Daily Market Analysis By FXOpen

Page 14 of 17 FirstFirst ... 41213141516 ... LastLast
Results 131 to 140 of 163

Thread: Daily Market Analysis By FXOpen

  1. #131
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    225
    Thanked: 1

    Default

    Daily Market Analysis By FXOpen
    GBP/USD Breaks Key Resistance, USD/CAD Extends Decline



    GBP/USD started a fresh rally above the 1.4000 resistance. USD/CAD declined heavily below 1.2250 and it remains at a risk of more downsides.

    Important Takeaways for GBP/USD and USD/CAD

    • The British Pound started a fresh increase from the 1.3800 support zone.
    • There was a break above a major contracting triangle with resistance near 1.3925 on the hourly chart of GBP/USD.
    • USD/CAD declined heavily after it broke the 1.2260 and 1.2250 support levels.
    • There is a key bearish trend line forming with resistance near 1.2200 on the hourly chart.


    GBP/USD Technical Analysis

    This past week, the British Pound consolidated above the 1.3820 and 1.3850 support levels against the US Dollar. Recently, the US NFP report was released, which posted a disappointing result of 266K.

    As a result, the GBP/USD pair started a fresh increase and cleared a couple of important hurdles near the 1.3925 level. There was also a break above a major contracting triangle with resistance near 1.3925 on the hourly chart of GBP/USD.



    The pair even climbed above the 1.4000 level and settled nicely above the 50 hourly simple moving average. It traded as high as 1.4045 on FXOpen and it is now consolidating gains.

    An initial support on the downside is near the 1.4000 level. It is close to the 23.6% Fib retracement level of the upward move from the 1.3856 low to 1.4045 high. If the pair fails to stay above the 1.4000 level, it could correct lower towards the 1.3950 level.

    The 50% Fib retracement level of the upward move from the 1.3856 low to 1.4045 high is also near 1.3950. Any more losses might call for a test of the 1.3925 support.

    On the upside, the 1.4050 zone is an initial barrier for the bulls. A successful close above the 1.4045 and 1.4050 levels could open the doors for a steady increase towards 1.4120 or even 1.4200.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  2. #132
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    225
    Thanked: 1

    Default

    Ethereum at Record Highs as the Cryptocurrency Traders Diversify from Bitcoin



    The cryptocurrency market appears to have reached a point where investors look beyond Bitcoin. Up until recently, Bitcoin was the only game in town, responsible for the overall movements in other crypto coins.

    However, things changed dramatically as Ethereum has recovered faster than Bitcoin from last month’s move lower. Investors may remember that Bitcoin dropped from over $60k to $47k in less than 24h, creating a similar move in most altcoins. However, it recovered but was not able to make a new high. Ethereum did and now trades above $4,000 for the first time in history.



    Fears of Inflation Drive the Cryptocurrency Market Higher

    Inflation in the United States is expected to rise in the months ahead. As such, commodity prices are close to record highs. Lumber, for example, rose over 500% in the last twelve months, and so are basic food commodities such as corn. Gold recovered from below $1,700 and now trades above $1,830, acting as a classic hedge against inflation.

    But some investors diverted their attention also to new hedges against inflation. The digital assets are seen as such hedges, and this is why there is such a strong interest in the market.

    Why would Ethereum outperform Bitcoin? Also, how about the interest in Dogecoin?

    One explanation may come from the carbon footprint that mining Bitcoin has and the negative environmental effects of mining new coins. Natural gas, coal, and oil are still the main sources of electricity used at mining Bitcoin, and many investors want to move away from such investments. If you want, the process resembles, in a small way, sustainable investing.



    It is not to say that the price of Bitcoin will not rise anymore or that it will correct from the current levels. This article only points out the fact that investors are willing to have a look at other digital assets in their wish to hedge against inflation.

    Should the CPI later this week come out higher than expected, the cryptocurrency market may be the first one to react to such news. In the meantime, Ethereum continues to outperform Bitcoin, just like Dogecoin did in the past years.

    FXOpen Blog
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  3. #133
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    225
    Thanked: 1

    Default

    BTC and XRP – Correction likely to continue



    The price of Bitcoin reached $59,544 at its highest point yesterday from its prior higher low of $53,170 on the 5th of May. This rise of 12.24% was stopped as the third unsuccessful attempt to surpass the zone above the $60,000 which is why we have seen a decrease of 10% measured to its lowest spike of $53,530. Currently, the price is being traded at around $55,440 as it managed to snap back quickly up above the significant horizontal level.



    Now the price is looking for support as the breakout momentum has been seen strong. The descending move is counted as the second sub-wave of the higher degree count out of which further upside would be expected. However, we need to first see the price to hold above the $55,200 area for the scenario to still be valid. If the price goes below it, that would be an early indication that we are seeing further lows before another upward cycle.

    The primary count implies that from the 26th of April we have seen another wave to the upside and it is still unclear where this current descending move belongs, but if it’s the part of the higher degree correction it could end below $53,400.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  4. #134
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    225
    Thanked: 1

    Default

    EUR/USD Faces Key Hurdle, USD/CHF Starts Fresh Increase



    EUR/USD seems to be struggling to clear the 1.2180 and 1.2200 resistance levels. USD/CHF is rising and it broke a major hurdle near the 0.9020 level.

    Important Takeaways for EUR/USD and USD/CHF

    • The Euro is struggling to gain pace above the 1.2165 and 1.2180 levels against the US Dollar.
    • There is a key connecting bullish trend line forming with support near 1.2115 on the hourly chart of EUR/USD.
    • USD/CHF started a fresh increase after forming a base above the 0.8990 level.
    • There was a break above a major bearish trend line with resistance near 0.9032 on the hourly chart.


    EUR/USD Technical Analysis

    The Euro formed a strong support base above the 1.2000 level against the US Dollar. As a result, the EUR/USD pair started a fresh increase and it broke many hurdles near the 1.2050 and 1.2100 levels.

    The pair even surged above the 1.2150 level and settled above the 50 hourly simple moving average. A high was formed near 1.2181 on FXOpen and the pair is now correcting gains. It seems like the pair is struggling to gain pace above the 1.2165 and 1.2180 levels.



    It already corrected lower below the 1.2150 level and the 50 hourly simple moving average. There was a break below the 23.6% Fib retracement level of the upward move from the 1.2052 swing low to 1.2181 high.

    On the downside, there is a major support forming near the 1.2120 zone. There is also a key connecting bullish trend line forming with support near 1.2115 on the hourly chart of EUR/USD.

    The trend line is close to the 50% Fib retracement level of the upward move from the 1.2052 swing low to 1.2181 high. A downside break below the trend line and 1.2100 could increase selling pressure in the near term.

    On the upside, the pair is facing hurdles near the 1.2180 level. The next major resistance is near the 1.2200 level, above which the pair could start a strong increase.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  5. #135
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    225
    Thanked: 1

    Default

    LTC and EOS – Consolidation now expected but further decline still a possibility



    LTC/USD

    The price of Litecoin has been on a decline from yesterday’s high of $391 made a decrease of 21.8% as it fell to $306.35 at its lowest point today. It spiked further down buy managed to snap back quickly and is currently being traded at $313.69.



    Looking at the hourly chart, you can see that this downfall was the continuation of the descending move from Monday when the price reached $411 at its highest. This was most likely the end of the higher degree 3rd wave from the impulse wave that started at the start of the year. If so, we are now seeing the 4th wave of the same degree developing to the downside. Measured from its last increase from the 26th of April the price fell down to the 0.5 Fib level and found support there. But this only might be a temporary hold before further downside continuation.

    We could have seen the completion of the ABC correction in which case now we are to see the start of the next 5th wave to the upside, but there isn’t still any signs of the buyers entering the market. If we are to see the start of the next impulsive move strong confirmation would be needed.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  6. #136
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    225
    Thanked: 1

    Default

    US April Inflation – Four Times Higher Than Market Expectations



    Last Wednesday, the Consumer Price Index (CPI) in the United States showed that inflation runs hot in the largest economy in the world. On expectations of an increase of 0.2% on a monthly basis, the headline CPI came out four times higher.

    Moreover, the Core CPI, which tracks the changes in the price of goods and services over a period, without accounting for food and energy, was three times higher in April than the market expected. As such, inflation is running hot in America, and the whole world is watching.

    [

    A Comparison With the 1970s

    Back in the 1970s, inflation in America was printing double-digits on a monthly basis. The Fed fought a long battle to bring inflation down, mainly by raising the interest rates on the world’s reserve currency.

    This was a problematic thing to do at the time, because the US just gave up the gold standard. In other words, for the world to still trust the dollar without gold backing, the Fed stepped in and offered a higher interest rate.

    Fast forward to our times, and the Fed is unlikely to do the same despite rising inflation, for several reasons. First, the Fed changed its inflation mandate last year.

    We should mention here that the Fed has a dual mandate – price stability and job creation. For the first part of its mandate, it used an inflation-targeting framework for decades. Its aim was to create inflation close to the 2% target. This is similar to what other central banks in the world use, like the ECB, which aims at inflation below, but close to 2%.

    But the Fed chose to change the inflation-targeting framework last year. It announced that it no longer considers price stability at 2% inflation, but around 2% inflation.

    More precisely, the Fed averages inflation for a period, aiming at 2%. The problem is that the period considered is unknown to the market participants.

    In April this year, inflation exceeded the Fed’s 2% by a mile, if we consider the annualized data. Yet, the Fed says that the data is transitory. Indeed, if we average inflation for the past six or twelve-month, the result is way below the 2% level. Hence, the Fed is right in adopting a wait-and-see approach.



    Yet, more money is in the pipeline. The chart above shows the US Treasury cash balance at the Federal Reserve. Effectively, this is money held at the Fed, used by the US government to finance various projects or to support its fiscal expansion policy.

    Close to a trillion dollars are still available to be deployed into the US economy. Therefore, inflation is likely to run even higher in the months ahead.

    The question, at this point, is how much higher will inflation go, without the Fed to intervene? Also, how will the financial markets react?

    The initial reaction to the higher inflation data last Wednesday showed weakness in the US equity markets. But that weakness reversed in the following two trading days, as the main stock indices recovered most of the lost ground in the two days left in the trading week.

    However, if we use the 1970s as a benchmark, higher inflation triggers an equity bear market. Will we see one in 2021?

    FXOpen Blog
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  7. #137
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    225
    Thanked: 1

    Default

    BTC and XRP – Further downside looks more likely



    BTC/USD

    The price of Bitcoin has been on a decline since the 10th of May when it reached a high of $59,512. From there we have seen a decrease of 29.3% so far as it fell down to $42,180 at its lowest point. It is currently retesting those low levels for support and it appears to have stabilized as it made another attempt to continue its downward trajectory but bounced off of the low levels. Now it is moving slightly to the upside and is being traded at $44,923.



    Looking at the hourly chart above, we can see that this down move from the 10th is the continuation of the decrease that started from the 14th of April after the price reached a new all-time high. As it is most likely the 3rd sub-wave of the corrective ABC this could mean that the descending move has ended on the current interaction with the significant horizontal support zone.

    However, if this is the 4th wave of the cycle degree the correction might get deeper and prolonged. In this case, these first three waves could be prolonged by another two more either as the WXYXZ complex correction or in the worst-case scenario a five-wave impulse that would only be the 1st sub-wave of the higher degree ABC.

    We are shortly going to see from the expected upward move and the following pullback which scenario could be more likely but for now the primary one is that the downfall could have ended as the ABC move.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  8. #138
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    225
    Thanked: 1

    Default

    GBP/USD Extends Rally, EUR/GBP Eyes Steady Recovery



    GBP/USD remained strong above 1.4000 and it recently climbed above 1.4200. EUR/GBP is correcting higher and it is aiming a break above 0.8640.

    Important Takeaways for GBP/USD and EUR/GBP

    • The British Pound formed a strong support base above 1.4050 and climbed above 1.4150.
    • There is a key bullish trend line forming with support near 1.4155 on the hourly chart of GBP/USD.
    • EUR/GBP started a fresh increase and it is trading above the 0.8600 zone.
    • There is a major rising channel forming with resistance near 0.8640 on the hourly chart.


    GBP/USD Technical Analysis

    After finding a strong buying interest near 1.4000, the British Pound started a fresh increase against the US Dollar. The GBP/USD pair gained pace and it broke the 1.4100 resistance zone.

    The upward move gained pace above the 1.4150 level and the 50 hourly simple moving average. It even broke the 1.4200 zone and traded as high as 1.4220 on FXOpen. It is now correcting gains and trading below the 1.4200 level.



    It broke the 23.6% Fib retracement level of the upward move from the 1.4077 swing low to 1.4220 high. On the downside, the first key support is near the 1.4165 level.

    The main support is now forming near the 1.4150 level. There is also a key bullish trend line forming with support near 1.4155 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the upward move from the 1.4077 swing low to 1.4220 high.

    The 50 hourly simple moving average is also near the 1.4155 zone. If there is a downside break below the trend line, the pair could decline towards the 1.4100 support.

    On the upside, an immediate resistance is near the 1.4200 level. The next major resistance is near the 1.4220 level. A successful close above 1.4000 and a follow up move above 1.4220 could open the doors for a move towards the 1.4280 resistance.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  9. #139
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    225
    Thanked: 1

    Default

    LTC and EOS – Have we seen the completion of the downfall?



    LTC/USD

    The price of Litecoin has been on a decline since the 10th of May when it reached $413 at its highest point. From there we have seen a decrease of 64.88% as it fell to $145 at its lowest point yesterday. We have seen a recovery taking place with the price currently being traded at $211 and is still in an upward trajectory.



    On the hourly chart, you can see that the price has made a lower low today, compared to yesterday’s candle close, and is now still above yesterday’s high. This is still a negative sign even though recovery has been seen. We could bee saw the 4th corrective wave out of the five-wave impulse to the downside from the 16th which is still in development. If this is true then the price would be headed downwards after this increase ends for another establishment of support around the $165 area.

    In another move positive scenario the decrease ended with today’s recovery being the 1st sub-wave of the next five-wave impulse to the upside. Even so a retracement would be expected and first a surpassing of yesterday’s high so for the pullback that is expected to follow we can evaluate these possibilities.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  10. #140
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    225
    Thanked: 1

    Default

    in ro ham eslah kon:
    AUD/USD and NZD/USD Remain At Risk of More Losses



    AUD/USD failed to clear the 0.7800 resistance and corrected lower. NZD/USD is likely to decline further if there is a break below the 0.7180 level.

    Important Takeaways for AUD/USD and NZD/USD

    • The Aussie Dollar is struggling to gain pace above 0.7800 zone against the US Dollar.
    • There is a major bearish trend line forming with resistance near 0.7775 on the hourly chart of AUD/USD.
    • NZD/USD corrected lower after it failed to surpass the 0.7270 resistance zone.
    • There is a key contracting triangle forming with support near 0.7180 on the hourly chart of NZD/USD.


    AUD/USD Technical Analysis

    Recently, the Aussie Dollar attempted an upside break above the 0.7800 resistance against the US Dollar. The AUD/USD pair failed to settle above 0.7800 and started a fresh decline.

    It broke the 0.7750 support level and tested the 0.7710 level. A low was formed near 0.7710 on FXOpen and it recently there was an upside correction. The pair climbed above 0.7750 and the 50 hourly simple moving average.



    However, it is struggling to clear the 0.7780 level. A high is formed near 0.7781 and the pair is now correcting lower. There was a break below the 23.6% Fib retracement level of the upward move from the 0.7710 swing low to 0.7781 high.

    The pair is now trading near the 0.7755 level and the 50 hourly simple moving average. There is also a major bearish trend line forming with resistance near 0.7775 on the hourly chart of AUD/USD.

    On the upside, there is a major resistance forming near the 0.7780 and 0.7800 levels. A successful break above the trend line and the 0.7800 zone is must for a steady increase. The next major resistance could be 0.7840, above which the price could rise towards the 0.7880 resistance.

    Conversely, the pair could decline below the 0.7750 support zone. The next major support is near the 0.7725 level. If there is a downside break below the 0.7725 level, the pair could extend its decline towards the 0.7680 level.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

Similar Threads

  1. Daily Market Analysis by FxGrow
    By FxGrow Support in forum Daily Market Analysis
    Replies: 79
    Last Post: 10-14-2015, 04:52 PM
  2. EUR/ USD Daily Market Analysis 10 August
    By Emmafx in forum Daily Market Analysis
    Replies: 0
    Last Post: 08-10-2012, 09:54 AM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Join us