#MarketNews #bitcoin #BTC
Market Analysis: The National Debt Ceiling to Be Raised — the Price of Bitcoin Is Growing
US President Joe Biden and top Republican Kevin McCarthy reached a tentative agreement Saturday night to suspend the federal government's USD 31.4 trillion debt ceiling, ending a months-long deadlock. Biden said that the deal is a compromise, and the parties discussing the ceiling increase will not get everything they want.
The deal has yet to pass congressional approval, but the stock market reacted positively as the price of the E-mini S&P 500 futures reached a year's high on Monday morning. The positive effect may intensify tomorrow — after all, today the financiers of the USA, Europe and Britain have a day off (Memorial Day).
But the price of bitcoin seems to have fully reflected the positive impact of the increase in the national debt ceiling; on Sunday, the BTC exchange rate against the US dollar rose by about 4.5%.
The bitcoin chart shows that the BTC price has found support in the area of the intersection:
→ the lower line of the descending channel (shown in red);
→ support from the psychological mark of USD 26k for bitcoin — it showed its effect on May 12.
However, this morning the price of bitcoin is decreasing. As long as the price is above the level of 27,500 (which served as resistance in the second half of May), this decrease can be regarded as a technical correction from the upper line of the red descending channel after the Sunday impulse. Perhaps, after the correction, the bulls will attempt to overcome it.
To take advantage of the rise and fall of the price of bitcoin and other cryptocurrencies, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
Market Analysis: The National Debt Ceiling to Be Raised — the Price of Bitcoin Is Growing
US President Joe Biden and top Republican Kevin McCarthy reached a tentative agreement Saturday night to suspend the federal government's USD 31.4 trillion debt ceiling, ending a months-long deadlock. Biden said that the deal is a compromise, and the parties discussing the ceiling increase will not get everything they want.
The deal has yet to pass congressional approval, but the stock market reacted positively as the price of the E-mini S&P 500 futures reached a year's high on Monday morning. The positive effect may intensify tomorrow — after all, today the financiers of the USA, Europe and Britain have a day off (Memorial Day).
But the price of bitcoin seems to have fully reflected the positive impact of the increase in the national debt ceiling; on Sunday, the BTC exchange rate against the US dollar rose by about 4.5%.
The bitcoin chart shows that the BTC price has found support in the area of the intersection:
→ the lower line of the descending channel (shown in red);
→ support from the psychological mark of USD 26k for bitcoin — it showed its effect on May 12.
However, this morning the price of bitcoin is decreasing. As long as the price is above the level of 27,500 (which served as resistance in the second half of May), this decrease can be regarded as a technical correction from the upper line of the red descending channel after the Sunday impulse. Perhaps, after the correction, the bulls will attempt to overcome it.
To take advantage of the rise and fall of the price of bitcoin and other cryptocurrencies, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
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#MarketNews #tradingforex
Market Analysis: GBP/USD Eyes Fresh Increase While USD/CAD Dips To Support
🔸 The British Pound declined steadily from the 1.2475 resistance zone.
🔸 There is a key bearish trend line forming with resistance near 1.2360 on the hourly chart of GBP/USD at FXOpen.
🔸 USD/CAD is correcting gains from the 1.3650 resistance zone.
🔸 There is a declining channel or a bullish flag pattern forming with resistance near 1.3620 on the hourly chart at FXOpen.
https://cutt.ly/NwqG7xbZ
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
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 Analysis: GBP/USD Eyes Fresh Increase While USD/CAD Dips To Support
🔸 The British Pound declined steadily from the 1.2475 resistance zone.
🔸 There is a key bearish trend line forming with resistance near 1.2360 on the hourly chart of GBP/USD at FXOpen.
🔸 USD/CAD is correcting gains from the 1.3650 resistance zone.
🔸 There is a declining channel or a bullish flag pattern forming with resistance near 1.3620 on the hourly chart at FXOpen.
https://cutt.ly/NwqG7xbZ
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
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
Market Analysis: GBP/USD Eyes Fresh Increase While USD/CAD Dips To Support
GBP/USD is attempting a fresh increase from the 1.2310 support. USD/CAD is correcting gains and approaching the 1.3585 support.
#MarketNews #stockmarket #MSFT
MSFT Share Nears All-time High
Since the beginning of the year, the price of MSFT shares has risen by more than 35%, about 5% remaining to a historic high. Perhaps the most important reason for MSFT's stock price to be bullish is the artificial intelligence (AI) hype.
According to the head of Microsoft, AI is a fundamental discovery that can help humanity do better research, learn more, and better select data.
According to an AI Writer survey, ChatGPT has become the most productive AI tool used by enterprises, increasing their productivity by at least 50%.
According to Business Insider, the bubble in AI stocks is not yet inflated at the moment. The current growth has been provided by "institutions" and this leaves the potential for further growth as retail investors become more active in this direction.
According to Wall Street Journal polls, out of 51 analysts, only 1 gives a recommendation to sell MSFT shares. The target price for MSFT shares is USD 337, but given the hype, it could be raised.
The MSFT stock chart shows that the price has been rising during May along the median line of the rising channel (shown in blue). But on the last bars there is an acceleration of growth. The price powerfully broke through the USD 320 level and, if the bullish mood does not subside, in June we can see a price of USD 320 per MSFT share, which will mark a new historical peak.
To take advantage of the rise and fall of Microsoft and other stocks, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
MSFT Share Nears All-time High
Since the beginning of the year, the price of MSFT shares has risen by more than 35%, about 5% remaining to a historic high. Perhaps the most important reason for MSFT's stock price to be bullish is the artificial intelligence (AI) hype.
According to the head of Microsoft, AI is a fundamental discovery that can help humanity do better research, learn more, and better select data.
According to an AI Writer survey, ChatGPT has become the most productive AI tool used by enterprises, increasing their productivity by at least 50%.
According to Business Insider, the bubble in AI stocks is not yet inflated at the moment. The current growth has been provided by "institutions" and this leaves the potential for further growth as retail investors become more active in this direction.
According to Wall Street Journal polls, out of 51 analysts, only 1 gives a recommendation to sell MSFT shares. The target price for MSFT shares is USD 337, but given the hype, it could be raised.
The MSFT stock chart shows that the price has been rising during May along the median line of the rising channel (shown in blue). But on the last bars there is an acceleration of growth. The price powerfully broke through the USD 320 level and, if the bullish mood does not subside, in June we can see a price of USD 320 per MSFT share, which will mark a new historical peak.
To take advantage of the rise and fall of Microsoft and other stocks, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews #forex
Market Analysis: EUR/GBP — Bears Attack Year’s Lows
On Tuesday morning, the EUR/GBP broke through the low of the year, set last week around 0.8648.
Bearish sentiment in the market is influenced by:
→ discrepancy in bond yields. For example, the yield on 10-year bonds in Germany is 2.43% per annum. And in the UK, 4.37%;
→ worrisome market sentiment ahead of the German inflation news (during the day tomorrow), as well as ahead of ECB President Christine Lagarde's speech (scheduled for Thursday at 12:30 GMT+3).
The technical analysis of the EUR/GBP chart shows evidence of supply dominating demand in May:
→ the uptrend line (shown in blue) is broken from top to bottom;
→ horizontal level 0.873, which served as support since the beginning of the year, was broken in May and also tested;
→ now the dynamics of the EUR/GBP rate is increasingly clearly forming a downward channel (shown in red).
In a bearish scenario, the rate may continue to decline within the descending channel, and even reach the area around 0.858, where the important support line (shown in green) and the lower line of the red descending channel intersect.
To take advantage of trading strategies for the EUR/GBP market and for other currencies, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis: EUR/GBP — Bears Attack Year’s Lows
On Tuesday morning, the EUR/GBP broke through the low of the year, set last week around 0.8648.
Bearish sentiment in the market is influenced by:
→ discrepancy in bond yields. For example, the yield on 10-year bonds in Germany is 2.43% per annum. And in the UK, 4.37%;
→ worrisome market sentiment ahead of the German inflation news (during the day tomorrow), as well as ahead of ECB President Christine Lagarde's speech (scheduled for Thursday at 12:30 GMT+3).
The technical analysis of the EUR/GBP chart shows evidence of supply dominating demand in May:
→ the uptrend line (shown in blue) is broken from top to bottom;
→ horizontal level 0.873, which served as support since the beginning of the year, was broken in May and also tested;
→ now the dynamics of the EUR/GBP rate is increasingly clearly forming a downward channel (shown in red).
In a bearish scenario, the rate may continue to decline within the descending channel, and even reach the area around 0.858, where the important support line (shown in green) and the lower line of the red descending channel intersect.
To take advantage of trading strategies for the EUR/GBP market and for other currencies, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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#MarketNews #XRP #ripple
Market Analysis: The Price of XRP Is Growing Powerfully
May ends today. During this month, the price of bitcoin decreased by more than 5%, the price of Ethereum remained practically unchanged. But the price of the Ripple coin increased by more than 11%.
There are several reasons for this:
→ Ripple has acquired the Swiss company Metaco, which is engaged in the implementation of digital assets.
→ In an interview last week, Ripple CEO Brad Garlinghouse said the lawsuit with the SEC could be resolved within a few weeks. Since then, rumors of a positive decision have spread, leading to an increase in those who decide to buy XRP.
Google’s artificial intelligence Bard noted that the price of XRP is highly dependent on the legal battle between Ripple and the SEC. Perhaps the result will be the relocation of the company to another country. Garlinghouse noted that Ripple has recently been hiring employees outside the United States.
The chart shows that the price of the XRP token is moving within an ascending channel, which originates back in last year’s May. If the legal dispute with the SEC ends on terms acceptable to Ripple, this could lead to the channel being breached by the bulls, and the price of XRP reaching $1.
To take advantage of the rise and fall of XRP against the dollar, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
Market Analysis: The Price of XRP Is Growing Powerfully
May ends today. During this month, the price of bitcoin decreased by more than 5%, the price of Ethereum remained practically unchanged. But the price of the Ripple coin increased by more than 11%.
There are several reasons for this:
→ Ripple has acquired the Swiss company Metaco, which is engaged in the implementation of digital assets.
→ In an interview last week, Ripple CEO Brad Garlinghouse said the lawsuit with the SEC could be resolved within a few weeks. Since then, rumors of a positive decision have spread, leading to an increase in those who decide to buy XRP.
Google’s artificial intelligence Bard noted that the price of XRP is highly dependent on the legal battle between Ripple and the SEC. Perhaps the result will be the relocation of the company to another country. Garlinghouse noted that Ripple has recently been hiring employees outside the United States.
The chart shows that the price of the XRP token is moving within an ascending channel, which originates back in last year’s May. If the legal dispute with the SEC ends on terms acceptable to Ripple, this could lead to the channel being breached by the bulls, and the price of XRP reaching $1.
To take advantage of the rise and fall of XRP against the dollar, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
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#MarketNews #tradingforex
Market Analysis: EUR/USD Remains At Risk While USD/JPY Trims Gains
🔸 The Euro is declining and showing bearish signs below the 1.0745 resistance zone.
🔸 There is a key bearish trend line forming with resistance near 1.0715 on the hourly chart of EUR/USD at FXOpen.
🔸 USD/JPY started a major rally above the 138.88 and 140.00 levels.
🔸 There is a major bullish trend line forming with support near 139.65 on the hourly chart at FXOpen.
https://cutt.ly/QwqM3EbW
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
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 Analysis: EUR/USD Remains At Risk While USD/JPY Trims Gains
🔸 The Euro is declining and showing bearish signs below the 1.0745 resistance zone.
🔸 There is a key bearish trend line forming with resistance near 1.0715 on the hourly chart of EUR/USD at FXOpen.
🔸 USD/JPY started a major rally above the 138.88 and 140.00 levels.
🔸 There is a major bullish trend line forming with support near 139.65 on the hourly chart at FXOpen.
https://cutt.ly/QwqM3EbW
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
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
Market Analysis: EUR/USD Remains At Risk While USD/JPY Trims Gains
EUR/USD started a fresh decline below the 1.0765 support. USD/JPY rallied significantly above 140.00 and recently started a downside correction.
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#MarketNews #stockmarket
EURO STOXX 50 Hits 2-month Low
During the first 3 days of this week, the price of EURO STOXX 50 (SX5E) has fallen by more than 3%.
This was facilitated by:
→ lower oil prices on the eve of the OPEC+ meeting scheduled for June 4. The Saudi oil minister urged market speculators to "be careful”;
→ uncertainty about the US debt ceiling. While a deal has been tentatively reached, it has yet to be officially approved by the Senate. There are only a few hours left;
→ reduced shares of European companies producing luxury goods due to falling demand;
→ disappointing data from China (we wrote about it yesterday), with which Europe is actively trading.
After conducting a technical analysis of the EURO STOXX 50 chart, we can assume that the decline may slow down, because:
→ SX5E price action shows that the 4,222 level, which served as an important resistance in March, now seems to be working as support;
→ support can also be provided by the lower line of the local downlink (shown in red).
→ the lower line of the long-term ascending channel (shown in blue) can give confidence to the bulls.
To take advantage of the price of the EURO STOXX 50 and fluctuations in other stock indices, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
EURO STOXX 50 Hits 2-month Low
During the first 3 days of this week, the price of EURO STOXX 50 (SX5E) has fallen by more than 3%.
This was facilitated by:
→ lower oil prices on the eve of the OPEC+ meeting scheduled for June 4. The Saudi oil minister urged market speculators to "be careful”;
→ uncertainty about the US debt ceiling. While a deal has been tentatively reached, it has yet to be officially approved by the Senate. There are only a few hours left;
→ reduced shares of European companies producing luxury goods due to falling demand;
→ disappointing data from China (we wrote about it yesterday), with which Europe is actively trading.
After conducting a technical analysis of the EURO STOXX 50 chart, we can assume that the decline may slow down, because:
→ SX5E price action shows that the 4,222 level, which served as an important resistance in March, now seems to be working as support;
→ support can also be provided by the lower line of the local downlink (shown in red).
→ the lower line of the long-term ascending channel (shown in blue) can give confidence to the bulls.
To take advantage of the price of the EURO STOXX 50 and fluctuations in other stock indices, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews #crypto
Spring Results: NASDAQ 100 Overtakes Bitcoin
This is how prices for popular exchange-traded assets changed from March 1 to May 31:
→ The price of the NASDAQ 100 increased by almost 20%
→ The price of the S&P-500 increased by almost 6%
→ The price of gold increased by almost 7%
→ The price of bitcoin increased by almost 14%
→ The price of Ethereum increased by almost 12%
For a long time, cryptocurrencies were the leaders of the spring market, but in May, the NASDAQ-100 made a sharp leap upwards, thanks to the soaring of the NVDA share price and the hype around artificial intelligence (AI).
What will happen in summer?
According to Citigroup analysts, there is a risk that the rally in US technology stocks will end as investors want to take profits.
Perhaps the hype around AI will decrease, as its widespread adoption should take time. Barclays analysts note that past game-changing technologies took several decades to show up at the level of the entire economy. Take electricity, automobiles, and refrigeration, for example – US labor productivity skyrocketed in the 1950s, 3-4 decades after these technologies were introduced.
However, the NASDAQ-100 chart looks bullish. The price has broken (1) up the median line of the ascending channel (shown in blue) and, from the point of view of the technical analysis of the NASDAQ 100, it is now worth focusing on a possible test of this breakdown. If it happens with a strong rebound, it will be a sign of a strong market. If the test happens and no strong bullish patterns follow, it will be a bearish threat to the NASDAQ 100 price.
To take advantage of trends in global 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
Spring Results: NASDAQ 100 Overtakes Bitcoin
This is how prices for popular exchange-traded assets changed from March 1 to May 31:
→ The price of the NASDAQ 100 increased by almost 20%
→ The price of the S&P-500 increased by almost 6%
→ The price of gold increased by almost 7%
→ The price of bitcoin increased by almost 14%
→ The price of Ethereum increased by almost 12%
For a long time, cryptocurrencies were the leaders of the spring market, but in May, the NASDAQ-100 made a sharp leap upwards, thanks to the soaring of the NVDA share price and the hype around artificial intelligence (AI).
What will happen in summer?
According to Citigroup analysts, there is a risk that the rally in US technology stocks will end as investors want to take profits.
Perhaps the hype around AI will decrease, as its widespread adoption should take time. Barclays analysts note that past game-changing technologies took several decades to show up at the level of the entire economy. Take electricity, automobiles, and refrigeration, for example – US labor productivity skyrocketed in the 1950s, 3-4 decades after these technologies were introduced.
However, the NASDAQ-100 chart looks bullish. The price has broken (1) up the median line of the ascending channel (shown in blue) and, from the point of view of the technical analysis of the NASDAQ 100, it is now worth focusing on a possible test of this breakdown. If it happens with a strong rebound, it will be a sign of a strong market. If the test happens and no strong bullish patterns follow, it will be a bearish threat to the NASDAQ 100 price.
To take advantage of trends in global 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
#MarketNews #forex
Market Analysis: AUD/USD Skyrockets
Since the beginning of yesterday's trading session, the AUD/USD rate has increased by 1.7%. This is due to the difference in the monetary policies of the Fed and the RBA.
On the one hand, Philadelphia Fed President Patrick Harker said on Thursday that it was time to at least press the stop button for one meeting and see how it goes, referring to the June 13-14 meeting and the pause in a series of Fed’s interest rate hikes.
On the other hand, Australia raised the minimum wage by 5.75% from July 1, a decision that will affect the wages of 2 million people. This is an argument in favor of the fact that the RBA will continue to raise interest rates. The decision will be published on June 6th.
The AUD/USD chart shows that the rate has risen to the important level of 0.66. In March and April, it served as a support level. And according to AUD/USD technical analysis, after the bearish breakout in May, this level may now offer resistance.
If the bulls are able to gain a foothold above 0.66, their next target could be the median line of the down channel (shown in blue) that has been in place this year.
To use your AUD/USD trading strategies, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis: AUD/USD Skyrockets
Since the beginning of yesterday's trading session, the AUD/USD rate has increased by 1.7%. This is due to the difference in the monetary policies of the Fed and the RBA.
On the one hand, Philadelphia Fed President Patrick Harker said on Thursday that it was time to at least press the stop button for one meeting and see how it goes, referring to the June 13-14 meeting and the pause in a series of Fed’s interest rate hikes.
On the other hand, Australia raised the minimum wage by 5.75% from July 1, a decision that will affect the wages of 2 million people. This is an argument in favor of the fact that the RBA will continue to raise interest rates. The decision will be published on June 6th.
The AUD/USD chart shows that the rate has risen to the important level of 0.66. In March and April, it served as a support level. And according to AUD/USD technical analysis, after the bearish breakout in May, this level may now offer resistance.
If the bulls are able to gain a foothold above 0.66, their next target could be the median line of the down channel (shown in blue) that has been in place this year.
To use your AUD/USD trading strategies, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews #usdebtceiling
US Default: End of Drama?
The Senate, as expected, approved a bill on the ceiling of the US national debt, now it will go to President Biden's signature. The decision will set the course for federal spending for the next two years and suspend the debt ceiling until January 1, 2025, by which time a new episode of the US default drama series can be expected. Bloomberg estimates that US federal debt is on track to grow from 97% of GDP in 2022 to over 130% of GDP by 2033.
According to Reuters, BlackRock CEO Larry Fink believes that the protracted debate over the national debt ceiling has threatened the status of the dollar as the world's reserve currency. In the long term, this needs to be corrected and trust restored.
Meanwhile, stock index charts show that the market is dominated by positivity. Both the E-mini S&P 500 and the E-mini NASDAQ 100 are at yearly highs, buoyed by the AI hype. Dow Jones demonstrates lagging dynamics behind them.
Other drivers are becoming relevant for financial market participants — today at 15:00 GMT+3 official data on the US labor market for May will be released. It will be important in terms of assessing the likelihood of a recession. If the labor market does not disappoint, US economic growth should remain robust, or at least manageable – this is called a “soft landing.” But the fall in employment will be a harbinger of a recession.
Get ready for bursts of volatility today.
To benefit from 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
US Default: End of Drama?
The Senate, as expected, approved a bill on the ceiling of the US national debt, now it will go to President Biden's signature. The decision will set the course for federal spending for the next two years and suspend the debt ceiling until January 1, 2025, by which time a new episode of the US default drama series can be expected. Bloomberg estimates that US federal debt is on track to grow from 97% of GDP in 2022 to over 130% of GDP by 2033.
According to Reuters, BlackRock CEO Larry Fink believes that the protracted debate over the national debt ceiling has threatened the status of the dollar as the world's reserve currency. In the long term, this needs to be corrected and trust restored.
Meanwhile, stock index charts show that the market is dominated by positivity. Both the E-mini S&P 500 and the E-mini NASDAQ 100 are at yearly highs, buoyed by the AI hype. Dow Jones demonstrates lagging dynamics behind them.
Other drivers are becoming relevant for financial market participants — today at 15:00 GMT+3 official data on the US labor market for May will be released. It will be important in terms of assessing the likelihood of a recession. If the labor market does not disappoint, US economic growth should remain robust, or at least manageable – this is called a “soft landing.” But the fall in employment will be a harbinger of a recession.
Get ready for bursts of volatility today.
To benefit from 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews #forex
Market Analysis: AUD/USD and NZD/USD Start Steady Increase
🔸The Aussie Dollar started a fresh increase above the 0.6520 and 0.6550 levels against the US Dollar.
🔸There was a break above a major bearish trend line with resistance near 0.6520 on the hourly chart of AUD/USD at FXOpen.
🔸NZD/USD is gaining bullish momentum above the 0.6060 support.
🔸There was a break above a key bearish trend line with resistance near 0.6020 on the hourly chart of NZD/USD at FXOpen.
https://cutt.ly/jwwhjdKD
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
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 Analysis: AUD/USD and NZD/USD Start Steady Increase
🔸The Aussie Dollar started a fresh increase above the 0.6520 and 0.6550 levels against the US Dollar.
🔸There was a break above a major bearish trend line with resistance near 0.6520 on the hourly chart of AUD/USD at FXOpen.
🔸NZD/USD is gaining bullish momentum above the 0.6060 support.
🔸There was a break above a key bearish trend line with resistance near 0.6020 on the hourly chart of NZD/USD at FXOpen.
https://cutt.ly/jwwhjdKD
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
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
Market Analysis: AUD/USD and NZD/USD Start Steady Increase
AUD/USD is moving higher and might climb further higher above 0.6615. NZD/USD is also rising and might surge toward the 0.6145 resistance zone.
#MarketNews #oilprices
The Price of Brent Oil Rises After Saudis’ Decision
In 2022, a downtrend began in the oil market (shown by the blue channel), which is unfavorable for producing countries.
When the price of Brent crude hit USD 72/BBL in March (1), OPEC+ countries announced production cuts, causing the price to soar towards the upper channel boundary. But the downtrend did not stop.
Last week, the price of Brent crude again reached USD 72, which led to the announcement of the Saudis to cut production. On June 1, we wrote about the warning of the Minister of Energy of Saudi Arabia to market speculators to “watch out,” which led to the formation of a rebound (2) from the indicated level.
On June 4, the warnings ended and the Saudi Ministry of Energy officially announced that the country's production would fall to 9 million bpd in July from about 10 million bpd in May, the biggest decline in years, according to Reuters.
On Monday, May 5, trading opened with a bullish gap as Brent crude approached the USD 77.7/BBL level that acted as resistance in May.
“This market needs stabilisation,” Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud said at a press conference. Suppose these words describe what could happen in the market before the end of the year — the entry of the price of Brent oil into a trading range, the lower limit of which will be the level of USD 72 per barrel, so persistently defended by the miners.
To benefit from fluctuating 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
The Price of Brent Oil Rises After Saudis’ Decision
In 2022, a downtrend began in the oil market (shown by the blue channel), which is unfavorable for producing countries.
When the price of Brent crude hit USD 72/BBL in March (1), OPEC+ countries announced production cuts, causing the price to soar towards the upper channel boundary. But the downtrend did not stop.
Last week, the price of Brent crude again reached USD 72, which led to the announcement of the Saudis to cut production. On June 1, we wrote about the warning of the Minister of Energy of Saudi Arabia to market speculators to “watch out,” which led to the formation of a rebound (2) from the indicated level.
On June 4, the warnings ended and the Saudi Ministry of Energy officially announced that the country's production would fall to 9 million bpd in July from about 10 million bpd in May, the biggest decline in years, according to Reuters.
On Monday, May 5, trading opened with a bullish gap as Brent crude approached the USD 77.7/BBL level that acted as resistance in May.
“This market needs stabilisation,” Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud said at a press conference. Suppose these words describe what could happen in the market before the end of the year — the entry of the price of Brent oil into a trading range, the lower limit of which will be the level of USD 72 per barrel, so persistently defended by the miners.
To benefit from fluctuating 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
🤔1
#MarketNews #oilprice #xau
Gold Price and Crude Oil Price Weekly Chart Outlook
🔸Gold price rallied toward $2,080 before it started a downside correction against the US Dollar.
🔸It is now trading above a connecting bullish trend line with support near $1,940 on the weekly chart of gold at FXOpen.
🔸Crude oil prices are moving lower below $83.75 support.
🔸There was a break below a major bullish trend line with support near $90.00 on the weekly chart of XTI/USD at FXOpen.
https://cutt.ly/2wwJDq50
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
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
Gold Price and Crude Oil Price Weekly Chart Outlook
🔸Gold price rallied toward $2,080 before it started a downside correction against the US Dollar.
🔸It is now trading above a connecting bullish trend line with support near $1,940 on the weekly chart of gold at FXOpen.
🔸Crude oil prices are moving lower below $83.75 support.
🔸There was a break below a major bullish trend line with support near $90.00 on the weekly chart of XTI/USD at FXOpen.
https://cutt.ly/2wwJDq50
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
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
Gold Price and Crude Oil Price Weekly Chart Outlook
Gold price remains supported for more gains above $2,000. Crude oil price is declining and might dive if there is a break below $65.00.
#MarketNews #bitcoin #BTC
Market Analysis: "Black Monday" for Crypto Community
On June 5, it became known that the SEC filed a lawsuit against the largest cryptocurrency exchange Binance, collapsing the price of bitcoin and other cryptocurrencies.
Here is the essence of claims:
→ improper handling of customer funds,
→ misleading investors and regulators,
→ violation of the law on activities with "unregistered securities” — the stablecoins of the BUSD exchange, the native BNB token, as well as a number of cryptocurrencies.
In addition, a lawsuit was filed against the head of the Binance exchange, Changpeng Zhao, who hastened to reassure customers: do not give in to fears, the exchange continues its work.
As a result, the price of bitcoin dropped sharply to a low in 80 days, while:
→ there was a bearish breakdown on high volumes of the long-term upward channel, which has been in effect since the beginning of the year (shown in blue);
→ the price of bitcoin has reached the lower limit of the descending channel (shown in red), where it has stabilized.
Over a quarter of a billion US dollars worth of buying positions have been liquidated on major crypto exchanges in the past 24 hours.
The bitcoin chart today suggests that the psychological level of USD 25k, which worked as resistance in February-March of this year, will contribute to the weakening of fears among market participants, and where the price of bitcoin can find support.
In order not to be afraid for your funds, but to benefit from the rise and fall in the price of bitcoin and other cryptocurrencies, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
Market Analysis: "Black Monday" for Crypto Community
On June 5, it became known that the SEC filed a lawsuit against the largest cryptocurrency exchange Binance, collapsing the price of bitcoin and other cryptocurrencies.
Here is the essence of claims:
→ improper handling of customer funds,
→ misleading investors and regulators,
→ violation of the law on activities with "unregistered securities” — the stablecoins of the BUSD exchange, the native BNB token, as well as a number of cryptocurrencies.
In addition, a lawsuit was filed against the head of the Binance exchange, Changpeng Zhao, who hastened to reassure customers: do not give in to fears, the exchange continues its work.
As a result, the price of bitcoin dropped sharply to a low in 80 days, while:
→ there was a bearish breakdown on high volumes of the long-term upward channel, which has been in effect since the beginning of the year (shown in blue);
→ the price of bitcoin has reached the lower limit of the descending channel (shown in red), where it has stabilized.
Over a quarter of a billion US dollars worth of buying positions have been liquidated on major crypto exchanges in the past 24 hours.
The bitcoin chart today suggests that the psychological level of USD 25k, which worked as resistance in February-March of this year, will contribute to the weakening of fears among market participants, and where the price of bitcoin can find support.
In order not to be afraid for your funds, but to benefit from the rise and fall in the price of bitcoin and other cryptocurrencies, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
#MarketNews #stockmarket #AAPL
AAPL Share Price Hits All-time High
It happened yesterday, a few hours before the start of the WWDC 2023 conference, which presented Apple's Vision Pro VR headset, as well as a number of other products from the company.
This is a new category in the company's lineup. Apple Vision Pro overlays virtual objects on top of real space, which is filmed by multiple cameras. Management is carried out by voice, gaze and hand movements. But the device has a wheel, like on the Apple Watch, with which you can adjust the level of immersion in the virtual space.
Marketwatch writes that the Apple Vision Pro could be a big hit like the iPhone. The mixed reality headset is expected to be available for purchase in early 2024 for USD 3,499. Reuters reports the opinions of experts who compare the headset to the advent of computers: still expensive, but with the potential to become a product for everyone.
However, AAPL shares are down from their all-time highs today in premarket trading. Perhaps after some product launch hype, AAPL's share price needs to correct in the current uptrend (shown in blue). Note the high rate of decline (estimate the height of the bearish candle). It is possible that the activity of the bears will lead to the fact that the price of the AAPL share will decrease to the lower border of the channel (shown in blue).
According to 41 analysts polled by the WSJ, only 1 recommends selling AAPL stock. AAPL's median target price for 2023 is USD 185.
To benefit from the price action of AAPL shares, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
AAPL Share Price Hits All-time High
It happened yesterday, a few hours before the start of the WWDC 2023 conference, which presented Apple's Vision Pro VR headset, as well as a number of other products from the company.
This is a new category in the company's lineup. Apple Vision Pro overlays virtual objects on top of real space, which is filmed by multiple cameras. Management is carried out by voice, gaze and hand movements. But the device has a wheel, like on the Apple Watch, with which you can adjust the level of immersion in the virtual space.
Marketwatch writes that the Apple Vision Pro could be a big hit like the iPhone. The mixed reality headset is expected to be available for purchase in early 2024 for USD 3,499. Reuters reports the opinions of experts who compare the headset to the advent of computers: still expensive, but with the potential to become a product for everyone.
However, AAPL shares are down from their all-time highs today in premarket trading. Perhaps after some product launch hype, AAPL's share price needs to correct in the current uptrend (shown in blue). Note the high rate of decline (estimate the height of the bearish candle). It is possible that the activity of the bears will lead to the fact that the price of the AAPL share will decrease to the lower border of the channel (shown in blue).
According to 41 analysts polled by the WSJ, only 1 recommends selling AAPL stock. AAPL's median target price for 2023 is USD 185.
To benefit from the price action of AAPL shares, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews #stockmarket #sp500
Market Analysis: S&P 500. Historical Imbalance, And Why It Is Dangerous
E-mini S&P 500 futures are near 2023 highs. At the same time, the daily chart of the E-mini S&P 500 shows that the current price of the futures has consolidated above a series of lower peaks 1→2→3→4, which is a bullish sign.
However, WSJ analysts draw attention to an important detail — too much dependence of the growth of the index on the strong behavior of a very small number of stocks. We are talking about Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia. Their share in the index capitalization is about 30%, although at the beginning of the year it was about 20%.
E-mini S&P 500 futures are up 12% since the start of the year as these strong tech stocks carry more weight in the index. But if you calculate the dynamics of the index so that each share included in it will have an equal weight, then the growth will be less than 2%. This is the largest imbalance on record (since 1990).
The danger is vulnerability: if the bullish trend, which affects a narrow circle of leaders in one sector, ends or changes to a bearish one, this will create conditions for a fall in the values of the broad stock market index. As an example, this could be seen in September 2020, when the E-mini S&P 500 price fell by 10% in just 3 weeks due to a decline in technology stock prices.
To what extent are the fears justified in the current situation? Perhaps the next two resistance levels (psychological 4,300 and top #3) will help provide an answer.
To benefit from the rise and fall of the E-mini S&P 500 price, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis: S&P 500. Historical Imbalance, And Why It Is Dangerous
E-mini S&P 500 futures are near 2023 highs. At the same time, the daily chart of the E-mini S&P 500 shows that the current price of the futures has consolidated above a series of lower peaks 1→2→3→4, which is a bullish sign.
However, WSJ analysts draw attention to an important detail — too much dependence of the growth of the index on the strong behavior of a very small number of stocks. We are talking about Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia. Their share in the index capitalization is about 30%, although at the beginning of the year it was about 20%.
E-mini S&P 500 futures are up 12% since the start of the year as these strong tech stocks carry more weight in the index. But if you calculate the dynamics of the index so that each share included in it will have an equal weight, then the growth will be less than 2%. This is the largest imbalance on record (since 1990).
The danger is vulnerability: if the bullish trend, which affects a narrow circle of leaders in one sector, ends or changes to a bearish one, this will create conditions for a fall in the values of the broad stock market index. As an example, this could be seen in September 2020, when the E-mini S&P 500 price fell by 10% in just 3 weeks due to a decline in technology stock prices.
To what extent are the fears justified in the current situation? Perhaps the next two resistance levels (psychological 4,300 and top #3) will help provide an answer.
To benefit from the rise and fall of the E-mini S&P 500 price, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
👍1
#MarketNews #forex #tradingforex
EUR/CHF and USD/CHF Weekly Chart Outlook
🔸The Euro is facing strong resistance near 0.9960 against the Swiss Franc.
🔸There is a key bearish trend line forming with resistance near 0.9850 on the weekly chart of EUR/CHF at FXOpen.
🔸USD/CHF found support near 0.8820 and recently started an upside correction.
🔸There is a crucial bearish trend line forming with resistance near 0.9200 on the weekly chart at FXOpen.
https://cutt.ly/pwerII4W
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
EUR/CHF and USD/CHF Weekly Chart Outlook
🔸The Euro is facing strong resistance near 0.9960 against the Swiss Franc.
🔸There is a key bearish trend line forming with resistance near 0.9850 on the weekly chart of EUR/CHF at FXOpen.
🔸USD/CHF found support near 0.8820 and recently started an upside correction.
🔸There is a crucial bearish trend line forming with resistance near 0.9200 on the weekly chart at FXOpen.
https://cutt.ly/pwerII4W
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
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
EUR/CHF and USD/CHF Weekly Chart Outlook
EUR/CHF is struggling to clear the 0.9960 resistance zone. USD/CHF could gain pace if it clears the 0.9290 resistance zone.
#MarketNews #bitcoin #BTCUSD
Market Analysis. BTC/USD: Test of an Important Breakout Amid Scary News
The cryptocurrency market is shaken by claims from the SEC. The lawsuits by the US financial regulator against the world's largest cryptocurrency exchange Binance and its head Changpeng Zhao have added to the lawsuits against the Coinbase exchange, whose shares are traded on Nasdaq. In response, Coinbase representatives said that the exchange has no plans to ban the trading of crypto assets that the SEC considers securities, and does not plan to phase out staking services.
Cryptocurrency market participants anxiously monitor incoming news:
→ Hearings are scheduled for June 14 on the SEC request to freeze Binance.US assets.
→ A division of Binance.US has drastically reduced the number of cryptocurrency pairs available for trading.
→ Coinbase does not see the risk of losing customers or banking partners; the exchange has more than $5 billion on its balance sheet, available to maintain operations and pay legal fees.
Meanwhile, an important breakout test took place on the BTC/USD chart. The price of BTC/USD bounced several times (in late May and early June) from the lower border of the trend channel (1), which has been in effect since the beginning of 2023. But after the news about the lawsuits from the SEC against Binance, it had a bearish breakdown, and yesterday its test was formed on the chart – the price of BTC/USD turned down from the breakdown zone above USD 27k. The bearish breakout test suggests that the price of BTC/USD may continue to decline — consider a scenario in which it, moving within the red descending channel in the face of negative news, can reach an important psychological level of USD 27k.
In order not to worry about asset freezes, and to benefit from the growth and decline of cryptocurrencies, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
Market Analysis. BTC/USD: Test of an Important Breakout Amid Scary News
The cryptocurrency market is shaken by claims from the SEC. The lawsuits by the US financial regulator against the world's largest cryptocurrency exchange Binance and its head Changpeng Zhao have added to the lawsuits against the Coinbase exchange, whose shares are traded on Nasdaq. In response, Coinbase representatives said that the exchange has no plans to ban the trading of crypto assets that the SEC considers securities, and does not plan to phase out staking services.
Cryptocurrency market participants anxiously monitor incoming news:
→ Hearings are scheduled for June 14 on the SEC request to freeze Binance.US assets.
→ A division of Binance.US has drastically reduced the number of cryptocurrency pairs available for trading.
→ Coinbase does not see the risk of losing customers or banking partners; the exchange has more than $5 billion on its balance sheet, available to maintain operations and pay legal fees.
Meanwhile, an important breakout test took place on the BTC/USD chart. The price of BTC/USD bounced several times (in late May and early June) from the lower border of the trend channel (1), which has been in effect since the beginning of 2023. But after the news about the lawsuits from the SEC against Binance, it had a bearish breakdown, and yesterday its test was formed on the chart – the price of BTC/USD turned down from the breakdown zone above USD 27k. The bearish breakout test suggests that the price of BTC/USD may continue to decline — consider a scenario in which it, moving within the red descending channel in the face of negative news, can reach an important psychological level of USD 27k.
In order not to worry about asset freezes, and to benefit from the growth and decline of cryptocurrencies, 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
#MarketNews #forex #USDCAD
Market Analysis. Forex: A Week of Important News in Full Swing
On Tuesday, Australia's central bank raised interest rates from 3.85% to 4.10%. This is the highest value in 11 years. We wrote about the likelihood of this event in a post dated June 2. Speaking on June 7, bank governor Philip Lowe said: “We have been prepared to be patient [...] but our patience has a limit, and the risks are starting to test these limits,” warning of a possible further rise in rates.
Also yesterday, rates in Canada were raised to 4.75%, a 22-year high. Strong consumer spending, a recovery in demand for services, an increase in housing activity and the situation in the labor market show that excess demand is more stable than expected, the central bank said in a statement. Reuters writes that experts predict another increase next month, aimed at slowing down the overheating economy and stubbornly high inflation.
Technical analysis of USD/CAD today shows that the Canadian dollar has strengthened against the USD after the decision of the Bank of Canada. Note on the USD/CAD chart that since September, the rate has been within the narrowing triangle, and now the chances of its bearish breakout have increased. If this happens, the market could develop an important downtrend after the balance stage (which led to the formation of the mentioned triangle). It is possible that then the activity of the bears can lower the rate to the lower boundary of the long-term channel (shown in blue on the USD/CAD chart).
Get ready for a surge in volatility with the release of the US unemployment news today at 15:30 GMT+3.
To benefit from trends 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis. Forex: A Week of Important News in Full Swing
On Tuesday, Australia's central bank raised interest rates from 3.85% to 4.10%. This is the highest value in 11 years. We wrote about the likelihood of this event in a post dated June 2. Speaking on June 7, bank governor Philip Lowe said: “We have been prepared to be patient [...] but our patience has a limit, and the risks are starting to test these limits,” warning of a possible further rise in rates.
Also yesterday, rates in Canada were raised to 4.75%, a 22-year high. Strong consumer spending, a recovery in demand for services, an increase in housing activity and the situation in the labor market show that excess demand is more stable than expected, the central bank said in a statement. Reuters writes that experts predict another increase next month, aimed at slowing down the overheating economy and stubbornly high inflation.
Technical analysis of USD/CAD today shows that the Canadian dollar has strengthened against the USD after the decision of the Bank of Canada. Note on the USD/CAD chart that since September, the rate has been within the narrowing triangle, and now the chances of its bearish breakout have increased. If this happens, the market could develop an important downtrend after the balance stage (which led to the formation of the mentioned triangle). It is possible that then the activity of the bears can lower the rate to the lower boundary of the long-term channel (shown in blue on the USD/CAD chart).
Get ready for a surge in volatility with the release of the US unemployment news today at 15:30 GMT+3.
To benefit from trends 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
👍1
#MarketNews #crypto
Market Analysis: The Crypto Market Is Under Pressure Due to SEC. Apart from This Coin
This week, the financial regulator SEC launched an attack on the cryptocurrency industry, suing the Binance and Coinbase exchanges, while classifying a number of popular coins as securities. As a result, since the beginning of June:
→ the price of bitcoin decreased by approximately 2.2%;
→ the price of Ethereum decreased by approximately 1.8%;
→ the price of BNB, the native token of the Binance exchange, has decreased by approximately 16%.
However, if we look at the Ripple chart today, we will see that the price of XRP has risen by about 2.5% since the beginning of the month. The fact is that Ripple has been in a state of litigation with the SEC since December 2020 (the commission also considers XRP a security). And the latest claims of the regulator have a lesser effect on the XRP exchange rate against the US dollar.
Moreover, rumors are circulating that the SEC has a presentiment that it can lose in a dispute with Ripple. And therefore, with new lawsuits against Binance and Coibase, it is trying to influence the decision in the case with Ripple, to reduce reputational risks.
According to John Deaton (a lawyer defending Ripple): The SEC is “well aware” that the decision of the judge in the Ripple case will be published “in the very near future.” If it turns out to be in favor of Ripple, on a wave of optimism, the price of XRP may rise to the psychological level of $1.
To benefit from the rise and fall of the price of Ripple and other cryptocurrencies, consider enlisting the services of a reliable broker like FXOpen.
To benefit from trends 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 article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
Market Analysis: The Crypto Market Is Under Pressure Due to SEC. Apart from This Coin
This week, the financial regulator SEC launched an attack on the cryptocurrency industry, suing the Binance and Coinbase exchanges, while classifying a number of popular coins as securities. As a result, since the beginning of June:
→ the price of bitcoin decreased by approximately 2.2%;
→ the price of Ethereum decreased by approximately 1.8%;
→ the price of BNB, the native token of the Binance exchange, has decreased by approximately 16%.
However, if we look at the Ripple chart today, we will see that the price of XRP has risen by about 2.5% since the beginning of the month. The fact is that Ripple has been in a state of litigation with the SEC since December 2020 (the commission also considers XRP a security). And the latest claims of the regulator have a lesser effect on the XRP exchange rate against the US dollar.
Moreover, rumors are circulating that the SEC has a presentiment that it can lose in a dispute with Ripple. And therefore, with new lawsuits against Binance and Coibase, it is trying to influence the decision in the case with Ripple, to reduce reputational risks.
According to John Deaton (a lawyer defending Ripple): The SEC is “well aware” that the decision of the judge in the Ripple case will be published “in the very near future.” If it turns out to be in favor of Ripple, on a wave of optimism, the price of XRP may rise to the psychological level of $1.
To benefit from the rise and fall of the price of Ripple and other cryptocurrencies, consider enlisting the services of a reliable broker like FXOpen.
To benefit from trends in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
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CFDs are complex instruments and come with a high risk of losing your money.
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