Daily Market Analysis By Fxopen

Discussion in 'Forex - Currencies Forums' started by FXOpen Trader, Oct 19, 2021.

  1. FXOpen Trader

    FXOpen Trader Senior Investor

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    USD/CAD Rate Reaches Significant Support Level
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    On June 12, we wrote about bearish signs observed on the USD/CAD chart, pointing to the prospect of USD weakening.

    Since then, the USD/CAD rate has decreased by approximately 0.75% and has reached an important support level, specifically the lower boundary of the descending triangle (with the median around 1.36700), which indicates a long-term balance of supply and demand among market participants.

    The fact that today the USD/CAD rate is rising from yesterday's minimum on June 4 at the level of 1.36408 confirms the importance of the support formed by the lower boundary of the triangle.

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    TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

    Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
     
  2. FXOpen Trader

    FXOpen Trader Senior Investor

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    AUD/USD Surges on Inflation News in Australia
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    This morning, the Consumer Price Index (CPI) figures for Australia were released – according to ForexFactory, the annual CPI stood at 4.0% (expected = 3.8%, previous = 3.6%).

    As Bloomberg reports:
    → Rent was the main driver of inflation due to a housing shortage.
    → The spike in inflation increases the risk of an RBA rate hike (a decision might be announced on 5th August).
    → Following the release of the high CPI figures, the AUD/USD exchange rate surged by 0.6%.

    Moreover, the news from Australia could be a harbinger of a new wave of inflation that may manifest in other countries as well.

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    TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG

    Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
     
  3. FXOpen Trader

    FXOpen Trader Senior Investor

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    Market Analysis: EUR/USD Struggles To Recover While USD/CHF Rallies
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    EUR/USD is attempting a recovery wave from the 1.0675 zone. USD/CHF climbed higher above 0.8900 and might extend gains in the near term.

    Important Takeaways for EUR/USD and USD/CHF Analysis Today

    • The Euro declined toward 1.0675 before it started a recovery wave against the US Dollar.
    • There is a key bullish trend line forming with support at 1.0710 on the hourly chart of EUR/USD at FXOpen.
    • USD/CHF climbed higher above the 0.8900 and 0.8935 resistance levels.
    • There is a connecting bullish trend line forming with support at 0.8930 on the hourly chart at FXOpen.

    EUR/USD Technical Analysis

    On the hourly chart of EUR/USD at FXOpen, the pair extended the decline below the 1.0720 support zone. The Euro even declined below 1.0700 before the bulls appeared against the US Dollar, as mentioned in the previous analysis.

    The pair tested the 1.0675 zone and recently started a recovery wave. There was a move above the 1.0710 resistance zone, but the bears were active near 1.0745. As a result, there was another pullback to 1.0690 and the pair is now consolidating below the 50-hour simple moving average.

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    TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG

    Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
     
  4. FXOpen Trader

    FXOpen Trader Senior Investor

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    The Nikkei Index Has Risen to a 2-Month High
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    As we wrote on June 17th, analyzing the Nikkei 225 chart (Japan 225 on FXOpen):
    → the price formed a consolidation pattern (in the shape of a narrowing triangle);
    → the price formed a bullish reversal from the 38,000 points level (indicated by an arrow), suggesting potential growth and trend establishment upon pattern breakout.

    Since then, the price has broken out of the consolidation triangle and today exceeded the 39,800 level - marking the highest point since mid-April.

    [​IMG]

    TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG

    Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
     
  5. FXOpen Trader

    FXOpen Trader Senior Investor

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    AMZN Shares Set a New All-Time High
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    As shown in the AMZN chart, yesterday the share price confidently surpassed the psychological level of $190, closing above $193.41, which is a new all-time high.

    Specifically:
    → the growth was approximately +3.9% for the day, with the closing candle at the upper part (a sign of strong demand);
    → Amazon's market capitalisation exceeded $2 trillion.

    According to Benzinga, the rise in AMZN's price was driven by:

    → the news that BofA Securities analyst Justin Post maintained a "Buy" recommendation and raised the target price from $210 to $220, citing the potential for improved efficiency through better logistics.

    → the information that Amazon is preparing to launch a discount section similar to Temu, which will offer direct delivery from China.

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    TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

    Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
     
  6. FXOpen Trader

    FXOpen Trader Senior Investor

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    European Currencies Face a Crucial Test: What to Expect
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    The end of June and the beginning of July are packed with significant economic and political events for the pound and the euro. A few weeks ago, Emmanuel Macron dissolved the parliament and announced snap parliamentary elections. He took this step after the far-right National Rally led by Marine Le Pen secured first place in the European Parliament elections. Many experts believe that if the far-right gains a majority in the parliament, it could lead to a serious political crisis in the EU, consequently exerting bearish pressure on EUR/USD.

    EUR/USD
    According to the technical analysis of the EUR/USD pair, if the price falls below 1.0660, the pair may continue its downward trend towards 1.0600-1.0400. A resumption of the upward trend is possible with a confident consolidation above 1.0740-1.0700. In the upcoming trading sessions, the following events should be noted:

    - Today at 12:00 (GMT +3:00) expected consumer inflation in the Eurozone;
    - Today at 13:00 (GMT +3:00) special EU summit of heads of state;
    - Today at 15:30 (GMT +3:00) US GDP.

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    TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG


    Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
     
  7. FXOpen Trader

    FXOpen Trader Senior Investor

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    USD/JPY Rate Hits Highest Level Since 1986
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    As shown in the USD/JPY chart, today the rate is around 160.58 yen per US dollar.

    Bloomberg reports the words of Japan’s Finance Minister Shunichi Suzuki:
    → It is desirable for the exchange rate to move in a stable manner.
    → Sudden, one-sided moves are not desirable.
    → We will analyze the background to this move with a high sense of urgency, and take necessary action as needed.

    Such rhetoric from officials seems not to have deterred the bulls, who are keeping the rate above the April high (when the Bank of Japan intervened in the market to support the weakened yen, resulting in a 4.75% decline over 5 days).

    In our analysis from 24 June, we noted that:
    → the price is moving within a large upward channel (shown in blue),
    → and the local rise (framed by orange lines) could push the price to the boundaries of the blue channel.

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    TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

    Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
     
  8. FXOpen Trader

    FXOpen Trader Senior Investor

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    Market Analysis: GBP/USD Turns Red While USD/CAD Rallies
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    GBP/USD declined below the 1.2670 support zone. USD/CAD is rising and might aim for more gains above the 1.3735 resistance.

    Important Takeaways for GBP/USD and USD/CAD Analysis Today

    • The British Pound started a fresh decline from the 1.2700 resistance zone.
    • There is a key bearish trend line forming with resistance at 1.2640 on the hourly chart of GBP/USD at FXOpen.
    • USD/CAD is showing positive signs above the 1.3675 support zone.
    • There is a major bullish trend line forming with support at 1.3705 on the hourly chart at FXOpen.

    GBP/USD Technical Analysis
    [​IMG]

    On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2700 zone. The British Pound traded below the 1.2670 support to move into further a bearish zone against the US Dollar.

    The pair even traded below 1.2640 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2625 level. A low was formed at 1.2621 and the pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 1.2670 swing high to the 1.2621 low.

    TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG

    Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. a
     
  9. FXOpen Trader

    FXOpen Trader Senior Investor

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    Strong US Dollar Dominates Forex: For How Long?
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    According to ICE data, the price of the US Dollar Index futures contract has reached its highest level since May 2 of this year.

    This strength is reflected in the exchange rates of major currencies against the US dollar:

    → The USD/JPY rate has reached a record high since 1986, which we reported yesterday. Today, 1 USD was worth more than 161 yen.
    → The NZD/USD rate has dropped to its lowest level since May 15.
    → The USD/CHF rate has risen to its highest level since June 3.

    Regarding the euro, the strength of the US dollar has pushed the EUR/USD rate down to significant support.

    [​IMG]

    TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG

    Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
     
  10. FXOpen Trader

    FXOpen Trader Senior Investor

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    Watch FXOpen's 24 - 28 June Weekly Market Wrap Video

    Weekly Market Wrap With Gary Thomson: Nasdaq 100 Index, EU Currencies, USD/JPY, AMZN Shares

    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.

    • Nasdaq 100 Index Failed to Hold above 20,000 Points
    • European Currencies Face a Crucial Test: What to Expect
    • USD/JPY Rate Hits Highest Level since 1986
    • AMZN Shares Set a New All-Time High

    Stay in the know and empower yourself with our short, yet power-packed video.

    Watch it now and stay updated with FXOpen.

    Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.

    [​IMG]

    FXOpen YouTube


    Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

    #fxopen #fxopenyoutube #fxopenint #weeklyvideo
     

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