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Daily Market Analysis By FXOpen

This is a discussion on Daily Market Analysis By FXOpen within the Analytics and News forums, part of the Trading Forum category; Watch FXOpen's January 2 - 6 Weekly Market Wrap Video In this video, FXOpen UK COO Gary Thomson sums up ...

      
   
  1. #661
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    Watch FXOpen's January 2 - 6 Weekly Market Wrap Video

    In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

    • What to expect in stock market in 2023
    • British pound crashes against USD
    • USD rally short-lived
    • Gold starts 2023 with strong growth


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




    FXOpen YouTube


    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.

  2. #662
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    GBP/USD and GBP/JPY Aims Higher


    GBP/USD is gaining pace above the 1.2100 zone. GBP/JPY is also rising and might gain pace if it clears the 160.20 resistance zone.

    Important Takeaways for GBP/USD and GBP/JPY

    • The British Pound is showing positive signs above 1.2000 against the US Dollar.
    • There was a break above a major bearish trend line with resistance near 1.2065 on the hourly chart of GBP/USD.
    • GBP/JPY started a fresh increase above the 158.50 resistance zone.
    • There is a key contracting triangle is forming with resistance near 160.00 on the hourly chart.


    GBP/USD Technical Analysis

    This past week, the British Pound found support near the 1.1840 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.2000 level.

    There was a clear move above the 1.2050 resistance and the 50 hourly simple moving average. During the increase, there was a break above a major bearish trend line with resistance near 1.2065 on the hourly chart of GBP/USD.

    GBP/USD Hourly Chart


    The pair even cleared the 1.2100 resistance. A high is formed near 1.2136 on FXOpen and the pair started a consolidation phase.

    An immediate resistance on the upside is near the 1.2140 level. The next major resistance is near the 1.2200 level, above which the pair could start a steady increase towards 1.2250. An upside break above 1.2250 might start a fresh increase towards 1.2320. Any more gains might call for a move towards 1.2400 or even 1.2500.

    An immediate support is near the 1.2080. The next major support is near the 1.2065 level. It is near the 23.6% Fib retracement level of the upward move from the 1.1841 swing low to 1.2136 high.

    If there is a break below the 1.2065 support, the pair could test the 1.2050 support. It is near the 50% Fib retracement level of the upward move from the 1.1841 swing low to 1.2136 high. Any more losses might send GBP/USD towards 1.1820.

    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.

  3. #663
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    Electric Vehicle stocks get a flat battery


    Let's take a quick trip back to 2021, a year in which tech stocks were flying high, and the new phenomenon of Special Purchase Acquisition Company (SPAC) listings on NASDAQ were de rigeur.

    SPAC listings were the talk of the town during 2021, because they represented a new and ingenious way for privately held companies to circumvent the usual due diligence associated with listing on a prestigious public stock exchange by creating a 'blank check' company which acquires the firm that wishes to list, and then meets the criteria very quickly via the new entity.

    For this reason, many companies which were almost startups managed to become publicly listed, and the most interesting of all of them were little-known electric vehicle manufacturers who had hardly sold any vehicles at all but were being valued at stratospheric levels, sometimes into the billions of dollars.

    2022 was a very different year. Tech stocks were crashing in value, and the sobering reality of declining economies across North America and Europe was evident, punctuated by cost of living crises and high levels of inflation. Suddenly, 2021, the year of the speculative meme stocks and pie-in-the-sky multi-billion dollar valuations for unknown firms doing SPAC IPOs on NASDAQ seemed a distant memory.

    The value of electric vehicle stocks in general absolutely reflects this dynamic.

    The most established pure electric vehicle manufacturer of all, Tesla, which is the firm that swooped in and disrupted the traditional automotive industry in 2014 with its Model S luxury sedan has had a rotten 2022 and its values are still a shadow of what they were this time last year as 2023 is well underway.

    In fact, all of the publicly listed electric vehicle companies have recorded a disastrous 2022, and the low values of their stock is continuing into the second week of 2023.

    Rivian, which launched on NASDAQ on November 10, 2021 at $78.00 a share, raising nearly $12 billion, is a case in point. Its R1T electric pickup truck is a work of automotive art and it was surrounded by huge hype at its IPO considering that it is a relatively new company founded in 2009 and suddenly was raising billions from public investors.

    Today, however, looking at the chart over a one year period makes for sobering reading. The line is a constant decline all year, and today Rivian stock sits at a lowly $16. A far cry from its post-IPO $78!

    Traditional automotive giants such as Ford Motor Company sat quietly and watched these newcomers go through 'boom and bust' style stock listing exercises.

    Even Tesla is on the backfoot, and this week sits at its lowest point by far in well over a year.

    The hype is over. Electric and plug-in hybrid vehicles are the norm, and perhaps buyers would rather pay what amounts to a substantial outlay for a car made by Porsche, Volvo, and Jaguar Land Rover at the high end, or Ford, GM, Kia and Hyundai at the run of the mill end, because these are automotive firms with prominence.

    There was one particular company which listed on NASDAQ via a SPAC listing in 2021 and valued itself at over $50 billion but had not delivered a single vehicle.

    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.

  4. #664
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    BTCUSD and XRPUSD Technical Analysis – 10th JAN 2023


    BTCUSD: Three Inside UP Pattern Above $16608

    Bitcoin was unable to sustain its bearish momentum and after touching a low of $16608 on 03rd Jan, the price started to correct upwards against the US dollar and is ranging above the $17200 handle in the European trading session today.

    We have seen a bullish opening of the markets this week.

    We can clearly see a three inside up pattern above the $16608 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

    Bitcoin touched an intraday low of 17133 in the Asian trading session and an intraday high of 17277 in the European trading session today.

    The price of bitcoin is back over the pivot point in the daily time frame.

    The ichimoku is indicating a bullish crossover with tenkan and kijun in the daily time frame.

    Both the STOCH and STOCHRSI are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected.

    The relative strength index is at 55.92 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets.

    Bitcoin is now moving above its 100 hourly simple moving average and above its 100 hourly exponential moving averages.

    Most of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17500 and 18500.

    The average true range is indicating LESS market volatility with a strong bullish momentum.

    • Bitcoin: bullish reversal seen above $16608
    • The average directional index is indicating a NEUTRAL level
    • The price is now trading just below its pivot level of $17261
    • The short-term range is strongly bullish


    Bitcoin: Bullish Reversal Seen Above $16608


    The price of bitcoin continues to rise above the $17000 handle and after some consolidation we are expecting the immediate targets of $18000 and $19000.

    There is an ascending channel forming with the current support at $16521 at which the price crosses 9-day moving average stalls.

    The Williams percent indicator is back over -50 indicating a bullish tone present in the markets.

    We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 1-hour time frame.

    The immediate short-term outlook for bitcoin is strongly bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions.

    Bitcoin’s support zone is located at $16802 at which the price crosses 18-day moving average, and $16926 which is a 1st Support point of the pivot point.

    The price of BTCUSD is now facing its classic resistance level of 17271 and Fibonacci resistance level of 17289 after which the path towards 18000 will get cleared.

    In the last 24hrs, BTCUSD has decreased by 0.08% by 14.08$ and has a 24hr trading volume of USD 15.993 billion. We can see an increase of 10.97% in the trading volume compared to yesterday, which appears to be normal.

    The Week Ahead

    Bitcoin’s price is expected to enter a super bullish zone after crossing the $18000 level with the next upwards targets located at $19000 and $20000.

    The daily RSI is printing at 60.20 which indicates a STRONG demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

    The price of BTCUSD is now facing its resistance zone located at $17429 which is a 3-10 day MACD oscillator stalls, and $17789 which is a 38.2% retracement from a 13-week low.

    The weekly outlook is projected at $18500 with a consolidation zone of $18000.

    Technical Indicators:

    The MACD (12,26): is at 25.00 indicating a BUY

    The commodity channel index, CCI (14): is at 135.50 indicating a BUY

    The rate of price change, ROC: is at 0.232 indicating a BUY

    Bull/Bear power (13): is at 24.49 indicating a BUY

    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.

  5. #665
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    Elon Musk makes Guinness World Record for biggest loss of personal wealth in history


    Disruption was the rising trend of the 2010s and as a result, today's big cap publicly listed companies on the world's most prominent stock exchanges are relatively recently established internet and technology firms, whereas back in the 1980s and 1990s before the dot com boom, they were large motor manufacturers, construction companies, big pharmaceuticals and Japanese real estate investment companies.

    The bricks-and-mortar gave way to the ether at the turn of this Millennium, and here we are, almost a quarter of a century in, and the world is a very different place to where it was when there was a 19 at the beginning of the year.

    This shift away from physical products made by traditional industries toward internet-based tertiary services has created a massive opportunity for disruption, and shortened development cycles by a huge amount.

    One of the world's most famous disruptors is Elon Musk, who, himself a dot com boomer having founded PayPal in 1999, has been so influential over the past decade that he has changed the entire structure of some of the oldest and most established industries that exist, and in doing so, changed the behavior of people worldwide.

    Not surprisingly, someone with this much influence and disrupting capability became the richest man in the world according to official statistics.

    However, unlike old-school stalwarts like Warren Buffett who has to tread a careful path because he is responsible for people's investments, Elon Musk does things his way and his way only. He even took Tesla into cryptocurrency investment, making it the first publicly listed company to become a cryptocurrency 'whale', without even so much as a peep from usually conservative shareholders.

    Indeed Tesla, despite being a small, relatively new company, had 10 times the market capitalization of 120-year established global giant Ford Motor Company by 2021!

    Unlike Ford Motor Company, however, Tesla is volatile and during 2022 its value dropped like a falling girder from a cliff.

    Now, official data has been released to show that Elon Musk himself has lost the most personally held money ever recorded to the extent that the Guinness World Records official adjudicators have listed him this week as the person to have lost the most of a personal fortune in history.

    Elon Musk has personally lost over $100 billion during 2022 due to the plummeting share price of Tesla.

    According to an estimate by Forbes, Elon Musk's personal fortune is still approximately $144 billion, but he is no longer the richest man in the world having sustained such a massive drop.

    As per his usual 'gung ho' personality, Elon Musk appears unperturbed by this, and perhaps sees it as an opportunity.

    After all he thrives on volatility and does not like stagnation!

    Therefore this is a big stock worth watching.

    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.

  6. #666
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    EUR/USD and EUR/JPY Could Climb Further Higher


    EUR/USD is eyeing an upside break above the 1.0750 resistance zone. EUR/JPY is rising and might climb further higher above the 142.50 resistance.

    Important Takeaways for EUR/USD and EUR/JPY

    • The Euro started a fresh increase above the 1.0650 resistance zone.
    • There is a key contracting triangle forming with resistance near 1.0745 on the hourly chart.
    • EUR/JPY started a strong increase and settled above the 142.00 support zone.
    • There is a major bullish trend line forming with support at 141.20 on the hourly chart.


    EUR/USD Technical Analysis

    The Euro formed a base above the 1.0500 zone and started a decent increase against the US Dollar. The EUR/USD pair was able to clear the 1.0550 and 1.0580 resistance levels.

    There was a clear move above the 1.0650 level and the 50 hourly simple moving average. The pair even climbed above 1.0700 and traded as high as 1.0760 on FXOpen. Recently, there was a downside correction below the 1.0750 support zone.

    EUR/USD Hourly Chart


    On the downside, the pair might find support near the 1.0720 level. The next major support sits near the 1.0695 level. The 23.6% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high is also near 1.0695, below which the pair could even test the 1.0650 support zone.

    If there is a downside break below the 1.0650 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0620 or the 50% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high.

    On the upside, an immediate resistance is near the 1.0750 level. There is also a key contracting triangle forming with resistance near 1.0745 on the hourly chart.

    The next major resistance is near the 1.0780 level. A clear move above the 1.0780 resistance might send the price towards 1.0850. If the bulls remain in action, the pair could visit the 1.0950 resistance zone in the near term.

    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.

  7. #667
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    FTSE 100 rockets to 1 year high! Will it reach 8,000?


    Today, London's stock market is experiencing a bonanza, as the FTSE 100, which is the index that includes the 100 most prestigious and well capitalized blue-chip companies which are listed on the London Stock Exchange, has rocketed to an astronomic 7,741 points.

    This represents the highest level that it has reached in over one year, by quite some margin.

    In fact, today's lofty value demonstrates a level that the FTSE 100 index did not even come close to during the entirety of 2022.

    It was only a year and a half ago that the news channels were awash with sensationalism as the FTSE 100 index broke past the 7,000 mark, and now, at over 7,740, it is heading for the 8,000 mark!

    There has been tremendous volatility within corporate stocks over the past two years, especially within the indices because these contain a range of different companies in different sectors, and whilst in 2020 and 2021 the big pharmaceuticals boomed, the travel and hospitality industries paid a large price for draconian lockdowns.

    Equally, traditional goods manufacturers had their fortunes hampered by logistical problems which meant getting materials and goods from suppliers was difficult enough to cause them to be unable to deliver enough goods to meet orders. House builders did well because of the short-term break in stamp duty resulting in investors buying up smaller value properties, however the reintroduction of that plus rising interest rates curtailed that boom swiftly.

    In 2022, it was all about energy companies and 'big oil', which boomed as the supply could not meet the demand, whereas some tech stocks and airline stocks languished.

    Some analysts are saying that today's FTSE 100 high value, which comes after a continued upward direction since the beginning of this year, has been helped by seasonal retail buying as JD Sports and Sainsbury's made bumper profits.

    JD Sports, one of Britain's largest national chains of sportswear, reported revenues growth for the 22 weeks to 31 December of more than 10%, which compared with growth of 5% over the first half of its financial year.

    Sainsbury’s, one of the UK's largest supermarket chains stated that trading in general merchandise had been stronger than expected, with overall like-for-like sales growth of 5.9% in the 16 weeks to 7 January reflecting inflation and “relatively resilient” volume trends.

    There is certainly a lot of volatility in the blue-chip stocks, which is a relatively new dynamic as such large firms which go to make up indices such as the FTSE 100 are traditionally very slow movers in terms of stock value, largely due to their conservative positions and need to please long-term shareholders.

    Making this a little more interesting is FX Open's recent decision to remove commission from all index CFDs, therefore trading the FTSE 100 is now commission-free, adding to the excitement of this week's volatile markets.

    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.

  8. #668
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    ETHUSD and LTCUSD Technical Analysis – 12th JAN, 2023


    ETHUSD: Bullish Harami Pattern Above $1237

    Ethereum was unable to sustain its bearish momentum and after touching a low of 1237 on 06th Jan, the price started to correct upwards against the US dollar crossing the $1400 handle today in the European trading session.

    The prices are ranging near a new record high of 1 month.

    We have seen a bullish opening in the markets this week.

    We can clearly see a bullish harami pattern above the $1237 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

    ETH is now trading just above its pivot level of 1398 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1401 and Fibonacci resistance level of 1403 after which the path towards 1500 will get cleared.

    We have also seen the formation of an upside gap in the 15-minute time frame indicating the bullish nature of the markets.

    The relative strength index is at 70.66 indicating a strong demand for Ether and the continuation of the buying pressure in the markets.

    The Williams percent range is indicating an overbought market, which means that the price is expected to decline in the short-term range.

    Most of the technical indicators are giving a STRONG BUY market signal.

    Most of the moving averages are giving a STRONG BUY signal at the current market levels of $1399.

    ETH is now trading Above both the 100 hourly simple and 200 hourly exponential moving averages.

    • Ether: bullish reversal seen above the $1237 mark
    • The short-term range appears to be strongly bullish
    • ETH continues to remain above the $1350 level
    • The average true range is indicating HIGH market volatility


    Ether: Bullish Reversal Seen Above $1237


    ETHUSD continues to trade higher against the US dollar and bitcoin. The price of Ethereum remains supported above the $1300 level and now we are testing the break of the $1500 handle.

    The momentum Indicator is back over zero in the weekly time frame.

    We can see the formation of a bullish price crossover pattern with moving average MA20 in the weekly time frame.

    The resistance of the channel is broken in the daily time frame indicating bullish trends.

    ETHUSD touched an intraday low of 1341 in the Asian trading session and an intraday high of 1417 in the European trading session today.

    The daily RSI is printing at 75.77 indicating a STRONG demand for Ether in the long-term range.

    The key support levels to watch are $1275 at which the price crosses 9-day moving average and at $1313 which is a 38.2% retracement from a 4-week high.

    ETH has increased by 4.62% with a price change of 61.65$ in the past 24hrs and has a trading volume of 9.607 billion USD.

    We can see an increase of 74.76% in the total trading volume in the last 24 hrs which is due to the heavy buying pressure seen in the global markets.

    The Week Ahead

    ETH has already made a successful attempt at crossing the $1400 level and the next targets are located at $1500 and $1600 levels in the medium-term.

    We can see the formation of an ascending channel from $1237 towards $1421.

    The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned bullish, and the long-term outlook for Ether is neutral under present market conditions.

    The resistance zone is located at $1413 which is a 1-month high, and at $1442 which is a 38.2% retracement from a 13-week high.

    The weekly outlook is projected at $1550 with a consolidation zone of $1500.

    Technical Indicators:

    The STOCH (9,6): is at 57.42 indicating a BUY

    The MACD (12,26): is at 16.00 indicating a BUY

    The ultimate oscillator: is at 51.75 indicating a BUY

    The rate of price change: is at 4.24 indicating a BUY

    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.

  9. #669
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    Gold Price and Crude Oil Price Extend Gains


    Gold price is gaining pace above the $1,870 level. Crude oil price is also rising and might clear the $80 resistance zone in the near term.

    Important Takeaways for Gold and Oil

    • Gold price started a strong increase and tested $1,900 against the US Dollar.
    • There is a key bullish trend line forming with support near $1,885 on the hourly chart of gold.
    • Crude oil price started a fresh increase from the $74.00 support zone.
    • There is a major bullish trend line forming with support near $75.40 on the hourly chart of XTI/USD.


    Gold Price Technical Analysis

    Gold price formed a base above the $1,820 level against the US Dollar. The price started a strong increase above the $1,840 and $1,850 resistance levels to move into a positive zone.

    The bulls even pumped the price above the $1,880 and the 50 hourly simple moving average. The price even tested the $1,900 level. A high is formed near $1,901 on FXOpen and the price is now consolidating gains.

    Gold Price Hourly Chart


    An immediate support on the downside is near the $1,894 level. It is close the 23.6% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.

    The next major support is near the $1,885 level. There is also a key bullish trend line forming with support near $1,885 on the hourly chart of gold. The trend line is near the 50% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.

    The next major support is near $1,882, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,865 support zone.

    On the upside, the first major resistance is near the $1,900 level. The next key hurdle is near the $1,912 level, above which it could even test $1,925. A clear upside break above the $1,925 resistance could send the price towards $1,950.

    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.

  10. #670
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    Watch FXOpen's January 9 - 13 Weekly Market Wrap Video

    In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

    • Major events of the coming days
    • GBP/USD and GBP/JPY aim higher
    • FTSE 100 rockets to 1 year high! Will it reach 8,000?
    • The financial market is preparing for a shake-up


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




    FXOpen YouTube


    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.

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