Daily Market Analysis By FXOpen

Watch FXOpen's March 27 - 31 Weekly Market Wrap Video

In this video, FXOpen UK COO Gary Thomson sums up the week?s happenings and discusses the most significant news reports.

• UK inflation: Is the end in sight?
• Nasdaq storms psychological level near highs of the year
• Rapid oil recovery
• How Bitcoin reacted to the CFTC lawsuit against Binance

Watch our short and informative video, and stay updated with FXOpen.




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Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

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ANZ Bank does away with cash; Australian Dollar responds with volatility


There are those who look forward to the day when the entire society in which they live goes completely cashless, and there are those who regard such a possibility with absolute dread.

Many nations with developed and advanced financial markets ecosystems are now heading toward the next stage in the implementation of a fully digital ecosystem, and in a lot of cases, their respective governments and central issuers of fiat currency are talking about the implementation of what is known as CDBCs, an acronym that stands for Central Bank Digital Currencies.

Central Bank Digital Currencies are effectively digital versions of existing sovereign currency, and many nations in Europe, North America, and South East Asia are looking at developing them and rolling them out. Australia is one such nation.

Whilst the rollout of such CDBCs has not taken place yet, there is more than a degree of speculation regarding the possibility of such a move being made by the Australian central bank, the Reserve Bank of Australia.

This speculation is being fueled by a recent move by ANZ Bank, one of Australia?s largest Tier 1 financial institutions and the country?s largest institutional and corporate bank.

At the end of last week, ANZ Bank announced that it would cease facilitating withdrawals and deposits from a number of its Australian branches on a permanent basis.

The bank advised that those wishing to access cash rather than use electronic transfers, debit/credit cards, or contactless systems should look toward using ATMs (automated cash machines), which are operated by ANZ Bank as well as independent operators and other banks across Australia, as ANZ?s customers will no longer be able to withdraw cash from their accounts inside branches.

Whilst this move means that ANZ Bank customers will still be able to withdraw and deposit cash via the ATM machines, the number of machines operated by banks across Australia, including ANZ, has been decreasing as they become decommissioned over recent years.

Whilst ANZ Bank?s move may well appear to be sensible and look toward a more efficient future in which most transactions are either carried out online, via a card payment, or contactless payment device rather than using physical cash, there is a seed of concern that has been sewn that this is a step toward the implementation of CDBCs and their perceived potentially authoritarian nature.

Groups which disapprove of the development by governments and central banks with regard to CDBC development believe that privacy could be diminished if all transactions are done digitally and that governments could use the digital nature of fiat currencies to ensure compliance with government agendas and doctrines by being able to ?turn the money off? if someone does not do as they are told.

Indeed, one of ANZ?s reasons for ceasing to offer cash in many of its branches is that the lockdowns enforced by the government throughout 2020 and 2021 in Australia, which was subject to one of the most strict lockdowns in the world, caused people to use much less physical cash and that ANZ is just moving with the times.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

GBP soars against the Japanese Yen despite low rates remaining in place


Japan's economy has been regarded ever since the 1960s as an absolute lesson in socio-economic advancement to the extent that the entire world views Japanese products, cuisine, intellect and culture among the most enviable globally.

One particular Japanese motor manufacturer has used the slogan "The relentless pursuit of perfection" in its marketing to Western customers, and Japan's contribution to science, technology and consumer lifestyle trappings has been enormous for over six decades now.

Japan is in the top 3 economies by nominal GDP, after the United States and China, and the fourth-largest economy by PPP (purchasing power parity). In 2020, Japan was ranked eighth among the countries with the largest labour force, having 66.5 million workers.

The Yen, Japan's sovereign currency, may have experienced a lot of volatility over recent times, and there is no doubt that it has faced competition from even larger nations such as China and India, which are rapidly becoming huge tours de force in their own right, China's economy being by very far the largest in the world, and neighbouring nations in the Asia Pacific region such as Thailand and South Korea being homes to some very high volume manufacturing of everything from televisions and kitchen appliances to motor vehicles.

Japan remains utterly focused on its core industries, and its export market is as buoyant as ever; however, there have been a lot of metrics that show lower capacity and a country that has struggled with high costs compared to that of its neighbours.

On April 5th, the central bank of Japan published data reflecting that the country's economic output was below full capacity for the 11th consecutive quarter from October to December 2022, so the BOJ will unlikely end its ultra-low interest rates policy.

The British Pound rose considerably against the Yen late last week in the advent of such figures, showing that investors and traders expected such an outcome.

This morning, the depreciation of the Yen against western majors, including the Pound, has slowed, and the Pound is trading at 164.10 to the Yen.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

LTCUSD Technical Analysis ? 06th APR, 2023


LTCUSD ? Bullish Harami Pattern Is Above $86.64


Bears couldn't pull the market further down last week, and after touching a low of $86.64 on 30th March, the prices started to correct upwards against the US Dollar, touching a high of $94.91 on 03rd April.

We have seen a bullish opening of the markets this week.

We can see a bullish harami pattern above the $86.64 handle. It signifies the end of a bearish phase and the start of a bullish phase in the market.

The price of Litecoin is near the channel's support, indicating upcoming bullish movement. Also, Litecoin is trading above its 100-hour simple moving average and 100-hour exponential moving average, and it's above the pivot level of $92.93.

The relative strength index is at $52.50, indicating a neutral demand for Litecoin and a shift towards the market consolidation phase.

The prices of Litecoin continue to remain above some of the moving averages, which are giving a bullish signal at current market levels of $90.65

Both the Williams percent range and commodity channel index are signalling neutral market conditions, which means that the price is expected to remain in a consolidation phase in the short-term range.

The short-term outlook for Litecoin has turned mildly bullish.

• Some of the technical indicators are giving a bullish signal.
• Litecoin bullish reversal is seen above the $86.64 level.
• The RSI gives a neutral signal.
• The average true range indicates low market volatility.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

EUR/USD Aims Fresh Increase While EUR/JPY Eyes More Upsides


EUR/USD is consolidating above the key 1.0880 support zone. EUR/JPY is rising and might rally further if it clears the 145.40 resistance zone.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a downside correction from the 1.0970 zone.
• There is a key bearish trend line forming with resistance near 1.0910 on the hourly chart at FXOpen.
• EUR/JPY started a steady increase after it found support near 142.50.
• There is a major bullish trend line forming with support near 144.20 on the hourly chart.

EUR/USD Technical Analysis


On the hourly chart of EUR/USD, the Euro remained well-bid above the 1.0880 zone and started a fresh increase against the US Dollar. EUR/USD was able to break above the 1.0920 resistance level.

The pair tested the 1.0970 zone before it started a correction. There was a break below the 1.0920 level, but the bulls were active near the key 1.0880 support. A low is formed at 1.0876, and the pair is now consolidating.

Immediate resistance is near the 1.0910 level. Besides, there is a key bearish trendline forming with resistance near 1.0910. The trendline is close to the 50% Fib retracement level of the downward move from the 1.0937 swing high to the 1.0876 low.

The next major resistance is near the 76.4% Fib retracement level at 1.0925. A clear move above the 1.0925 level might send the pair toward the 1.0970 level. Any more gains could set the pace for a test of 1.1000.

On the downside, the pair might find support near the 1.0880 level. The next major support sits near the 1.0820 level, below which the pair could even test the 1.0790 support zone.

If there is a downside break below the 1.0790 support, the pair might accelerate lower in the coming days. In the stated case, it could even test 1.0720.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

USDJPY: Are Bulls Trying to Revive the Long-Term Trend?


The USDJPY yesterday reached its highs of several weeks.

This was facilitated by:

→ a statement by the new head of the Bank of Japan, Kazuo Ueda, who made it clear that there is no need to rush to curtail the stimulus policy;

→ Friday's US employment report, which strengthened expectations of the Fed's interest rate hike in May. Unemployment fell to 3.5%, indicating the strength of the labour market. Trading on Tuesday, futures on the dollar index opened with a bullish gap;

→ US commercial bank deposits rose towards the end of March for the first time in about a month, a sign that the banking crisis is easing and the dollar is regaining confidence.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

XRPUSD Technical Analysis ? 11th APR 2023


Last week, the market sentiment turned bullish after Ripple touched a low of $0.4915 on April 6 and started to correct. The market opened bullish this week.

On the hourly chart:

    The relative strength index is at 60.40, which signifies a strong demand for Ripple at the current market prices and the continuation of the bullish phase in the market.
    Moving averages signal an upward price movement at the current market level of 0.5203.
    Both the STOCH and CCI are in the neutral zones, which means the price is now resting in the consolidation zone.
    Ripple is now trading just below its pivot level of 0.5209 and is now facing its classic resistance at 0.5221 and Fibonacci resistance at 0.5241, after which it will be able to move towards 0.6000.



Some of the major technical indicators are bullish.

• Ripple bullish reversal is seen above 0.4915.
• The price is below its pivot level.
• Average true range indicates HIGH volatility.

We have also detected a bullish price crossover with 20 and 50-period moving averages in the weekly timeframe.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.