Theories of Technical Analysis
Dive deep into the intricacies of technical analysis with a close examination of five pivotal theories of technical analysis — Dow, Wyckoff, Gann, Elliott, and Merrill. Unravel their foundational concepts, applications, and histories to gain a comprehensive grasp of market dynamics with this article.
Dow Theory
The Dow Theory,...
AUD/USD: Price Faces Resistance After CPI Release
Today, the Australian Bureau of Statistics released the Consumer Price Index (CPI) figures. According to ForexFactory, the actual annual inflation rate was 3.5% (expected = 3.4%, previous = 3.8%). In other words, inflation in Australia is declining, but not at the pace that might have been hoped for.
The initial...
Nasdaq 100 Consolidates Ahead of Nvidia Report
Today, after the main trading session ends, Nvidia (NVDA) – the second-largest company by market capitalisation and the leader of 2024 amid the AI boom – will release its second-quarter earnings report.
It’s reasonable to assume that market participants are anticipating this event, which will likely trigger a surge...
Market Analysis: Oil Prices Signal More Upsides
Crude oil prices climbed higher above $76.00 before the bears appeared.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices extended gains above the $76.00 and $77.00 resistance levels.
- There was a break below a key bullish trend line with support at $75.80 on the hourly chart of XTI/USD at...
Market Analysis: Gold Prices Signal More Upsides
Gold price started a fresh increase above the $2,500 resistance level.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,470 zone against the US Dollar.
- A connecting bullish trend line is forming with support near $2,505 on the hourly chart of gold at...
How to Overcome Trading Psychology Challenges
Dealing with common trading psychology challenges involves identifying and addressing the emotional and psychological factors that impact performance. This means you need to know how to manage fear, greed, hope, and regret carefully. In this post, we’ll talk about forex trading psychology and proper emotional...
XNG/USD: Natural Gas Price Hits 2.5-Week Low
As shown on the XNG/USD chart, today, the price of natural gas fell below $2.16 for the first time since 8 August.
Bearish sentiment is being driven by the fact that: → This is the last week of summer. Gas consumption typically decreases in mid-September as the use of air conditioning declines; → Gas storage levels...
Broadcom Inc. (AVGO) Shares Drop Over 4%
As shown by the chart, yesterday, shares of Broadcom Inc. (AVGO)—a US technology company ranked in the top 10 by market capitalisation—were among the worst performers in terms of price movement.
This is a warning sign for those investing in semiconductor manufacturers, considering that:
→ Tomorrow, data on Nvidia’s...
Enhancing Trading Proficiency: Top Educational Resources
Staying abreast of the ever-evolving market trends and honing trading techniques are critical aspects of becoming a successful trader. Luckily, a plethora of educational resources are readily available to aid traders in enhancing their skills and decision-making abilities. In this FXOpen article, we will...
Brent Crude Oil Bounces Off Key Support
Analysing the oil market on the XBR/USD chart on 20 August, when Brent was trading around $77 per barrel, we:
→ Identified resistance around $81.60;
→ Noted that the price was approaching a key support level (shown by the yellow line), which has been in effect for several months;
→ Speculated that bears might attempt to...
The EUR/USD Exchange Rate Has Risen to the 1.12 Level
During his speech at Jackson Hole, as reported by Reuters, the Fed Chair unexpectedly focused heavily on the US labour market. Powell stated that weaker employment prospects are unacceptable. As a result of this emphasis, market expectations for a rate cut in September decreased, and the value of the US...
Understanding Volume Oscillator and Its Role in Technical Analysis
Navigating the complex terrain of trading requires a grasp of various technical analysis tools. One such tool is the Volume Oscillator, a potent indicator that offers insight into market trends and their strength. This article provides a comprehensive look at this tool, its interpretation,...
Weekly Market Wrap With Gary Thomson: Gold, Brent Oil, European Currencies, S&P 500
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- The S&P 500 Index Approaches Historic High
- European Currencies...
NIO Stock Price Tests the 4.2 Level
For many months, the share price of the Chinese automaker NIO has been moving within a downward channel (shown in red), driven by the company’s ongoing struggle to achieve profitability.
From a technical analysis perspective, this week has provided a discouraging signal for investors – the 4.2 level, which acted as...
Analysis of GBP/USD: The Pair Approaches 2023 High
Yesterday, the Purchasing Managers' Index (PMI) data for both the UK and the US were released.
According to ForexFactory, the UK figures were as follows:
→ Flash Manufacturing PMI: actual = 52.5, forecast = 52.1; previous = 52.1;
→ Flash Services PMI: actual = 53.3, forecast = 52.8; previous = 52.5.
As...
Market Analysis: USD/CAD Drops To Support
USD/CAD declined and now consolidates below the 1.3640 level.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD started a fresh decline after it failed to clear the 1.3720 resistance.
- Recently, there was a break above a short-term bearish trend line with resistance at 1.3585 on the hourly chart at...
Market Analysis: GBP/USD Surges
GBP/USD started a fresh increase above the 1.2920 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is eyeing more gains above the 1.3130 resistance.
- There is a connecting bullish trend line forming with support near 1.3100 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On...
The S&P 500 Index Approaches Historic High
On 2 August, we analysed the S&P 500 (US SPX 500 mini on FXOpen) chart, where we:
→ Constructed an ascending channel A-B with a median line shown as a dotted line;
→ Highlighted the risk of a bearish breakout (as indicated by the red arrow).
Since then:
→ The price dropped by more than 5% to the 5 August low, doubling...
