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Daily Market Analysis By FXOpen in Fundamental_68922e7c602bf

Daily Market Analysis By FXOpen

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Bitcoin Price Cannot Stay above $28k
Daily Market Analysis By FXOpen in Fundamental_LUBbpVW

The first day of October coincided with the first attempt of the bulls to overcome the resistance level of USD 28,000 per coin, but on the 2nd of October, the sellers showed their presence. Since that time, the price has repeatedly exceeded the level of 28k, but each time not for long, after which a decline followed.

Yesterday, there was another such decline. As the BTC/USD chart shows today, the rate is around 27,600. And it seems that the bulls may no longer have the strength to make a new attempt.

Analyzing the bitcoin market on September 8, we pointed out a list of bearish arguments that give reason to doubt the positive prospects for bitcoin. The described price action of about 28k is another bearish argument in this list.

Daily Market Analysis By FXOpen in Fundamental_ZfR0uKZ

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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.
#1066 - October 10, 2023, 09:07:30 AM

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BOE Concentrates on Persistent Inflation Whilst US Stocks Fly
Daily Market Analysis By FXOpen in Fundamental_xdppcwk

Bank of England policy committee member Catherine Mann emphasised the need for a more aggressive central bank response to prolonged inflation exceeding target levels. She highlighted the importance of addressing not only the current high inflation but also the risk of inflation expectations rising in the future. Ms. Mann's call for a proactive approach to inflation management came after her preference for a rate increase at the BOE's last meeting, while her colleagues voted to maintain the status quo.

According to Ms. Mann, "Policy has to be more aggressive because it has to address both a drift in expectations as well as the actual inflation." She expressed concern about the persistence and duration of elevated inflation, underscoring the importance of managing embedded inflation expectations.

The British pound is moving upward against the US dollar for the sixth day.

Daily Market Analysis By FXOpen in Fundamental_m0RsZHr

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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.
#1067 - October 10, 2023, 01:42:33 PM

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Major Currency Pairs Correct after Sharp Declines
Daily Market Analysis By FXOpen in Fundamental_qPmhHOX

The fairly positive US jobs report released last Friday ultimately led to a corrective pullback in almost all currency pairs. The US dollar fell against the yen, commodity currencies, the pound, and the euro. However, not all pairs managed to overcome the key ranges; the size of the corrective pullback and the possibility of a reversal will depend on the incoming fundamental events of the coming trading sessions.

USD/CAD
Daily Market Analysis By FXOpen in Fundamental_k5nnIoW

In the US dollar/loonie pair, we are seeing the bearish tweezer pattern, formed on October 5, working out. The combination was confirmed the next day with a long black candle. The nearest range where the price can fall is from 1.3540 to 1.3500. Cancellation of the downward scenario may occur after a confident consolidation above 1.3700.

Several FOMC members are scheduled to speak today, in particular Neel Kashkari and Christopher Waller. Comments from these officials could have a significant impact on the pair's pricing.

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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.
#1068 - October 10, 2023, 01:55:57 PM

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EUR/USD Attempts Recovery While USD/CHF Revisits Support
Daily Market Analysis By FXOpen in Fundamental_SL0X3Lg

EUR/USD started a recovery wave above the 1.0550 resistance. USD/CHF declined and now trading near the 1.0450 support zone.

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

  • The Euro gained pace after it broke the 1.0550 resistance against the US Dollar.
  • There is a major bullish trend line forming with support near 1.0570 on the hourly chart of EUR/USD at FXOpen.
  • USD/CHF declined below the 0.9140 and 0.9080 support levels.
  • There is a connecting bearish trend line forming with resistance near 0.9080 on the hourly chart at FXOpen.

EUR/USD Technical Analysis
Daily Market Analysis By FXOpen in Fundamental_XtByyJ5

On the hourly chart of EUR/USD at FXOpen, the pair started a recovery wave from the 1.0450 level. The Euro even cleared the 1.0485 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 1.0570. Finally, the pair tested the 1.0615 resistance. It is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.0519 swing low to the 1.0619 high.

Immediate support on the downside is 1.0595. The next major support is near a bullish trend line at 1.0570 and the 50-hour simple moving average.

The trend line is close to the 50% Fib retracement level of the upward wave from the 1.0519 swing low to the 1.0619 high. A downside break below the 1.0570 support could send the pair toward the 1.0485 level.

Immediate resistance on the EUR/USD chart is near the 1.0615 zone. The first major resistance is near the 1.0650 level. An upside break above the 1.0650 level might send the pair toward the 1.0700 resistance.

The next major resistance is near the 1.0720 level. Any more gains might open the doors for a move toward the 1.0800 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.
#1069 - October 11, 2023, 07:29:24 AM

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NZD/USD Analysis: The Rate Reaches a 2-month High
Daily Market Analysis By FXOpen in Fundamental_LA4RtZw

This morning, as the NZD/USD chart shows, one USD was worth 0.605 New Zealand dollar, for the first time since August 10.

The strengthening of NZD was facilitated by:
→ rumours that China is planning a major stimulus package to boost the economy amid the real estate crisis. And the Australian and New Zealand dollars, as one can see, are showing growth against the backdrop of positive news from China;
→ the weakness of the US dollar due to the fact that Fed members make it clear in their statements that it is no longer worth raising rates further.

Daily Market Analysis By FXOpen in Fundamental_X6PdcHV

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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.
#1070 - October 11, 2023, 01:29:36 PM

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Daily Market Analysis By FXOpen in Fundamental_6803a6c52eb12
#1071 - Today at 09:19:59 PM

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Bank of England Expresses Concern Over Overvalued US Tech Stocks Amid Macro-Economic Uncertainty
Daily Market Analysis By FXOpen in Fundamental_j5wFC4t

The Bank of England has voiced concerns over the soaring valuations of US technology stocks, citing the current macroeconomic landscape and the surge in interest rates. This commentary underscores the evolving dynamics in global financial markets.

The UK stock market stands in stark contrast to its tech-focused counterpart in the United States, particularly the NASDAQ. The London Stock Exchange is home to well-established blue-chip firms with traditional corporate foundations.

These companies span industries such as retail, pharmaceuticals, energy, leisure, and heavy industry. In contrast, NASDAQ boasts tech giants from Silicon Valley, including titans like Apple and Google, as well as recent entrants through Special Purpose Acquisition Companies (SPACs), with valuations soaring into the billions.

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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.
#1071 - October 11, 2023, 01:31:52 PM

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The Dollar Continues to Correct in Anticipation of the FOMC Minutes Publication
Daily Market Analysis By FXOpen in Fundamental_Y2xJsD7

In the middle of this week, the main currency pairs continued their upward correction against the US dollar. Buyers of the EUR/USD pair managed to pass the level of 1.0600, the GBP/USD currency pair tested the important level of 1.2300, and sellers of USD/JPY yesterday tried to break through the support level at 148.00. However, the current market situation may change at any time, as very important macroeconomic data is expected to be published in the coming trading sessions.

USD/JPY
Daily Market Analysis By FXOpen in Fundamental_rsqBFyX

The USD/JPY currency pair is trading in a narrow sideways range between 148.20 and 149.50. Investors are wary of currency interventions by the Bank of Japan, which may become relevant if the price passes the level of 150.00. However, sellers are in no hurry to enter into transactions since the Fed most likely does not plan to change monetary policy in the coming months. The large gap between yen and dollar interest rates makes this pair very attractive to buy and prevents it from falling below 148.00-147.00. Any hints of a change in monetary policy by the American regulator or disappointment in the fundamental indicators of the dollar could cause a sharp decline in the pair.

Today at 15:30 GMT+3, the publication of data on producer prices (PPI) in the United States for September is expected. At 21:00 GMT+3, the minutes of the last Fed meeting will be published. Alsoб early the next morning, it is worth paying attention to the speech of a member of the board of directors of the Bank of Japan, Asahi Noguchi.

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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.
#1072 - October 11, 2023, 01:34:30 PM

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E-mini S&P 500 Positive Ahead of Earnings Season
Daily Market Analysis By FXOpen in Fundamental_xIozxAA

As we wrote in our October 8 market analysis, the S&P 500 chart made bullish arguments, including:
→ the S&P 500 price has reached the lower boundary of the ascending channel (shown in blue);
→ RSI fell to its minimum in 12 months.

Technically, these factors were justified, because today, the S&P 500 has strengthened, the price is near the psychological level of 4,400. Yesterday?s news also contributed to this:
→ inflation suddenly accelerated. The Producer Price Index (PPI) was 0.5%, although 0.3% was expected. The acceleration of inflation was influenced by the September peak in the oil market. But with the price of oil already back more than 10% from its peak, traders are not expected to be too worried about the PPI rise;
→ a "majority" of Fed officials thought another rate hike would "likely be appropriate" to help cool demand and bring inflation closer to its 2% inflation target over the next two years, while "some" said ?no". ?Participants generally noted that it was important to balance the risk of overtightening against the risk of insufficient tightening,? the minutes said.

Daily Market Analysis By FXOpen in Fundamental_OIYubqY

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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.
#1073 - October 12, 2023, 09:16:45 AM

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Markets Awaiting US Inflation Data
Daily Market Analysis By FXOpen in Fundamental_Eiw7clH

Yesterday, the major currency pairs were trading in fairly narrow ranges. Positive data on the US producer price index for September and the publication of the latest Fed minutes did not contribute to increased volatility in the market. Most likely, investors are expecting today's inflation data in the US. If the indicator is at the forecast level or even lower, this could lead to a change in the Fed's monetary policy, which in turn could contribute to the start of a medium-term downward impulse for the US dollar. Conversely, high inflation could force officials to keep rates high for a long time, which could trigger a new wave of greenback growth.

USD/CAD

After a sharp decline last week, the USD/CAD pair found strong support in the 1.3600-1.3570 range. At these marks, there are alligator lines on the daily timeframe. Price behaviour at a given location can provide more clues as to the future direction of the pair. A sharp rebound from current levels could return the price back to 1.3700-1.3780. But a move below 1.3520 may contribute to a renewed decline in the direction of lower fractals at 1.3415 and 1.3370.

In addition to inflation data, today at 15:30 GMT+3, it is worth paying attention to the weekly data on applications for unemployment benefits in the United States. Also, at 18:00 GMT+3, weekly data on crude oil inventories will be released.

Daily Market Analysis By FXOpen in Fundamental_WqY2ciX

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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.
#1074 - October 12, 2023, 09:22:09 AM

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The Price of Gold Rises More Than 5% Since Last Friday
Daily Market Analysis By FXOpen in Fundamental_rgPnHR6

The rise in the price of the (considered a safe haven) asset was driven by:
→ escalation of geopolitical conflicts;
→ increasing US government debt and rising bond prices make gold a more attractive option for a defensive portfolio.

Also, according to Business Insider, global central banks are buying gold in an effort to diversify reserves away from the dollar.

Daily Market Analysis By FXOpen in Fundamental_9YUSNQP

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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.
#1075 - October 12, 2023, 01:51:51 PM

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GBP/USD Analysis: The Rate Is Near October Highs
Daily Market Analysis By FXOpen in Fundamental_A5UN9mC

In early October, the GBP/USD decline exceeded 10% from its summer high, which was very worrying. However, the weakening of the US dollar and changes in sentiment in the US government bond market allowed the pound to strengthen.

Important news about UK GDP was published this morning:
→ The Office for National Statistics estimates that real gross domestic product (GDP) rose 0.2% in August 2023, after falling 0.6% in July 2023;
→ production of services grew by 0.4% in August 2023 and became the main driver of GDP growth;
→ the construction sector performed worse than others, falling 0.5% in August 2023 after falling 0.4% in July 2023.

In general, although the UK GDP picture gives reason for some optimism, the GBP/USD rate today reacted with a decline to the publication of this news. Perhaps influencing factors that are noticeable to technical analysis are coming into play?

Daily Market Analysis By FXOpen in Fundamental_mciYu4s

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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.
#1076 - October 12, 2023, 02:03:44 PM

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Gold Price Surges While Crude Oil Price Dips Amid Israel-Hamas War
Daily Market Analysis By FXOpen in Fundamental_b3cN62x

Gold price surged above the $1,848 resistance after the Israel-Hamas war escalated. Crude oil price saw swing moves and is now trading below the $83.70 resistance.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price started a steady increase from the $1,810 zone against the US Dollar.
  • A key rising channel is forming with support near $1,868 on the hourly chart of gold at FXOpen.
  • Crude oil prices failed to clear the $86.00 region and corrected gains.
  • There is a connecting bearish trend line forming with resistance near $83.00 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis
Daily Market Analysis By FXOpen in Fundamental_OtTGpzq

On the hourly chart of Gold at FXOpen, the price found support near the $1,810 zone. The price started a steady increase after the Israel-Hamas war.

There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $1,848 and $1,868 resistance levels. Finally, the price tested the $1,885 zone before the bears appeared.

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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.
#1077 - October 13, 2023, 11:53:04 AM

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The Probability of Oil Prices Rising to $100 Is Increasing
Daily Market Analysis By FXOpen in Fundamental_JojtFaD

This week, Saudi energy minister Prince Abdulaziz bin Salman visited Moscow to discuss plans for oil production in the context of the Israeli-Palestinian conflict. The Russian president announced that Saudi Arabia and Russia's production cuts are "likely" to continue.

Meanwhile, Magid Shenouda, deputy chief executive of commodities trading giant Mercuria, told the industry conference in the UAE that oil prices could reach USD 100 a barrel if the situation in the Middle East worsens.

Daily Market Analysis By FXOpen in Fundamental_zNzXun9

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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.
#1078 - October 13, 2023, 11:55:35 AM

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EURUSD Analysis: New Test for Support Level of 1.0500
Daily Market Analysis By FXOpen in Fundamental_tJHXmDf

Yesterday, another indicator of inflation in the United States was published ? the CPI (Consumer Price Index). Like the PPI (Producer Price Index), the values of which were published on Wednesday, the CPI index indicated that inflation in the US remains stable (actual = 3.7%, forecast = 3.6%, a month earlier = 3.7%, two months earlier = 3.2%), however, this time, the reaction of market participants was sharper:
→ the stock market declined;
→ gold fell in price (although buyers in the Asian session on Friday contributed to the recovery);
→ the dollar index rose sharply.

Before the publication of news about inflation, the probability of a rate hike at the December Fed meeting was at 28%, but now it is 40%. The thesis ?higher rates for a longer time? has returned to relevance.

For a technical analyst, changes in sentiment and spikes in volatility provide a new piece of valuable information. Let's take the EUR/USD chart for example.

Daily Market Analysis By FXOpen in Fundamental_tp4sAdf

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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.
#1079 - October 13, 2023, 11:58:15 AM

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Watch FXOpen's 9 - 13 October Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: OIL & ISRAEL-GAZA CONFLICT , S&P 500 POSITIVE, GOLD RISEN.

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.

  • Geopolitical Tensions Rattle Markets: US Stocks Decline, Oil Surges Amid Israel-Gaza Conflict #Oil
  • E-mini S&P 500 Positive Ahead of Earnings Season #eminiS&P500 #earningsseason
  • Markets awaiting US inflation data #USinflation
  • The price of gold has risen more than 5% since last Friday #Gold

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.



Daily Market Analysis By FXOpen in Fundamental_5L4WJLn



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
#1080 - October 14, 2023, 05:31:55 AM
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