Daily Market Analysis By FXOpen

NASDAQ 100 Overtakes Bitcoin


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.



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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.

AUD/USD and NZD/USD Start Steady Increase


AUD/USD is moving higher and might climb further higher above 0.6615. NZD/USD is also rising and might surge toward the 0.6145 resistance zone.

Important Takeaways for AUD USD and NZD USD Analysis Today

• The Aussie Dollar started a fresh increase above the 0.6520 and 0.6550 levels against the US Dollar.
• There was a break above a major bearish trend line with resistance near 0.6520 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is gaining bullish momentum above the 0.6060 support.
• There was a break above a key bearish trend line with resistance near 0.6020 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis


On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6460 support. The Aussie Dollar was able to clear the 0.6500 resistance to start a steady uptrend against the US Dollar.

It cleared the 50-hour simple moving average and a major bearish trend line with resistance near 0.6520. The upward move was such that the bulls pumped the pair above the 61.8% Fib retracement level of the downward move from the 0.6660 swing high to the 0.6462 low.

The AUD USD chart indicates that the pair is now facing resistance near 0.6615. It is close to the 76.4% Fib retracement level of the downward move from the 0.6660 swing high to the 0.6462 low.

An upside break above the 0.6615 resistance might send the pair further higher. The next major resistance is near the 0.6660 level. Any more gains could open the doors for a move toward the 0.6700 resistance zone.

On the downside, initial support is near 0.6550. The next support could be the 0.6520 level and the 50-hour simple moving average. If there is a downside break below the 0.6520 support, the pair could extend its decline toward the 0.6460 level. Any more losses might signal a move toward 0.6400.

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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.

Market Analysis: AUD/USD Skyrockets


Since the beginning of yesterday's trading session, the AUD/USD rate has increased by 1.7%. This is due to the difference in the monetary policies of the Fed and the RBA.

On the one hand, Philadelphia Fed President Patrick Harker said on Thursday that it was time to at least press the stop button for one meeting and see how it goes, referring to the June 13-14 meeting and the pause in a series of Fed’s interest rate hikes.

On the other hand, Australia raised the minimum wage by 5.75% from July 1, a decision that will affect the wages of 2 million people. This is an argument in favor of the fact that the RBA will continue to raise interest rates. The decision will be published on June 6th.



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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.

Gold Price and Crude Oil Price Weekly Chart Outlook


Gold price remains supported for more gains above $2,000. Crude oil price is declining and might dive if there is a break below $65.00.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price rallied toward $2,080 before it started a downside correction against the US Dollar.
• It is now trading above a connecting bullish trend line with support near $1,940 on the weekly chart of gold at FXOpen.
• Crude oil prices are moving lower below $83.75 support.
• There was a break below a major bullish trend line with support near $90.00 on the weekly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis


On the weekly chart of Gold at FXOpen, the price started a fresh increase above the $1,870 resistance. The price gained pace and rallied above the $2,000 level.

There was a close above the 50-week simple moving average. It even surpassed $2,050 and tested $2,080. A high was formed near $2,081 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high.

The price tested the 50% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high at $1,940.

The price is also trading above a connecting bullish trend line with support near $1,940. If there is a downside break, the price might decline toward the $1,870 support. The next major support is near $1,740, below which the bulls could aim for a test of $1,660.

On the upside, the price might face resistance near the $2,050 level. The next major resistance is near the $2,080 level. An upside break above the $2,080 resistance could send Gold price toward $2,120. Any more gains may perhaps set the pace for an increase toward the $2,200 level.

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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.

Market Analysis: "Black Monday" for Crypto Community


On June 5, it became known that the SEC filed a lawsuit against the largest cryptocurrency exchange Binance, collapsing the price of bitcoin and other cryptocurrencies.

Here is the essence of claims:

→ improper handling of customer funds,
→ misleading investors and regulators,
→ violation of the law on activities with "unregistered securities” — the stablecoins of the BUSD exchange, the native BNB token, as well as a number of cryptocurrencies.

In addition, a lawsuit was filed against the head of the Binance exchange, Changpeng Zhao, who hastened to reassure customers: do not give in to fears, the exchange continues its work.



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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.

EUR/CHF and USD/CHF Weekly Chart Outlook


EUR/CHF is struggling to clear the 0.9960 resistance zone. USD/CHF could gain pace if it clears the 0.9290 resistance zone.

Important Takeaways for EUR/CHF and USD/CHF Analysis

• The Euro is facing strong resistance near 0.9960 against the Swiss Franc.
• There is a key bearish trend line forming with resistance near 0.9850 on the weekly chart of EUR/CHF at FXOpen.
• USD/CHF found support near 0.8820 and recently started an upside correction.
• There is a crucial bearish trend line forming with resistance near 0.9200 on the weekly chart at FXOpen.

EUR/CHF Technical Analysis


On the weekly chart of EUR/CHF at FXOpen, the pair started a decent recovery wave from the 0.9400 support zone. The Euro was able to climb above 0.9670 against the Swiss Franc.

During the increase, it traded above the 50% Fib retracement level of the last major decline from the 1.0515 swing high to the 0.9406 low. There was also a spike above the 0.9960 resistance and the 50-week simple moving average.

However, the pair struggled to clear the 1.0090 resistance zone. It failed near the 61.8% Fib retracement level of the last major decline from the 1.0515 swing high to the 0.9406 low.

On the EUR/CHF chart, the pair is moving lower and trading below the 50-week simple moving average. Immediate support is near the 0.9670 level. The first major support is near the 0.9400 level, below which the pair could decline toward 0.9200.

On the upside, the first major resistance is forming near a key bearish trend line at 0.9850. The next major resistance is near the 0.9960 level, above which the pair might revisit the 1.0090 resistance zone if the weekly RSI moves above 50. Any more gains might the pair toward 1.0500.

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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.

Market Analysis: A Week of Important News in Full Swing


On Tuesday, Australia's central bank raised interest rates from 3.85% to 4.10%. This is the highest value in 11 years. We wrote about the likelihood of this event in a post dated June 2. Speaking on June 7, bank governor Philip Lowe said: “We have been prepared to be patient [...] but our patience has a limit, and the risks are starting to test these limits,” warning of a possible further rise in rates.

Also yesterday, rates in Canada were raised to 4.75%, a 22-year high. Strong consumer spending, a recovery in demand for services, an increase in housing activity and the situation in the labor market show that excess demand is more stable than expected, the central bank said in a statement. Reuters writes that experts predict another increase next month, aimed at slowing down the overheating economy and stubbornly high inflation.



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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.

BTC/USD Analysis: Test of an Important Breakout Amid Scary News


The cryptocurrency market is shaken by claims from the SEC. The lawsuits by the US financial regulator against the world's largest cryptocurrency exchange Binance and its head Changpeng Zhao have added to the lawsuits against the Coinbase exchange, whose shares are traded on Nasdaq. In response, Coinbase representatives said that the exchange has no plans to ban the trading of crypto assets that the SEC considers securities, and does not plan to phase out staking services.

Cryptocurrency market participants anxiously monitor incoming news:
→ Hearings are scheduled for June 14 on the SEC request to freeze Binance.US assets.
→ A division of Binance.US has drastically reduced the number of cryptocurrency pairs available for trading.
→ Coinbase does not see the risk of losing customers or banking partners; the exchange has more than $5 billion on its balance sheet, available to maintain operations and pay legal fees.



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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.

AUD/NZD and EUR/GBP Weekly Chart Outlook


AUD/NZD is facing major resistance near the 1.0985 zone. EUR/GBP broke a crucial support at 0.8720 and might continue to move lower.

Important Takeaways for AUD/NZD and EUR/GBP Analysis

• The Aussie Dollar started a recovery wave from the 1.0600 support against the New Zealand Dollar.
• There is a key bullish trend line forming with support near 1.0600 on the weekly chart of AUD/NZD at FXOpen.
• EUR/GBP started a major decline from the 0.9000 resistance zone.
• It traded below a major bullish trend line with support near 0.8720 on the weekly chart at FXOpen.

AUD/NZD Technical Analysis


On the weekly chart of AUD/NZD at FXOpen, the pair found support near 1.0500. The Aussie Dollar formed a base above the 1.0600 pivot level against the New Zealand Dollar.

There was a decent increase above the 23.6% Fib retracement level of the downward move from the 1.1489 swing high to the 1.0479 low. Earlier this year, the pair even pumped above the 1.0920 resistance zone.

However, the bears were active near the 50% Fib retracement level of the downward move from the 1.1489 swing high to the 1.0479 low. The pair declined and revisited the 1.0600 support. It is again moving higher toward the 50-week simple moving average at 1.0920.

On the AUD/NZD chart, the pair could struggle to surpass 1.0920 and 1.0985. Only a successful daily close above 1.0985 might start a strong increase. The next major resistance sits near the 1.1100 level.

On the downside, the first major support is near a key bullish trend line at 1.0600. The next major support is near the 1.0300 level, below which the pair may perhaps extend its decline toward the 1.0150 level. Any more losses might call for a move toward the 1.0000 level.

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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.

The Crypto Market Is Under Pressure Due to SEC. Apart from This Coin


This week, the financial regulator SEC launched an attack on the cryptocurrency industry, suing the Binance and Coinbase exchanges, while classifying a number of popular coins as securities. As a result, since the beginning of June:

→ the price of bitcoin decreased by approximately 2.2%;
→ the price of Ethereum decreased by approximately 1.8%;
→ the price of BNB, the native token of the Binance exchange, has decreased by approximately 16%.

However, if we look at the Ripple chart today, we will see that the price of XRP has risen by about 2.5% since the beginning of the month. The fact is that Ripple has been in a state of litigation with the SEC since December 2020 (the commission also considers XRP a security). And the latest claims of the regulator have a lesser effect on the XRP exchange rate against the US dollar.

Moreover, rumors are circulating that the SEC has a presentiment that it can lose in a dispute with Ripple. And therefore, with new lawsuits against Binance and Coibase, it is trying to influence the decision in the case with Ripple, to reduce reputational risks.



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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.