Jump to content
  • What international sections we should add to Gold Forum? (Chinese, Russian, Ukrainian, Spanish, Arabic, etc.) Please vote now!. 👈👈

Daily Market Analysis By FXOpen

Rate this topic


Recommended Posts

ETHUSD Analysis: Bullish Engulfing Pattern above $1,785
eth.png

Bulls were able to take control of the market, and after touching a low of $1,785 on 17 May, the ETHUSD pair started moving upwards, with strong demand seen above $1,800.

On the H1 timeframe:

  • ETHUSD is supported by bulls after its decline below the $1,800 handle with immediate targets of $1,850 and $1,900.
  • The bullish engulfing pattern is above the $1,785 handle. It's a bullish pattern, which signifies the end of a bearish phase.
  • The relative strength index is at 59.28, indicating a strong demand for Ether and a continuation of a buying sentiment in the market.
  • Both the STOCH and ADX are giving a neutral signal, meaning that the Ethereum price is expected to remain in the consolidation phase in the short-term range.
  • ETH price is now trading above the 100-hour simple and 200-hour exponential moving averages.
  • ETH price bullish reversal is seen above the $1,785 mark.
  • The average true range indicates low market volatility.
  • The ultimate oscillator indicator provides a neutral signal.

etx.png

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Link to comment
Share on other sites

LTCUSD Analysis: Inverted Hammer Pattern above $79.64
ltc.png

Bulls were able to take control of the market last week, and after touching a low of $79.64 on 13 May, the price started to correct higher against the US Dollar, crossing the $94.00 handle today in the European trading session.

The short-term outlook for Litecoin has turned mildly bullish.

On the H1 timeframe:

  • There is an inverted hammer pattern above the $79.64 handle. It signifies the end of a bearish phase and the start of a bullish phase in the market.
  • Litecoin price is trading above its 100-hour simple moving average and 200-hour exponential moving average and just above its pivot level of $92.97.
  • The relative strength index is at 69.02, indicating a strong demand for Litecoin and a shift towards the bullish phase in the markets.
  • Litecoin remains above most of the moving averages, which is a bullish signal at current market levels of $93.20.
  • Some of the technical indicators are bullish.
  • The average true range indicates low market volatility.

ltx.png

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Link to comment
Share on other sites

AUD/USD and NZD/USD Weekly Chart Outlook
aud.png

AUD/USD struggled to stay above 0.7000 and corrected lower. Similarly, NZD/USD is facing strong resistance near 0.6540.

Important Takeaways for AUD/USD and NZD/USD Analysis

  • The Aussie Dollar started a downside correction from the 0.7150 zone against the US Dollar.
  • There is a crucial bearish trend line forming with resistance near 0.6900 on the weekly chart of AUD/USD at FXOpen.
  • NZD/USD also started a steady increase above the 0.5750 and 0.6000 levels.
  • There is a key bearish trend line forming with resistance near 0.6365 on the weekly chart at FXOpen.

AUD/USD Technical Analysis
audx.png

On the weekly chart of AUD/USD at FXOpen, the pair climbed higher above the 0.6540 and 0.6900 resistance levels. However, the Aussie Dollar failed to clear the 0.7150 zone against the US Dollar.

As a result, there was a bearish reaction from the 0.7150 zone. The pair corrected lower below the 0.6900 pivot level and the 50-week simple moving average. Besides, there was a spike below the 50% Fib retracement level of the upward move from the 0.6170 swing low to the 0.7157 high.

On the AUD/USD chart, the pair is now showing bearish signs below the 50-week simple moving average and a crucial bearish trend line with resistance near 0.6900. Only a successful daily close above 0.6900 might start a strong recovery toward the 0.7150 level.

Any more gains might send the pair toward the 0.7550 level. The next major resistance sits near the 0.8000 resistance. On the downside, the first major support is near the 61.8% Fib retracement level of the upward move from the 0.6170 swing low to the 0.7157 high at 0.6540.

The next major support is near the 0.6400 level, below which the pair may perhaps extend its decline toward the 0.6170 level. Any more losses might call for a move toward the 0.6000 level.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Link to comment
Share on other sites

Watch FXOpen's May 15 - 19 Weekly Market Wrap Video

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.

  • Buckle up for the rise of E-mini Nasdaq 100 Futures, hitting the year's highest peak so far
  •   Brace yourself for the unthinkable: US Default. Explore the captivating question of what direction the markets might take if the US Government runs out of money and discover the top 3 assets to keep an eye on. It's time to strategize!
  • Crude Oil Analysis: Is the industry running on empty, or are there surprising turns ahead? Find out now!

Watch our short and informative video, and stay updated with FXOpen.

img-009.png

FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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 #fxopenuk #weeklyvideo

Link to comment
Share on other sites

GBP/USD Struggles Below 1.2500 While EUR/GBP Remains at Risk
gbp.png

GBP/USD is struggling to clear the 1.2500 resistance zone. EUR/GBP is now consolidating losses below the 0.8700 resistance.

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

  • The British Pound is trading in a bearish zone below 1.2500 against the US Dollar.
  • There was a break above a key bearish trend line with resistance near 1.2445 on the hourly chart of GBP/USD at FXOpen.
  • EUR/GBP started a fresh decline from the 0.8710 resistance zone.
  • There is a major bearish trend line forming with resistance near 0.8700 on the hourly chart at FXOpen.

GBP/USD Technical Analysis
gbpx.jpg

On the hourly chart of GBP/USD at FXOpen, the pair started a major decline from well above 1.2520. The British Pound traded below the 1.2500 support zone against the US Dollar.

The pair tested the 1.2390 support zone. A low was formed near 1.2391 and recently the pair started a fresh increase. There was a decent move above the 50-hour simple moving average at 1.2445. More importantly, there was a break above a key bearish trend line with resistance near 1.2445.

Finally, it spiked above the 61.8% Fib retracement level of the downward move from the 1.2510 swing high to the 1.2391 low. The GBP/USD chart indicates that the pair is facing resistance near the 1.2475 level.

The 76.4% Fib retracement level of the downward move from the 1.2510 swing high to the 1.2391 low is also near 1.2445. The next major resistance is near the 1.2500 level. A clear move above the 1.2500 level could spark a rally toward the 1.2540 level considering the RSI is above 50.

On the downside, there is a major support forming near the 1.2445 level. If there is a downside break below the 1.2445 support, the pair could accelerate lower.

The next major support is near the 1.2390 level, below which the pair could test 1.2350. In the stated case, GBP/USD may perhaps revisit the 1.2320 support. Any more losses could lead the pair toward the 1.2250 support.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

BTCUSD Analysis: Bullish Harami Pattern Above $26,394
btc.png

Bitcoin’s price continues its bullish momentum from last week, and after touching a low of USD 26,394 on May 18, we can see a move towards a consolidation phase, after which we are expecting upsides in the range of USD 28500 and USD 29000.

On the hourly chart:

  • We can clearly see a bullish Harami pattern above the USD 26,394 handle.
  • Both the STOCH and Williams’s percent range indicate overbought levels, which means that in the immediate short term, a decline in the price is expected.
  • The resistance of the channel is broken.
  • The relative strength index is at 63.84, indicating a strong demand for Bitcoin and the continuation of the buying phase in the markets.
  • Most of the major technical indicators are giving a bullish signal, which means that in the immediate short term, we are expecting targets of USD 28,000 and USD 28,500.
  • Bitcoin’s price is now moving above its 100-hour simple moving average and its 100-hour exponential moving average.
  • The average true range indicates low market volatility with mild bullish momentum.

btcx.png

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

XRPUSD Analysis: Three White Soldiers Pattern Above $0.4441
xrp.png

Last week, the market sentiment remained indecisive after Ripple price touched a low of USD 0.4441 on May 18 and started to correct upwards, with the prices ranging near a new record high of 1 month.

On the hourly chart:

  • The relative strength index is at 53.20, which signifies a neutral demand for Ripple at the current market price and the continuation of the consolidation phase in the market.
  • Moving averages signal an upwards price movement at the current market level of 0.4609.
  • The ADX and CCI are both in the neutral zone, which means the price is expected to consolidate further.
  • Ripple is now trading just below its pivot level of 0.4628 and is facing its classic resistance at 0.4660 and Fibonacci resistance at 0.4705, after which it will be able to move towards 0.4900.
  • The Ichimoku price is over the cloud, indicating a bullish market.
  • Bullish price crossover seen with moving averages MA20 and MA50.

xrpx.png

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

EUR/USD Turns Red, USD/CHF Bulls in Control
eur.png

EUR/USD started a fresh decline from the 1.0830 resistance. USD/CHF is rising and might aim a move toward the 0.9060 resistance.

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

  • The Euro struggled to clear the 1.0845 resistance against the US Dollar.
  • There is a major bearish trend line forming with resistance near 1.0800 on the hourly chart of EUR/USD at FXOpen.
  • USD/CHF is gaining pace above the 0.9000 resistance zone.
  • There is a key bearish trend line forming with resistance near 0.9020 on the hourly chart at FXOpen.

EUR/USD Technical Analysis
eurx.png

On the hourly chart of EUR/USD at FXOpen, the pair faced rejection near 1.0830. The Euro started a fresh decline from the 1.0828 swing high against the US Dollar.

There was a move below the 50-hour simple moving average at 1.0800. The pair tested the 1.0765 support. A low is formed near 1.0760 and the pair is now correcting losses. It is slowly moving higher above the 23.6% Fib retracement level of the recent decline from the 1.0828 swing high to the 1.0760 low.

Immediate resistance on the upside is near the 50-hour simple moving average at 1.0790. It is close to the 50% Fib retracement level of the recent decline from the 1.0828 swing high to the 1.0760 low.

The first major resistance is a major bearish trend line at 1.0810. An upside break above the 1.0810 level might send the pair toward the 1.0845 resistance. The next major resistance is near the 1.0900 level. Any more gains might open the doors for a move toward the 1.0920 level.

If there is no move above 1.0810 and RSI stays below 50, the pair might start a fresh decline. On the downside, immediate support on the EUR/USD chart is seen near 1.0765.

The next major support is near the 1.0750 level. A downside break below the 1.0750 support could send the pair toward the 1.0720 level.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

ETHUSD Analysis: Bearish Harami Pattern below $1,871
L22KpmY.png

Bulls couldn’t take control of the market, and after touching a high of $1,871 on 23 May, the ETH/USD pair is moving in a bearish trend, touching a low of $1,762 today in the early Asian trading session.
hAkVQJJ.png

The short-term outlook for Ethereum has turned mildly bearish.

On the hourly chart:

  • ETHUSD is under bearish pressure after a decline below the $1,800 handle with immediate targets of $1,750 and $1,700.
  • The bearish harami pattern is below the $1,871 handle, signifying the end of a bullish phase.
  • The relative strength index is at 40.11, indicating weak demand for Ether and a continuation of the selling pressure in the market.
  • The CCI is giving a neutral signal, meaning that the Ethereum price is expected to remain in the consolidation phase in the short-term range.
  • ETH price is now trading below the 100-hour simple and 200-hour exponential moving averages.
  • The Ethereum price opened bearish this week.
  • The average true range indicates low market volatility.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

LTCUSD Analysis: Black Marubozu Pattern below $93.46
pO9DiI6.png

Bulls couldn’t take control of the market, and after touching a high of $93.46 on 23 May, the LTC/USD pair started moving in a bearish trend, touching a low of $82.60 today in the early Asian trading session.
kK1LlFj.png

The short-term outlook for Litecoin has turned mildly bearish.

On the hourly chart:

  • There is a black Marubozu candle below the $93.46 handle. It signifies the start of a bearish phase in the market.
  • Litecoin price is trading below its 100-hour simple moving average, 200-hour exponential moving average, and its pivot level of $84.49.
  • The relative strength index is at 38.28, indicating weak demand for Litecoin and a shift towards the bearish phase in the markets.
  • Litecoin remains below most of the moving averages, which are giving a bearish signal at current market levels of $84.49.
  • Some of the technical indicators are neutral.
  • The average true range indicates low market volatility.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

Gold and Crude Oil At Risk of More Losses
gold.png

Gold price is struggling below the $1,967 support level. Crude oil price is also declining and remains at a risk of more losses below $70.75.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price failed to clear the $1,982 resistance and trimmed gains against the US Dollar.
  • It is now following a short-term declining channel with resistance near $1,948 on the hourly chart of gold at FXOpen.
  • Crude oil prices are also moving lower below $72.80 and $72.00 levels.
  • There was a break below a major bullish trend line with support near $73.50 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis
goldx.png

On the hourly chart of Gold at FXOpen, the price struggled to start a fresh increase above the $1,982 resistance. The price started a fresh decline below the $1,967 support.

There was a close below the 50-hour simple moving average and $1,950. The price tested the $1,938 support zone. A low is formed at $1,936.68, and the price is now consolidating losses. It is following a short-term declining channel with resistance near $1,948.

The channel resistance is near the 23.6% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low. The next major resistance is near the $1,950 level.

If the breakout occurs, the price will target resistance of $1,960 near the 50% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low and the 50-hour simple moving average. An upside break above $1,960 could send the Gold price toward $1,967. Any more gains may perhaps set the pace for an increase toward the $1,982 level.

Initial support on the downside is near the $1,938 level. The first major support is near the $1,932 level. The next support sits near the $1,920 level. If there is a downside break below $1,920, the price might decline heavily towards $1,900, below which the bulls could aim for a test of $1,880.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

EUR/USD Approaches Important Support
eur.png

Yesterday, EUR/USD hit new May’s lows. This week’s latest news contributed to the decline:

→ Germany's GDP in Q1 2023 decreased by 0.3% compared to the previous three months. German media write about the official start of the recession.

→ The US economy in Q1 grew by 1.3% in annual terms.

→ Worrying opinions are spreading about a possible crisis due to the situation in the US housing market. According to JPMorgan analysts, the next shock to the US banking system could be loans for commercial real estate.

→ Traders see the dollar as a reliable asset in the face of the not yet raised US government debt ceiling.

The EUR/USD chart shows that the rate has already fallen by 3.3% from the peaks of May. The rate is approaching the psychological mark of USD 1.07 per euro, which may support the market.

eurx.png

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

Watch FXOpen's May 22 - 26 Weekly Market Wrap Video

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 in FXOpen's May 22 - 26 Weekly Market Wrap Video.

  • AMD share price breaks August 2022 high. How can the price of Advanced Micro Devices stock change?
  • What about the default? GBP dips to its lowest point against the USD in a week.
  • FTSE drops rapidly to April lows. Will Bank of England raise interest rates at its next meeting?
  • Dow Jones hits May lows. Analysts say the probability of a default at the moment is 25% and is increasing every day.

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

img-009.png

FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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 #fxopenuk #weeklyvideo

Link to comment
Share on other sites

GBP/USD Eyes Fresh Increase While USD/CAD Dips To Support
gbp.png

GBP/USD is attempting a fresh increase from the 1.2310 support. USD/CAD is correcting gains and approaching the 1.3585 support.

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

  • The British Pound declined steadily from the 1.2475 resistance zone.
  • There is a key bearish trend line forming with resistance near 1.2360 on the hourly chart of GBP/USD at FXOpen.
  • USD/CAD is correcting gains from the 1.3650 resistance zone.
  • There is a declining channel or a bullish flag pattern forming with resistance near 1.3620 on the hourly chart at FXOpen.

GBP/USD Technical Analysis
gbpx.png

On the hourly chart of GBP/USD at FXOpen, the pair started a major decline from the 1.2475 zone. The British Pound declined below the 1.2390 support against the US Dollar.

The bears pushed the pair below the 1.2360 support and the 50-hour simple moving average. It retested the 1.2310 support. The recent low was formed near 1.2321 and the price is now attempting a fresh increase.

It is back above the 23.6% Fib retracement level of the downward move from the 1.2395 swing high to the 1.2321 low. Immediate resistance is near a key bearish trend at 1.2360.

The 50% Fib retracement level of the downward move from the 1.2395 swing high to the 1.2321 low is also near the trend line resistance. The first major resistance on the GBP/USD chart is near the 1.2380 level. The next major resistance is near the 1.2390 level. Any more gains could lead the pair toward the 1.2475 resistance in the near term.

If there is no upside break and RSI dips below 50, the pair might start a fresh decline. Initial support sits near the 50-hour simple moving average at 1.2340. The next major support sits at 1.2310, where the bulls might take a stand. If there is a downside break, GBP/USD might test the 1.2240 support.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

US Debt Default Date Gets Nearer. Will the Dollar Retain Dominance over the Pound?
gbp.png

It’s all so predictable, isn’t it?

Politics and suspense go hand in hand, and when it comes to potential cracks in the economy and central monetary policy of the United States, the issuer of the world’s de facto reserve currency, that’s what keeps the markets going.

Over recent weeks, the global media and the US Federal Reserve have been engaging in a dance with each other, involving speculation and suspense in the advent of the United States government’s ability or otherwise to be able to maintain payments on its debt commitments after June 1 this year.

That date is now fast approaching, especially considering that today is a public holiday across many nations in Europe and North America, giving the reality of the outcome just two working days to make itself known.

Interestingly, very little impact has been felt by traders of the US Dollar, and today’s currency market shows no change in this dynamic.

Ordinarily, if one of the world’s most important and influential economies is about to become insolvent, the currency issued by its central bank would depreciate like an iron girder being thrown off a precipice.

In the case of the US Dollar, this has simply not been the case at all, and the US Dollar has continued its rise against other majors, especially the British Pound.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

BTCUSD Analysis: Tweezer Bottom Pattern above $26,121
btc.png

Bitcoin price continues its bullish momentum from last week after touching a low of $26,121 on May 25, with strong upsides located in the range of $28,500 and $29,000.
btcx.png

On the hourly chart:

  • We can clearly see a tweezer bottom pattern above the $26,121 handle, which indicates a bullish trend.
  • Both the STOCH and STOCHRSI indicate overbought market conditions, which means that in the immediate short term, a decline in the price may occur.
  • The MACD crosses UP its moving average.
  • The relative strength index is at 56.95, indicating a strong demand for Bitcoin and the continuation of the buying pressure in the market.
  • Most of the major technical indicators give a bullish signal, which means that in the immediate short term, the expected targets are $28,000 and $28,500.
  • Bitcoin price is now moving above its 100-hour simple moving average and 100-hour exponential moving average.
  • The average true range indicates low market volatility with mild bullish momentum.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

XRPUSD Analysis: White Marubozu Pattern above $0.4462
xrp.png

Ripple price continues its bullish momentum after touching a low of $0.4462 on May 25. Strong upsides are located in the range of $0.5200 and $0.5500.
xrpx.png

On the hourly chart:

  • We can clearly see a white Marubozu pattern above the $0.4462 handle, which indicates a bullish trend.
  • The relative strength index is at 66.22, which signifies a strong demand for Ripple at the current market prices and the continuation of the buying phase in the market.
  • Moving averages signal an upwards price movement at the current market level of $0.4992.
  • The STOCHRSI is in the oversold area, indicating buying pressure and bullish sentiment.
  • Ripple is now trading just below its pivot level of $0.5006. It’s facing its classic resistance at $0.5021 and a Fibonacci resistance at $0.5043, after which it will be able to move towards $0.5200.
  • A moving average bullish crossover is seen with AMA20 and AMA50.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

EUR/USD Remains At Risk While USD/JPY Trims Gains
eur.png

EUR/USD started a fresh decline below the 1.0765 support. USD/JPY rallied significantly above 140.00 and recently started a downside correction.

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

  • The Euro is declining and showing bearish signs below the 1.0745 resistance zone.
  • There is a key bearish trend line forming with resistance near 1.0715 on the hourly chart of EUR/USD at FXOpen.
  • USD/JPY started a major rally above the 138.88 and 140.00 levels.
  • There is a major bullish trend line forming with support near 139.65 on the hourly chart at FXOpen.

EUR/USD Technical Analysis
eurx.png

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.0790 resistance. The Euro declined below the 1.0745 support zone against the US Dollar.

It settled below the 50-hour simple moving average and spiked below 1.0690. A low was formed near 1.0672 before there was a minor recovery. The pair climbed above 1.0715 but the bears were active near the 1.0745 resistance.

A high is formed near 1.0746 and the pair is again moving lower. There was a move below the 50% Fib retracement level of the upward move from the 1.0672 low to the 1.0746 high.

The RSI is dipping and EUR/USD is approaching the 76.4% Fib retracement level of the upward move from the 1.0672 low to the 1.0746 high at 1.0690. The first major support is near the 1.0670 level, below which the pair could start a major decline. In the stated case, the pair might dive toward the 1.0620 support zone.

On the EUR/USD chart, the pair is now facing resistance near a key bearish trend line at 1.0715. The next major resistance is near the 1.0745 level. An upside break above 1.0745 could set the pace for another increase. In the stated case, the pair might visit 1.0790.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

EURO STOXX 50 Hits 2-month Low
img-009.png

During the first 3 days of this week, the price of EURO STOXX 50 (SX5E) has fallen by more than 3%.

This was facilitated by:
→ lower oil prices on the eve of the OPEC+ meeting scheduled for June 4. The Saudi oil minister urged market speculators to "be careful”;
→ uncertainty about the US debt ceiling. While a deal has been tentatively reached, it has yet to be officially approved by the Senate. There are only a few hours left;
→ reduced shares of European companies producing luxury goods due to falling demand;
→ disappointing data from China (we wrote about it yesterday), with which Europe is actively trading.

img-009x.png

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

NASDAQ 100 Overtakes Bitcoin
nas.png

This is how prices for popular exchange-traded assets changed from March 1 to May 31:
→ The price of the NASDAQ 100 increased by almost 20%
→ The price of the S&P-500 increased by almost 6%
→ The price of gold increased by almost 7%
→ The price of bitcoin increased by almost 14%
→ The price of Ethereum increased by almost 12%

For a long time, cryptocurrencies were the leaders of the spring market, but in May, the NASDAQ-100 made a sharp leap upwards, thanks to the soaring of the NVDA share price and the hype around artificial intelligence (AI).

What will happen in summer?

According to Citigroup analysts, there is a risk that the rally in US technology stocks will end as investors want to take profits.

Perhaps the hype around AI will decrease, as its widespread adoption should take time. Barclays analysts note that past game-changing technologies took several decades to show up at the level of the entire economy. Take electricity, automobiles, and refrigeration, for example – US labor productivity skyrocketed in the 1950s, 3-4 decades after these technologies were introduced.

nasx.png

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

⤴️-Paid Ad- TGF verify and approve but does not endorse any products. Add your banner here.🔥

×
×
  • Create New...