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...
Analysis of NZD/USD: Price Approaches Key Resistance Zone
The NZD/USD chart today shows that the New Zealand dollar has risen by over 3% against the USD in less than a week. From another perspective, the NZD/USD rate has climbed more than 5% from its August low.
The volatility in the exchange rate was influenced by the Reserve Bank of New Zealand's decision to...
How to Trade with a Momentum Indicator
The momentum oscillator (MOM) is a vital instrument in the trader's toolkit. Designed to measure the velocity of asset price changes, it serves as a compass for traders, pointing them towards prevailing market trends. By analysing this indicator, traders can gain insights that allow them to seize budding opportunities in...
Coinbase (COIN) Shares Drop Below $200
Yesterday, shares of cryptocurrency exchange Coinbase (COIN) underperformed the broader market, falling by approximately 5%.
This decline is part of a worrying trend. While the S&P 500 (US SPX 500 mini on FXOpen) set records in mid-summer, Coinbase (COIN) struggled to surpass its March high. It seems the positive impact of...
USD/CAD Drops to 1.3600 Support Level
The USD/CAD chart shows the Canadian dollar strengthening against the USD to levels last seen at the end of July.
On one hand, the US dollar is weakened by expectations of an inevitable rate cut. On the other, the Canadian dollar gained strength after yesterday’s inflation data:
→ Although the initial reaction pushed...
Market Analysis: USD/CHF Struggles
USD/CHF declined and now struggling below the 0.8600 resistance.
Important Takeaways for USD/CHF Analysis Today
- USD/CHF declined below the 0.8635 and 0.8600 support levels.
- There is a major bearish trend line forming with resistance near 0.8575 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly...
Market Analysis: EUR/USD Regains Strength
EUR/USD started a fresh increase above the 1.1000 resistance.
Important Takeaways for EUR/USD Analysis Today
- The Euro surged after it broke the 1.0950 resistance against the US Dollar.
- There is a connecting bullish trend line forming with support near 1.1090 on the hourly chart of EUR/USD at FXOpen.
EUR/USD...
9 Common Misconceptions About Forex
Forex is a dynamic and complex financial market that is of great interest to investors and traders all over the world. Still, like any other industry, it’s not immune to misconceptions and myths. This FXOpen article looks into the origins of these myths and examines nine of the most common misconceptions about forex trading....
Brent Oil Price Drops Over 3.5% in Two Days
As indicated by the XBR/USD chart, the price per barrel opened at $80.28 on Friday and closed at $77.27 on Monday. Moreover, early Tuesday trading also shows a downward trend.
Bearish sentiment in the market is being influenced by geopolitical factors, particularly the easing of tensions in the Middle East. According...
AMD Shares Soared After News of a Server Manufacturer Acquisition
Yesterday, it was announced that Analog Micro Devices (AMD) intends to acquire ZT Systems, a manufacturer of equipment for data centres, cloud computing, and artificial intelligence. The market responded positively, with investors believing this move could help AMD reduce Nvidia's substantial...
