#MarketNews #Cryptocurrency
WILL BITCOIN RETAIN ITS SUDDEN SAFE ASSET STATUS?
Indeed, the acquisition of the status of a saving asset can be called sudden, because just 4 months ago, the crypto community was panicking due to the collapse of the FTX exchange. But then bank failures followed. And the growth of BTCUSD by more than 70% since the beginning of the year can be explained by the intrinsic value of the coin, as an asset that does not depend on the centralized financial system.
The risk of a recession in the US economy is inevitable, and in the next two months we can expect a sharp decline in economic activity and GDP, said Lawrence McDonald, former vice president of financial corporation Lehman Brothers.
The current banking crisis will attract more entities to the BTC market over time, says ARK Invest CEO Cathie Wood.
In such a situation, the force of demand pushed the price of bitcoin beyond the upper limit of the ascending AB channel. Since the beginning of the week, BTCUSD fluctuations have been fading in anticipation of the Fed's decision. The 30k breakout scenario seems overly optimistic so far, but the ability to hold onto the peaks reached by the end of the week can be seen as strengthening the belief that bitcoin is becoming attractive as a rescue asset.
To take advantage of trends in the crypto markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
Cryptocurrency CFDs are not available to Retail clients in the UK.
WILL BITCOIN RETAIN ITS SUDDEN SAFE ASSET STATUS?
Indeed, the acquisition of the status of a saving asset can be called sudden, because just 4 months ago, the crypto community was panicking due to the collapse of the FTX exchange. But then bank failures followed. And the growth of BTCUSD by more than 70% since the beginning of the year can be explained by the intrinsic value of the coin, as an asset that does not depend on the centralized financial system.
The risk of a recession in the US economy is inevitable, and in the next two months we can expect a sharp decline in economic activity and GDP, said Lawrence McDonald, former vice president of financial corporation Lehman Brothers.
The current banking crisis will attract more entities to the BTC market over time, says ARK Invest CEO Cathie Wood.
In such a situation, the force of demand pushed the price of bitcoin beyond the upper limit of the ascending AB channel. Since the beginning of the week, BTCUSD fluctuations have been fading in anticipation of the Fed's decision. The 30k breakout scenario seems overly optimistic so far, but the ability to hold onto the peaks reached by the end of the week can be seen as strengthening the belief that bitcoin is becoming attractive as a rescue asset.
To take advantage of trends in the crypto markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
Cryptocurrency CFDs are not available to Retail clients in the UK.
👍1
#MarketNews
BANKING CRISIS WON'T STOP FED FIGHTING INFLATION
The Fed raised interest rates for the ninth consecutive meeting. There could be more hikes going forward, Powell said, a clear sign that the threat of a banking crisis will not sway the drive to tamp down inflation.
Bloomberg analysts note that the rate increase by 0.25% indicates confidence in the US banking system, despite the bankruptcies of SVB and other banks. "The process of bringing inflation down to 2% is a long way to go and is likely to be bumpy," the central bank chief said.
Reacting to the Fed's unanimous decision and Powell's words, US stock prices fell, the dollar index also fell, but gold rose — which indicates that market participants are increasingly believing in the likelihood of a recession and feel uncertainty from the Fed regarding the future of the US economy .
The S&P 500 chart shows that the 4070 (1) level, which previously worked as support, has confirmed its action as resistance (shown by arrows). The bears appear to be adding pressure, dropping control from 4175 to 4070. This threatens the trend line (2) from which the price bounced on all-time high volumes on March 13-15. If the price falls below the levels where such a massive bounce was formed, this could mean an important breakdown in the long term.
To take advantage of trends in the financial markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
BANKING CRISIS WON'T STOP FED FIGHTING INFLATION
The Fed raised interest rates for the ninth consecutive meeting. There could be more hikes going forward, Powell said, a clear sign that the threat of a banking crisis will not sway the drive to tamp down inflation.
Bloomberg analysts note that the rate increase by 0.25% indicates confidence in the US banking system, despite the bankruptcies of SVB and other banks. "The process of bringing inflation down to 2% is a long way to go and is likely to be bumpy," the central bank chief said.
Reacting to the Fed's unanimous decision and Powell's words, US stock prices fell, the dollar index also fell, but gold rose — which indicates that market participants are increasingly believing in the likelihood of a recession and feel uncertainty from the Fed regarding the future of the US economy .
The S&P 500 chart shows that the 4070 (1) level, which previously worked as support, has confirmed its action as resistance (shown by arrows). The bears appear to be adding pressure, dropping control from 4175 to 4070. This threatens the trend line (2) from which the price bounced on all-time high volumes on March 13-15. If the price falls below the levels where such a massive bounce was formed, this could mean an important breakdown in the long term.
To take advantage of trends in the financial markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
👍1
#MarketNews #Cryptocurrency
WHAT DOES THE REACTION OF THE CRYPTO MARKET TO THE DECISION OF THE FED MEAN?
The massive bullish momentum that formed in the bitcoin market in mid-March gradually wore itself out by the 20th, as seen in the envelope line (1). Perhaps the forces of demand lost confidence as they approached the psychological level of $30k. Traders were fixing profits near the highs since the beginning of the year, and the market condition more and more resembled a flat.
The calm was broken by the news from the Fed. The price of bitcoin dropped sharply on Wednesday evening (-7% in 2 hours), but recovered during Thursday. How does one interpret it?
It can definitely be argued that part of the large volumes (2) on the fall on Wednesday reflects the liquidation of buyer positions (according to blockchain analysts, in the amount of more than $50 million on the largest crypto exchanges). Having rebounded from the trend line (3) and returned to levels close to the highs of the year, the price thus demonstrated a bullish mood. Figuratively speaking, the market “shook off” the burden of buyers' positions, which, by their profit fixing, slowed down the price growth (1).
Given the above, we can assume that the rejection of the bearish scenario implies an increase in the likelihood of a bullish development of events — therefore, the first attempt to break through the psychological level of $30k should not come as a surprise.
To take advantage of trends in the cryptocurrency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
Cryptocurrency CFDs are not available to Retail clients in the UK.
WHAT DOES THE REACTION OF THE CRYPTO MARKET TO THE DECISION OF THE FED MEAN?
The massive bullish momentum that formed in the bitcoin market in mid-March gradually wore itself out by the 20th, as seen in the envelope line (1). Perhaps the forces of demand lost confidence as they approached the psychological level of $30k. Traders were fixing profits near the highs since the beginning of the year, and the market condition more and more resembled a flat.
The calm was broken by the news from the Fed. The price of bitcoin dropped sharply on Wednesday evening (-7% in 2 hours), but recovered during Thursday. How does one interpret it?
It can definitely be argued that part of the large volumes (2) on the fall on Wednesday reflects the liquidation of buyer positions (according to blockchain analysts, in the amount of more than $50 million on the largest crypto exchanges). Having rebounded from the trend line (3) and returned to levels close to the highs of the year, the price thus demonstrated a bullish mood. Figuratively speaking, the market “shook off” the burden of buyers' positions, which, by their profit fixing, slowed down the price growth (1).
Given the above, we can assume that the rejection of the bearish scenario implies an increase in the likelihood of a bullish development of events — therefore, the first attempt to break through the psychological level of $30k should not come as a surprise.
To take advantage of trends in the cryptocurrency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
Cryptocurrency CFDs are not available to Retail clients in the UK.
🔥1
#MarketNews
CENTRAL BANKS’ WEEKLY RESULTS
The work week coming to an end was full of news from central banks. On Wednesday, the Fed carried out the expected rate hike by 25 basis points, the next day the Central Bank of Great Britain and Norway raised rates by 25 basis points, and the Swiss National Bank, by 50 basis points.
Analyzing the opinions of experts in the media, we can conclude that:
→ the European banking system is better regulated than the American one. Therefore, the banking crisis carries less risk in Europe. Moreover, after UBS took over the crisis Credit Suisse, the Swiss National Bank said that the crisis was over.
→ The Fed will reach the peak of rates faster than it will be done in Europe.
At the end of the week, futures contracts for the Swiss franc, as well as the euro (orange broken line on the chart), rose in price, which suggests that the current situation with banks and rates may lead to continued weakening of the US dollar against European currencies.
To take advantage of trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
CENTRAL BANKS’ WEEKLY RESULTS
The work week coming to an end was full of news from central banks. On Wednesday, the Fed carried out the expected rate hike by 25 basis points, the next day the Central Bank of Great Britain and Norway raised rates by 25 basis points, and the Swiss National Bank, by 50 basis points.
Analyzing the opinions of experts in the media, we can conclude that:
→ the European banking system is better regulated than the American one. Therefore, the banking crisis carries less risk in Europe. Moreover, after UBS took over the crisis Credit Suisse, the Swiss National Bank said that the crisis was over.
→ The Fed will reach the peak of rates faster than it will be done in Europe.
At the end of the week, futures contracts for the Swiss franc, as well as the euro (orange broken line on the chart), rose in price, which suggests that the current situation with banks and rates may lead to continued weakening of the US dollar against European currencies.
To take advantage of trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
👍1😱1
Watch FXOpen's March 20 - 24 Weekly Market Wrap Video
On FXOpen Market News, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports. You can also find text versions of the news reports at our Internet resources.
https://www.youtube.com/watch?v=N_As3E-VFJc
On FXOpen Market News, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports. You can also find text versions of the news reports at our Internet resources.
https://www.youtube.com/watch?v=N_As3E-VFJc
YouTube
FXOpen Weekly Market Wrap With Gary Thomson:
Watch FXOpen's March 20 -24 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.
- Swiss tsunami rips through global markets: FTSE 100 wipeout noticeable
- British…
In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.
- Swiss tsunami rips through global markets: FTSE 100 wipeout noticeable
- British…
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#MarketNews
DOLLAR RISES AMID EXPERT FEARS
The past week has been an important one due to the Fed's rate hike amid the banking crisis. The US Financial Stability Oversight Board said on Friday that the banking system is robust and resilient, followed by comments in the media with a high degree of concern from respected investors:
→ Ed Yardeni: The US banking system may not be as strong as Powell and Yellen say.
→ Bill Ackman: I'm afraid we're heading for another crash.
→ Stifel bank analysts: The debt crisis in the US will come earlier, as banking turmoil will hit the economy and federal revenues.
→ Billionaire investors Bill Gross and Jeffrey Gundlach: We expect a recession in the US, as rising interest rates will dampen growth.
Trading in futures on the dollar index on Monday opened near the close of Friday and shows signs of flat. Probably, the current week will be less volatile compared to the previous one, and the contract value will fluctuate between the support (1) and resistance (2) lines.
To take advantage of trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
DOLLAR RISES AMID EXPERT FEARS
The past week has been an important one due to the Fed's rate hike amid the banking crisis. The US Financial Stability Oversight Board said on Friday that the banking system is robust and resilient, followed by comments in the media with a high degree of concern from respected investors:
→ Ed Yardeni: The US banking system may not be as strong as Powell and Yellen say.
→ Bill Ackman: I'm afraid we're heading for another crash.
→ Stifel bank analysts: The debt crisis in the US will come earlier, as banking turmoil will hit the economy and federal revenues.
→ Billionaire investors Bill Gross and Jeffrey Gundlach: We expect a recession in the US, as rising interest rates will dampen growth.
Trading in futures on the dollar index on Monday opened near the close of Friday and shows signs of flat. Probably, the current week will be less volatile compared to the previous one, and the contract value will fluctuate between the support (1) and resistance (2) lines.
To take advantage of trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
👍1
FXOpen official pinned «Watch FXOpen's March 20 - 24 Weekly Market Wrap Video On FXOpen Market News, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports. You can also find text versions of the news reports at our Internet resources.…»
#MarketNews #GBPAUD
GBPAUD UPDATES YEAR’S HIGHS
Yesterday, the pound almost reached the level of 1.849 against the Aussie; this has not happened since last March. Perhaps the rapid growth of GBPAUD (+7% from last month's low) is due to the difference in inflation and interest rates. The rate of the Bank of England after the increase last week is 4.5%. And the rate of the Reserve Bank of Australia is 3.6%.
Governor of the Bank of England Andrew Bailey, speaking on Monday, reaffirmed his commitment to a tough policy in the fight against double-digit inflation. He said there were great tensions in the global banking sector, but added that banks in the UK were resilient and able to support the economy.
Bailey's words supported the pound. And this morning the Australian dollar was able to correct, thanks to higher-than-expected retail sales data.
If the uptrend (described by line 1) continues, the rate will be able to reach the upper channel line (2). But an important event is expected on April 4, when the meeting of the Reserve Bank of Australia will take place, as a result of which the market may change the balance.
To take advantage of trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
GBPAUD UPDATES YEAR’S HIGHS
Yesterday, the pound almost reached the level of 1.849 against the Aussie; this has not happened since last March. Perhaps the rapid growth of GBPAUD (+7% from last month's low) is due to the difference in inflation and interest rates. The rate of the Bank of England after the increase last week is 4.5%. And the rate of the Reserve Bank of Australia is 3.6%.
Governor of the Bank of England Andrew Bailey, speaking on Monday, reaffirmed his commitment to a tough policy in the fight against double-digit inflation. He said there were great tensions in the global banking sector, but added that banks in the UK were resilient and able to support the economy.
Bailey's words supported the pound. And this morning the Australian dollar was able to correct, thanks to higher-than-expected retail sales data.
If the uptrend (described by line 1) continues, the rate will be able to reach the upper channel line (2). But an important event is expected on April 4, when the meeting of the Reserve Bank of Australia will take place, as a result of which the market may change the balance.
To take advantage of trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
👍2
#MarketNews #Cryptocurrency #BTC
BITCOIN REACTS TO THE CFTC LAWSUIT AGAINST BINANCE
The US Commodity Futures Trading Commission (CFTC) on Monday filed a lawsuit against the largest cryptocurrency exchange Binance and its head Changpeng Zhao.
According to the regulator, Binance:
→ has been offering derivatives trading to US citizens since July 2019 without being registered;
→ informed American VIP clients about control evasion methods;
→ concealed true coverage and operations.
According to insiders, the CFTC has at its disposal a lot of documents and chats confirming Changpeng's guilt, which could lead to multimillion-dollar fines.
Immediately after the lawsuit it became known that:
→ the price of bitcoin has decreased (1) by more than 4%;
→ Binance users transferred almost 4k bitcoins (and other assets) to other exchanges.
Is it time to panic? The bitcoin rate suggests that market participants are unlikely to have experienced a strong panic, because already today (2) the BTCUSD rate has restored losses, thus testing the trend line (3). This pattern suggests that there is support in the market, and then the bulls can try to get closer to the psychological level of $30k.
To take advantage of trends in the crypto markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
Cryptocurrency CFDs are not available to Retail clients in the UK.
BITCOIN REACTS TO THE CFTC LAWSUIT AGAINST BINANCE
The US Commodity Futures Trading Commission (CFTC) on Monday filed a lawsuit against the largest cryptocurrency exchange Binance and its head Changpeng Zhao.
According to the regulator, Binance:
→ has been offering derivatives trading to US citizens since July 2019 without being registered;
→ informed American VIP clients about control evasion methods;
→ concealed true coverage and operations.
According to insiders, the CFTC has at its disposal a lot of documents and chats confirming Changpeng's guilt, which could lead to multimillion-dollar fines.
Immediately after the lawsuit it became known that:
→ the price of bitcoin has decreased (1) by more than 4%;
→ Binance users transferred almost 4k bitcoins (and other assets) to other exchanges.
Is it time to panic? The bitcoin rate suggests that market participants are unlikely to have experienced a strong panic, because already today (2) the BTCUSD rate has restored losses, thus testing the trend line (3). This pattern suggests that there is support in the market, and then the bulls can try to get closer to the psychological level of $30k.
To take advantage of trends in the crypto markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
Cryptocurrency CFDs are not available to Retail clients in the UK.
#MarketNews #Oil
RAPID OIL RECOVERY
Since the low of March 20, the price of oil has risen by more than 13%.
This was facilitated by:
→ reduced fears about the global economy due to the banking crisis.
→ anticipation of an OPEC+ meeting next week.
High volumes and long lower shadows on the candles (1 and 2) indicate that the big players were active — perhaps they accumulated large long positions in anticipation of its increase. By the way, the Financial Times writes that miners do not hedge the risks associated with falling oil prices; thus, they do not consider such a scenario realistic in the long term.
The price of futures on the NYMEX exchange has reached and has already slightly exceeded the level of 73.3, which previously served as support for this year. Technically, we can expect it to resist in the near future.
To take advantage of trends in the financial markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
RAPID OIL RECOVERY
Since the low of March 20, the price of oil has risen by more than 13%.
This was facilitated by:
→ reduced fears about the global economy due to the banking crisis.
→ anticipation of an OPEC+ meeting next week.
High volumes and long lower shadows on the candles (1 and 2) indicate that the big players were active — perhaps they accumulated large long positions in anticipation of its increase. By the way, the Financial Times writes that miners do not hedge the risks associated with falling oil prices; thus, they do not consider such a scenario realistic in the long term.
The price of futures on the NYMEX exchange has reached and has already slightly exceeded the level of 73.3, which previously served as support for this year. Technically, we can expect it to resist in the near future.
To take advantage of trends in the financial markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
#MarketNews
NASDAQ STORMS PSYCHOLOGICAL LEVEL NEAR HIGHS OF THE YEAR
Yesterday, Nasdaq Technology Stock Index futures approached 2023 highs near the psychological 13,000 mark. Thus, the Nasdaq is showing noticeably stronger momentum than the S&P 500, a sign that investors feel the approach of the Fed's rate peak, because when rates are lowered, technology stocks usually outperform others.
The growth of the Nasdaq index is also facilitated by:
→ fading of the banking crisis. Speaking before Congress yesterday, Michael Barr, the Fed's vice chairman for oversight, noted that Silicon Valley Bank had been without a chief risk officer for months;
→ the belief that the development of AI will become a driver for the growth of technology companies. By the way, Musk, Wozniak and more than 1,000 other experts called for suspending the training of AI systems due to “risk to society” and creating security protocols for AI development that will be more powerful than ChatGPT-4.
Looking at the index chart, it can be noted that it will not be easy for bulls to overcome the 13k level: high volumes on candles (1) with long upper shadows indicate the presence of a lot of offers. Therefore, scenarios involving a correction and/or range trading seem more likely.
To take advantage of trends in the stock markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
NASDAQ STORMS PSYCHOLOGICAL LEVEL NEAR HIGHS OF THE YEAR
Yesterday, Nasdaq Technology Stock Index futures approached 2023 highs near the psychological 13,000 mark. Thus, the Nasdaq is showing noticeably stronger momentum than the S&P 500, a sign that investors feel the approach of the Fed's rate peak, because when rates are lowered, technology stocks usually outperform others.
The growth of the Nasdaq index is also facilitated by:
→ fading of the banking crisis. Speaking before Congress yesterday, Michael Barr, the Fed's vice chairman for oversight, noted that Silicon Valley Bank had been without a chief risk officer for months;
→ the belief that the development of AI will become a driver for the growth of technology companies. By the way, Musk, Wozniak and more than 1,000 other experts called for suspending the training of AI systems due to “risk to society” and creating security protocols for AI development that will be more powerful than ChatGPT-4.
Looking at the index chart, it can be noted that it will not be easy for bulls to overcome the 13k level: high volumes on candles (1) with long upper shadows indicate the presence of a lot of offers. Therefore, scenarios involving a correction and/or range trading seem more likely.
To take advantage of trends in the stock markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
👍1
Trading hours schedule for Ching Ming Festival
Dear Traders,
Please note that due to the Ching Ming Festival on 5 April, 2023, trading hours will be changed as follows (all times are GMT+3):
#HSI (Hong Kong 50)
Tuesday, April 4: trading until 22:00;
Wednesday, April 5: trading closed;
Thursday, April 6: 04:15 – 22:00.
All other financial markets will be traded without changes.
Please consider this information as you plan your trading and note that the hours above are subject to change.
Dear Traders,
Please note that due to the Ching Ming Festival on 5 April, 2023, trading hours will be changed as follows (all times are GMT+3):
#HSI (Hong Kong 50)
Tuesday, April 4: trading until 22:00;
Wednesday, April 5: trading closed;
Thursday, April 6: 04:15 – 22:00.
All other financial markets will be traded without changes.
Please consider this information as you plan your trading and note that the hours above are subject to change.
#MarketNews #USD
USD: Q1 RESULTS
The first three months for the US dollar index were disappointing. First, the price of DX futures made a false bearish breakout (1) of range A, then after an uptrend, a false bullish breakout (2) of range B was formed, and the price entered a downtrend. During March, the falling price broke through the 103.1 support (now serving as resistance) and approached the 101.5 support that was in place throughout January.
Judging by such dynamics, it is reasonable to assume that sellers have sufficient control at the moment. This is facilitated by:
→ the Fed's policy of fighting inflation;
→ banking crisis and withdrawal of funds from deposits;
→ possibly – the process of de-dollarization. Thus, Nouriel Roubini, who predicted the global financial crisis of 2008, said that the status of the dollar as the world's main reserve currency is under threat, since, for example, China agrees to abandon USD settlements in trade with Russia and Brazil.
The decline in the intrinsic value of the dollar in March contributed to the growth of dollar-denominated assets. During the first quarter, the NASDAQ stock index rose more than 17%, while gold rose almost 9%. If the negative for the USD intensifies, in the second quarter the bears may try to break through the level of 101.5.
To take advantage of trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
USD: Q1 RESULTS
The first three months for the US dollar index were disappointing. First, the price of DX futures made a false bearish breakout (1) of range A, then after an uptrend, a false bullish breakout (2) of range B was formed, and the price entered a downtrend. During March, the falling price broke through the 103.1 support (now serving as resistance) and approached the 101.5 support that was in place throughout January.
Judging by such dynamics, it is reasonable to assume that sellers have sufficient control at the moment. This is facilitated by:
→ the Fed's policy of fighting inflation;
→ banking crisis and withdrawal of funds from deposits;
→ possibly – the process of de-dollarization. Thus, Nouriel Roubini, who predicted the global financial crisis of 2008, said that the status of the dollar as the world's main reserve currency is under threat, since, for example, China agrees to abandon USD settlements in trade with Russia and Brazil.
The decline in the intrinsic value of the dollar in March contributed to the growth of dollar-denominated assets. During the first quarter, the NASDAQ stock index rose more than 17%, while gold rose almost 9%. If the negative for the USD intensifies, in the second quarter the bears may try to break through the level of 101.5.
To take advantage of trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
#MarketNews #Cryptocurrency
CRYPTO SCAMMERS LEFT OUT OF THE 2023 BULL TREND
The first quarter of 2023 has implemented a positive scenario, from the low of January 1, the price of BTC has risen by 66%. However, the bullish behavior of the market cannot please crypto traders, whose bankruptcies brought down the price of coins in June and November 2022 (shown by arrows).
Do Kwon, creator of the failed TerraUSD stablecoin and the LUNA token, was arrested at an airport in Montenegro while trying to fly to Dubai on a fake passport. Now he is waiting to see how the dispute between the United States and South Korea will be resolved, who want to extradite Kwon and try for the losses of investors who lost an estimated $40 billion.
Meanwhile, Sam Bankman-Fried, head of the collapsed crypto exchange FTX, has been charged with $40 million in bribing officials. Sam did not plead guilty, but is paying for the team of lawyers defending him from federal charges with millions of dollars that he gave his father on behalf of Alameda Research.
Judging by the BTCUSD chart, all the negative effects of the TerraUSD and FTX bankruptcies on the crypto industry have already been left behind, as the BTCUSD rate has approached the levels at which it was before the mentioned events. Moreover, the B → C rollback is approximately 50% of the A → B impulse, which gives grounds to assert the probing nature of the market.
The subsequent dynamics of the course will certainly be influenced by the psychological level of $30k, which served as support for the bulls (1) in 2021, but was broken through by the bears with great effort in 2022.
To take advantage of fluctuations in cryptocurrencies without the fear of losing your capital due to the bankruptcy of crypto exchanges, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
Cryptocurrency CFDs are not available to Retail clients in the UK.
CRYPTO SCAMMERS LEFT OUT OF THE 2023 BULL TREND
The first quarter of 2023 has implemented a positive scenario, from the low of January 1, the price of BTC has risen by 66%. However, the bullish behavior of the market cannot please crypto traders, whose bankruptcies brought down the price of coins in June and November 2022 (shown by arrows).
Do Kwon, creator of the failed TerraUSD stablecoin and the LUNA token, was arrested at an airport in Montenegro while trying to fly to Dubai on a fake passport. Now he is waiting to see how the dispute between the United States and South Korea will be resolved, who want to extradite Kwon and try for the losses of investors who lost an estimated $40 billion.
Meanwhile, Sam Bankman-Fried, head of the collapsed crypto exchange FTX, has been charged with $40 million in bribing officials. Sam did not plead guilty, but is paying for the team of lawyers defending him from federal charges with millions of dollars that he gave his father on behalf of Alameda Research.
Judging by the BTCUSD chart, all the negative effects of the TerraUSD and FTX bankruptcies on the crypto industry have already been left behind, as the BTCUSD rate has approached the levels at which it was before the mentioned events. Moreover, the B → C rollback is approximately 50% of the A → B impulse, which gives grounds to assert the probing nature of the market.
The subsequent dynamics of the course will certainly be influenced by the psychological level of $30k, which served as support for the bulls (1) in 2021, but was broken through by the bears with great effort in 2022.
To take advantage of fluctuations in cryptocurrencies without the fear of losing your capital due to the bankruptcy of crypto exchanges, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
Cryptocurrency CFDs are not available to Retail clients in the UK.
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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.
- How Bitcoin reacted to the CFTC lawsuit against Binance
- Rapid oil recovery
- Nasdaq storms psychological level near highs of the year
- UK inflation: Is the end in sight?
Watch our short and informative video, and stay updated with FXOpen.
https://youtu.be/EuCDbM0pG0Y
In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.
- How Bitcoin reacted to the CFTC lawsuit against Binance
- Rapid oil recovery
- Nasdaq storms psychological level near highs of the year
- UK inflation: Is the end in sight?
Watch our short and informative video, and stay updated with FXOpen.
https://youtu.be/EuCDbM0pG0Y
YouTube
FXOpen Weekly Market Wrap With Gary Thomson: BITCOIN AND CFTC, OIL RECOVERY, NASDAQ, UK INFLATION
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.
00:13 - UK inflation: Is the end in sight?
02:00 - Nasdaq storms psychological…
In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.
00:13 - UK inflation: Is the end in sight?
02:00 - Nasdaq storms psychological…
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#MarketNews
THE PRICE OF OIL JUMPS AFTER THE WEEKEND
Trading in oil futures on the NYMEX exchange began with a bullish gap (1). The cost per barrel has risen in price by 6% approximately. The main reason is the decision of the OPEC+ countries (which we warned about in the last post about oil). Although the official meeting of the organization's representatives begins today, the decision of Saudi Arabia, the UAE, Kuwait and others to cut oil production was announced over the weekend.
What is going on?
Reducing the price of oil is important for the US (as well as other countries) in the fight against high inflation. In an effort, Biden visited Saudi Arabia last year and also decided to sell oil from strategic reserves. The high Fed rates that caused the banking crisis seem to have been the culmination of these efforts, with the price dropping to $65 a barrel in March, which was completely unfavorable for OPEC+. By their decision, they returned the price of oil to the range of $71.30-81.30, which, apparently, indicates a price acceptable to the world's main oil producers.
What's next? The $71.30 resistance remains behind (it should serve as support now), the $81.30 resistance is back on track. The decision of the oil producers gives an understanding that in the long term the price of oil will not fall below the formed lows, which adds to the Fed's headache. In the short term, a rollback and response statements from the US are possible.
To take advantage of fluctuations in oil prices, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
THE PRICE OF OIL JUMPS AFTER THE WEEKEND
Trading in oil futures on the NYMEX exchange began with a bullish gap (1). The cost per barrel has risen in price by 6% approximately. The main reason is the decision of the OPEC+ countries (which we warned about in the last post about oil). Although the official meeting of the organization's representatives begins today, the decision of Saudi Arabia, the UAE, Kuwait and others to cut oil production was announced over the weekend.
What is going on?
Reducing the price of oil is important for the US (as well as other countries) in the fight against high inflation. In an effort, Biden visited Saudi Arabia last year and also decided to sell oil from strategic reserves. The high Fed rates that caused the banking crisis seem to have been the culmination of these efforts, with the price dropping to $65 a barrel in March, which was completely unfavorable for OPEC+. By their decision, they returned the price of oil to the range of $71.30-81.30, which, apparently, indicates a price acceptable to the world's main oil producers.
What's next? The $71.30 resistance remains behind (it should serve as support now), the $81.30 resistance is back on track. The decision of the oil producers gives an understanding that in the long term the price of oil will not fall below the formed lows, which adds to the Fed's headache. In the short term, a rollback and response statements from the US are possible.
To take advantage of fluctuations in oil prices, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
#MarketNews #CADJPY
CADJPY SOARS +5% IN 7 TRADING DAYS
From the March 24 low to this morning, the CADJPY has gone up about 5%.
Some of the reasons:
→ the weakening of the US dollar index, from which, as it is believed, the “Canadian” benefits in the first place;
→ the Canadian economy grew in the 1st quarter above expectations.
→ oil is getting more expensive, and this is Canada's most important export commodity. But it’s bad news for Japan's trade balance, given that the country imports most of its energy resources.
What's next?
The rate has reached important resistance (1) near 99 yen per Canadian dollar. The level repeatedly influenced the course, serving as a turning point (as the arrows show). It is acceptable to assume that after a rapid growth, a correction from the indicated level may follow.
To take advantage of trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
CADJPY SOARS +5% IN 7 TRADING DAYS
From the March 24 low to this morning, the CADJPY has gone up about 5%.
Some of the reasons:
→ the weakening of the US dollar index, from which, as it is believed, the “Canadian” benefits in the first place;
→ the Canadian economy grew in the 1st quarter above expectations.
→ oil is getting more expensive, and this is Canada's most important export commodity. But it’s bad news for Japan's trade balance, given that the country imports most of its energy resources.
What's next?
The rate has reached important resistance (1) near 99 yen per Canadian dollar. The level repeatedly influenced the course, serving as a turning point (as the arrows show). It is acceptable to assume that after a rapid growth, a correction from the indicated level may follow.
To take advantage of trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
#MarketNews #Cryptocurrency
ELON MUSK CHANGES TWITTER ICON
Quite unexpectedly, but now on the twitter.com website, instead of the usual blue bird, a dog flaunts — a symbol of the Dogecoin cryptocurrency, to which Musk has long been partial.
Not surprisingly, the DOGEUSD rate soared by 30%, but the rest of the coins reacted sluggishly. The chart of capitalization of all cryptocurrencies shows that its current values are near the descending parallel channel line (1), which technically should serve as resistance. Which is confirmed by the dynamics of the candles, because after a stormy rally in mid-March, the prices of cryptocurrencies stabilized just on the way to this line. Apparently, in order to overcome it, the bulls need more weighty arguments than changing the icon on the social network.
To take advantage of trends in the cryptocurrency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
Cryptocurrency CFDs are not available to Retail clients in the UK.
ELON MUSK CHANGES TWITTER ICON
Quite unexpectedly, but now on the twitter.com website, instead of the usual blue bird, a dog flaunts — a symbol of the Dogecoin cryptocurrency, to which Musk has long been partial.
Not surprisingly, the DOGEUSD rate soared by 30%, but the rest of the coins reacted sluggishly. The chart of capitalization of all cryptocurrencies shows that its current values are near the descending parallel channel line (1), which technically should serve as resistance. Which is confirmed by the dynamics of the candles, because after a stormy rally in mid-March, the prices of cryptocurrencies stabilized just on the way to this line. Apparently, in order to overcome it, the bulls need more weighty arguments than changing the icon on the social network.
To take advantage of trends in the cryptocurrency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
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.
Cryptocurrency CFDs are not available to Retail clients in the UK.
Easter 2023: Changes to Trading Hours
Dear Traders
Please note that for the Easter holidays, trading hours for some financial markets will be changed as follows (all times are GMT+3):
Thursday, April 6
Indices CFD:
#AUS200: till 17:00;
#ESX50, #FCHI, #UK100, #GDAXIm: till 21:00.
Friday, April 7
Indices CFD:
#ESX50, #FCHI, #UK100, #GDAXIm, #AUS200, #HSI - trading closed;
US indices and #J225 - till 16:15.
Commodities CFD: trading closed.
US Stocks CFD: trading closed.
Monday, April 10
Indices CFD:
#ESX50, #FCHI, #UK100, #GDAXIm, #AUS200, #HSI - trading closed.
Tuesday, April 11
Indices CFD:
#ESX50, #GDAXIm - starts at 03:15;
#HSI - starts at 04:15;
#FCHI - starts at 09:00;
#UK100, #AUS200 - starts at 03:00.
All other financial markets will be traded as usual.
Please consider this information as you plan your trading and note that the hours above are subject to change.
Dear Traders
Please note that for the Easter holidays, trading hours for some financial markets will be changed as follows (all times are GMT+3):
Thursday, April 6
Indices CFD:
#AUS200: till 17:00;
#ESX50, #FCHI, #UK100, #GDAXIm: till 21:00.
Friday, April 7
Indices CFD:
#ESX50, #FCHI, #UK100, #GDAXIm, #AUS200, #HSI - trading closed;
US indices and #J225 - till 16:15.
Commodities CFD: trading closed.
US Stocks CFD: trading closed.
Monday, April 10
Indices CFD:
#ESX50, #FCHI, #UK100, #GDAXIm, #AUS200, #HSI - trading closed.
Tuesday, April 11
Indices CFD:
#ESX50, #GDAXIm - starts at 03:15;
#HSI - starts at 04:15;
#FCHI - starts at 09:00;
#UK100, #AUS200 - starts at 03:00.
All other financial markets will be traded as usual.
Please consider this information as you plan your trading and note that the hours above are subject to change.