#MarketNews
NEW ZEALAND CENTRAL BANK RAISES INTEREST RATE BY 50 BASIS POINTS
This morning, the New Zealand central bank raised interest rates by 50 basis points to 5.25%, a 14-year high and a big surprise as, for example, 22 out of 24 economists in a Reuters poll had forecast a rise of just 25 bp.
Reacting to the decision of the Central Bank, the New Zealand dollar rose by 1%, reaching a two-month high against the USD. The growth of the NZDUSD quote was also facilitated by the weakening of the dollar due to yesterday's news about a decrease in vacancies in the US labor market.
The weekly NZDUSD chart looks pretty bullish:
→ the rate has broken through the line (1) of resistance 0.628, which can now provide support;
→ dynamics of volumes. It is acceptable to interpret that the major players by their activity (2) pushed the rate above the level of 0.628 after they reversed the falling kiwi in early March (2).
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.
NEW ZEALAND CENTRAL BANK RAISES INTEREST RATE BY 50 BASIS POINTS
This morning, the New Zealand central bank raised interest rates by 50 basis points to 5.25%, a 14-year high and a big surprise as, for example, 22 out of 24 economists in a Reuters poll had forecast a rise of just 25 bp.
Reacting to the decision of the Central Bank, the New Zealand dollar rose by 1%, reaching a two-month high against the USD. The growth of the NZDUSD quote was also facilitated by the weakening of the dollar due to yesterday's news about a decrease in vacancies in the US labor market.
The weekly NZDUSD chart looks pretty bullish:
→ the rate has broken through the line (1) of resistance 0.628, which can now provide support;
→ dynamics of volumes. It is acceptable to interpret that the major players by their activity (2) pushed the rate above the level of 0.628 after they reversed the falling kiwi in early March (2).
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 #NASDAQ #SP500
NASDAQ vs S&P 500
The attached chart shows the performance of the NASDAQ Technology Stock Index versus the S&P 500 Broad Market Index.
The chart shows that in Q1 2023, tech stocks had the upper hand. In addition to the impact of the banking crisis, the weakening dollar index, the expectation of a peak in Fed rates, there was a boom in the market associated with artificial intelligence. This allowed the NASDAQ vs S&P 500 ratio to exceed (briefly) the August 2022 high.
It's safe to assume that the ratio of around 3.2:1 corresponds to some imbalance, which could contribute to the S&P 500 broad market index outperforming the NASDAQ in the second quarter. One of the strongest patterns in technical analysis — the head and shoulders (SHS) — adds reason to go long on the S&P 500 and short on the NASDAQ at the same time.
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 vs S&P 500
The attached chart shows the performance of the NASDAQ Technology Stock Index versus the S&P 500 Broad Market Index.
The chart shows that in Q1 2023, tech stocks had the upper hand. In addition to the impact of the banking crisis, the weakening dollar index, the expectation of a peak in Fed rates, there was a boom in the market associated with artificial intelligence. This allowed the NASDAQ vs S&P 500 ratio to exceed (briefly) the August 2022 high.
It's safe to assume that the ratio of around 3.2:1 corresponds to some imbalance, which could contribute to the S&P 500 broad market index outperforming the NASDAQ in the second quarter. One of the strongest patterns in technical analysis — the head and shoulders (SHS) — adds reason to go long on the S&P 500 and short on the NASDAQ at the same time.
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.
HOW TO IDENTIFY AND TRADE HARMONIC PATTERNS
Harmonic chart patterns are a form of technical analysis that uses specific geometric relationships between price and time to identify potential reversal points in the market. These patterns are based on the idea that Fibonacci ratios correspond to critical areas of support and resistance.
When trading Forex, harmonic patterns can be used to find pin-point entries that have the potential to offer an excellent risk/reward balance. Harmonic stock patterns are also commonly used; in fact, these patterns originated in H.M Gartley’s 1932 book Profits in the Stock Market...
https://fxopen.com/blog/en/how-to-identify-and-trade-harmonic-patterns/
Harmonic chart patterns are a form of technical analysis that uses specific geometric relationships between price and time to identify potential reversal points in the market. These patterns are based on the idea that Fibonacci ratios correspond to critical areas of support and resistance.
When trading Forex, harmonic patterns can be used to find pin-point entries that have the potential to offer an excellent risk/reward balance. Harmonic stock patterns are also commonly used; in fact, these patterns originated in H.M Gartley’s 1932 book Profits in the Stock Market...
https://fxopen.com/blog/en/how-to-identify-and-trade-harmonic-patterns/
Market Pulse
How to Identify and Trade Harmonic Patterns | FXOpen Trading Blog
How can harmonic patterns help traders identify market trends? Learn how to take geometric price figures to the next level using Fibonacci numbers in the Forex market.
#MarketNews #Cryptocurrency #ETH
ETH ON THE EVE OF THE UPDATE. WHAT ARE THE RISKS OF BUYING?
The Shahghai update on the Ethereum network is expected to happen on April 12th. This is the first major update since Merge in September 2022, which introduced the Proof-of-Stake algorithm. On the eve of the update, the price of ETH shows stronger dynamics than BTC — perhaps investors are inspired by the development of the network and the new opportunities that the update opens up.
Is it worth buying ETH with the expectation that ETHUSD will rise sharply on April 12?
There are 3 arguments against this decision:
1→ Firstly, the value associated with the update, as well as the hopes of investors, are already priced into the current price. Please note that ETHUSD was actively growing (A) in the summer of 2022 in anticipation of the Merge, but in September (when the update actually took place) the price fell (B).
2→ The current price is close to the psychological resistance level of $2000 per 1ETH.
3→ The update will make it possible to withdraw ETH from staking, which means that 1.1 million ETH tokens can be put up for sale. For example, 158,000 ETH, which Celsius Network can sell as part of the bankruptcy process. This amount of offers for sale has the potential to suppress demand and bring down the price.
Make your own informed decisions by taking advantage of trends in the cryptocurrency markets with 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.
ETH ON THE EVE OF THE UPDATE. WHAT ARE THE RISKS OF BUYING?
The Shahghai update on the Ethereum network is expected to happen on April 12th. This is the first major update since Merge in September 2022, which introduced the Proof-of-Stake algorithm. On the eve of the update, the price of ETH shows stronger dynamics than BTC — perhaps investors are inspired by the development of the network and the new opportunities that the update opens up.
Is it worth buying ETH with the expectation that ETHUSD will rise sharply on April 12?
There are 3 arguments against this decision:
1→ Firstly, the value associated with the update, as well as the hopes of investors, are already priced into the current price. Please note that ETHUSD was actively growing (A) in the summer of 2022 in anticipation of the Merge, but in September (when the update actually took place) the price fell (B).
2→ The current price is close to the psychological resistance level of $2000 per 1ETH.
3→ The update will make it possible to withdraw ETH from staking, which means that 1.1 million ETH tokens can be put up for sale. For example, 158,000 ETH, which Celsius Network can sell as part of the bankruptcy process. This amount of offers for sale has the potential to suppress demand and bring down the price.
Make your own informed decisions by taking advantage of trends in the cryptocurrency markets with 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.
#CompanyNews #pamm
OVERVIEW OF FXOPEN'S BEST-PERFORMING PAMM ACCOUNTS OF MARCH 2023
Days are getting warmer, but one should not forget about investing. Traders are trying to show their best results, and investors should always control their portfolio and change it taking into account all changes in the FXOpen PAMM rating. The number of providers on the site is gradually increasing, and this PAMM review will help investors make a choice in favor of the best based on their investment strategy.
https://fxopen.com/blog/en/overview-of-fxopens-best-performing-pamm-accounts-of-march-2023/
OVERVIEW OF FXOPEN'S BEST-PERFORMING PAMM ACCOUNTS OF MARCH 2023
Days are getting warmer, but one should not forget about investing. Traders are trying to show their best results, and investors should always control their portfolio and change it taking into account all changes in the FXOpen PAMM rating. The number of providers on the site is gradually increasing, and this PAMM review will help investors make a choice in favor of the best based on their investment strategy.
https://fxopen.com/blog/en/overview-of-fxopens-best-performing-pamm-accounts-of-march-2023/
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#MarketNews #USDCHF
USDCHF HITS LOWS SINCE SUMMER 2021
Today is a bank holiday in America and Europe, so trading in the financial markets is not expected to be active. Although a surge in volatility may occur against the backdrop of news about unemployment in the US. Investors are also focusing on the upcoming 1Q reporting season and the impact of the banking crisis.
According to Bloomberg, Raghuram Rajan, the former chief economist at the International Monetary Fund, predicts more problems with banks. And Jamie Dimon, head of JPMorgan Chase, believes that the banking crisis has increased the likelihood of a US recession. Recession risks have risen sharply, according to Pimco analysts, because a banking fiasco could trigger a credit crunch.
Under such conditions, investors are interested in looking for reliability. Gold has already topped $2,000 an ounce as we wrote this week. Among the classic safe assets is the Swiss franc. The Swiss government had to provide about 260 billion CHF guarantees to allay concerns about the stability of the Swiss financial sector, which could arise from the takeover of troubled bank Credit Suisse by UBS.
Demand for the franc (in the face of a weakening USD index) led the USDCHF to fall below (1) the level of 0.90205 for the first time since the summer of 2021. The continuation of the bearish trend for the USDCHF pair will probably be facilitated by the resistance line (2) and more negative – for example, against the backdrop of the reporting season in the US, which will begin next week.
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.
USDCHF HITS LOWS SINCE SUMMER 2021
Today is a bank holiday in America and Europe, so trading in the financial markets is not expected to be active. Although a surge in volatility may occur against the backdrop of news about unemployment in the US. Investors are also focusing on the upcoming 1Q reporting season and the impact of the banking crisis.
According to Bloomberg, Raghuram Rajan, the former chief economist at the International Monetary Fund, predicts more problems with banks. And Jamie Dimon, head of JPMorgan Chase, believes that the banking crisis has increased the likelihood of a US recession. Recession risks have risen sharply, according to Pimco analysts, because a banking fiasco could trigger a credit crunch.
Under such conditions, investors are interested in looking for reliability. Gold has already topped $2,000 an ounce as we wrote this week. Among the classic safe assets is the Swiss franc. The Swiss government had to provide about 260 billion CHF guarantees to allay concerns about the stability of the Swiss financial sector, which could arise from the takeover of troubled bank Credit Suisse by UBS.
Demand for the franc (in the face of a weakening USD index) led the USDCHF to fall below (1) the level of 0.90205 for the first time since the summer of 2021. The continuation of the bearish trend for the USDCHF pair will probably be facilitated by the resistance line (2) and more negative – for example, against the backdrop of the reporting season in the US, which will begin next week.
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
A BIG TEST FOR TECH STOCKS IS COMING
Since the start of 2023, the NASDAQ tech stock index has gone up 20%. This was facilitated by:
→ leader success (NVDA: +83%, META: +76%, AAPL +30%);
→ investors' expectations that the Fed will slow down the pace of interest rate hikes against the backdrop of the banking crisis.
However, the approaching reporting season in the US (starting this Friday) could be a big test, because analysts (more than 60% of those polled by Bloomberg) expect companies' profits to fall. In the upcoming reporting season, large companies will report a 6.8% YoY drop in earnings on average, the biggest decline since Q2 2020, according to FactSet.
The Nasdaq futures chart looks encouraging so far, as a test (1) of the 13k psychological level showed that the market has support, including from the trend line (2). But volumes below average (3) can be interpreted as the fact that the decline in activity is due to a shortage of buyers (even taking into account the long weekend associated with the celebration of Easter).
The FT notes that options trading volume is picking up as the US reporting season approaches, a sign that investors expect strong volatility.
To take advantage of trends in the stock markets of the most famous companies, 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.
A BIG TEST FOR TECH STOCKS IS COMING
Since the start of 2023, the NASDAQ tech stock index has gone up 20%. This was facilitated by:
→ leader success (NVDA: +83%, META: +76%, AAPL +30%);
→ investors' expectations that the Fed will slow down the pace of interest rate hikes against the backdrop of the banking crisis.
However, the approaching reporting season in the US (starting this Friday) could be a big test, because analysts (more than 60% of those polled by Bloomberg) expect companies' profits to fall. In the upcoming reporting season, large companies will report a 6.8% YoY drop in earnings on average, the biggest decline since Q2 2020, according to FactSet.
The Nasdaq futures chart looks encouraging so far, as a test (1) of the 13k psychological level showed that the market has support, including from the trend line (2). But volumes below average (3) can be interpreted as the fact that the decline in activity is due to a shortage of buyers (even taking into account the long weekend associated with the celebration of Easter).
The FT notes that options trading volume is picking up as the US reporting season approaches, a sign that investors expect strong volatility.
To take advantage of trends in the stock markets of the most famous companies, 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
SUSHISWAP PROBLEMS DID NOT AFFECT THE CRYPTOCURRENCY MARKET
SushiSwap, a crypto asset exchange that also provides staking and other services, has experienced technical issues. The bug allowed an unauthorized person to essentially "swap" the tokens without the proper approval of the token owner. After the first attack on 100 ETH, another hacker appeared and stole another 1800 ETH. It is known that one of the SushiSwap users lost $3.3 million.
However, this had little to no effect on the overall cryptocurrency market, since SushiSwap does not have many users to create a panic (as, for example, with the collapse of TerraUSD and FTX), and the error only poses a threat to those who made exchanges within the last 4 days.
The BTCUSD exchange rate is in the process of consolidating after rapid growth since the beginning of 2023. It looks like the bulls are not ready to storm the important $30k level. This is not only a psychological mark, but also a former support that showed its strength in 2021. It is possible that if there is an attempt to break through $30k, then it may turn out to be false.
To take advantage of trends in the cryptocurrency markets and not be afraid for the safety of your capital, 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.
SUSHISWAP PROBLEMS DID NOT AFFECT THE CRYPTOCURRENCY MARKET
SushiSwap, a crypto asset exchange that also provides staking and other services, has experienced technical issues. The bug allowed an unauthorized person to essentially "swap" the tokens without the proper approval of the token owner. After the first attack on 100 ETH, another hacker appeared and stole another 1800 ETH. It is known that one of the SushiSwap users lost $3.3 million.
However, this had little to no effect on the overall cryptocurrency market, since SushiSwap does not have many users to create a panic (as, for example, with the collapse of TerraUSD and FTX), and the error only poses a threat to those who made exchanges within the last 4 days.
The BTCUSD exchange rate is in the process of consolidating after rapid growth since the beginning of 2023. It looks like the bulls are not ready to storm the important $30k level. This is not only a psychological mark, but also a former support that showed its strength in 2021. It is possible that if there is an attempt to break through $30k, then it may turn out to be false.
To take advantage of trends in the cryptocurrency markets and not be afraid for the safety of your capital, 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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#MarketNews #USDJPY
USDJPY: ARE THE 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 labor market. Trading on Tuesday futures on the dollar index opened with a bullish gap;
→ U.S. 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.
The USDJPY weekly chart may give the idea that the bulls are trying to revive a long-term uptrend from the support line (1). However, for this it is necessary to overcome the resistance (2) around 133.75, the level can serve as an indicator of the real strength of demand.
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.
USDJPY: ARE THE 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 labor market. Trading on Tuesday futures on the dollar index opened with a bullish gap;
→ U.S. 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.
The USDJPY weekly chart may give the idea that the bulls are trying to revive a long-term uptrend from the support line (1). However, for this it is necessary to overcome the resistance (2) around 133.75, the level can serve as an indicator of the real strength of demand.
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.
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#MarketNews
BE PREPARED FOR A SPIKE IN VOLATILITY
On Wednesday, financial markets should finally emerge from the lull associated with the celebration of Easter. In the course of trading today, the following is expected:
→ US inflation report. Its importance is growing against the background of the decision of the OPEC countries to limit the pace of oil production. According to a Reuters poll of economists, the consumer price index is expected to show core inflation rose to 5.6% year-on-year in March. According to analysts at Goldman Sachs, the S&P 500 will fall at least 2% if inflation rises above the previous 6.0%;
→ minutes of the Fed meeting;
→ news about the rate of the Bank of Canada;
→ statements of the head of the Bank of England.
Also today, a vote is expected in the Swiss Parliament on measures to support the banking sector in a crisis, which, among other things, led to the fall of Credit Suisse.
With the threat of a recession becoming more pressing (for example, Wells Fargo analysts published a forecast that the S&P 500 will correct by 10% in the coming months), the Swiss financial system is becoming increasingly attractive to big capital. The value of the franc against other currencies is steadily growing. For example, the NZDCHF rate has updated the lows of the current year and is approaching the lows of 2022. If the trend continues, the rate may reach the lower line (1) of the descending channel.
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.
BE PREPARED FOR A SPIKE IN VOLATILITY
On Wednesday, financial markets should finally emerge from the lull associated with the celebration of Easter. In the course of trading today, the following is expected:
→ US inflation report. Its importance is growing against the background of the decision of the OPEC countries to limit the pace of oil production. According to a Reuters poll of economists, the consumer price index is expected to show core inflation rose to 5.6% year-on-year in March. According to analysts at Goldman Sachs, the S&P 500 will fall at least 2% if inflation rises above the previous 6.0%;
→ minutes of the Fed meeting;
→ news about the rate of the Bank of Canada;
→ statements of the head of the Bank of England.
Also today, a vote is expected in the Swiss Parliament on measures to support the banking sector in a crisis, which, among other things, led to the fall of Credit Suisse.
With the threat of a recession becoming more pressing (for example, Wells Fargo analysts published a forecast that the S&P 500 will correct by 10% in the coming months), the Swiss financial system is becoming increasingly attractive to big capital. The value of the franc against other currencies is steadily growing. For example, the NZDCHF rate has updated the lows of the current year and is approaching the lows of 2022. If the trend continues, the rate may reach the lower line (1) of the descending channel.
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.
#TechnicalAnalysis #GBPUSD
In the hourly chart at FXOpen, GBPUSD formed a low near 1.2344 and started a new increase. There was a clear move above the 1.2400 resistance zone. More importantly, there was a break above a key bearish trendline with resistance near 1.2410, and the pair remained well-bid above the 50% Fib retracement level at 1.2400.
⬇️If there is a downside break below the 1.2400 support, GBP/USD may revisit the 1.2355 support. Any more losses could lead the pair toward 1.2300.
⬆️On the upside, resistance is near the 1.2355 level, above which the pair might resume its increase (considering the RSI is above 50). The next major resistance levels are 1.2520 and 1.2600.
⚠️
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 with respect to FXOpen Companies’ products and services or as financial advice.
In the hourly chart at FXOpen, GBPUSD formed a low near 1.2344 and started a new increase. There was a clear move above the 1.2400 resistance zone. More importantly, there was a break above a key bearish trendline with resistance near 1.2410, and the pair remained well-bid above the 50% Fib retracement level at 1.2400.
⬇️If there is a downside break below the 1.2400 support, GBP/USD may revisit the 1.2355 support. Any more losses could lead the pair toward 1.2300.
⬆️On the upside, resistance is near the 1.2355 level, above which the pair might resume its increase (considering the RSI is above 50). The next major resistance levels are 1.2520 and 1.2600.
⚠️
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 with respect to FXOpen Companies’ products and services or as financial advice.
#MarketNews #Cryptocurrency
ON THE NATURE OF BREAKDOWN OF PSYCHOLOGICAL $30K LEVEL
On Tuesday, the price of bitcoin exceeded $30,000 per coin for the first time since June 2022. The news has become a trend in the media and social networks, community members express opinions that in the future the price of BTC will reach 50k and 100k. How optimistic is the $30k breakout?
Judging by its nature (1), buyers are unsure as the width of the candles decreases as the price rises above the psychological level – quite unlike the more aggressive nature of the bullish breakout (2) of the $25k level.
In this regard, the role of resistance levels increases:
3→ is built on the height of the range $26,800-29,000;
4→ is built as the border of the ascending channel.
By the ability to stay on the achieved heights against the backdrop of today's session full of important news, it will be possible to judge the true strength of the bulls.
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.
ON THE NATURE OF BREAKDOWN OF PSYCHOLOGICAL $30K LEVEL
On Tuesday, the price of bitcoin exceeded $30,000 per coin for the first time since June 2022. The news has become a trend in the media and social networks, community members express opinions that in the future the price of BTC will reach 50k and 100k. How optimistic is the $30k breakout?
Judging by its nature (1), buyers are unsure as the width of the candles decreases as the price rises above the psychological level – quite unlike the more aggressive nature of the bullish breakout (2) of the $25k level.
In this regard, the role of resistance levels increases:
3→ is built on the height of the range $26,800-29,000;
4→ is built as the border of the ascending channel.
By the ability to stay on the achieved heights against the backdrop of today's session full of important news, it will be possible to judge the true strength of the bulls.
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.
#TechnicalAnalysis #EURGBP
On the hourly chart at FXOpen, the Euro traded in a small range below the 0.8790 resistance zone against the British Pound. The EUR/GBP pair made a couple of attempts to break the 0.8790 resistance but failed.
⬇️The recent high was formed near 0.8790, and the pair is now consolidating. If there is a bearish reaction and RSI falls below 50, it may find bids near the 50-hour simple moving average at 0.8755. The stated support coincides with the 50% Fib retracement level of the upward move from the 0.8762 swing low to the 0.8790 high.
The next major support is near a bullish trendline at 0.8770. A downside break below it may lead to more downward moves. In the stated case, the pair could decline toward the 0.8730 support level in the near term.
⬆️Conversely, bulls may break above the 0.8790 resistance. The next major barrier is near 0.8825, above which EUR/GBP could accelerate higher. In the stated case, the bulls may aim for a test of 0.8880. Any more gains may send the pair toward 0.8900.
⚠️
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 with respect to FXOpen Companies’ products and services or as financial advice.
On the hourly chart at FXOpen, the Euro traded in a small range below the 0.8790 resistance zone against the British Pound. The EUR/GBP pair made a couple of attempts to break the 0.8790 resistance but failed.
⬇️The recent high was formed near 0.8790, and the pair is now consolidating. If there is a bearish reaction and RSI falls below 50, it may find bids near the 50-hour simple moving average at 0.8755. The stated support coincides with the 50% Fib retracement level of the upward move from the 0.8762 swing low to the 0.8790 high.
The next major support is near a bullish trendline at 0.8770. A downside break below it may lead to more downward moves. In the stated case, the pair could decline toward the 0.8730 support level in the near term.
⬆️Conversely, bulls may break above the 0.8790 resistance. The next major barrier is near 0.8825, above which EUR/GBP could accelerate higher. In the stated case, the bulls may aim for a test of 0.8880. Any more gains may send the pair toward 0.8900.
⚠️
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 with respect to FXOpen Companies’ products and services or as financial advice.
#MarketNews #USDCAD
USDCAD APPROACHING AN IMPORTANT SUPPORT LEVEL
A short digest of the fresh and saturated news background:
→ Inflation in the US coincided with analysts' expectations. Core CPI was 5.6% in annual terms. The main problem for suppressing inflation is the rise in prices for energy resources (oil has updated the maximum of the year). According to Bloomberg, the union of Russia and Saudi Arabia in the oil market can create problems in this regard.
→ Minutes of the Fed meeting showed that officials expect a mild recession.
→ The ECB believes that inflation has become more extensive in Europe, but the lion's share of increases is already behind.
→ The Bank of Canada left the rate unchanged at 4.5%, expecting a fall in inflation, but is ready for further increases if necessary.
Reacting to the above and other important news, the US dollar index fell to the lows of the year on the foreign exchange market. Accordingly, the euro, pound and Canadian dollar strengthened. The latter forms a pattern that attracts attention.
On the USDCAD chart, we can observe a narrowing triangle (1-2), indicating the balance of supply and demand. The breakdown of the (3) triangle in March turned out to be false. By its behavior, the market suggests that the true exit from the triangle will take place in a bearish direction. And this could be the beginning of a long-term downtrend.
To take advantage of price fluctuations in the foreign exchange 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.
USDCAD APPROACHING AN IMPORTANT SUPPORT LEVEL
A short digest of the fresh and saturated news background:
→ Inflation in the US coincided with analysts' expectations. Core CPI was 5.6% in annual terms. The main problem for suppressing inflation is the rise in prices for energy resources (oil has updated the maximum of the year). According to Bloomberg, the union of Russia and Saudi Arabia in the oil market can create problems in this regard.
→ Minutes of the Fed meeting showed that officials expect a mild recession.
→ The ECB believes that inflation has become more extensive in Europe, but the lion's share of increases is already behind.
→ The Bank of Canada left the rate unchanged at 4.5%, expecting a fall in inflation, but is ready for further increases if necessary.
Reacting to the above and other important news, the US dollar index fell to the lows of the year on the foreign exchange market. Accordingly, the euro, pound and Canadian dollar strengthened. The latter forms a pattern that attracts attention.
On the USDCAD chart, we can observe a narrowing triangle (1-2), indicating the balance of supply and demand. The breakdown of the (3) triangle in March turned out to be false. By its behavior, the market suggests that the true exit from the triangle will take place in a bearish direction. And this could be the beginning of a long-term downtrend.
To take advantage of price fluctuations in the foreign exchange 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 #xauusd
Technical Analysis on April 14, 2023: Gold Price Inches Higher While WTI Crude Oil Aims Fresh Increase
Gold price is rising and trading above the $2,030 resistance. WTI is consolidating and might aim for a fresh increase above $83.25.
Important Takeaways for Gold and Oil
🔸Gold price started a fresh increase above the $2,020 resistance against the US Dollar.
🔸A key bullish trend line is forming with support near $2,030 on the hourly chart of gold at FXOpen.
🔸Crude oil price also gained pace and was able to climb above the $82.00 resistance.
🔸There is a key contracting triangle forming with support near $82.00 on the hourly chart of XTI/USD at FXOpen.
https://cutt.ly/n7JtMtC
To take advantage of price fluctuations in the foreign exchange 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
Technical Analysis on April 14, 2023: Gold Price Inches Higher While WTI Crude Oil Aims Fresh Increase
Gold price is rising and trading above the $2,030 resistance. WTI is consolidating and might aim for a fresh increase above $83.25.
Important Takeaways for Gold and Oil
🔸Gold price started a fresh increase above the $2,020 resistance against the US Dollar.
🔸A key bullish trend line is forming with support near $2,030 on the hourly chart of gold at FXOpen.
🔸Crude oil price also gained pace and was able to climb above the $82.00 resistance.
🔸There is a key contracting triangle forming with support near $82.00 on the hourly chart of XTI/USD at FXOpen.
https://cutt.ly/n7JtMtC
To take advantage of price fluctuations in the foreign exchange 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
Market Pulse
Technical Analysis on April 14, 2023: Gold Price Inches Higher While WTI Crude Oil Aims Fresh Increase
Gold price is rising and trading above the $2,030 resistance. WTI is consolidating and might aim for a fresh increase above $83.25. Important Takeaways for Gold and OilGold price started a fresh increase above the $2,020 resistance against the US Dollar.A…
#MarketNews #StockMarket
Watch FXOpen's April 10-14 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.
🔸USD: Q1 results
🔸USDJPY: Are the bulls trying to revive the long-term trend?
🔸Tech stocks are back in vogue as a sudden rally grabs the attention
🔸British pound remarkably remains the best performing G10 currency in 2023
Watch our short and informative video, and stay updated with FXOpen.
https://cutt.ly/t7JdZ0a
To take advantage of price fluctuations in the foreign exchange 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
Watch FXOpen's April 10-14 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.
🔸USD: Q1 results
🔸USDJPY: Are the bulls trying to revive the long-term trend?
🔸Tech stocks are back in vogue as a sudden rally grabs the attention
🔸British pound remarkably remains the best performing G10 currency in 2023
Watch our short and informative video, and stay updated with FXOpen.
https://cutt.ly/t7JdZ0a
To take advantage of price fluctuations in the foreign exchange 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
YouTube
FXOpen Weekly Market Wrap With Gary Thomson: USD, TECH STOCKS ARE BACK IN VOGUE, BRITISH POUND
Watch FXOpen's April 10-14 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.
- USD: Q1 results
- USDJPY: Are the bulls trying to revive the long-term trend?…
In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.
- USD: Q1 results
- USDJPY: Are the bulls trying to revive the long-term trend?…
Technical Analysis on April 17, 2023: GBP/USD Corrects Gains While USD/CAD Eyes Recovery
🔸 The British Pound started a downside correction below the 1.2500 zone.
🔸 There was a break below a key bullish trend line with support at 1.2455 on the hourly chart of GBP/USD at FXOpen.
🔸 USD/CAD declined below the 1.3450 and 1.3400 support levels.
🔸 A major bearish trend line is forming with resistance near 1.3370 on the hourly chart at FXOpen.
https://cutt.ly/Z7MOlR4
To take advantage of price fluctuations in the foreign exchange 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
🔸 The British Pound started a downside correction below the 1.2500 zone.
🔸 There was a break below a key bullish trend line with support at 1.2455 on the hourly chart of GBP/USD at FXOpen.
🔸 USD/CAD declined below the 1.3450 and 1.3400 support levels.
🔸 A major bearish trend line is forming with resistance near 1.3370 on the hourly chart at FXOpen.
https://cutt.ly/Z7MOlR4
To take advantage of price fluctuations in the foreign exchange 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
Market Pulse
Technical Analysis on April 17, 2023: GBP/USD Corrects Gains While USD/CAD Eyes Recovery
GBP/USD faced resistance near 1.2540 and started a downside correction. USD/CAD is recovering and might gain pace if it clears the 1.3370 resistance. Important Takeaways for GBP/USD and USD/CAD· The British Pound started a downside correction below the 1.2500…
#MarketNews #bitcoin
BITCOIN'S BEARISH START OF THE WEEK
Cryptocurrency market enthusiasts are optimistic about Congressman Warren Davidson's initiative to remove SEC chief Gary Gensler for "abuse" after Gary proposed on April 14 to modernize the rules governing the exchange.
Changing the structure of the body that regulates stock exchanges since 1929 cannot be an easy task, as well as dismissing its head. Therefore, the removal of Gensler looks like an extremely unlikely scenario, which is confirmed by quotes, starting the week with a decrease (1).
The BTCUSD rate fell to the median of the ascending channel A1-A2, while falling below the psychological level of USD 30k. Moreover, the unfolding formation allows to outline the contours of the downward channel B1-B2. Following it, the BTCUSD quote may drop to USD 25k, testing the lows of the end of March.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
Cryptocurrency CFDs are not available to Retail clients in the UK.
BITCOIN'S BEARISH START OF THE WEEK
Cryptocurrency market enthusiasts are optimistic about Congressman Warren Davidson's initiative to remove SEC chief Gary Gensler for "abuse" after Gary proposed on April 14 to modernize the rules governing the exchange.
Changing the structure of the body that regulates stock exchanges since 1929 cannot be an easy task, as well as dismissing its head. Therefore, the removal of Gensler looks like an extremely unlikely scenario, which is confirmed by quotes, starting the week with a decrease (1).
The BTCUSD rate fell to the median of the ascending channel A1-A2, while falling below the psychological level of USD 30k. Moreover, the unfolding formation allows to outline the contours of the downward channel B1-B2. Following it, the BTCUSD quote may drop to USD 25k, testing the lows of the end of March.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
Cryptocurrency CFDs are not available to Retail clients in the UK.
