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Dollar Holds Steady after Producer Price Data Release
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Market activity remains quite low at the beginning of the week, as American trading floors are closed to celebrate Presidents' Day. At the same time, investors continue to evaluate the data on manufacturing inflation published last Friday. Thus, the producer price index increased by 0.3% on a monthly basis and by 0.9% on an annual basis, which turned out to be higher than the predicted 0.1% and 0.6% and the December values of −0.1% and 1.0 %, respectively. In addition, trading participants paid attention to the publication of the consumer confidence index from the University of Michigan, a leading indicator that predicts consumer spending: in February it increased from 79.0 points to 79.6 points, slightly lower than the estimated 80.0 points.

EUR/USD
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Today, the European currency is holding near the 1.0780 mark against the backdrop of weak investor activity, while market participants evaluate Friday's publications from Europe and the United States. Immediate resistance can be seen at 1.0790, a break higher could trigger a rise towards 1.0815. On the downside, immediate support is seen at 1.0732, a break below could take the pair towards 1.0695.

According to French statistics, the consumer price index, calculated according to EU standards, showed a decrease of 0.2% month on month, and an increase of 3.4% in annual terms. However, prices excluding tobacco products fell 0.3% month-on-month after rising 0.1%.

Technical analysis of EUR/USD shows that a new ascending channel has formed at the highs of two days of last week. Now the price is in the middle of the channel and may continue to rise.

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

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Will investors focus on commodities in the advent of tomorrow's FOMC Minutes?
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Just over a day remains before the Federal Open Market Committee (FOMC) in the United States is set to release the minutes from its policy meeting, which was held at the end of January.

Ordinarily, announcements such as this are considered to be very important events in the global economic calendar, especially given that monetary policy, which the FOMC is responsible for administering, has been a very significant feature during these prolonged times of high-interest rates and stringent rulings by central banks across Western markets which have continued despite the high levels of inflation which ran into double figures being long since a thing of the past.

Perhaps the forthcoming publication of the minutes from the FOMC meeting, which took place on the final days of January, will not reveal any particular new matters of interest, largely because it is already widely understood that the US authorities will not be reducing interest rates in the foreseeable future, contrary to the understanding of many analysts and investors at the beginning of this year.

Given that Federal Reserve chairman Jerome Powell underscored the decision in a message at the beginning of February by saying that the Federal Reserve will not cut rates until it is certain that inflation is nearing the 2% target, it appears that any such minutes from a more recent meeting are not likely to affect the market that much.

In times during which the market expects a favourable approach by central bankers which will accelerate the economy, such as rate cuts which were anticipated for March and June this year, which do not materialise, it is often the case that attention turns to commodities.

Over the past few days, spot gold has been increasing in value.

On February 13, spot gold was at its lowest value this year, trading at $1,990.69 per troy ounce at the bottom end of the candlestick, according to FXOpen pricing. This low point reversed, and spot gold has made a remarkable return over the past week, entering the market this morning across European time zones at just over $2,021 per troy ounce.

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

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Market Analysis: EUR/USD Starts Increase While USD/JPY Dips
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EUR/USD gained bullish momentum above the 1.0800 resistance. USD/JPY is declining and showing bearish signs below the 150.40 level.

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

  • The Euro remained in a bullish zone and climbed above the 1.0800 resistance zone.
  • There is a key bullish trend line forming with support near 1.0790 on the hourly chart of EUR/USD at FXOpen.
  • USD/JPY is trading in a bearish zone below the 150.40 and 150.15 levels.
  • There is a major bearish trend line forming with resistance near 150.15 on the hourly chart at FXOpen.

EUR/USD Technical Analysis
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On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase above the 1.0745 zone. The Euro climbed above the 1.0800 resistance zone against the US Dollar.

The pair even settled above the 1.0800 resistance and the 50-hour simple moving average. Finally, it tested the 1.0840 resistance. A high is formed near 1.0838 and the pair is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the 1.0761 swing low to the 1.0838 high.

Immediate support is near the 1.0800 level. The next major support is at 1.0790. There is also a key bullish trend line forming with support near 1.0790 and the 50-hour simple moving average. It coincides with the 61.8% Fib retracement level of the upward move from the 1.0761 swing low to the 1.0838 high.

If there is a downside break below 1.0790, the pair could drop toward the 1.0745 support. The main support on the EUR/USD chart is near 1.0695, below which the pair could start a major decline.

On the upside, the pair is now facing resistance near 1.0840. The next major resistance is near the 1.0885 level. An upside break above 1.0885 could set the pace for another increase. In the stated case, the pair might rise toward 1.0950.

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

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NASDAQ Price Declining Ahead of NVDA Report
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E-mini NASDAQ 100 futures fell below the psychological 17,500 level yesterday after trading above 18,000 on Friday.

The reason for the decline may be the fears of market participants ahead of the news release:
→ today after the close of the main trading session, Nvidia, the 5th largest company by capitalization, will publish its report;
→ today at 22:00 GMT+3, data from the Federal Reserve will be published, which will provide important information about the prospects for lowering the interest rate.

However, for now the decline looks like a correction.

The NASDAQ 100 chart shows that:
→ the price is within an uptrend (shown by a blue channel);
→ the level of 18000 acted as psychological resistance, as the price turned down after a small puncture;
→ the price fixes below the local ascending channel (shown by purple lines).

For now, the support level at 17,500 is keeping the price from falling further, but if the news is disappointing, the price may drop to the lower border of the channel — it is even possible that the bears will attempt a breakout.

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

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S&P 500 Inches Down After Long Rally as FOMC Minutes Approach
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Aside from the performance of a national currency, a popular yardstick by which to gauge anticipation or reaction to an economic event or announcement is the market sentiment surrounding the top listed stocks on premier exchanges.

Today, as market participants around the world await the release of the minutes from the FOMC meeting that took place at the end of January, the S&P 500 index will begin trading slightly lower, an interesting movement considering that for the past three months, this premier index which includes the most prestigious and highly capitalised publicly listed companies listed on US exchanges, has been rallying.

Since the end of October, only a few minor dips have taken place. However, the tailing off which took place during the New York trading session yesterday places the S&P 500 under the 5,000 point mark when the market opens in New York today.

On February 19, the S&P 500 finished the trading day (Eastern Standard Time) at 5,008.7, according to FXOpen charts and will begin the trading session today at 4,973.6, which is its closing price yesterday.

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

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Ethereum Price Falls after Exceeding $3,000
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We previously wrote about the reasons for the positive sentiment in the ETH/USD market.

Optimism was added by a post on X (Twitter) by Vitalik Buterin about the so-called Werkle trees. This technology, which should (according to the information in the roadmap) be introduced in the future, it includes the advantages of:
→ reduced requirements for validators;
→ faster network synchronization, and others.

The ETH/USD chart shows that:
→ ETH price is within a larger uptrend (shown in orange);
→ the price is within the February bullish trend (shown by blue lines);
→ the market is in an overbought state, judging by the bearish divergence on the MACD indicator.

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

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NVDA Share Price Soars 11% after Report
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The signs of concern we wrote about yesterday have largely subsided. After three days of declines, the price of E-mini Nasdaq 100 futures bounced off the lower boundary of the channel (see yesterday's chart) and rose, led by NVDA stock.

Nvidia's quarterly report exceeded expectations:
→ earnings per share: actual = USD 5.16, expected = USD 4.59;
→ gross revenue: actual = USD 22.10 billion, expected = USD 20.39 billion.

According to the head of the company:
→ Accelerated computing and generative AI have reached a tipping point.
→ Demand for computing is growing worldwide among companies, industries and governments.
→ The coming year will bring major new product cycles with exceptional innovations that will help propel the industry forward.

In post-market trading, NVDA's price rose 11% to over USD 740 per share. Thus, the price increase for NVDA since the beginning of 2024 is about 50%.

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

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EUR/USD Analysis: Euro Showing Signs of Strength
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Today news was published about the values of PMI indices for European economies. Data from France was encouraging:
→ French Flash Manufacturing PMI: actual = 46.8, expected = 43.5, a month ago = 43.1;
→ French Flash Services PMI: actual = 48.0, expected = 45.7, a month ago = 45.4.

Data from Germany were less optimistic, so the euro's rise was interrupted, but in the end the euro still rose in price on this news relative to other currencies.

For example, the price of EUR/JPY broke through the resistance level of 163 yen per euro — the euro rose to this level for the first time since November last year.

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

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Commodity Currencies Strengthen after the FOMC Minutes Publication
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The fundamental data of recent trading sessions contributed to a slight strengthening of commodity and European currencies. Thus, the AUD/USD pair, after forming a bullish engulfing combination, managed to confidently gain a foothold above 0.6500. The pound/US dollar currency pair retested the support at 1.2540 and went above 1.2600, and greenback sellers in the US dollar/loonie pair are trying to break the support at 1.3500.

GBP/USD
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The price of the pound on the GBP/USD chart has been trading for the third week in a rather narrow range of 1.2680-1.2540. Apparently, to enter new positions, investors need a more important foundation than the publication of the FOMC protocols. The head of the Bank of England, Andrew Bailey, whose speech took place on Tuesday at 13:15 GMT+3, also failed to inspire market participants to make new entries.

Today at 12:30 GMT+3, we are waiting for the publication of data on the business activity index in the UK services sector for February. At 17:45 GMT+3, the business activity index (PMI) in the US services sector for the same period will be released. Also at 18:00 GMT+3, data on sales on the secondary housing market for January will be published, and at the very beginning of the American session, weekly figures on the number of applications for unemployment benefits will be released.

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

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Market Analysis: AUD/USD and NZD/USD Grind Higher Steadily
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AUD/USD is moving higher and might rally if it clears 0.6600. NZD/USD is also rising and could extend its increase above the 0.6220 resistance zone.

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

  • The Aussie Dollar is moving higher from the 0.6540 zone against the US Dollar.
  • There is a key bullish trend line forming with support at 0.6555 on the hourly chart of AUD/USD at FXOpen.
  • NZD/USD is showing positive signs above the 0.6180 support.
  • There is a major bullish trend line forming with support at 0.6190 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis
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On the hourly chart of AUD/USD at FXOpen, the pair remained stable near the 0.6500 zone, as discussed in the previous analysis. The Aussie Dollar formed a base and started a decent increase above the 0.6540 resistance against the US Dollar

The bulls pushed the pair above the 0.6550 resistance zone. There was a close above the 0.6565 resistance and the 50-hour simple moving average.

The pair is now consolidating near the 50% Fib retracement level of the downward move from the 0.6595 swing high to the 0.6542 low. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6575.

The 61.8% Fib retracement level of the downward move from the 0.6595 swing high to the 0.6542 low is also near 0.6575. 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 0.6650 level. Any more gains could clear the path for a move toward the 0.6720 resistance zone.

If not, the pair might correct lower below the 50-hour simple moving average at 0.6555. There is also a key bullish trend line forming with support at 0.6555. The next support could be 0.6540. If there is a downside break below the 0.6540 support, the pair could extend its decline toward the 0.6510 zone. Any more losses might signal a move toward 0.6450.

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

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Nvidia's Successes Helps S&P 500 Price Reach Its All-time High
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Yesterday, the price of the S&P 500 stock index rose to record closing highs on Thursday. Moreover, such a growth rate (+2.11% per day) has not been observed for 13 months.

Reasons for Extremely Bullish Sentiment:
→ Nvidia's report, which showed impressive earnings and prospects (the company forecasts roughly threefold revenue growth in the first quarter of 2024 amid strong demand for its AI chips). Nvidia's capitalization grew by USD 277 billion in one day — a historical record for the US stock market.
→ Positive news background for yesterday: the US Flash Manufacturing PMI index was actually = 51.5, expected = 50.5, a month ago = 50.7. Signals from the labor market were also positive - the weekly number of applications for unemployment benefits turned out to be = 201k (expected = 217k).

Technical analysis of the S&P 500 chart shows that the price continues to move within the ascending channel, which has been in effect since the beginning of 2024 (shown in blue).

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

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Bitcoin Price Risks Not Staying above $50k
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On February 14, a strong bullish impulse was recorded in the BTC/USD market, which pushed the price of bitcoin to the area above USD 50k.

The main driver of growth was the effect of the launch of a bitcoin ETF. More than a month has passed since this event, and according to media reports, the ETF has seen an influx of more than USD 7 billion. For example, BlackRock has about 125k bitcoins on its balance sheet to support its ETF fund.

Also adding to the positive mood among market participants is news about the benefits received by companies that invested in bitcoin: MicroStrategy, Block and others. Among the latest news is Reddit's decision to invest in bitcoin.

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

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NZD/USD Technical Analysis: Bearish Start To News-heavy Week
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After 8 consecutive days of growth, the price of NZD/USD is forming a bearish candle this morning, thereby indicating possible concerns among market participants at the beginning of a week full of important economic news:

→ On Wednesday, at 4:00 GMT+3, the RBNZ decision on interest rates will be published. There will also be a press conference by the leadership of the Central Bank.
→ On the same day, at 16:30 GMT+3, news about US GDP is expected.
→ On Thursday, at 16:30 GMT+3, inflation data in the United States will be published, namely Core PCE Price Index GMT+3.

Note that in 2023, the NZD/USD price behaved bearishly, forming a downward channel (shown in red).

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

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The US Continues to Trump the Euro Economy on Key Metrics, But What Is Next?
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A clear measure of public confidence in a national economy, as well as the ability to access a key component of it, is how many new homes are being sold compared to previous months.

There are a number of important factors that point to the overall health of a nation and its population's finances, which are demonstrated by this, for example, the ability for people to access mortgages and pay reasonable interest on the repayments, creditworthiness and the ability to repay those mortgages, and enough confidence that there will be a market for the homes that a construction company would see fit to invest in buying the land and endure the upfront costs of building homes.

Today, in the United States, new home sales figures for January 2024 will be announced, and the expected figure, according to many economic calendars, is around 680,000 new homes sold in January this year compared to 664,000 in the same period last year.

Interest rate increases have burdened mortgage holders as well as those making repayments on unsecured borrowing over recent years, and the same interest rate increases have caused corporations - including homebuilders - to have to pay more toward their monthly borrowing over this period of high-interest rates.

By their very nature, interest rate rises are designed to curb spending in order to reduce inflation, and in the context of property construction and purchase by domestic customers, it is clear that a rising interest rate would likely have an effect on buyers as well as construction companies.

However, the strength of the US economy has once again shown its mettle over the past few days, as the US Dollar has been strong against other majors. Looking at the EURUSD pair, considerable volatility has been evident. At 9.10 am UK time this morning, the EURUSD was trading at 1.08347, which shows a slight upturn in fortune for the Euro, which on February 20 had stood at 1.07750.

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

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Exchange Rates Consolidate at the Beginning of the Week
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Trading participants continue to evaluate the prospects for a change in the US Federal Reserve's monetary course against the backdrop of the publication of the minutes of the January meeting. Officials reiterated their cautious stance on lowering borrowing costs and, moreover, expressed concern about the possibility of shifting too early to dovish rhetoric. The document strengthened investor confidence that the adjustment of parameters could be postponed until the second half of the year, which strengthens the US dollar’s position against its main competitors: at the moment, more and more investors are counting on the first adjustment to borrowing costs in June, but these expectations are also regularly revised. In the US, the publication of January statistics on the dynamics of sales of new homes is expected during the day: in the previous period, the figure increased by 8.0% month-on-month to 0.644 million units. On Tuesday, February 27, the US will release February statistics on durable goods orders and consumer confidence. Forecasts suggest a slowdown in the dynamics of orders for durable goods excluding transport from 0.5% to 0.2%.

EUR/USD

The EUR/USD pair shows a slight decline, holding at 1.0820. Immediate resistance can be seen at 1.0888, a break higher could trigger a rise towards 1.0960. On the downside, immediate support is seen at 1.0812, a break below could take the pair towards 1.0760.
Today investors will pay attention to the speech of ECB head Christine Lagarde. In the EU, February data on inflation dynamics will be presented at the end of the week: the consumer price index is expected to slow down from 2.8% to 2.5% in annual terms, and the core indicator - from 3.3% to 2.9%. Traders continue to evaluate German data on GDP and business optimism released on Friday. Thus, the German economy in the fourth quarter of 2023 lost another 0.3% on a quarterly basis and 0.4% on an annual basis. The IFO business optimism index in February adjusted from 85.2 points to 85.5 points, which coincided with analysts’ forecasts, the indicator for assessing the current situation remained at 86.9 points with expectations at 86.7 points, and the economic expectations index increased from 83.5 points to 84.1 points, while experts expected 84.0 points.

Technical analysis of EUR/USD shows that a new upward channel has formed based on last week’s highs. Now the price is near the lower border and may continue to rise.

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

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AMZN Share Price Hits 25-Month High After Inclusion in DJIA Index
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As of February 26, Walgreens Boots Alliance (WBA) is no longer used in the calculation of the Dow Jones Industrial Average, replaced by Amazon (AMZN).

The planned index rebalancing was carried out because:
→ Walgreens shares currently have the lowest price among all companies included in the Dow index;
→ S&P Dow Jones Indices adds Amazon as it seeks to increase the Dow's retail exposure to reflect the emerging nature of the US economy. This was also influenced by the fact that shares of the retail chain Walmart (WMT) underwent a 3:1 split.

The AMZN stock chart today shows that:
→ the AMZN stock price is moving in an upward trend, its contours are indicated by a blue channel;
→ after a strong report (we wrote about this on February 5), a bullish gap formed on the chart — it is now more clearly visible between the levels of 161.5 and 166.5;
→ in the last days of winter, the price approached the upper border of the channel;
→ the price is in the upper half of the channel, and the median line (reinforced by the gap area), according to technical analysis, has the potential to provide support to it;

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

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European Stock Markets on All-Time Roll Despite Economic Bleakness
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There has been so much clamour over the past few months relating to the flagging European economy and stagnating British economy compared to the surprisingly healthy economic situation in the United States that it would be very easy to get buried in the deluge of news articles displaying woe which have been accompanied by a rising US Dollar against a declining Euro and Pound.

However, to write off the European economy as second fiddle to that of the United States purely on the grounds of a rising Dollar, some return to form for tech stocks and a relatively mediocre set of meeting notes from the Federal Open Market Committee, which reiterated the lack of a reduction in interest rates for the near future, would be churlish, to say the least.

On the European side of the Atlantic, a more thorough inspection of the overall market conditions would soon put the flagging Euro and mainstream media speculation of recession into perspective.

Over the past few weeks, European stocks have been increasing in value to the extent that some indices have registered an all-time high.

The CAC 40 index in France concluded the European session yesterday at 7,960.8 according to FXOpen charts, which is an all-time record high for the index, which comprises the 40 most highly capitalised stocks listed on French stock exchanges.

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

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Market Analysis: Gold Price and Crude Oil Price Eye More Upsides
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Gold price started a decent increase above the $2,028 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $80.00.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price started a decent increase from the $2,015 zone against the US Dollar.
  • A key contracting triangle is forming with support near $2,028 on the hourly chart of gold at FXOpen.
  • Crude oil prices rallied above the $76.55 and $77.00 resistance levels.
  • There is a key bullish trend line forming with support at $77.80 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis
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On the hourly chart of Gold at FXOpen, the price found support near the $2,015 zone. The price formed a base and started a fresh increase above the $2,020 level.

There was a decent move above the 50-hour simple moving average and $2,028. The bulls pushed the price above the $2,035 resistance zone. Finally, the bears appeared near $2,040, A high was formed near $2,039.44 and the price is now consolidating gains.

The recent low was formed at $2,028 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $2,039 swing high to the $2,028 low.

The RSI is still stable near 40 and the price could aim for more gains. Immediate resistance is near the $2,035 level. It is close to the 61.8% Fib retracement level of the downward move from the $2,039 swing high to the $2,028 low.

The next major resistance is near the $2,040 level. An upside break above the $2,040 resistance could send Gold price toward $2,050. Any more gains may perhaps set the pace for an increase toward the $2,065 level.

Initial support on the downside is near the $2,028 zone. There is also a key contracting triangle forming with support near $2,028. If there is a downside break below the $2,028 support, the price might decline further. In the stated case, the price might drop toward the $2,015 support.

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

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AAPL Share Price Rises Nearly 1% after Scrapping Electric Vehicle Plans
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In 2021, the release of an electric car from Apple was expected in 2025, in 2022, the deadline was shifted to 2026. As it became known yesterday from Bloomberg and WSJ, Apple decided to completely abandon the project.

Causes for this decision:
→ the electric vehicle market turned out to be not so turbulent;
→ production and technological difficulties;
→ the strong development of electric vehicle construction in China may also have played a role.

Some employees will be fired, others will be transferred to a more promising department related to developments in the field of AI. Despite the fact that the ambitious project, which lasted about 10 years, failed, the price of AAPL shares rose by almost 1% yesterday as a result of trading — perhaps investors positively assessed the reorientation from electric vehicles to a more promising direction related to AI.

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

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Australian Dollar Weakens amid Inflation News
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According to data published today by the Australian Bureau of Statistics, the Consumer Price Index (CPI) value was: actual 3.4%, expected = 3.6%, a month ago = 3.4%, 2 months ago = 4.3%.

Data shows Australia's consumer price growth rate is slowing, approaching targets of around 2%. This means less pressure on the Reserve Bank of Australia, which is pursuing tight monetary policy to combat inflation. Thus, the prospect of lower interest rates makes the Australian dollar weaker relative to other currencies.

For example, the reaction to news about inflation in Australia, which was below expectations, was the fall in the price of AUD/USD.

Technical analysis of the AUD/USD chart shows that:
→ the price of AUD/USD continues to develop in a downward channel (shown in red);
→ the price has broken through the important level 0.6535, which served as support since last week, but now, perhaps, will again begin to provide resistance, as it did in the first half of February;
→ in February, a bearish SHS pattern formed.

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

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Brent Crude Oil Makes Sudden Rally As OPEC Countries Mull Low Output
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Crude oil is a particularly unusual substance in that it is one of the only consumable commodities that institutions and private individuals widely trade across the spectrum of global markets, and it is a staple component as an energy resource in most aspects of everyday life, yet its value is maintained by a cartel made up of the central governments of the nations that extract it from the earth.

This combination of completely unique circumstances and operational conditions means that the requirement for crude oil to perform its task as a basis for fuels combined with the method by which the OPEC+ countries are able to control its price via aligning to reduce or increase production and distribution makes for an interesting marketplace.

This week, news surfaced across mainstream media around the possibility that the OPEC+ countries may consider an extension of the reduction in crude oil production and supply that is currently in place.

The current level of production and supply that has been set by the OPEC+ countries is subject to a reduction, which was agreed on in November 2022 during a meeting of the OPEC+ nations led by the Russian Federation. At that time, a reduction of approximately 2.2 million barrels of crude oil per day was agreed. However, this week, there has been some thought that the OPEC+ nations may consider extending this reduced amount of production into the second quarter of this year.

Fuel prices have steadily been rising on the consumer side, meaning that the cost of refined fuel oils has had to factor these reductions in, and perhaps motorists may have noticed that unleaded fuel and diesel oil for road vehicles have crept up in price very slightly over the past month or so, however, should the extension of a reduced output take place, the wider effect could make its way onto the financial markets, where oil is traded as a commodity.

Over the course of the past day, US Brent Crude Oil has risen in price dramatically. According to FXOpen charts, Brent Crude Oil concluded the trading day on February 26 at $80.51 per barrel, whereas it begins the trading day today at $82.24 per barrel.

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

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BTC/USD Price Exceeds $60,000 Per Coin
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Several factors contributed to this:

→ Effect associated with the approval of Bitcoin ETF. The media writes that investments in these financial instruments amount to about 9k bitcoins per day, and miners produce only 900 bitcoins per day. The total investment in the Bitcoin ETF after approval on January 11 is approaching USD 50 billion. By comparison, just over USD 90 billion is invested in the 19 largest gold ETFs.

→ Expectations that Ethereum ETFs will be approved in the future, simplifying access to investments in the second largest cryptocurrency by capitalization.

→ Expectations for the Fed to cut interest rates. Cheaper credit means greater appetite for investment in higher-risk assets.

→ Expectations for the halving (scheduled for April), after which a bull market usually begins.

In mid-February, we wrote that the price of Bitcoin did not show bullish progress after exceeding the psychological level of USD 50k per Bitcoin. Technical analysis of the Bitcoin chart shows that this was due to resistance (shown by the arrow) from the median line of the green ascending channel, within which the market has been developing since the fall of 2023. Yesterday's rise, which followed the breakdown of the psychological level of 60k US dollars per bitcoin, marked the upper limit of this channel just above 64k US dollars per bitcoin and made it possible to update its contours.

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

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The American Currency Resumes Its Growth
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The American currency, despite a rather multidirectional fundamental data, resumes growth at the end of February. In the main currency pairs, one can observe both rebounds from key levels and continuation of the main trends. Thus, the USD/CAD pair managed to strengthen above 1.3500, the GBP/USD pair lost about 100 pp after rebounding from 1.2700, and EUR/USD buyers failed to strengthen above 1.0900.
USD/CAD

Fluctuations in the oil market contributed to the strengthening of the USD/CAD pair. At the beginning of the week, sellers of the pair tried to break the support at 1.3400, but, as we see, were unsuccessful. Yesterday, the price on the USD/CAD chart not only strengthened above 1.3500, but also updated the current year’s maximum at 1.3580. If the pair's buyers do not lose their upward momentum, the price may strengthen to 1.3770-1.3700. The upward scenario may be cancelled by consolidation below the level of 1.3400.

Today, we can expect increased volatility in the pair. At 16:30 GMT+3, we are waiting for data on Canadian GDP for the fourth quarter of last year. At the same time, the basic price index of personal consumption expenditures in the US for January and indicators on applications for unemployment benefits for the current week will be published.

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

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USD/JPY Technical Analysis: Yen Strengthens after Comments from Japanese Officials
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This week has raised alarm bells for USD/JPY market participants who are trading the bullish momentum that has been going on since early 2024 (shown in the blue curved lines on the USD/JPY chart):

→ Vice Finance Minister Masato Kanda warned against “excessive volatility” in currency markets, hinting that the yen had weakened too much.
→ Bank of Japan board member Hajime Takata said that, in his opinion, there are prospects for achieving the inflation target of 2%, which opens the way to abandoning negative rates. Note that today there was news on inflation in Japan, which showed that it is slowing down. Thus, BOJ Core CPI in annual terms was 2.6%, a month ago = 2.6%, 2 months ago = 2.7%, 3 months ago = 3.0%.

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

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Market Analysis: GBP/USD Struggles While USD/CAD Aims Higher
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GBP/USD is attempting a recovery wave from 1.2600. USD/CAD is rising and might aim for a move above the 1.3580 resistance zone.

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

  • The British Pound started a fresh decline from the 1.2700 resistance zone.
  • There is a key bearish trend line forming with resistance near 1.2665 on the hourly chart of GBP/USD at FXOpen.
  • USD/CAD is showing positive signs above the 1.3545 support zone.
  • There is a contracting triangle forming with resistance near 1.3580 on the hourly chart at FXOpen.

GBP/USD Technical Analysis
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On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2700 zone. The British Pound traded below the 1.2650 support to move into further a bearish zone against the US Dollar, as mentioned in the previous analysis.

The pair even traded below 1.2620 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2600 level. A low was formed near 1.2612 and the pair is now attempting a short-term recovery wave.

There was a fresh upside above the 1.2620 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2681 swing high to the 1.2612 low.

Immediate resistance on the upside is near the 50% Fib retracement level of the downward move from the 1.2681 swing high to the 1.2612 low at 1.2650 and the 50-hour simple moving average. The first major resistance on the GBP/USD chart is near the 1.2665 level.

There is also a key bearish trend line forming with resistance near 1.2665. A close above the 1.2665 resistance might spark a decent recovery wave. The next major resistance is near the 1.2700 level. Any more gains could lead the pair toward the 1.2750 resistance in the near term.

Initial support sits near 1.2620. The next major support sits at 1.2610, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2540.

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

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