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Sterling Makes Modest Gains Following Cabinet Reshuffle by PM Rishi Sunak
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In a move that echoed through financial markets, British Prime Minister Rishi Sunak undertook a cabinet reshuffle on Monday, elevating former Prime Minister David Cameron to the position of foreign minister while simultaneously dismissing Interior Minister Suella Braverman.

The impact on the financial landscape was subtle, with analysts emphasising that short-term fluctuations in sterling would be steered more by economic indicators and the U.S. dollar's trajectory than immediate political developments in the UK.

As of the latest update, the British Pound exhibited a 0.2% increase, reaching $1.2248, and a similar uptick against the euro, standing at 87.28 pence.

While the reshuffle prompted a 0.6% rise in the FTSE 100 and a 3 basis points drop in the benchmark 10-year UK gilt yields, experts suggest that domestic political matters, including cabinet shifts, may not exert significant influence on global investors.

Investors are turning their attention to the upcoming release of the consumer price index (CPI) for October on Wednesday. Economists polled by Reuters anticipate a 4.8% year-on-year increase, a decrease from September's 6.7%. This shift is attributed to the slower ascent in the costs of essentials such as energy and food in recent months.

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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.

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The Dollar Falls amid Falling Inflation in the US
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Corrective sentiment prevails in the market, as traders take profits on long positions against the backdrop of a rapid decline in the US dollar after the publication of October inflation statistics. Thus, the consumer price index in October showed zero dynamics on a monthly basis, while analysts expected an increase of 0.1%, and in the previous period the value was 0.4%. In annual terms, the indicator slowed from 3.7% to 3.2%, which was below expectations at 3.3%, and core inflation adjusted from 0.3% to 0.2% and from 4.1% to 4. 0%, respectively. Published data confirmed investors' assumption that the US Federal Reserve will not increase borrowing costs either this year or next. At the same time, experts note that it is still somewhat premature to talk about the possible timing of the start of the interest rate reduction cycle. The approach of inflation to the target levels of the US Federal Reserve was regarded as another signal to the end of the cycle of tightening monetary policy. Real macroeconomic statistics are more important for the market than the hawkish statements of the head of the regulator, Jerome Powell, who last week reiterated the potential for higher borrowing costs.

EUR/USD
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The EUR/USD pair is trading in different directions, holding near the local highs of early September at 1.0872. The day before, the single currency showed its strongest growth in recent months, which was the market’s reaction to a significant slowdown in inflationary pressure in the United States.

The day before, the eurozone published statistics on gross domestic product (GDP) for the third quarter, which remained at -0.1% in quarterly terms and 0.1% in annual terms. In addition, the region's employment rate rose marginally from 0.2% to 0.3% and 1.3% to 1.4%, respectively, and the Center for European Economic Research (ZEW) Business Sentiment Index rose from -1.1 points to 9.8 points with a forecast of 5.0 points.

Based on the highs of last and this week, a new ascending channel has formed. Now the price has moved away from the upper border of the channel and may continue to decline.

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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.

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Citi Analysts Expect Brent to Reach $73 in 2024
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Since the beginning of November, the price of Brent oil has decreased by more than 5%. This is due, among other things, to easing concerns about the escalation of the military conflict in the Middle East. According to the latest news:
→ Reuters: Iran does not plan to fight with Israel on the side of Hamas;
→ the UN Security Council adopted a resolution regarding the conflict.

Data on the growth of oil reserves in the United States above expectations also contributed to the price decline. Commercial crude oil inventories rose 4% to 439.4 million barrels from 421.9 million barrels last week, according to the Energy Information Administration. This is the highest inventory level since August.

Technically, the price of Brent oil is in a downtrend (shown by red lines). Moreover:
→ on November 14, the Brent price tested the median line, which acted as resistance;
→ during this test, a bearish engulfing pattern was formed, which confirms the aggressiveness of sellers;
→ USD 81.81 may now serve as immediate resistance while another important level of USD 84.50 appears out of reach – at least in November.

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Dollar Declines as Labour Market Cools
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EUR/USD
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The euro stabilised against the dollar on Thursday as optimism around the peak of policy tightening and possible rate cuts driven by easing inflation in major economies faded. During the week, inflation data from the US and UK fueled hopes that their central banks are done raising rates. The focus now turned to eurozone inflation on Friday. The euro was flat at USD 1.0853, up 2.5% for the month, while the dollar index, which tracks the greenback against a basket of currencies from other major trading partners, was marginally higher. According to EUR/USD technical analysis, the immediate resistance can be seen at 1.0881, a breakout to the upside could trigger a rise towards 1.0912. On the downside, immediate support is seen at 1.0833, a break below could take the pair towards 1.0761.

The price has broken through the lower boundary of the ascending channel and may continue to decline.

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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.

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MSFT Analysis: New All-time High
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Yesterday, Microsoft's share price exceeded USD 375 for the first time ever. This happened against the backdrop of news about the company’s activities, which was favorably received by investors:

→ Microsoft introduced its own Maia 100 chip for cloud computing and AI programs that create content. The company is also testing Maia 100 for Bing and Office.
→ The company also presented Cobalt — a server processor,
→ and more: new AI tools from the Copilot series. For example, Copilot for Azure is an AI assistant for clients of a cloud computing service that works in chat mode.

Expectations that the Fed will cut rates, which intensified following Tuesday's inflation news, is another factor contributing to the bullish sentiment in Microsoft shares.

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BTC/USD Analysis: Bears Aggressively Defending 37,500 Level
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The cryptocurrency market continues to be dominated by expectations for SEC approval of Bitcoin ETFs. A decision is expected by January 10. Although expectations alone do not seem to be enough at the moment to overcome the resistance level of 37,500, which became obvious this week.

The BTC/USD chart today shows that the bulls attacked the level 4 times.

At the same time, attempts 1-2-3 indicate a gradual weakening of the impulse.

Attempt number 4 had new fuel, as the growth rate was impressive. Moreover, the bulls even managed to overcome the level of 37,500. However, as the chart shows, not for long. The bears successfully coped with the attack and not only prevented the price from consolidating above 37,500, but also pushed it back to the lines from which the attack began.

Moreover, attempt number 4 brought an update to the maximum of the year, but the form in which it was made raises concerns. Because short-term exceeding top 1 is a bull trap.

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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.

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AUD/USD and NZD/USD Dips Could Be Attractive
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AUD/USD is correcting gains from the 0.6540 zone. NZD/USD is also moving lower and might attempt a fresh increase from 0.5920.

Important Takeaways for AUD USD and NZD USD Analysis Today

  • The Aussie Dollar started a downside correction from 0.6540 against the US Dollar.
  • There is a key declining channel forming with resistance at 0.6480 on the hourly chart of AUD/USD at FXOpen.
  • NZD/USD is also moving lower below the 0.5980 support zone.
  • There is a major declining channel forming with resistance near 0.5975 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 started a fresh increase from the 0.6340 support. The Aussie Dollar was able to clear the 0.6450 resistance to move into a positive zone against the US Dollar.

There was a close above the 0.6500 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6540 zone. A high is formed near 0.6542 and the pair is now correcting gains.

There was a move below the 0.6500 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6357 swing low to the 0.6542 high. There is also a key declining channel forming with resistance at 0.6480.

On the downside, initial support is near the 50% Fib retracement level of the upward move from the 0.6357 swing low to the 0.6542 high at 0.6450.

The next support could be 0.6420. If there is a downside break below the 0.6420 support, the pair could extend its decline toward the 0.6400 level. Any more losses might signal a move toward 0.6340. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6480.

The first major resistance might be 0.6500. An upside break above the 0.6500 resistance might send the pair further higher. The next major resistance is near the 0.6540 level. Any more gains could clear the path for a move toward the 0.6600 resistance zone.

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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.

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Watch FXOpen's  13 - 17 November Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: EUR/GBP’s NEW HIGH, US INFLATION, S&P500 FORECAST, BRENT CRUDE

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.

  • EUR/GBP: Price Reaches 6-month High #EURGBP
  • Important News on US Inflation Rock Financial Markets #USInflation
  • Morgan Stanley Analysts Raise Forecasts for S&P 500 #SP500
  • Citi Analysts Expect Brent to Reach $73 in 2024 #BrentCrude

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.

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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

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GBP/USD Regains Strength While USD/CAD Weakens
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GBP/USD started a fresh increase above the 1.2370 zone. USD/CAD is declining and trading below the 1.3730 support.

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

  • The British Pound is eyeing a fresh increase above the 1.2500 resistance.
  • There was a break above a key bearish trend line with resistance near 1.2430 on the hourly chart of GBP/USD at FXOpen.
  • USD/CAD started a fresh decline after it broke the 1.3840 resistance.
  • There was a break below a major bullish trend line with support near 1.3730 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 formed a base above the 1.2185 level. The British Pound started a decent increase above the 1.2250 resistance zone against the US Dollar.

The pair gained strength above the 1.2300 level. The bulls even pushed the pair above the 1.2370 level and the 50-hour simple moving average and 1.2120. The pair cleared the 50% Fib retracement level of the downward move from the 1.2505 swing high to the 1.2373 low.

There was a break above a key bearish trend line with resistance near 1.2430. It is now trading above the 76.4% Fib retracement level of the downward move from the 1.2505 swing high to the 1.2373 low.

The RSI moved above the 65 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.2500. An upside break above the 1.2500 zone could send the pair toward 1.2550. Any more gains might open the doors for a test of 1.2620.

On the downside, the pair might find support near the 50-hour simple moving average at 1.2430. The next major support is 1.2370.

If there is a break below 1.2370, the pair could extend the decline. The next key support is near the 1.2300 level. Any more losses might call for a test of the 1.2185 support.

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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.

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NIKKEI Analysis: High of 33 Years
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The Japanese stock market index, made up of shares of 225 companies, is showing high volatility today, attempting to break through the September high. Reuters wrote that the index had reached its highest level since 1990. The record is due to low rates from the Bank of Japan, which are helping the country's export-oriented industry (in particular, the automobile industry) and financial sector to grow.

At the same time, in various financial markets, Nikkei-related instruments may not have recorded a maximum in 33 years — the reason is liquidity and what appears to be the top of the market:
→ there was a massive liquidation of short positions;
→ major market participants recorded profits.

Therefore, the daily candlestick on European Monday morning has a long upper shadow. Note that today's high could be a false breakout of the September top, which in turn is a false breakout of the August top.

The chart shows that the price of NIKKEI is forming a tapering wedge pattern (shown with blue lines) pointing upward. A bearish breakout of this pattern could lead to the development of a downtrend.

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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.

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Federal Reserve's 2024 Interest Rate Outlook: A Measured Descent Expected
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In the ever-watchful eyes of the financial world, the Federal Reserve's stance on interest rates in 2024 takes centre stage. While market expectations align with a gradual decrease in rates, the nuances in projections and potential economic scenarios add layers of complexity to the narrative.

As of now, the Fed Funds target rate stands at 5.25% to 5.5%. According to the CME FedWatch Tool, a reliable measure of debt market expectations, there is an anticipation of approximately a 1% reduction in this rate by the close of 2024. This implies a plausible range for short-term rates between 4% and 5% in December 2024.

Interestingly, the Federal Reserve's own projections, disclosed on September 20, paint a slightly more hawkish picture compared to the market consensus. These projections hint at rates potentially residing in the 4.5% to 5.5% range by December 2024. The upcoming interest rate decision on December 1 will provide an opportune moment for Fed policymakers to revisit and update these projections.

Throughout 2024, the Federal Reserve is scheduled to conduct eight meetings to deliberate on interest rates, with the flexibility to adjust monetary policy based on economic developments. While the Fed has emphasised the possibility of rates moving upward, this is now framed as a contingent scenario dependent on specific economic conditions rather than the primary trajectory.

The key dates for interest rate decisions and policy announcements in 2024 include March, June, September, and December. The Federal Reserve will unveil its decisions through written statements at 2 pm E.T., accompanied by a subsequent press conference. Detailed minutes of each meeting will be released three weeks later.

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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.

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Dollar Falling Amid Falling Inflation
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Market expectations that the Federal Reserve has completed its rate hike cycle are weighing on the US dollar. Cooler-than-expected US inflation data on Tuesday and Wednesday accelerated market expectations for how soon the Federal Reserve will cut rates. Such a move would weaken major support for the US dollar and could happen as early as the first quarter of next year. Negative dynamics are developing against the backdrop of a weakening US dollar after the publication of inflation data: the October consumer price index fell from 3.7% to 3.2% in annual terms, approaching the upper limit of the US Federal Reserve's target range. In response to this, investors adjusted their forecasts regarding the timing of the launch of the monetary policy easing programme, and the most optimistic experts believe that the regulator could launch it in the first quarter of 2024. The position of the American currency was supported by statistics. Thus, the number of issued construction permits in October increased from 1.471 million to 1.487 million, while analysts expected a slowdown to 1.450 million, and the volume of started construction of houses — from 1.346 million to 1.372 million, with a forecast of 1.350 million.

EUR/USD
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According to EUR/USD technical analysis, the EUR/USD pair updates local highs from August 31, testing the 1.0930 mark for an upward breakout. On the downside, immediate support is seen at 1.0843, a break below could take the pair towards 1.0827.

Investors currently expect the ECB to cut interest rates by 100 basis points in 2024. However, representatives of the regulator Robert Holzmann and Joachim Nagel, who spoke last Friday, announced the possibility of another increase in the value if necessary. Macroeconomic statistics from the eurozone, published on November 17, did not have a noticeable impact on the dynamics of the instrument: the consumer price index in October added 0.1% in monthly terms and 2.9% in annual terms, and core inflation remained at 0.2% and 4.2 %, respectively.

The focus of investors' attention today is the October data from Germany on the producer price index. In monthly terms, the figure decreased by 0.1%, in annual terms — by 11.0%, as predicted. Also during the day, the publication of a monthly report from the Bundesbank is expected.

Based on the highs of last week, a new ascending channel has formed. Now the price has moved away from the upper border of the channel and may continue to decline.

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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.

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FTSE 100 Volatility Alongside BoE Interest Rate Commentary
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In a week marked by market undulations and anticipation of pivotal fiscal policy updates from the British government, the FTSE 100 opened on a cautious note. Ashtead Group, a prominent equipment rental firm, set a sombre tone for the week as its shares plummeted on a downbeat annual profit outlook. Investors, meanwhile, remained on the edge of their seats, eagerly awaiting insights into the evolving fiscal landscape and potential policy shifts in Parliament.

As the week unfolded, the FTSE 100 experienced a delicate dance of gains and losses. Amid this volatility, the index slipped by 0.1% by 09:53 GMT on Monday. The sterling, however, exhibited resilience, strengthening by 0.2% against the dollar. Notably, the FTSE 100 demonstrated resilience as the week progressed, showcasing the index's capacity to rebound from initial setbacks.

Looking at the five-day moving average reveals a dynamic trajectory for the FTSE 100. With a peak at 7,530 last Wednesday, the index showcased its inherent capacity for fluctuation. What distinguishes the FTSE 100's volatility is its composition—comprising long-established global corporations rather than the tech-centric profile of indices like the US NASDAQ. These blue-chip stocks, some over a century old, provide a stable yet responsive foundation for market movements.

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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.

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EUR/USD Extends Rally While USD/CHF Dives
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EUR/USD started a steady increase above the 1.0830 resistance. USD/CHF declined and now struggling below the 0.8900 resistance.

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

  • The Euro rallied after it broke the 1.0830 resistance against the US Dollar.
  • There is a short-term bearish trend line forming with resistance near 1.0930 on the hourly chart of EUR/USD at FXOpen.
  • USD/CHF declined below the 0.9000 and 0.8900 support levels.
  • There is a connecting bearish trend line forming with resistance near 0.8840 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 decent increase from the 1.0700 zone. The Euro cleared the 1.0750 resistance to move into a bullish zone against the US Dollar.

The bulls pushed the pair above the 50-hour simple moving average and 1.0830. Finally, the pair tested the 1.0965 resistance. It is now correcting gains and trading below the 23.6% Fib retracement level of the upward wave from the 1.0824 swing low to the 1.0965 high.

Immediate support on the downside is near the 50% Fib retracement level of the upward wave from the 1.0824 swing low to the 1.0965 high at 1.0895. The next major support is 1.0880.

A downside break below the 1.0880 support could send the pair toward the 1.0830 level. Any more losses might send the pair into a bearish zone to 1.0750.

Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0930. There is also a short-term bearish trend line forming with resistance near 1.0930. The first major resistance is near the 1.0965 level. An upside break above the 1.0965 level might send the pair toward the 1.0985 resistance.

The next major resistance is near the 1.1000 level. Any more gains might open the doors for a move toward the 1.1050 level.

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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.

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Brent Crude Surges to $82.51 Amid OPEC+ Anticipation
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Brent crude oil reached $82.51 per barrel by 8:00 am UK time today, reflecting heightened anticipation ahead of the upcoming OPEC+ meeting scheduled for November 26.

From the end of the last week, oil prices have exhibited a gradual upward trend as market participants brace for potential decisions from the OPEC+ alliance. Speculation is rife regarding the course of action OPEC+ may adopt, with indications pointing toward a potential extension of supply cuts into early 2024. Both Saudi Arabia and Russia, major players in the oil market, are reportedly leaning towards maintaining their voluntary reduction in supply.

While the anticipation centres around these key players, there is also speculation that the broader OPEC+ coalition may collectively consider further supply cuts. Should this materialise, coupled with the extension of voluntary cuts by Saudi Arabia and Russia, it could effectively eradicate the surplus expected in the first quarter of 2024.

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AUD/USD Analysis: Price at Important Resistance Block
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Yesterday's news from the FOMC is unlikely to have much impact on participants' views that the Fed's tightening cycle is over. According to published protocols:

→ The Fed will act cautiously;
→ all FOMC participants considered it appropriate to keep rates at current levels;
→ everyone also agreed that they would raise interest rates only if progress in controlling inflation slowed. In doing so, they left the door open to the possibility of further tightening, even as data showed a sustained slowdown in inflation.

Market participants are almost confident that the Fed will keep rates at its December meeting, while estimating the likelihood of a rate cut as early as March at about 30%, according to CME's FedWatch Tool.

The reaction of the foreign exchange market was a slight strengthening of the dollar index relative to other currencies, in particular AUD/USD.

By the way, yesterday, the head of the Reserve Bank of Australia, Michelle Bullock, warned that wages are growing at a pace that cannot be sustained without reversing the decline in productivity in the country, which indicates the possibility of another rate hike to suppress inflation.

“Inflation will be the most important issue in the next one to two years,” she said on Tuesday.

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EUR/USD, GBP/USD, and USD/JPY Analysis: US Dollar Falls to a Two-Month Low
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American dollar quotes continue their local correction, the US dollar index is trading at 103.400 against the backdrop of weak statistics on the real estate market: sales volumes on the secondary housing market in October decreased by 4.1% after -2.2% in the previous month, from 3.95 million to 3.79 million, below preliminary estimates of 3.90 million. Investors hardly reacted to the published minutes of the US Federal Reserve meeting. Members of the Open Market Committee noted that they expect the value to remain at a high level for quite a long time. In addition, the regulator does not exclude the possibility of further tightening of monetary conditions if the rate of decline in inflation continues to slow down. Macroeconomic statistics published the day before put moderate pressure on the position of the American currency.

EUR/USD
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According to the EUR/USD technical analysis, the EUR/USD pair is showing mixed trading, consolidating near the 1.0900 mark, awaiting the emergence of new drivers in the market. The immediate resistance can be seen at 1.0985, a breakout to the upside could trigger a rise towards 1.1000. On the downside, immediate support is seen at 1.0900, a break below could take the pair towards 1.0883.

The day before, the pair managed to move away from the new local highs of August 11, forming a new impulse for the development of a full-fledged corrective trend in the nearest time intervals. The day before, ECB head Christine Lagarde made a speech, warning against prematurely declaring victory over high inflation. According to her, the department will closely monitor the situation until the consumer price index decreases to the target of 2.0%, which it is projected to reach in 2025. At the same time, Lagarde also pointed to the rather tense situation in the labour market, where there is still a noticeable increase in wages. Earlier this week, the head of the Bank of France and ECB member François Villeroy de Galhau said that interest rates in the eurozone had reached a plateau, where they were likely to remain for several more quarters while officials assessed the effect of measures already taken.

At the highs of the week, a new ascending channel has formed. Now, the price is near the lower border of the channel and may continue to decline if it breaks through.

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NVDA Shares Decline after Strong Report
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The previous historical record and maximum for 2023 (USD 502.66 per share) was set on August 24 against the backdrop of the publication of the 2nd quarter report.

This week, NVidia published its report for the Q3, and again the price set a record high, as the report turned out to be better than expected:
→ earnings per share: actual = USD 4.02, forecast = USD 3.37;
→ gross revenue: actual = USD 18.12 billion, forecast = USD 16.18 billion.

However, after the publication of the report, the NVDA share price shows bearish dynamics — perhaps the information from the company disappointed overly optimistic investors. Or perhaps some market participants used the excitement associated with the publication of the report in order to lock in profits from the 2023 rally.

However, NVDA shares fell 2.6% yesterday after CFO Colette Kress said sales to China, impacted by recent US government export controls, would decline significantly in the fourth quarter.

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The Price of WTI Oil Forming a Reversal Pattern
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In our analysis of the price of WTI oil dated November 8, we wrote that the price could recover to the level of USD 80 per barrel.

After the price failed to reach the round level of USD 80 by only 36 cents (the median line of the descending channel prevented this from happening) on November 14, the bears again seized the initiative. The result of their pressure was a reduction in the price to a new autumn low on November 14 at the level of USD 73 per barrel, after which the price recovered again to the median line.

A new attempt by the bears to push the price down from the median line occurred on November 22, but note how quickly the price of oil recovered after falling below USD 75 per barrel. This is evidence of bull aggression and the strength of demand.

At the same time, the price forms an inverted head-and-shoulders reversal pattern, as a result of which a bullish breakdown of the current descending channel may occur, although if this event occurs, it is unlikely in the near future, since first the bulls need to overcome the resistance from the median line. Also, the bulls will have psychological resistance at USD 80 and, possibly, the SMA (100), directed downwards.

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USD/CAD Analysis: the Rate Approaching Important Support
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Bank of Canada Governor Tiff Macklem said yesterday that enough may have been done to curb inflation. As follows from his words, current policies can lead to inflation returning to the target of 2%.

The announcement fueled market and economist expectations that interest rates had peaked. It is acceptable to assume that the Bank of Canada instilled confidence in market participants, and therefore the Canadian dollar strengthened yesterday relative to other currencies.

Including relative to USD. Yesterday, by the way, data on the number of unemployment applications was published. They did not bring any surprises - the labour market continues to remain strong in the US (the actual number of applications was = 209k for the week, expected = 226k, a week ago = 233k). The news gave a reason to strengthen the USD, but overall the US dollar index is in a downward trend amid expectations of easing Fed policy.

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USD/CAD, AUD/USD, EUR/USD Analysis: Commodity Currencies and Euro Poised to Resume Growth
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After the publication of the FOMC protocols on Tuesday, the dollar managed to partially regain its lost positions. Thus, in the dollar/yen pair one could observe a corrective pullback to figure 149, the US dollar/canadian dollar pair almost tested 1.3800, and the AUD/USD pair tested the important level of 0.6500, but as support. European currencies also retreated from previously reached highs. However, US dollar buyers have not yet been able to develop a full-fledged upward movement, and yesterday evening the main trends established in early November continued in many pairs.
USD/CAD

In the USD to CAD chart, we are seeing a rebound from the resistance located at the alligator lines on the daily timeframe. The pair continues to work out the reversal bearish combination from November 1st. With the appropriate foundation, a breakdown of the lower fractal at 1.3650 is possible and the pair may continue to decline in the direction of 1.3500-1.3400. We may consider canceling the downward scenario if the pair confidently consolidates above 1.3800.

Today at 16:30 GMT+3, we are waiting for data on wholesale sales and corporate income in Canada for the current quarter. The core Canadian retail sales index for September will be released at this time tomorrow.

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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.

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European Shares Rise on Improving PMI Readings
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Yesterday, the values of the PMI index (it is characterized as a leading indicator of industrial production and services) for European countries were published:
→ in Germany: fact = 42.3; expected = 41.1; a month earlier = 40.7;
→ in France: fact = 42.6; expected = 43.2; a month earlier = 42.6;

Although the index values are below 50, indicating a contraction in the economy, the dynamics are encouraging. Thus, in France, the index stabilized after a series of declines. And in Germany, the index is consistently growing after a minimum of 38.8 in July. In this way, business is reacting to the fact that the ECB may have reached the peak of increases and monetary policy will not tighten in the future.

At the same time, the ESX50 index of 50 European shares gained bullish momentum and reached its highest levels since mid-August. Equity market participants may be feeling strongly positive about the rally of more than +9% in less than a month.

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Gold Price Dips From $2K While Crude Oil Price Recovers
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Gold price surged toward the $2,000 zone before the bears appeared. Crude oil price is attempting a recovery wave above the $75.00 zone.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price started a steady increase from the $1,965 zone against the US Dollar.
  • A key bearish trend line is forming with resistance at $1,995 on the hourly chart of gold at FXOpen.
  • Crude oil prices started a decent recovery wave from the $73.80 support.
  • There is a connecting bearish trend line forming with resistance near $77.00 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 $1,965 zone. The price remained in a bullish zone and started a strong increase above $1,985.

There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $1,985 and $1,995 resistance levels. Finally, the price tested the $2,005 zone before the bears appeared.

There was a minor downside correction below $2,000 and the RSI dipped below 50. There was a move below the 23.6% Fib retracement level of the upward move from the $1,965 swing low to the $2,007 high.

Initial support on the downside is near the 50% Fib retracement level of the upward move from the $1,965 swing low to the $2,007 high at $1,985. The first major support is near the $1,975 zone.

If there is a downside break below the $1,975 support, the price might decline further. In the stated case, the price might drop toward the $1,965 support.

Immediate resistance is near a key bearish trend line at $1,995 and the 50-hour simple moving average. The next major resistance is near the $2,005 level. An upside break above the $2,005 resistance could send Gold price toward $2,020. Any more gains may perhaps set the pace for an increase toward the $2,032 level.

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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.

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Watch FXOpen's  20 - 24 November Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: NASDAQ’S NEW TOP, USD/CAD NEWS, WTI OIL, NVDA SHARES DECLINE

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.

  • NASDAQ: New Top of the Year #NASDAQ
  • USD/CAD: The Rate Approaching Important Support #USDCAD
  • The Price of WTI Oil Forming a Reversal Pattern #WTIOil
  • NVDA shares decline after strong report #NVDA

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.

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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

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Australian Dollar Reaches Its Highest Since Early August
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Important events regarding AUD took place this morning:
→ the level of retail sales for the month in Australia unexpectedly fell: actual = -0.2%, expected = +0.1%, a month earlier = +0.9%.
→ a press conference was held by the head of the RBA, Michelle Bullock, according to whom inflation in Australia follows the path of overseas countries. That is, inflation is decreasing, as in the USA and Great Britain.

Against the background of these events, the AUD/USD rate exceeded the level of 0.663 for the first time since the beginning of August. The rally from the late October low is already about 5.5%. However, this upward trend has 3 important obstacles:

    The upper limit of the November ascending channel (shown in blue).
    The upper limit of the longer-term parallel channel (shown in red).
    Level 0.660. During 2023, it worked as support once. Therefore, from the point of view of technical analysis, there is reason to expect that it will provide resistance.

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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.

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