Daily Market Analysis By FXOpen

AAPL Share Price Falls More Than 4% after Antitrust Lawsuit


Yesterday, the Department of Justice filed an antitrust lawsuit against Apple, alleging that the company has established a monopoly with the iPhone, which has harmed consumers, developers and competitors.

“Each step in Apple's course of conduct built and reinforced the moat around its smartphone monopoly,” the government said in the 88-page lawsuit.

The result of news of the lawsuit was a sharp decline in Apple's share price by more than 4%. This is a serious blow to stocks that are already underperforming the broader market. As confirmation, we note that yesterday, the ratio of the S&P 500 index to the AAPL share price set a maximum since November 2021.

The chart for AAPL stock shows an increasingly bearish picture:



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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.

GBP/USD Price Falls to 1.26 after Bank of England Decision


Yesterday, the GBP/USD market experienced a day of intense volatility due to a number of news items. According to Trading Economics:

→ UK retail sales were flat last month after a strong rise of 3.6% in January, contrasting with market expectations of a 0.3% decline.

→ The Bank of England decided to leave interest rates unchanged. However, its head Andrew Bailey hinted at a potential reduction in interest rates. He noted positive indicators of lower inflation but stressed the need for greater confidence in managing price pressures.

Thus, a clearer prospect of easing monetary policy in the UK (which, however, is relevant for many countries) has become a driver for the weakening of the British pound.



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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.

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Weekly Market Wrap With Gary Thomson: S&P500, USD, SNB, TSLA

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• The Price of the S&P 500 Set a Historical Record amid News from the Fed #SP500 #theFed
• US Dollar Shows Record Weekly Gain Since Mid-January #USD
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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.

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Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains


From the point of view of technical analysis of BTC/USD, on Friday evening the price of Bitcoin was near the lower boundary of the ascending channel (shown in blue). This was alarming as it indicated that the market action could result in a weekly bearish candle forming with the price of BTC down by around 5% — something that hasn't happened since August of last year.

However, this did not happen, as the price recovered over the weekend, forming rebounds from the lower border of the channel. The lower shadows of the candles are a sign of demand forces. Moreover, the bulls have broken through the downward trend line (shown in black). Will the bulls be able to return the price of Bitcoin to an upward trajectory within the specified trend?

Doubts remain.

→ Bitcoin “still looks overbought,” JPMorgan strategists warned, predicting a decline to USD 42k.



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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.

Big in Japan: Several Years of Failed Stimulus Ends, But Stocks Go Up!


Japan's notoriously conservative approach to business practices combined with a world renowned reputation for engineering excellence has been a winning combination for the island nation for over 60 years.

A relatively small country was able to successfully market a range of products in many sectors ranging from electronic goods to automobiles to a worldwide audience to the extent that Japanese corporations are now global giants with head offices in various countries across the world and the names of these corporations household names in all continents.

An incredible attention to detail, highly educated population and unfaltering work ethic transformed Japan into the ultra-sophisticated nation that it is today, however perhaps surprisingly this commercial dominance has not always equaled a world-beating national economy.

Over recent years, the Japanese Yen has been subject to various periods of volatility, and Japanese stocks, once the absolute pinnacle of economic success during the 'Yuppie Years' of the 1980s when there was no internet and heavy manufacturing companies and property development giants were the largest companies in the world.

Since the rise of the Silicon Valley tech giants, all of which are a creation of the Internet revolution, however, Japan's indices have been far less of a talking point among traders and investors of the stocks of large companies as the absolute dominance of the 'Magnificent 7' and the halo effect they have created around other internet-based companies, software firms and e-commerce tours de force has changed the entire focus from traditional bricks and mortar companies toward those whose products are in the ether.

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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.

USD/JPY Price Analysis: Consolidation ahead of US News


This morning, news about inflation in Japan was published. It did not bring any surprises — inflation in Japan is gradually weakening as expected. Core CPI in annual terms: actual = 2.3%, forecast = 2.5%, a month ago = 2.6%, a year ago = 3.0%.

We also note that the official position is aimed at preventing further weakening of the yen, as the USD/JPY price has risen more than 7% since the beginning of 2024 — very close to a 32-year high. Thus, Japanese Deputy Finance Minister for Economic Affairs Masato Kanda yesterday warned that the current weakening of the yen does not correspond to fundamental indicators and is clearly caused by speculation. He concluded that the authorities would take appropriate measures against excessive fluctuations.

However, neither verbal interventions nor the publication of Japanese Core CPI values led to strong fluctuations in the USD/JPY market. Why so?

From a fundamental analysis point of view, market participants are keeping their focus on the publication of Core PCE Price Index values in the US, as well as the Fed Chairman's speech — both events are scheduled for Friday (at 15:30 and 18:30 GMT+3, respectively).

From a technical analysis point of view, the market stabilization is quite natural, since the USD/JPY price today is near the median line of the ascending channel (shown in blue), which describes the trajectory of 2024. The market seems to be cooling down after the RSI indicated it was overbought on March 20th.

It is the events of Friday that can bring the market out of the current equilibrium state (despite the fact that Friday is a day off in many countries, volatility can be high).



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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.

The Spacs Are Back! NASDAQ on A High as Trump's Social Media Co Goes Public


It seems as though the sensationalism that surrounded the controversial SPAC listings, which suddenly found their way onto the technology-friendly NASDAQ exchange in 2021, was a long time ago.

Back at the beginning of this decade, many aspects of business and ways of life that had remained similar for a long period of time changed beyond recognition, and one of them was the admission of 'blank cheque' companies onto the NASDAQ exchange in the form of SPAC entities, with SPAC standing for Special Purchase Acquisition Company.

This method of suddenly going from a start-up status to multi-billion dollar publicly traded company within almost no time and with the ability to bypass much of the criteria required for public listing on major exchanges gave rise to the sudden influx of a number of previously unknown entities which had hardly any market share in their industry sector, yet were able to list their stock publicly for millions, sometimes billions, of dollars.

That era has passed, and many of those firms have experienced severe depreciation of their stock ever since, which has had some degree of effect on the volatility in the NASDAQ index over the tech stock doldrums the ensuing year.

Now, however, with the NASDAQ index flying high and investor appetite for tech stocks well and truly back on track, there is another interesting dynamic which has brought the concept of SPAC listings back into the public arena.

Today, the NASDAQ index was trading at 18,398 at 9.30 am UK time, which is another increment on the steady upward direction the index has been building upon all of this year so far since rebounding back from a low point of 14,127 in late November last year.

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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.

The US Currency Corrects after Recent Growth


The incoming fundamental data of the past five-day period contributed to the strengthening of the American currency in almost all major pairs. Thus, the pound/US dollar currency pair lost more than 200 pp over several trading sessions, the euro/US dollar pair retested 1.0800, and buyers of the USD/JPY pair managed to keep the price above 151.00.

GBP/USD


The decision of British officials to leave the base interest rate at the same level did not contribute to the strengthening of the pound/US dollar pair. And the hint from the head of the Bank of England about a possible rate cut at the next meeting led to sharp losses in the pair and a test at the price of the important support level of 1.2600. At the moment, the pair is consolidating just above the mentioned mark. In the case of a positive fundamental background from the UK, the price may correct to 1.2800-1.2740. If the downtrend resumes, the price on the gbp/usd chart may retest 1.2570.

Tomorrow at 13:30 GMT+3, we are waiting for the publication of the minutes of the meeting of the Bank of England Financial Policy Committee. A little later, the CBI retail sales index will be published.

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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.

Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace


GBP/USD declined below the 1.2665 support zone. USD/CAD is rising and might aim for more gains above the 1.3610 resistance.

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

• The British Pound started a fresh decline from the 1.2800 resistance zone.
• There was a break below a key rising channel with support at 1.2630 on the hourly chart of GBP/USD at FXOpen.
• USD/CAD is showing positive signs above the 1.3555 support zone.
• There was a break above a major bearish trend line with resistance near 1.3575 on the hourly chart at FXOpen.

GBP/USD Technical Analysis


On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2800 zone. The British Pound traded below the 1.2690 support to move into further a bearish zone against the US Dollar.

The pair even traded below 1.2665 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2580 level. A low was formed at 1.2575 and the pair recently attempted a recovery wave. The pair climbed above the 1.2600 level.

It cleared the 23.6% Fib retracement level of the downward move from the 1.2803 swing high to the 1.2575 low. However, the bears were active near 1.2665 and pushed the pair lower again.

There was a break below a key rising channel with support at 1.2630. Initial support on the GBP/USD chart sits at 1.2600. The next major support sits at 1.2575, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2500.

Immediate resistance on the upside is near the 1.2665 level. The first major resistance is near the 50% Fib retracement level of the downward move from the 1.2803 swing high to the 1.2575 low at 1.2690.

A close above the 1.2690 resistance might spark a steady upward move. The next major resistance is near the 1.2750. Any more gains could lead the pair toward the 1.2800 resistance in the near term.

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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.

NIKKEI-225 Analysis Indicates Possibility of Correction from Historically High Levels


On March 21, the value of the Japanese stock index reached a historical maximum, exceeding the level of 41,100 points. This was facilitated by:

→ Weak yen supporting exporters. It increases the value of profits earned abroad for a large number of companies that sell their products abroad and then convert the profits into yen.
→ Demand for shares of Japanese companies paying dividends. For example, shares of air conditioner manufacturer Daikin Industries rose by 2.82%.

At the same time, the NIKKEI-225 chart signals indicate the likelihood of a correction, since:

→ The price is near the upper border of the ascending channel, from which resistance can be expected.



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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.