As the chart shows, the price of a barrel of US crude oil dropped below 72.10 per barrel yesterday for the first time since July 2023.
Fundamentally, this happened against the backdrop of:
→ Statistics showing that US oil exports are increasing. Volume is approaching a record 6 million barrels per day, with flows to Europe and Asia showing steady growth.
→...
In the realm of technical analysis, certain patterns stand out for their efficacy and the insights they offer traders. Among them is the Ross Hook pattern, deeply rooted in the foundational 1-2-3 pattern. This article delves into understanding these patterns, their origin, and how traders can integrate them into their strategies. Dive in to unravel the nuances of...
Crude oil prices declined steadily below the $75.90 support and moved into a bearish zone.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices extended downsides below the $75 support zone.
· A major bearish trend line is forming with resistance near $73.35 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the...
Gold price is correcting gains below the $2,050 support.
Important Takeaways for Gold Prices Analysis Today
· Gold price rallied to new highs above $2,120 before it corrected lower against the US Dollar.
· A key bearish trend line is forming with resistance near $2,025 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly...
The record high of about USD 2,130 an ounce was set just after the weekend in low-liquid Asian markets. By the nature of the movement, it looked more like a cascading triggering of sellers’ stop losses, rather than finding a stable balance between supply and demand, since after the candle with a long upper tail, the quote began to fall. During the European session...
December begins extremely optimistically for the cryptocurrency market, resembling:
→ December 2020, when bitcoin grew by 46.9%;
→ December 2017, when bitcoin grew by 38.9%;
→ December 2016, when bitcoin grew by 30.8%.
If there are psychological patterns in the increase in demand on the eve of the holidays, then perhaps they come into force, since on the morning...
The Average Directional Index is a highly-respected tool in many traders’ arsenals, capable of measuring the strength of market trends. This article delves into two ADX-based strategies, exploring how to combine this tool with other popular indicators like RSI and EMA for a well-rounded trading system.
Understanding the ADX Trend Indicator
The Average...
On the morning of Friday, December 1, the UK stock market index rose to its November highs. This was facilitated by the fundamental background:
→ among the UK100 growth leaders are shares of companies mining ore and other resources. As metal prices rise and industry in China shows signs of recovery;
→ general sentiment on the world's stock markets due to the fact...
This morning, 1 USD was selling for less than 1.354 Canadian dollars – for the first time since October 1st.
The strengthening of the Canadian dollar and the weakening of the USD was facilitated by the news published yesterday:
→ Canada's real gross domestic product (GDP) grew by 0.1% in September, which exceeded analysts' expectations and reduced the relevance...
NZD/USD is rising and could extend its increase above the 0.6185 resistance zone.
Important Takeaways for NZD USD Analysis Today
· NZD/USD is gaining bullish momentum above the 0.6120 support.
· There is a key bullish trend line forming with support near 0.6140 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of...
AUD/USD is correcting gains from the 0.6675 zone.
Important Takeaways for AUD USD Analysis Today
· The Aussie Dollar started a downside correction below the 0.6650 level against the US Dollar.
· There is a connecting bearish trend line forming with resistance near 0.6620 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly...
Earnings reports are a critical element in the financial markets, often triggering significant shifts in stock prices. This FXOpen article aims to walk traders through the complexities of trading these pivotal announcements. From preparation to strategy, discover key insights for making informed decisions during earnings season.
Importance of Earnings Reports...
According to data released yesterday, the US economy is growing at a stronger pace than expected. Thus, US GDP in the 3rd quarter increased by 5.3% in annual terms (an increase of 4.9% was expected).
Combined with softening rhetoric from the Federal Reserve, this is a positive signal for US stock markets, which have shown impressive performance: in November, the...
During November, the price of bitcoin increased by approximately 10% in anticipation of the launch of a bitcoin ETF. But the positive sentiment of crypto investors is seriously overshadowed by news regarding Binance:
→ Changpeng Zhao resigned as head of Binance.US, pleading guilty to money laundering charges. He also agreed to pay $50 million in a lawsuit from...
According to WSJ, the reduction could be 1 million barrels per day. Saudi Arabia is in favour of cuts, but the idea causes disagreements among other members of the organisation.
In anticipation of news about the OPEC+ decision, the price of oil is rising - this indicates that market participants assess the possibility of new production cuts as quite real, even if...
Before yesterday's trading session, the last time 1 euro was 1.1 USD was in the first half of August.
The growth of the rate was facilitated by the weakening of the dollar, which occurred against the background of the words of Christopher Waller, a member of the Fed Board of Governors, who is known for his hawkish policies. But he has already softened his...
USD/JPY is declining and showing bearish signs below the 148.20 level.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY is trading in a bearish zone below the 148.20 and 147.40 levels.
· There is a major bearish trend line forming with resistance near 147.40 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY...
EUR/USD gained bullish momentum above the 1.0930 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro remained in a bullish zone and climbed above the 1.0965 resistance zone.
· There is a key bullish trend line forming with support near 1.0975 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of...
