue has resurfaced this morning, this time as a result of the Federal Reserve having maintained its forecast for lowering interest rates three times this year despite not having done so in the first quarter as was expected by so many pundits, but this time, the talk is more focused on whether these will actually go ahead at all.

In Minneapolis, Minnesota, the state Federal Reserve president Neel Kashari commented that the central bank might look to keep interest rates at their current level for the remainder of the year if inflation progress stalls, an interesting remark at the beginning of earnings season for many large publicly listed North American companies.

Some asset managers have written to their clients and advised that they hold the view that the Federal Reserve will not reduce interest rates this year. What will actually happen is still very much open to speculation until any decision is announced by the central bank.

On this point, stock markets across the United States remained flat as US equities concluded yesterday's New York trading session nearly flat, as investors embarked on a significant week poised to include the latest inflation figures, which could influence expectations for interest rate cuts, and the commencement of the earnings season for the first quarter.

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.

1,590

Re: Technical Analysis by FXOpen

Market Analysis: GBP/USD Recovers While EUR/GBP Dips to Support
https://i.imgur.com/Tmbkqmr.jpeg

GBP/USD is gaining pace above the 1.2660 resistance. EUR/GBP declined steadily below the 0.8572 and 0.8566 support levels.

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

  • The British Pound is attempting a fresh increase above 1.2660.

  • There is a key bullish trend line forming with support near 1.2670 on the hourly chart of GBP/USD at FXOpen.

  • EUR/GBP is trading in a bearish zone below the 0.8572 pivot level.

  • There is a connecting bearish trend line forming with resistance near 0.8562 on the hourly chart at FXOpen.

GBP/USD Technical Analysis
https://i.imgur.com/ImSIWaf.png

On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above the 1.2575 level. The British Pound started a decent increase above the 1.2605 zone against the US Dollar.

The bulls were able to push the pair above the 50-hour simple moving average and 1.2660. The pair even climbed above 1.2700 and traded as high as 1.2709. It is now correcting gains below the 23.6% Fib retracement level of the upward move from the 1.2574 swing low to the 1.2709 high.

On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2675. The next major resistance is near 1.2710.

A close above the 1.2710 resistance zone could open the doors for a move toward 1.2740. Any more gains might send GBP/USD toward 1.2800. On the downside, there is a key support forming near a bullish trend line at 1.2670.

If there is a downside break below 1.2670 and 1.2660, the pair could accelerate lower. The next major support is near the 50% Fib retracement level of the upward move from the 1.2574 swing low to the 1.2709 high at 1.2640.

The next key support is seen near 1.2605, below which the pair could test 1.2575. Any more losses could lead the pair toward the 1.2500 support.

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.

1,591

Re: Technical Analysis by FXOpen

ADA Drops to Last Place in the Top 10 Cryptocurrencies
https://i.imgur.com/YHMucze.jpeg

ADA, the native blockchain token of the Cardano network, has dropped to 10th place among the cryptocurrencies with the largest capitalization. Today, according to CoinMarketCap, the capitalization of Cardano (ADA) is USD 20.7 billion.

On the one hand, this happened due to the success of such competitors as:
→ Dogecoin (DOGE) with a capitalization of USD 27.1 billion, approximately +108% since the beginning of the year;
→ Toncoin (TON) with a capitalization of USD 23.7 billion, approximately +193% since the beginning of the year.

On the other hand, the ADA/USD rate behaves weaker than other cryptocurrencies. Year to date, it has dropped by several percent since January 1, 2024. And this is against the background of a bull market, which should greatly confuse investors.

Will Cardano (ADA) be able to strengthen its position in the top 10 cryptocurrencies?

Bulls' hopes may be tied to the approaching Chang update (expected in the second quarter of 2024), which will implement the concept of a self-governing community on the blockchain by introducing delegate representatives (DReps) and community voting to approve the first draft of the Cardano Constitution.

https://i.imgur.com/jktUFnT.png

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.

1,592

Re: Technical Analysis by FXOpen

NZD/USD Rate Increases after the Decision of the Reserve Bank of New Zealand
https://i.imgur.com/NyRuI5C.jpeg

This morning the Reserve Bank of New Zealand (RBNZ) decided to keep interest rates unchanged at 5.5%:

→ the decision to keep the interest rate at this high level is made for the sixth time in a row;

→ the RBNZ said rates should remain high for some time to ensure inflation is contained;

→ this decision was expected - all 25 economists in the Bloomberg survey predicted it.

However, New Zealand's economy is in recession, with GDP contracting in four of the last five quarters — prompting market participants to speculate that the central bank will begin cutting rates in the second half of this year.

The market reaction was a slight strengthening of the New Zealand dollar. Thus, the NZD/USD rate today rose to its April high.

https://i.imgur.com/0MAusGf.png

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.

1,593

Re: Technical Analysis by FXOpen

The US Dollar Rose Sharply after Inflation Data. When Is Correction Possible?
https://i.imgur.com/axG1v04.jpeg

For the second time this year, the US consumer price index turned out to be higher than experts predicted. Thus, in February the figure increased from 3.1% to 3.2%. In March, the consumer price index, exceeding the expectations of economists surveyed by Bloomberg, was at 3.5%. The continued rise in inflation, coupled with a strong labor market, contributed to:

Fed representatives are extremely cautious regarding the future direction of monetary policy;
market participants are lowering expectations of how many quarters of a percent the rate could be cut this year.
As a result of the current situation, European currencies returned to recent lows, and the USD/JPY pair updated its 2022 high.

USD/JPY
https://i.imgur.com/smjiBpF.png
US dollar buyers in the USD/JPY pair managed to move above the important support level of 152.00. The price on the USD/JPY chart rose to 153.20, but further pricing of the pair will depend on the actions of the Japanese regulator. Bank of Japan officials have repeatedly stated that near 152.00 they may resort to foreign exchange interventions to support the national currency. With the intervention of the central bank, the pair may correct to the nearest support levels at 152.00-150.00. At the same time, we cannot exclude continued exponential growth in the direction of 155.00-154.00.

Important for USD/JPY pricing will be today's news on the US producer price index for March and weekly data on the number of initial applications for unemployment benefits.

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.

1,594

Re: Technical Analysis by FXOpen

Inflation Data Sharply Strengthens the US Dollar
https://i.imgur.com/QNgmL6R.jpeg

Data on consumer prices and core inflation published yesterday exceeded expectations. According to ForexFactory:

→ Core CPI in monthly terms: actual = 0.4%, expected = 0.3%, a month ago = 0.4%;
→ CPI in annual terms: actual = 3.5%, forecast was = 3.4%, previous value = 3.2% with a target value of 2%.

As a result of the publication of news, market participants' expectations that the Federal Reserve will leave rates unchanged in June have sharply increased. According to the CME FedWatch Tool, before the publication of news about inflation, the probability of this was = 42.6% (that is, the majority believed that there would be a rate cut), then after the publication the probability = 83.0%. This is a dramatic change in sentiment.

Speaking to Bloomberg, former US Treasury Secretary Larry Summers said cutting rates in June would be a dangerous and egregious mistake, adding: "You have to take seriously the possibility that the next rate move will be upwards rather than downward." .

The reaction of financial markets was the strengthening of the US dollar in the context of tight monetary policy, the effect of which will last longer:
→ USD has risen in price in currency pairs — for example, USD/CHF has risen to its maximum in six months;
→ Bitcoin fell in price, but this morning the main cryptocurrency has already recovered from yesterday’s fall;
→ gold tested support at 2,320.

https://i.imgur.com/QxXClI2.png

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.

1,595

Re: Technical Analysis by FXOpen

USD/JPY Rises to Highest Since 1990
https://i.imgur.com/LaHPTns.jpeg

This morning the USD/JPY rate is around 153.20 yen per US dollar, which was facilitated by a sharp strengthening of the dollar against the backdrop of news about inflation in the United States. Thus, the yen weakened to levels last seen in mid-1990.

At the same time, an important event occurred — a bullish breakdown of the level of 152 yen per US dollar. This level is special due to the fact that in 2022, the weakening of the exchange rate to 152 yen per US dollar forced the Bank of Japan and the Ministry of Finance to intervene three times, as Reuters writes, to support the yen.

In 2023, it also acted as a barrier to growth. It also held back the market during March 2024 and early April.

But yesterday the level of 152 yen per US dollar did not survive.

https://i.imgur.com/jARiT8j.png

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.

1,596

Re: Technical Analysis by FXOpen

Market Analysis: Gold Price Hits New High While Crude Oil Price Consolidates
https://i.imgur.com/UKRt5xd.jpeg

Gold price surged toward the $2,400 zone and traded to a new all-time high. Crude oil is attempting a fresh increase above the $85.00 zone.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price started a strong increase above the $2,350 zone against the US Dollar.

  • It broke a key bearish trend line with resistance at $2,345 on the hourly chart of gold at FXOpen.

  • Crude oil is consolidating above the $84.00 support.

  • There is a connecting bearish trend line forming with resistance near $85.60 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis
https://i.imgur.com/ezTCbUX.jpeg
On the hourly chart of Gold at FXOpen, the price formed support near the $2,300 zone. The price remained in a bullish zone and started a strong increase above $2,320.

It broke a key bearish trend line with resistance at $2,345. The bulls even pushed the price above the $2,350 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,395.

The price is now consolidating gains near the $2,385 zone and the RSI corrected from 80. Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,319 swing low to the $2,395 high at $2,378.

The first major support is near the $2,350 zone and the 50-hour simple moving average. It is close to the 61.8% Fib retracement level of the upward move from the $2,319 swing low to the $2,395 high.

If there is a downside break below the $2,350 support, the price might decline further. In the stated case, the price might drop toward the $2,325 support.

Immediate resistance is near the $2,395 level. The next major resistance is near the $2,400 level. An upside break above the $2,400 resistance could send Gold price toward $2,420. Any more gains may perhaps set the pace for an increase toward the $2,440 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.

1,597

Re: Technical Analysis by FXOpen

Analysis: EUR/USD Close to Year’s Low after ECB Decision
https://i.imgur.com/HFgF0Mk.jpeg

As predicted by analysts, the European Central Bank did not change the interest rate yesterday, keeping it at = 4.50%. This morning the EUR/USD rate is near the psychological level of 1.0700, which approximately corresponds to the 2024 low.

The key driver of the euro's decline is the prospect that the ECB will take the path of easing monetary policy earlier than the Fed:
→ ECB President Christine Lagarde said yesterday that the decision “depends on the data, not on the Fed.”
→ As reported by Reuters, Max Stainton, senior global macro strategist at Fidelity International, believes that “the ECB will be the first central bank to start cutting rates this year.”

https://i.imgur.com/TIzy1Jp.png

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.

1,598

Re: Technical Analysis by FXOpen

S&P 500 Price Consolidates ahead of Earnings Season
https://i.imgur.com/rK6cWa6.jpeg

On April 4, we wrote that the S&P 500 is showing signs of weakness around the 5,250 level. How is the situation on the stock market developing by today, which is the start of the reporting season for the first quarter?

The S&P 500 fell sharply on Wednesday amid higher-than-expected inflation data.

But the S&P 500 rose yesterday after data showed producer prices rose only slightly in March.

According to Forexfactory:

→ Producer Price Index (PPI) in monthly terms: actual = 0.2%, forecast = 0.3%, a month ago = 0.6%;

→ Core PPI in monthly terms: actual = 0.2%, forecast = 0.2%, a month ago = 0.3%.

https://i.imgur.com/avRNnaX.jpeg

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.

1,599

Re: Technical Analysis by FXOpen

Watch FXOpen's 8 - 12 April Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: FTSE, NZD/USD, USD, USD/JPY

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.

  • FTSE 100's Holy Grail of 8,000 Continues to Be a Pipe Dream

  • NZD/USD Rate Increases after the Decision of the Reserve Bank of New Zealand

  • Inflation Data Sharply Strengthens the US Dollar

  • USD/JPY Rises to Highest Since 1990

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.

https://i.imgur.com/rddfvu2.jpeg

FXOpen YouTube


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.

#fxopen #fxopenyoutube #fxopenint #weeklyvideo

1,600

Re: Technical Analysis by FXOpen

Brent Oil Price Did Not Rise Despite Iran's Attack on Israel
https://i.imgur.com/AOtz1Cf.jpeg

As you know, Iran launched a missile attack on Israel over the weekend. This could greatly increase the price of Brent oil, given that Iran is one of the top 10 oil producing countries, and the fact of the strike could provoke further escalation in the region.

However, at the beginning of the trading week, the price of Brent oil is below the levels at which they were at the end of last week. How so?

It is acceptable to assume the impact that the price reflects market risks and the expectations of its participants:
→ As the media wrote last week, the blow was expected after Israel’s attack on the Iranian mission.
→ The risk of escalation is not as high as it could be. According to the Washington Post, Biden advises Netanyahu to “slow down” after the Iranian attack. Administration officials said the United States would not join in any response to Tehran's attack and suggested Israel avoid escalation.

How might the situation develop further on the oil market?

From the point of view of technical analysis of the price of Brent oil, as we wrote on April 4, the upper limit of the blue channel is around USD 92 per barrel of Brent.

https://i.imgur.com/07HIzBh.jpeg

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

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