FXOpen Trader Posted September 6, 2023 Author Share Posted September 6, 2023 EUR/USD Nosedives While USD/JPY Surged Further EUR/USD started a fresh decline from 1.0940. USD/JPY is rising and might climb further toward the 148.80 resistance zone. Important Takeaways for EUR/USD and USD/JPY Analysis Today The Euro started a fresh decline below the 1.0860 support zone. There is a key bearish trend line forming with resistance near 1.0760 on the hourly chart of EUR/USD at FXOpen. USD/JPY climbed higher above the 146.10 and 147.00 levels. There is a connecting bullish trend line forming with support near 147.20 on the hourly chart at FXOpen. EUR/USD Technical Analysis On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.0940 zone. The Euro declined below the 1.0860 support zone against the US Dollar. The pair even settled below the 1.0805 zone and the 50-hour simple moving average. A low is formed near 1.0707 and the pair is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the 1.0808 swing high to the 1.0707 low. On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.0760 and a key bearish trend line. It is close to the 50% Fib retracement level of the recent decline from the 1.0808 swing high to the 1.0707 low. The next major resistance is near 1.0805. The main resistance is now near 1.0860. An upside break above 1.0860 could set the pace for another increase. In the stated case, the pair might rise toward 1.0940. If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0705. The next key support is at 1.0680. If there is a downside break below 1.0680, the pair could drop toward 1.0635. The next support is near 1.0620, below which the pair could start a major decline. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 6, 2023 Author Share Posted September 6, 2023 The US Dollar Strengthens to a Maximum of Six Months On Tuesday, financial market participants received a piece of data that gives signs of a slowdown in economies in different countries. Namely, the PMI index (an index of purchasing managers, which is considered a leading economic indicator) showed a negative trend in China and a number of European countries. This led to a decrease in exchange rates against the US dollar. Today, the US PMI data will be released, which is likely to affect the current strength of the US dollar index, as well as provide important information for the Fed's interest rate decision. The next meeting will be held on September 19-20. According to the CME FEDWatch tool, there is a 7% chance that rates will be raised in September. However, the probability that it will be increased by the end of the year is about 45%. “I can well imagine, from what I see so far, that we might have to go a bit higher, that we might have to raise the policy rate a bit more,” Cleveland Fed President Loretta Mester said in an interview with German newspaper Börsen-Zeitung published on Tuesday. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 7, 2023 Author Share Posted September 7, 2023 Nikkei 225 Reaches Psychological Level at 33,000 In 2023, Japan's stock market is in a bullish trend (shown by the blue channel) as the country has an ultra-loose monetary policy (unlike other G7 countries that are fighting inflation). As a result, the cheap yen helps Japanese companies, which are largely export-oriented, to develop. According to the Cabinet of Japan, GDP in the second quarter of 2023 increased by 2% compared to the same quarter of the previous year. The growth of the Japanese stock market from the beginning of the year to today is about 28%. And on Sept. 5, the Nikkei 225 closed above the psychological 33,000 level. Yahoo Finance reports that Kenji Abe, Daiwa Securities equity strategist, predicts the Nikkei could gradually rise to 35,000 after a strong reporting season this summer. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 7, 2023 Author Share Posted September 7, 2023 USD/CAD Analysis: How the Bank of Canada Decision Affected the National Currency Yesterday it became known that the Bank of Canada (BOC) decided to keep the rate at 5% — the highest level in 22 years. Here are the key takeaways from CEO Tiff Macklem's press conference: → excess demand is declining, but the BOC is remaining concerned about persistence of high inflation; → the labor market is gradually calming down, but wage growth remains high; → second-quarter GDP contraction attributed to a noticeable slowdown in consumption growth, a slowdown in housing market growth and the impact of wildfires across the country. Although the decision to leave the rate unchanged is a move that economists expected in a Bloomberg survey, there has been some spike in volatility in the foreign exchange market. The first emotional reaction of market participants led to the depreciation of the CAD against other currencies. But at the end of the day, the Canadian dollar strengthened — apparently, market participants still see positive in the prospects of the Canadian economy, taking into account the statements of the head of the Bank of Canada. At the same time, an interesting situation is emerging on the USD/CAD chart – the rate has declined from the important level of 1.365, from which reversals were repeatedly formed earlier this year (as the arrows show). What can we say about the formation of another bearish reversal? VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 7, 2023 Author Share Posted September 7, 2023 Commodity Currencies, Pound and Euro in Search of Medium-term Bottom Yesterday's multidirectional statistics from the US contributed to the test of significant levels by major currency pairs. Thus, the GBP/USD pair fell to 1.2500, the EUR/USD pair re-tested 1.0700, and commodity currencies managed to find temporary support. AUD/USD In early September, the Australian currency came under additional pressure due to negative economic data from China. The slowdown in the world's second largest economy, provoked by the deepening decline in the real estate market, could not but affect the currencies of China's trading partners. After the RBA left the base interest rate unchanged at the beginning of the week, the AUD/USD pair updated the August low of this year at 0.6360. Yesterday, buyers managed to keep the price above the recent lows, but if the situation in the commodity market does not stabilise, the downtrend may continue towards 0.6100-0.6000. Cancellation of the downward scenario may be considered after a firm consolidation above 0.6520. From the point of view of fundamental analysis, today at 15:30 GMT+3, we are waiting for weekly data on the number of applications for unemployment benefits in the US. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 8, 2023 Author Share Posted September 8, 2023 Bitcoin Sets September High The price of the main cryptocurrency rose above the level of 26k US dollars. This was fueled by the news that Ark Invest and 21Shares filed applications with the US Securities and Exchange Commission (SEC) for a spot ETF on Ethereum. Some say recent verdicts in favor of cryptocurrency firms Grayscale and Ripple Labs in lawsuits against the SEC increase the chances that ETF applications for Ethereum will be approved. We also note that applications for bitcoin ETFs from BlackRock and other funds are being reviewed by the SEC, but the deadlines for these applications, originally set for early September, have been postponed to a later date. Meanwhile, Barrons writes that the NASDAQ exchange is preparing infrastructure for cryptocurrency trading, which is causing bullish sentiment among cryptocurrency enthusiasts. But the BTC/USD chart gives reason to doubt. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 8, 2023 Author Share Posted September 8, 2023 AUD/USD and NZD/USD Could Start Fresh Increase AUD/USD declined 0.6400 before the bulls appeared. NZD/USD is now attempting a fresh increase from the 0.5860 support zone. Important Takeaways for AUD/USD and NZD/USD Analysis Today The Aussie Dollar started a fresh decline from well above the 0.6440 level against the US Dollar. There is a key contracting triangle forming with resistance near 0.6400 on the hourly chart of AUD/USD at FXOpen. NZD/USD declined heavily from the 0.6000 resistance zone. Recently, there was a break above a connecting bearish trend line with resistance near 0.5880 on the hourly chart of NZD/USD at FXOpen. AUD/USD Technical Analysis On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6520 zone. The Aussie Dollar started a fresh decline below the 0.6440 support against the US Dollar. The pair even settled below 0.6400 and the 50-hour simple moving average. Finally, the bulls appeared near the 0.6360 zone. A low was formed near 0.6357 and the pair is now consolidating losses. It is slowly moving higher above the 50-hour simple moving average. On the upside, an immediate resistance is near a key contracting triangle at 0.6400. It is close to the 23.6% Fib retracement level of the downward move from the 0.6522 swing high to the 0.6357 low. A clear upside break above 0.6400 could send the pair toward the 50% Fib retracement level of the downward move from the 0.6522 swing high to the 0.6357 low at 0.6440. The next major resistance is near 0.6485, above which the price could rise toward 0.6520. Any more gains might send the pair toward 0.6550. A close above the 0.6550 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6600. On the downside, initial support is near the 50-hour simple moving average at 0.6385. The next support could be the 0.6360. Any more losses might send the pair toward the 0.6320 support. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 8, 2023 Author Share Posted September 8, 2023 Dollar Strengthens Amid Good Data Data on business activity in the US for August was published. In general, indicators are recovering, but the pace is slowing down, and the beginning of a recession in the near future is seen as quite possible. Nevertheless, investors still hope that a recession in the US economy will be avoided. Weekly data from the American labour market were also published yesterday. Thus, the number of initial applications for unemployment benefits amounted to 216.0k, which turned out to be lower than both the forecast of 234.0k and the previous value of 229.0k. The total number of citizens receiving assistance from the state decreased from 1.719 million to 1.679 million, while experts estimated 1.715 million, confirming the stable state of the sector, which may contribute to a new increase in the US Fed interest rate. EUR/USD The euro fell on Thursday as Europe's economic outlook continued to deteriorate. Data showed German industrial production fell slightly more than expected in July. The Ifo Institute said Germany's economy would contract by 0.4% this year, confirming its previous forecasts published in June. Meanwhile, European statistics agency Eurostat revised down its estimate that eurozone GDP rose 0.1% in the second quarter from the previous three months. On an annualised basis, GDP increased by 0.5%, Eurostat said, revising its previous growth estimate of 0.6%. The immediate resistance can be seen at 1.0744; a breakout to the upside could trigger a rise towards 1.0788. On the downside, immediate support is seen at 1.0697, and a break below could take the pair towards 1.0672. A new downward channel has formed at the lows of the week. Now, the price is in the middle of the channel and may continue to move towards the upper border. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 8, 2023 Author Share Posted September 8, 2023 Watch FXOpen's 4 - 8 September Weekly Market Wrap Video Weekly Market Wrap With Gary Thomson: APPLE IN TROUBLE, DOLLAR STRENGTHENED, USD/CAD, NIKKEI 225 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 dollar strengthened to a maximum in six months Nikkei 225 reaches psychological level at 33,000 USD/CAD analysis: how the decision of the Bank of Canada affected the national currency Apple in trouble: shares fall more than 3.5% Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen. Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions. FXOpen YouTube Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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 #fxopenuk #fxopenint #weeklyvideo Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 11, 2023 Author Share Posted September 11, 2023 GBP/USD Could Recover While USD/CAD Trims Gains GBP/USD retested the 1.2450 support and is now correcting losses. USD/CAD is correcting gains and trading below the 1.3655 support. Important Takeaways for GBP/USD and USD/CAD Analysis Today The British Pound is eyeing a fresh increase above the 1.2580 resistance. There is a key bearish trend line forming with resistance near 1.2550 on the hourly chart of GBP/USD at FXOpen. USD/CAD declined below the 1.3655 and 1.3615 support levels. A connecting bearish trend line is forming with resistance near 1.3615 on the hourly chart at FXOpen. GBP/USD Technical Analysis On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2700 resistance zone. The British Pound traded below the 1.2550 support to enter a bearish zone against the US Dollar, as discussed in the previous analysis. Finally, the bulls appeared near the 1.2450 zone. The pair is now attempting a recovery wave above the 50-hour simple moving average and 1.2480. There was a break above the 23.6% Fib retracement level of the downward move from the 1.2642 swing high to the 1.2447 low. The RSI moved above the 50 level on the GBP/USD chart and the pair is now showing a few positive signs. Immediate resistance is forming near a key bearish trend line at 1.2550 and the 50% Fib retracement level of the downward move from the 1.2642 swing high to the 1.2447 low. The next resistance is near 1.2580. An upside break above the 1.2580 zone could send the pair toward 1.2655. Any more gains might open the doors for a test of 1.2700. On the downside, initial support is near the 1.2480 area. The next major support is 1.2450. If there is a break below 1.2450, the pair could extend its decline. The next key support is near the 1.2400 level. Any more losses might call for a test of the 1.2345 support. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 11, 2023 Author Share Posted September 11, 2023 USD/JPY Analysis: Yen Rises Sharply after Hawkish Government Announcements Since 2016, the interest rate in Japan has been in the negative zone and has remained unchanged — for more than 7 years it has been -0.10%. This makes Japan fundamentally different from other countries. But over the weekend the Yomiuri newspaper published an interview with Bank of Japan CEO Kazuo Ueda. He said the central bank could end the era of negative interest rates once it becomes clear that the 2% inflation target has been achieved. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 11, 2023 Author Share Posted September 11, 2023 Economic Calendar: A Torrent of UK and Chinese Releases, US Inflation and Inventories, and ECB Meeting A torrent of key economic data releases is coming out this week, which will significantly impact the markets. First up is UK unemployment and average earnings on Tuesday (10:00). Unemployment is expected to tick up to 4.3%, while earnings remain steady at 8.2%, presenting a quandary for the Bank of England, as it battles to reduce inflation while not induce a recession. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 12, 2023 Author Share Posted September 12, 2023 Oil Price Stabilizes Near Year's Highs Last week, the Russian Federation and Saudi Arabia confirmed plans to reduce production by the end of the year, which contributed to an increase in oil prices. At the beginning of this week, the WTI price stabilized in the range of 85.50 - 87.50. Will the upward trend continue, which will benefit oil producers? On Tuesday morning, the price is within the triangle formed from the median line of the ascending channel (shown in blue) and the level of 87.50. A breakout of this triangle can occur in both directions. Bullish arguments: → The price is within the ascending channels, both short-term (built on the 1h and 4h charts) and long-term (built on the daily chart). → A series of rising lows is forming on the chart, indicating that demand is active. → Technically, the market may be supported by the level of 85.50, which previously served as resistance. → Oil supplies may be disrupted due to various storms. For example, in eastern Libya, 4 ports were closed due to flooding and a storm, which killed about 2,000 people. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 12, 2023 Author Share Posted September 12, 2023 TSLA Share Price Soars 10% The reason for the growth is the increase in the target price for TSLA shares by analysts at Morgan Stanley from USD 250 to USD 400 (about +45% from current levels). Analysts see huge potential in Tesla Dojo — this supercomputer is capable of processing millions of terabytes of video of real-life situations captured from more than 4 million Tesla vehicles. It is designed to train artificial intelligence models to ultimately help the driver drive a car (Full Self-Driving, FSD system). Analysts say Dojo could serve as the same catalyst as AWS services that helped drive Amazon stock higher. After analysts at Morgan Stanley upgraded their rating, TSLA's price soared 10%, exceeding USD 270 per share. This momentum could help develop the current bullish trend that describes the trend channel in the provided chart of TSLA stock, with: → the level of USD 260, overcome with a gap, can now provide support; → after overcoming this resistance, the price reached the median line of the channel. Here, supply and demand tend to balance out — this could help the bulls gain a foothold above the breakout level of USD 260. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 13, 2023 Author Share Posted September 13, 2023 EUR/USD Attempts Recovery, USD/CHF Faces Uphill Task EUR/USD started a recovery wave above the 1.0715 resistance. USD/CHF is struggling to clear the key 0.8940 resistance zone. Important Takeaways for EUR/USD and USD/CHF Analysis Today The Euro gained pace after it broke the 1.0705 resistance against the US Dollar. There is a major bullish trend line forming with support near 1.0715 on the hourly chart of EUR/USD at FXOpen. USD/CHF is consolidating gains below the 0.8940 resistance. There is a connecting bearish trend line forming with resistance near 0.8930 on the hourly chart at FXOpen. EUR/USD Technical Analysis On the hourly chart of EUR/USD at FXOpen, the pair started a recovery wave from the 1.0685 level. The Euro even cleared the 1.0715 barrier to move into a short-term bullish zone against the US Dollar. The bulls pushed the pair above the 50-hour simple moving average and 1.0735. Finally, the pair tested the 1.0760 resistance. It is now consolidating gains below the 23.6% Fib retracement level of the upward wave from the 1.0705 swing low to the 1.0764 high. Immediate support on the downside is near the 50-hour simple moving average at 1.0735. The next major support is near a bullish trend line at 1.0715. The trend line is close to the 76.4% Fib retracement level of the upward wave from the 1.0705 swing low to the 1.0764 high. A downside break below the 1.0715 support could send the pair toward the 1.0685 level. Immediate resistance on the EUR/USD chart is near the 1.0760 zone. The first major resistance is near the 1.0780 level. An upside break above the 1.0780 level might send the pair toward the 1.0850 resistance. The next major resistance is near the 1.0920 level. Any more gains might open the doors for a move toward the 1.1000 level. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 13, 2023 Author Share Posted September 13, 2023 GBP/USD Analysis: Price Sets a Minimum of 3 Months After GDP News Disappointing UK economic data was released this morning. According to the Office for National Statistics, real gross domestic product fell by 0.5% in July 2023, with declines occurring across a range of sectors. The last time a decline of this magnitude occurred was in February of this year. As a result of the publication, the GBP/USD rate dropped sharply. At the same time, it fell below the previous low set on September 7. Bears are putting pressure on the level of 1.245. Let us note that the last time one pound was given was 1.2443 dollars in June of this year. Bearish arguments: → The UK has the highest inflation among Western countries. And the Bank of England is forced to keep rates high in order to lower them, thereby creating the preconditions for a further decline in GDP. → In case of a successful bearish breakdown of the level of 1.245, which provided support in September, this level may become resistance. As was the case with the level of 1.255. → The GBP/USD rate has been in a downward trend since mid-July, as shown by the red channel. And the median line may put pressure on the pound exchange rate in the near future. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 13, 2023 Author Share Posted September 13, 2023 Major Currency Pairs Test Important Ranges Yesterday, one could observe measured range trading on the market. The main currency pairs once again tested the previously formed extremes, but neither the continuation of old trends nor the formation of reversal combinations was observed. Most likely, investors and market participants are waiting for today's inflation data in the US. The core consumer price index could provide more clues about the Fed's future monetary policy. USD/CAD The rise in oil prices prevented the USD/CAD pair from strengthening above 1.3680. Last week, greenback buyers were determined to move above 1.3700 and test the May highs of this year. The attempt was unsuccessful, and a sharp pullback from 1.3690 allowed sellers to seize the initiative and form a bearish tweezers combination on the daily timeframe. At the moment, the signal to decline is being worked out; the nearest target for sellers will be the range of 1.3500-1.3400. If the upcoming fundamental data of the next trading sessions are positive for the US currency, another approach to 1.3700 may occur. Otherwise, the pair will face a deeper downward correction. Today at 15:30 GMT+3, we are waiting for data on inflation in the United States, and at 17:30 GMT+3, weekly data on crude oil reserves will be published. A little later, the main Thomson Reuters/Ipsos Canadian Consumer Sentiment Index (PCSI) for September will be released. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 14, 2023 Author Share Posted September 14, 2023 EUR/AUD Approaches Important Support Zone Euro currency traders are focused on the ECB meeting, the decision of which will be published today at 15:15 GMT+3. There will be a press conference at 3:45 p.m. According to Reuters, the probability of a rate hike is about 60%. The figure stood at 50% at the start of the week as the ECB's updated forecasts expect inflation to remain above 3% next year, well above its 2% target. At the same time, Australian dollar traders experienced a spike in volatility this morning following the release of strong labor market data in Australia. Last month, the number of employed people increased by almost 65,000 people — the second highest figure in 2023. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 14, 2023 Author Share Posted September 14, 2023 Dollar Trying to Resume Upward Movement After Rise in Core CPI Yesterday's inflation data in the US turned out to be higher than analysts expected. Thus, in general, the level of consumer prices increased by 3.7% year on year, while on a monthly basis, prices increased by 0.6%. Such data indicate that the Fed's hawkish policy has not yet produced the expected results in the fight against inflation, and, most likely, the rate will be raised again at the September meeting. However, the major currency pairs reacted rather subduedly to yesterday's fundamentals. The euro/US dollar, the pound/US dollar and the US dollar/yen managed to remain in the previously formed flat corridors. EUR/USD Buyers of the single European currency once again defended support at 1.0700. The development of an upward correction has not yet been observed, as investors are waiting for today's statement from the ECB. At 15:15 GMT+3, the decision on the base interest rate will be announced, and a press conference with Christine Lagarde will take place a little later. If the head of the ECB announces a possible pause in the rate hike, the pair could instantly find itself at 1.0600-1.0500. Conversely, the hawkish tone of officials could contribute to a rise to 1.1000. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 15, 2023 Author Share Posted September 15, 2023 Gold Price Eyes Recovery While Crude Oil Price Surges Gold price is eyeing a fresh increase above the $1,915 resistance level. Crude oil price is surging, and it could climb further higher toward the $92 resistance. Important Takeaways for Gold and Oil Prices Analysis Today Gold price started a recovery wave from the $1,900 zone against the US Dollar. It broke a major bearish trend line with resistance near $1,908 on the hourly chart of gold at FXOpen. Crude oil prices rallied above the $88 and $90 resistance levels. There is a key bullish trend line forming with support near $89.00 on the hourly chart of XTI/USD at FXOpen. Gold Price Technical Analysis On the hourly chart of Gold at FXOpen, the price found support near the $1,900 zone. The price traded as low as $1,900.93 and recently started a recovery wave. There was a decent move above the 50-hour simple moving average. The bulls pushed the price above a major bearish trend line with resistance near $1,908. It is now testing the 50% Fib retracement level of the downward move from the $1,930 swing high to the $1,900 low. The RSI is back above 50 and the price could aim for more gains. Immediate resistance is near the $1,915 level. The next major resistance is near the $1,924 level. The 76.4% Fib retracement level of the downward move from the $1,930 swing high to the $1,900 low also sits at $1,925. An upside break above the $1,924 resistance could send Gold price toward $1,930. Any more gains may perhaps set the pace for an increase toward the $1,950 level. Initial support on the downside is near the 50-hour simple moving average or $1,908. The first major support is $1,900. The main support is $1,888. If there is a downside break below the $1,888 support, the price might decline further. In the stated case, the price might drop toward the $1,865 support. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 15, 2023 Author Share Posted September 15, 2023 Market Reaction to the ECB's Decision to Raise Rates to 4.5% According to the ECB report, published yesterday: → Inflation in Europe continues to decline, but will remain too high for too long. → Average inflation is forecast at 5.6% in 2023, 3.2% in 2024 and 2.1% in 2025. This is an upward revision for 2023 and 2024, which mainly reflects rising energy prices. → The eurozone economy is forecast to grow by 0.7% in 2023, 1.0% in 2024 and 1.5% in 2025. In order to combat inflation, the ECB decided to raise the key interest rate by 25 basis points to 4.5%, which was a surprise, since it was expected to remain at 4.25%. At the same time, the deposit rate reached a historical maximum. Importantly, the ECB noted that "interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target” — this was perceived by market participants as a signal that the growth cycle (10 rate increases in a row) is completed. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 15, 2023 Author Share Posted September 15, 2023 Yuan Retreats from Multi-year Highs on Strong Economic Data The US dollar index hit its highest level since early March this week, but the yuan is one of the few currencies to rise against the USD over the period. This was facilitated, among other things, by strong economic data published today: → Industrial production growth in August amounted to +4.5% in annual terms (expected +3.9). This is the strongest progress in 1 month since autumn 2022. → Retail sales in August increased by 4.6% year on year (expected +3.0%). The chart shows that after a multi-year high (B) of about USD 7.36 per yuan set on September 8, the rate has retreated sharply. That is, sales of dollars (B→C) for yuan increased. And the sharp increase in A→B is completely leveled out. This is a bearish sign, indicating that the bulls have completely retreated. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 15, 2023 Author Share Posted September 15, 2023 Market Analysis: The US Dollar Rises on Strong Data Investors are assessing the August report on consumer prices in the US, which was published the day before and caused a muted market reaction. Thus, the index increased by 0.6% over the month after 0.2% in the previous period, which resulted in an increase in the annual indicator to 3.7% from 3.2% previously. The benchmark index, which US Federal Reserve officials rely on when setting monetary policy, adjusted to 4.3% from 4.7% previously, the lowest reading since October 2021, when it first reached 4.0%. Against this background, experts’ confidence in maintaining the interest rate at 5.25–5.50% at the US Federal Reserve meeting on September 19-20 even increased and, according to the FedWatch Tool indicator from the Chicago Mercantile Exchange (CME), now amounts to more than 97.0 %. EUR/USD The European currency fell against the US dollar on Thursday as the euro came under pressure after the European Central Bank signaled an end to its rate hike cycle. The ECB raised interest rates at its 10th straight meeting on Thursday to combat persistent inflation but signaled it was likely to ease policy. The central bank of the 20 countries that use the euro raised its deposit rate to 4% from 3.75%, bringing it to a record high level. Markets and economists expect policy tightening to be the ECB's final move and now expect a long pause followed by rate cuts in the second half of next year. The euro fell 0.89% to 1.0635 after falling to 1.0629, its weakest since March 17 and on pace for its biggest one-day percentage drop since July 27. Immediate resistance can be seen at 1.0711, a breakout to the upside could trigger a rally to 1.0740. On the downside, immediate support is seen at 1.0630, a break below could take the pair towards 1.0594. Over the past week, a price range has formed with boundaries of $1.0685 and $1.0748. Now the price has moved to the upper half of the range and may continue to rise. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 16, 2023 Author Share Posted September 16, 2023 Watch FXOpen's 11 - 15 September Weekly Market Wrap Video Weekly Market Wrap With Gary Thomson: GBP/USD, DOLLAR TRYING TO UPWARD, GOLD PRICE EYES RECOVERY. 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. GBP/USD analysis: Price sets a minimum of 3 months after GDP news Dollar trying to resume upward movement after rise in core CPI Gold price eyes recovery while crude oil price surges Market reaction to the ECB's decision to raise rates to 4.5% Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen. Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions. FXOpen YouTube Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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 #fxopenuk #fxopenint #weeklyvideo Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted September 18, 2023 Author Share Posted September 18, 2023 GBP/USD Extends Losses While EUR/GBP Gains Strength GBP/USD extended losses and traded below the 1.2465 support. EUR/GBP is rising and might climb above the 0.8615 resistance. Important Takeaways for GBP/USD and EUR/GBP Analysis Today The British Pound is showing bearish signs below 1.2420. There is a key bearish trend line forming with resistance near 1.2465 on the hourly chart of GBP/USD at FXOpen. EUR/GBP is rising and trading above the 0.8600 zone. There was a break above a connecting bearish trend line with resistance near 0.8600 on the hourly chart at FXOpen. GBP/USD Technical Analysis On the hourly chart of GBP/USD at FXOpen, the pair attempted a fresh increase above 1.2500. However, the British Pound failed above 1.2540 and started a fresh decline against the US Dollar. There was a clear move below the 1.2465 support and the 50-hour simple moving average. The pair even tested the 1.2380 support zone. A low was formed near 1.2378 and the pair is now consolidating losses. On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 23.6% Fib retracement level of the downward move from the 1.2548 swing high to the 1.2378 low at 1.2420 and the 50-hour simple moving average. The next major resistance is near a bearish trend line at 1.2465. It is close to the 50% Fib retracement level of the downward move from the 1.2548 swing high to the 1.2378 low. A close above the 1.2465 resistance zone could open the doors for a move toward 1.2510. Any more gains might send GBP/USD toward 1.2545. On the downside, there is a key support forming near 1.2380. If there is a downside break below the 1.2380 support, the pair could accelerate lower. The next major support is near the 1.2320 zone, below which the pair could test 1.2250. Any more losses could lead the pair toward the 1.2200 support. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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. Quote Link to comment Share on other sites More sharing options...
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