In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.
🌐 FXOpen official website: www.fxopen.com
CFDs are complex instruments and come with a high risk of losing your money.
According to statistics over the past 25 years, the average growth of the S&P 500 index is 7.8% per year. But from the beginning of 2023 to August 1, the index rose by about 19%, so a noticeable correction in size was overdue.
The decline from August 1st to the month's low was about 2/3 of the previous rise — a perfectly acceptable proportion to blow off steam...
The Stochastic Momentum Index (SMI) Ergodic indicator is a lesser-known tool. Still, it’s favoured by trend traders. In this article, we will uncover the mechanics of this indicator, its unique formula, and how traders can use it to trade trends and spot reversals.
What Is the SMI Ergodic Indicator?
The SMI Ergodic indicator, or Stochastic Momentum Index...
Since January, the Chinese yuan has weakened more than 9% against the US dollar due to problems in the Chinese economy, as evidenced by statistics, as well as the bankruptcy of the developer Evergrande.
And today, the People's Bank of China announced that it will reduce the required foreign exchange reserve ratio to 4% from 6%, starting September 15. The move is...
Crude oil price is rising and it could climb further higher toward the $85 resistance.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices are also moving higher above the $82.00 resistance zone.
· There is a connecting bullish trend line forming with support near $82.80 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis...
Gold price is showing positive signs above the $1,925 pivot level.
Important Takeaways for Gold Prices Analysis Today
· Gold price started a fresh increase above $1,920 and $1,925 against the US Dollar.
· A key bullish trend line is forming with support at $1,932 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of...
→ Revenue decreased by 10% to USD 13.2 billion compared to USD 14.65 billion a year ago. This was the third quarter in a row that HP fell short of analysts' estimates.
→ “While we expect another quarter of sequential growth in Q4, the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result,” said HP CEO...
Back on August 21, gold was trading below USD 1,890 an ounce, but to date, its price has risen by about 3%. This was helped by published data on the number of vacancies in the US, which fell to the lowest level in almost 2.5 years in July. This and other signals of a slowdown in the US economy may influence the Fed's decision to continue raising interest rates...
On Tuesday, the price of bitcoin rose sharply from around USD 26,000 to USD 28,000 per coin. This was due to a ruling by the US District of Columbia Court of Appeals that said the Securities and Exchange Commission (SEC) was wrong to reject Grayscale's application to convert its Bitcoin Trust (GBTC) into a BTC Spot Exchange-traded Fund (ETF). A spot ETF would...
USD/CHF is showing bearish signs below the 0.8830 resistance zone.
Important Takeaways for USD/CHF Analysis Today
· USD/CHF is consolidating losses below the 0.8810 resistance.
· There was a break below a contracting triangle with support near 0.8830 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the...
EUR/USD started a recovery wave above the 1.0830 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro gained pace after it broke the 1.0830 resistance against the US Dollar.
· There was a break above a key bearish trend line with resistance near 1.0800 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly...
This was facilitated by disappointing data on the US labor market. According to the Bureau of Labor Statistics, the number of new vacancies has fallen sharply: actual — 8.8 million, forecast — 9.4 million new vacancies. The last time the value of the indicator fell below 9 million was in the spring of 2021.
The news came as a big surprise, which sent the dollar...
As every decision counts when trading in a fast-paced financial environment, confirming a move to buy or sell using indicators may be a safer strategy for gaining an edge. KST is an important tool that you can apply when trading to check current trends, develop new trading signals, and analyse trend reversals. This FXOpen article provides a detailed exploration of...
CNBC, citing CryptoQuant agency, reports that:
→ the total volume of bitcoins held on all cryptocurrency exchanges is at its lowest level since 2019;
→ as of August 26, the volume of bitcoin trading on all exchanges was about 130k BTC;
→ a maximum of 3.5 million BTC were traded in 1 day.
Perhaps the decrease in trading volumes is due to a drop in interest due...
Yesterday, USD/JPY hit 146.74 for the first time since November 2022. The rise in the rate is facilitated by the growing gap in the policies of central banks: while the Bank of Japan has kept the rate below zero since 2016, the Fed has been raising rates since the spring of 2022.
Moreover, on Friday, Powell said the Fed is ready to continue to remain tough in the...
One of the first pieces of advice given to new traders is to “trade with the trend.” That’s where a simple yet effective indicator known as Supertrend comes in. This tool can help you identify and get in early on emerging trends. Therefore, it has found significant popularity amongst crypto day traders. In this article, we’ll take a closer look at the Supertrend...
According to the head of the Fed's Friday words:
→ Strengthening the economy may lead to rising inflation and require new increases;
→ the Fed will tread lightly in upcoming meetings;
→ the Fed is ready to continue raising rates if necessary.
Overall, there were no surprises and the surge in financial market volatility was relatively minor. The dollar index...
NZD/USD is also moving lower and might trade below the 0.5900 zone.
Important Takeaways for NZD/USD Analysis Today
· NZD/USD declined heavily from the 0.5985 resistance zone.
· There was a break below a major bullish trend line with support near 0.5945 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on...
