Daily Market Analysis By FXOpen

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GBPUSD Technical Analysis – 09th AUG, 2024

GBPUSD – Ichimoku: Price is over the Cloud

GBPUSD was unable to continue its bearish momentum and after forming a low of 1.2660 the prices started to correct upwards against the US dollar.
The Ichimoku: Price is over the Cloud in the 2-hourly timeframe.
We can see the formation of Bullish trend reversal: Moving Average 50 in the daily timeframe.
The prices of GBPUSD are ranging Near support of channel in the weekly timeframe.

The Resistance of channel is broken in the 1-hourly timeframe.
The MACD crosses UP its Moving Average in the 30-minutes timeframe.
GBPUSD is now trading above its 100-hour SMA and below its 200-hour SMA simple moving average.
• Pound Bullish reversal seen above the 1.2660 mark.
• Short-term range appears to be Bullish.
• GBPUSD continues to remain above the 1.2750 levels.
• Average true range ATR is indicating less market volatility.

GBPUSD is now trading below its Pivot levels of 1.2765 and is moving into a Consolidation channel.
The price of GBPUSD is above its Classic support levels of 1.2746 and is now moving towards its next target of 1.2768 at which the Price Crosses 9 Day Moving Average.
We are also looking for the breach of the levels of 1.2773 which is a 50% Retracement From 13 Week High/Low.

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

 

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Market Analysis: EUR/USD Dips Again While USD/JPY Aims Fresh Increase

EUR/USD declined from the 1.1000 resistance and corrected gains. USD/JPY is rising and might take out the 147.80 resistance.

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

• The Euro started a fresh decline below the 1.0945 support zone.
• There is a connecting bearish trend line forming with resistance at 1.0920 on the hourly chart of EUR/USD at FXOpen.
• USD/JPY climbed higher above the 144.15 and 145.55 levels.
• There is a connecting bullish trend line forming with support at 147.00 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.1000 resistance zone. The Euro started a fresh decline and traded below the 1.0980 support zone against the US Dollar.

The pair declined below 1.0945 and tested the 1.0880 zone. A low was formed near 1.0881 and the pair is now consolidating losses. There was a minor recovery wave above the 1.0910 level. The pair surpassed the 23.6% Fib retracement level of the recent decline from the 1.1008 swing high to the 1.0881 low.

TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG

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

 

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NVDA Share Price Holds Above Psychological Level

On 10 July, we noted strong selling pressure above the $130 per share level. Since then, the price has dropped by approximately 22%. Losing more than a fifth of its market value seems like a serious issue, but it’s not as bad as it might appear, especially with emotions running high amid fears of a potential US recession.

Technical analysis of the NVDA chart today shows that:

→ The price is forming an upward trend (shown in blue). The false breakout of the upper boundary on 20 June mirrors the false breakout of the lower boundary of the channel on 5 August (as indicated by the arrows).

→ It’s important to focus on the interaction between the price and the psychological level of $100. On 5 August, when the price dropped below the lower boundary of the channel, it fell below this round number. However, by the end of the week, NVDA's price had recovered (along with many other stocks in the US market). It’s reasonable to assume that retail traders, who had earlier in 2024 bought NVDA shares on margin due to the prospects of AI development, rushed to liquidate their long positions when they saw the price dip below $100.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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Forex Trading Time Zones: Market Hours and Overlaps

In the world of forex trading, understanding the dynamics of different time zones is paramount. This article delves into the intricate web of currency trading time zones, exploring the 24-hour cycle, major trading hours, and the nuanced opportunities each presents.

The 24-Hour Cycle of Forex Market Time Zones

The forex market's distinctive feature of being open 24 hours a day, five days a week, is a testament to its unparalleled accessibility, dynamics, and decentralised nature. Unlike traditional financial markets constrained by fixed trading hours, the forex market operates continuously, commencing in Asia on Monday and concluding in North America on Friday.

Major financial centres in different time zones steer the dynamics of the forex market, acting as the primary drivers of market activity during their respective business hours. That complex interplay creates distinct trading periods, each characterised by unique market conditions and opportunities.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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USD/CHF Rises Over 2.5% in a Week

As indicated by the USD/CHF chart today, the rate is around 0.868 francs per US dollar, although it dropped below 0.85 last Monday.

The main driver of this surge in volatility (with the ATR indicator reaching its highest point since March 2023) was the decline in the Japanese stock market, which we covered twice last week: here and here. Market participants were actively buying the Swiss franc as a “safe haven” asset. However, when the Nikkei 225 (Japan 225 on FXOpen) began to recover from its nine-month lows, demand for the franc weakened.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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EURUSD Technical Analysis – 12th AUG, 2024
EURUSD – Resistance of Channel is Broken

EURUSD was unable to continue its bearish momentum and after touching a low of 1.0909 the prices have started correcting upwards against the United States dollar.
The resistance of the channel is also broken in the 1-hourly timeframe.
We can see the formation of Moving Average bullish crossovers: MA20 & MA50 in the 2-hourly timeframe.
The Aroon indicator is also giving a bullish trend in the 4-hourly timeframe.

We have also seen the presence of the Bullish engulfing lines in the weekly timeframe.
Some of the technical indicators are also giving a neutral stance in the markets which means that the prices are in the consolidation phase now.
EURUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bullish reversal seen above the 1.0909 mark.
• Short-term range appears to be Neutral.
• EURUSD continues to remain above the 1.0925 levels.
• Average true range ATR is indicating high market volatility.

The next resistance is located at 1.0939 which is a 14-3 Day Raw Stochastic at 70%.
EURUSD is now trading just below its Pivot levels of 1.0930 and is moving into a Consolidation channel.
The price of EURUSD remains above its Classic support levels of 1.0914 and is moving towards its next target of 1.0940 at which the Price Crosses 18 Day Moving Average Stalls.

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

 

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GBPUSD Technical Analysis – 12th AUG, 2024
GBPUSD – Parabolic SAR Indicator Bullish Reversal

GBPUSD was unable to continue its bearish momentum and after forming a low of 1.2746 the prices started to correct upwards against the US dollar.
The Parabolic SAR Indicator is also giving a Bullish Reversal signal in the daily timeframe.
We have also seen a Bullish opening of the markets this week.

The prices of GBPUSD are ranging Near horizontal support in the weekly timeframe.
The Resistance of channel is broken in the 1-hourly timeframe.
The MACD crosses UP its Moving Average in the 30-minutes timeframe.

GBPUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bullish reversal seen above the 1.2746 mark.
• Short-term range appears to be Bullish.
• GBPUSD continues to remain above the 1.2750 levels.
• Average true range ATR is indicating high market volatility.

GBPUSD is now trading below its Pivot levels of 1.2763 and is moving into a Consolidation channel.
The price of GBPUSD is above its Classic support levels of 1.2743 and is now moving towards its next target of 1.2776 which is a 50% Retracement From 13 Week High/Low.
We are also looking for the breach of the levels of 1.2796 at which the Price Crosses 40 Day Moving Average.

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

 

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How to Trade Crude Oil: Trading Strategies

Learning how to trade crude oil requires a nuanced understanding of its fundamental aspects, instruments, and trading strategies. This comprehensive article offers insights into the critical elements that affect crude oil prices, the range of instruments available for trading, and specific strategies traders use in this market.

The Basics of Crude Oil

Crude oil, often referred to as "black gold," is a fossil fuel derived from the remains of ancient organic matter. It serves as a crucial raw material for various industries, including transportation, chemicals, and manufacturing.

Two primary types of crude oil traded on global markets are West Texas Intermediate (WTI) and Brent Crude. WTI is primarily sourced from the United States and is known for its high quality and low sulphur content. On the other hand, Brent Crude originates mainly from the North Sea and serves as an international pricing benchmark.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

 

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Gold Price Near Historic High Today

As shown on the XAU/USD chart, the gold price is near $2,460 today, despite the 8th August candle opening around $2,385. This means that in just over three full trading sessions, the price per ounce has risen by approximately 3.3%. It is now only about 1.6% away from the psychological level of $2,500.

Bullish sentiment is being driven by rising geopolitical tensions. According to Trading Economics:

→ Israeli airstrikes on Khan Yunis on Monday killed at least 18 people, with several others injured.
→ Ukrainian forces last week breached the Russian border and are holding positions in the Kursk region.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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Alibaba Group (BABA) Stock Reaches Over Two-Month High

As shown on the BABA stock chart, the price today has risen to around $80.80—its highest level this summer.

The primary driver of bullish sentiment is the anticipation of a positive earnings report from Alibaba Group Holding Ltd for Q2 2024, set to be released on 15th August.

According to Dow Jones Newswires:

→ Lazada, a subsidiary of Alibaba Group, has reached a certain level of profitability, which is a promising sign for the tech giant as it seeks to boost international sales amid slowing growth in China.
→ Alibaba’s market share has stabilised after a decline in 2021. DBS analysts Sachin Mittal and Andy Yeo note that the Gross Merchandise Value (GMV) of goods sold on Taobao and Tmall has returned to double-digit growth, and Alibaba’s international e-commerce platforms could become a key driver, with an estimated compound annual growth rate of 23% from FY2024 to FY2027. DBS maintains its buy recommendation for Alibaba shares.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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NZD/USD Plunges Following RBNZ Decision

The exchange rate fell by 1.1% after the Reserve Bank of New Zealand cut interest rates by 25 basis points to 5.25% and signalled further easing.

According to RBNZ Governor Adrian Orr:
→ Inflation is returning to the target range, and the bank may begin normalising rates;
→ Several scenarios were considered, and consensus was reached for a 25 basis point rate cut;
→ Forecasts indicate that New Zealand is moving towards a period of low and stable inflation;
→ The economy is meeting expectations, although high-frequency data show some weakening.

The rate cut decision was somewhat unexpected, as the RBNZ had previously forecast that the rate-cutting cycle would start later. This has resulted in increased volatility in the NZD/USD chart today.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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Alphabet Inc (GOOGL) Shares Under Pressure

On 24th July, we noted in our analysis of the Alphabet Inc (GOOGL) price chart:
→ The share price had fallen despite the report's results surpassing analysts' expectations;
→ The upward momentum in the price chart was losing strength.

Since that publication, the Alphabet Inc (GOOGL) share price has dropped by 5%. While the sharp decline in stock markets on 5th August significantly impacted it, it's worth noting that since the previous Monday, the share price has been recovering more poorly than the index.

Bearish sentiment is being driven by:
→ A delay in showcasing the capabilities of the Gemini AI assistant at the “Made by Google” event;
→ Speculation about a potential breakup of Google under US antitrust laws. According to Benzinga, the US Department of Justice (DOJ) is considering this possibility.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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Market Analysis: AUD/USD Rallies While NZD/USD Trims Gains

AUD/USD is consolidating gains near the 0.6620 zone. NZD/USD is trimming gains and struggling to stay above the 0.6000 pivot zone.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

• The Aussie Dollar started a downside correction from 0.6640 against the US Dollar.
• There is a key bullish trend line forming with support at 0.6610 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is declining from the 0.6080 resistance zone.
• There is a major bullish trend line forming with support at 0.6010 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 0.6500 support. The Aussie Dollar was able to clear the 0.6580 resistance to move into a positive zone against the US Dollar.

There was a close above the 0.6600 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6640 zone. A high was formed near 0.6642 and the pair is now correcting gains.

There was a move below the 0.6630 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6579 swing low to the 0.6642 high. On the downside, initial support is near a key bullish trend line at 0.6610.

The next major support is near the 61.8% Fib retracement level of the upward move from the 0.6579 swing low to the 0.6642 high at 0.6600.

If there is a downside break below the 0.6600 support, the pair could extend its decline toward the 0.6580 level. Any more losses might signal a move toward 0.6545.

On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6640. The first major resistance might be 0.6650. An upside break above the 0.6650 resistance might send the pair further higher.

The next major resistance is near the 0.6700 level. Any more gains could clear the path for a move toward the 0.6740 resistance zone.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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1-Minute Scalping Trading Strategies With Examples

Scalping is a popular trading style capitalising on rapid, small price movements within minutes. 1-minute scalping strategies are often used by traders but require precise execution and solid understanding of technical indicators. This article explores four 1-min scalping strategies, detailing the indicators used alongside specific entries and exits.

Understanding 1-Minute Scalping

1-minute scalping is a fast-paced trading style focusing on taking advantage of small price movements within a minute timeframe. Traders using this approach rely on 1-minute charts to make quick, multiple trades throughout the trading session. The primary goal is to accumulate potential small gains that might add up to larger returns over time.

A scalp trading strategy requires a solid understanding of technical analysis and market conditions. Scalpers typically use indicators, price action patterns, and trend analysis to identify short-term market movements and potential entry and exit points. The rapid nature of 1-minute scalping demands precision and discipline, as even a slight delay can impact the trade outcome.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

 

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Analytical Intel Stock Predictions for 2024–2030 and Beyond

Intel Corporation remains a cornerstone in the semiconductor industry. This article delves into expert analyses and forecasts for Intel's stock from 2024 to 2030 and beyond, exploring technological advancements, market strategies, and financial projections and offering insights for anyone looking to trade INTC stock.

Intel Price History

Intel Corporation went public in October 1971, and its stock has undergone several splits since. During the 1980s, Intel experienced modest growth, with its stock price fluctuating around the $0.11 to $0.73 range (adjusted for splits and dividends). The company began gaining significant traction in the 1990s, driven by its dominance in the microprocessor market. By 1999, Intel's stock reached a high of more than $25, marking a period of rapid growth due to the tech boom and increasing demand for personal computers.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

 

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Commodity Currencies Strengthen After U.S. Inflation Data Release

Yesterday's data showed that U.S. inflation for July dropped to 2.9%. Given that the Federal Reserve will consider inflation and labour market figures when deciding on rates at the September meeting, the steady decline in the core Consumer Price Index (CPI) was expected to put downward pressure on the USD. However, the market's reaction to the U.S. inflation decrease was relatively muted, judging by the movement of major currency pairs. The Australian and Canadian dollars paused the upward correction they started late last week. However, since strategic supports remain intact, a resumption of medium-term growth is still possible.

AUD/USD

Technical analysis of the AUD/USD pair indicates the possibility of continued upward movement if the price can firmly establish itself above the 0.6650-0.6630 range. If these levels turn into support, the pair could test the 0.6770-0.6700 range.

The bullish sentiment is further supported by the “hammer” pattern formed on August 5th. This formation could be invalidated if the price falls below 0.6500-0.6470.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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Apple Inc. (AAPL) Forms 9 Consecutive Bullish Candles on Daily Chart

If we define bullish candles as those where the closing price is higher than the opening price, we can observe a sequence of 9 such candles on Apple Inc.'s (AAPL) daily chart from August 2nd to 14th.

On August 6th, we mentioned that market participants were bearish due to news that Warren Buffett had sold half of his Apple Inc. (AAPL) shares, but the situation has since reversed.

Now, bullish sentiment is gaining support from news related to George Soros purchasing Apple Inc. (AAPL) shares. According to MarketWatch, Soros Fund Management LLC has invested in Apple Inc. along with other tech companies, including Broadcom Inc. (AVGO), Micron Technology (MU), Texas Instruments Inc. (TXN), and Super Micro Computer Inc. (SMCI).

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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GBP/USD Analysis: Rate Steady After Key Data Releases

Yesterday, important U.S. inflation data was released, as reported by ForexFactory:
→ Core CPI (MoM): actual = 0.2%, forecast = 0.2%; previous = 0.1%;
→ CPI (YoY): actual = 2.9%, forecast = 3.0%; previous = 3.0%.

Today, market participants learned about the change in the UK’s monthly GDP: actual = 0.0%, forecast = 0.0%; previous = 0.4%.

However, these news releases had little impact on the GBP/USD exchange rate, likely because the actual figures were in line with expectations.

Today's technical analysis of the GBP/USD chart shows that the price is consolidating within a narrowing triangle (marked in green). The upper line of this triangle aligns with a fan line that has been expanding downwards, with price action tracing the fan's contours since the second half of July.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

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

 

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AUDUSD Technical Analysis – 15th AUG, 2024
AUDUSD – Bearish Trend Reversal Pattern

AUDUSD was unable to continue its bullish momentum and after touching a high of 0.6633 the prices started to decline sharply against the United States dollar in the London trading session.
We can see the formation of a Bearish Trend Reversal Pattern with the Adaptive Moving average AMA20 AMA50 and AMA100 in the 30-minutes timeframe.
The Ichimoku: price is under the cloud in the 30-minutes timeframe.
The MACD crosses DOWN its Moving Average in the 1-hourly timeframe.

The Parabolic SAR indicator is also giving a bearish reversal signal in the 1-hourly timeframe.
The RSI indicator: bearish divergence is also seen in the 2-hourly timeframe.
The MACD indicator: bearish divergence is visible in the 4-hourly timeframe.

AUDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bearish reversal seen below the 0.6633 mark.
• Short-term range appears to be Strong Bearish.
• AUDUSD continues to remain above the 0.6600 levels.
• Average true range ATR is indicating high market volatility.


The next support is located at 0.6598 which is a 14 Day RSI at 50%.
AUDUSD is now trading below its Pivot levels of 0.6614 and is moving into a Strong Bearish channel.
The price of AUDUSD remains above its Classic support levels of 0.6568 and is moving towards its next target of 0.6584 which is a 14-3 Day Raw Stochastic at 80%.

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

 

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EURUSD Technical Analysis – 15th AUG, 2024
EURUSD – Bearish Price Crossover Pattern

EURUSD was unable to continue its bullish momentum and after touching a high of 1.1023 the prices started to decline sharply against the United States dollar in the London trading session.
We can see the formation of a Bearish Price Crossover Pattern with the Adaptive Moving average AMA20 in the 15-minutes timeframe.
The Aroon indicator is also giving a bearish trend in the 15-minutes timeframe.

We can see the formation of Ichimoku - Bearish crossover: Tenkan & Kijun also in the 15-minutes timeframe.
The MACD indicator: bearish divergence is seen in the 15-minutes timeframe.
We have also seen the formation of a Long black line and Black Marubozu in the 15-minutes timeframe.

The SuperTrend indicator is also giving a bearish reversal signal in the 1-hourly timeframe.
EURUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving averages.
• Euro Bearish reversal seen below the 1.1023 mark.
• Short-term range appears to be Strong Bearish.
• EURUSD continues to remain above the 1.0950 levels.
• Average true range ATR is indicating high market volatility.

The next support is located at 1.0947 at which the Price Crosses 9 Day Moving Average.
EURUSD is now trading below its Pivot levels of 1.1012 and is moving into a Strong Bearish channel.
The price of EURUSD remains below its Classic support levels of 1.1005 and is moving towards its next target of 1.0912 which is a 14-3 Day Raw Stochastic at 50%.

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog