Yesterday, the Federal Reserve published a unanimous decision to leave the base rate unchanged for the third time in a row, which coincided with the expectations of most market participants. At the conference that followed, Powell's rhetoric was not as harsh as before. According to him:
→ economic activity is slowing, but the labor market remains strong;
→...
In November, the 1.25 level acted as resistance, but after a bullish breakout, it began to provide support (as shown by the black arrows).
However, recent events are increasing bearish pressure. Among them:
→ yesterday's news on inflation in the US, the values of which were in line with expectations. It is worth paying attention to Core CPI MoM, the values of...
USD/CAD is rising and might aim for more gains above the 1.3620 resistance.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD is showing positive signs above the 1.3580 support zone.
· There was a break above a major bearish trend line with resistance near 1.3585 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of...
GBP/USD is moving lower from the 1.2650 resistance.
Important Takeaways for GBP/USD Analysis Today
· The British Pound started a fresh decline below the 1.2615 support zone.
· There is a key bearish trend line forming with resistance near 1.2565 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen,...
Forex trading is a complex task; therefore, traders look for various techniques and tools to overcome the challenges. One such technique is understanding and harnessing the power of market sentiment. In this article, we will define what forex market sentiment is, highlight the pivotal role it plays in trading, and provide an overview of the various sentiment...
As the clock ticks towards 13:30 GMT, financial markets are bracing for the release of the Consumer Price Index (CPI) data for November, a pivotal metric that provides a snapshot of the current state of the United States economy.
The CPI measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and...
Get ready for a surge in volatility in the coming days, because:
→ today at 16:30 GMT+3: news will be published on inflation in the USA;
→ tomorrow at 22:00-22:30 GMT+3: news from the Federal Reserve on the interest rate will be published;
→ on Thursday: news from the central banks of Europe, Great Britain, Switzerland will be published.
Add in geopolitical...
On Monday morning, the price of bitcoin fell sharply. As the chart shows, the BTC/USD rate fell below 42,000 on Monday during the Asian session. According to Coinglass, the decline resulted in about $400 million worth of positions being liquidated by about 100,000 traders on cryptocurrency exchanges. So far, the price has found support around the 41,200 level,...
Fibonacci retracements are a cornerstone in the toolkit of many traders, offering a mathematical approach to identifying potential areas where reversals may occur. This article delves into the intricacies of using Fibonacci retracements, covering everything from basic understanding to strategies involving other indicators. Read on to gain insights into how to...
In the first half of 2023, the Japanese stock market was dominated by bullish sentiment due to (still) negative interest rates — while the rest of the G7 countries raised their rates to combat inflation.
The NIKKEI-225 index grew by 30% in the first half of the year. But then the balance of supply and demand was achieved, judging by the daily chart, where a range...
Pivot points are a go-to tool for traders seeking to identify potential reversal zones in the markets. From combining them with the Relative Strength Index (RSI) to harnessing the power of Fibonacci retracements, this article discusses three multi-layered approaches to pivot point trading. Dive in to optimise their utility in your trading toolkit.
Understanding...
This morning, the AUD/JPY rate dropped below 95.2 yen per Australian dollar for the first time since late October.
The weakening of the AUD was contributed by:
→ negative news regarding the Chinese economy. The Hang Seng Index set its 2023 low yesterday;
→ Australian GDP data published yesterday, which is growing at a weaker-than-expected pace.
And the...
It is traditionally believed that the Santa Rally occurs at the end of December and the first days of January, but according to many opinions it is acceptable to think that it begins much earlier.
At the beginning of December, the values of the S&P 500 index came close to the highs of the year in the area of 4,611, but have declined to date, forming a number of...
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...
