Daily Market Analysis By FXOpen

[Resolve]

Euro Tests Key Levels Ahead of Inflation Data

EUR/USD

The euro has retreated from its previously reached highs. The 1.12000 level provided strong resistance to buyers, and after testing it twice, the price has corrected to 1.1100. This level has already offered support to the pair last week, so for now, we are seeing range-bound trading between 1.1200-1.1090.

What scenarios could unfold in the upcoming trading sessions?

- If the price breaks and holds below 1.1090, a full-fledged downward correction could develop, with a decline towards 1.1050-1.0980.
- If the price consolidates above 1.1200, the upward momentum could resume, with a rise towards 1.1400-1.1300.

Technical analysis of EUR/USD suggests the potential for a deeper downward retracement, as a “bearish harami” pattern has formed on the daily timeframe.

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.

 

[Resolve]

Nvidia (NVDA) Shares Fall Despite Strong Earnings

Yesterday, after the close of the main trading session, Nvidia released its second-quarter earnings report:

→ Earnings per share: actual = $0.67, expected = $0.647;
→ Revenue: $30.04 billion, expected = $28.737 billion;
→ The company also announced a $50 billion share buyback.

However, despite the strong results, Nvidia’s share price declined. While the closing price yesterday was above $125, in pre-market trading today, Nvidia's shares are down below $118.

The more than 6% drop may be due to:
→ The company’s future outlook not meeting investor expectations;
→ Waning bullish sentiment around AI adoption.

On 12 August, during a technical analysis of NVDA’s price chart, we noted:
→ The price was forming an upward channel (indicated in blue);
→ The $100 level was acting as support.

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.

 

[Resolve]

EUR/USD Falls Below 1.11 Support

On 26 August, we discussed the potential for a pullback after the rally to 1.12, noting:
→ The fluctuations since April formed an ascending channel (indicated in blue, with support points marked by circles), and the price was near its upper boundary, where resistance was likely;
→ The 1.12 level also showed signs of resistance – the price briefly exceeded it before quickly falling back below; → Bearish divergence on the RSI indicator.

Just three days later, bearish signals continued to develop, leading to:
→ The formation of a bearish "head and shoulders" pattern (H&S) on the chart;
→ A more than 1% decline in price, breaking below the 1.11 level, which had provided support since 21 August.

Could EUR/USD continue to decline?

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.

 

[Resolve]

Double Top Pattern: Overview and Trading Rules

A double top is a popular technical analysis pattern that usually appears before a reversal in an uptrend. It’s one of the most common patterns and it can be found on any timeframe of any asset. Still, some traders confuse its signals. In this FXOpen article, we will explore how to spot the double top formation on a price chart and use it to build your own trading strategy.

What Is a Double Top Pattern?

In technical analysis, a double top pattern meaning refers to a chart pattern that consists of two swing highs with a trough in between, and the two highs should be at the same or almost the same level. Some traders confuse a double top with a double bottom formation. Therefore, the question “Is the double top bullish or bearish?” is common. The double top pattern appears at the end of an uptrend, and it’s always bearish. Conversely, the double bottom setup occurs at the end of a downtrend, and it’s always bullish.

TO VIEW THE FULL ARTICLE, 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.

 

[Resolve]

Analytical USD to JPY Predictions in 2024, 2025 and Beyond

Understanding the future movements of the USD/JPY exchange rate is crucial for anyone looking to trade this fascinating pair. In this article, we analyse the economic outlook for 2024 and 2025, looking at expert forecasts to examine the impact of divergent monetary policies and economic conditions in the US and Japan. Dive in to discover how these factors might shape the currency pair's trajectory and what USD/JPY predictions are for the coming years.

Recent USD/JPY History

Since 2019, the USD/JPY exchange rate has experienced notable fluctuations, driven by various economic events and monetary policies.

The year 2019 started with USD/JPY at around 108.62. Throughout the year, the exchange rate gradually increased, peaking at approximately 112.40 in April. However, by the end of the year, it settled around 108.50, influenced by global trade tensions and monetary policies from both the Federal Reserve and the Bank of Japan.

The onset of the COVID-19 pandemic in March 2020 brought significant volatility. As news gripped the markets, the USD to JPY rate slumped to a low of around 101.20 before rebounding to 111.70 around a week later, favouring the security of the USD against JPY.

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.

 

[Resolve]

Market Analysis: AUD/USD and NZD/USD Regain Strength

AUD/USD is consolidating gains from the 0.6825 zone. NZD/USD is showing positive signs and might attempt a fresh increase above 0.6275.

Important Takeaways for AUD USD and NZD USD Analysis Today

• The Aussie Dollar rallied above the 0.6735 and 0.6750 resistance levels against the US Dollar.
• There is a key bullish trend line forming with support at 0.6795 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is correcting gains from the 0.6300 zone.
• There is a major bullish trend line forming with support at 0.6255 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 0.6700 support. The Aussie Dollar was able to clear the 0.6735 resistance to move into a positive zone against the US Dollar, as mentioned in the previous analysis.

There was a close above the 0.6750 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6825 zone. A high was formed near 0.6824 and the pair recently saw a minor pullback.

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.

 

[Resolve]

Buffett's Company Hits $1 Trillion Market Cap

Berkshire Hathaway's (BRK.B) Class B shares surpassed $465 this week, while Class A shares exceeded $700,000, pushing the market capitalisation of Warren Buffett's company past the $1 trillion mark. This milestone makes it the first non-tech U.S. company to join the trillion-dollar club, alongside Apple, Nvidia, Microsoft, Alphabet, Amazon, Meta, and Saudi Aramco.

Buffett's success lies in his value investing philosophy, which has allowed him to build a portfolio that consistently outperforms the market. This month is no exception—while the S&P 500 (US SPX 500 mini on FXOpen) has rebounded about 9.4% from its 5 August low, Berkshire Hathaway's Class B shares have surged over 14%.

Can the price climb even higher?

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.

 

[Resolve]

USD/CHF Rebounds from Yearly Lows

The USD/CHF pair tested its yearly low slightly below 0.84100 yesterday but has since recovered to just above 0.84800 today.

The bullish sentiment was supported by positive news about the U.S. economy—data released yesterday showed GDP growth for the second quarter at 3.0%, surpassing the expected 2.8%.

Bulls may find further encouragement from events earlier this year when the head of the Swiss National Bank (SNB) warned that an excessively strong franc could pressure the country's economy. Following this, USD/CHF rose by more than 8% over four months.

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.

 

[Resolve]

Watch FXOpen's 26 - 30 August Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: EUR/USD, NASDAQ 100, NVIDIA, Gold and Oil

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.

• EUR/USD falls below 1.11 support
• NASDAQ 100 consolidates ahead of NVIDIA report
• NVIDIA (NVDA) shares fall despite strong earnings
• Market analysis: Gold and Oil prices signal more upsides

Stay in the know and empower yourself with our short, yet power-packed video.

Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.



FXOpen YouTube


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.

#fxopen #fxopenyoutube #fxopenint #weeklyvideo

 

[Resolve]

AUDUSD Technical Analysis – 30th AUG, 2024
AUDUSD – Moving Average Bearish Crossovers

AUDUSD was unable to sustain its bullish momentum and after touching a high of 0.6815 the prices started to decline sharply against the United States Dollar in the European Trading session today.
We can see Moving Average bearish crossovers: MA50 & MA100 in the 30-minutes timeframe.
The Support of channel is broken in the 1-hourly timeframe.

We have also detected Moving Average bearish crossovers: AMA20 & AMA50 in the 4-hourly timeframe.
A Bearish price crossover with adaptative moving average 50 is seen in the weekly timeframe.
We can see Bearish Harami pattern formation in the weekly timeframe.

The prices of AUDUSD are ranging Near horizontal resistance in the monthly timeframe.
AUDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bearish reversal seen below the 0.6815 mark.
• Short-term range appears to be Mild Bearish.
• AUDUSD continues to remain above the 0.6750 levels.
• Average true range ATR is indicating high market volatility.

The next support is located at 0.6758 which is a Pivot Point 2nd Support Point.
AUDUSD is now trading near to its Pivot levels of 0.6758 and is moving into a Bearish channel.
The price of AUDUSD remains above its Classic support levels of 0.6737 and is moving towards its next target of 0.6746 which is a 14-3 Day Raw Stochastic at 70%.

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

 

[Resolve]

EURUSD Technical Analysis – 30th AUG, 2024
EURUSD – MACD crosses DOWN its Moving Average

EURUSD was unable to continue its bullish momentum and after touching a high of 1.1094 the prices started to decline sharply against the United States dollar in the European Trading session.
We can see that MACD crosses DOWN its Moving Average in the 2-hourly timeframe.
We have also seen Bearish trend reversal: adaptative moving average 100 in the 4-hourly timeframe.

The prices of EURUSD are ranging Near horizontal resistance in the weekly timeframe.
We can see the formation of a Bearish Harami pattern in the weekly timeframe.
Some of the technical indicators are also giving a bearish to neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.
The prices of EURUSD are ranging near horizontal resistance in the monthly 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 1.1094 mark.
• Short-term range appears to be Mild Bearish.
• EURUSD continues to remain above the 1.1050 levels.
• Average true range ATR is indicating high market volatility.

The next support is located at 1.1042 which is a Pivot Point 1st Support Point.
EURUSD is now trading above its Pivot levels of 1.1051 and is moving into a Mild Bearish channel.
The price of EURUSD remains above its Classic support levels of 1.1026 and is moving towards its next target of 1.1022 which is a Price 1 Standard Deviation Support.

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

 

[Resolve]

GBPUSD Technical Analysis – 30th AUG, 2024
GBPUSD – Parabolic SAR Indicator Bearish Reversal

GBPUSD was unable to continue its bullish momentum and after touching a high of 1.3199 the prices started to decline sharply against the United States Dollar in the European Trading session today.
The Parabolic SAR indicator bearish reversal is seen in the 15-minutes timeframe.
We can also see Bearish price crossover with adaptative moving average 20 in the 15-minutes timeframe.
The Support of channel is broken in the 1-hourly timeframe.

The prices of GBPUSD are ranging Near horizontal resistance in the weekly timeframe.
Some of the technical indicators are also giving a Neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.
The prices of GBPUSD are ranging Near a new LOW record of 1 month.

GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bearish reversal seen below the 1.3199 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain above the 1.3100 levels.
• Average true range ATR is indicating high market volatility.

GBPUSD is now trading near to its Pivot levels of 1.3128 and is moving into a Mild Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.3103 and is now moving towards its next target of 1.3115 which is a 14-3 Day Raw Stochastic at 70%.
We are also looking for the breach of the levels of 1.3090 which is a Pivot Point 1st Support Point.

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

 

[Resolve]

NZDUSD Technical Analysis – 30th AUG, 2024
NZDUSD – Bearish Price Crossover Pattern

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.6270 the prices started to decline sharply against the United States Dollar today in the European Trading session.
We can see the formation of Bearish price crossover with Moving Average 20 in the 30-minutes timeframe.
The Support of channel is broken in the 1-hourly timeframe.

We have also seen the formation of Bearish price crossover with adaptative moving average 20 in the 2-hourly timeframe.
The prices of GBPUSD are ranging Near resistance of channel in the daily timeframe.
Some of the technical indicators are also giving a Bullish to Neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.

NZDUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.6270 mark.
• Short-term range appears to be Mild Bearish.
• NZDUSD continues to remain above the 0.6240 levels.
• Average true range ATR is indicating high market volatility.

The next support is located at 0.6233 which is a 14-3 Day Raw Stochastic at 80%.
NZDUSD is now trading near to its Pivot levels of 0.6249 and is moving into a Mild Bearish channel.
The price of NZDUSD remains above its Classic support levels of 0.6240 and is now moving towards its next target of 0.6227 which is a Price 1 Standard Deviation Support.

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

 

[Resolve]

Rising Wedge Pattern: Trading Rules and Strategies

Numerous technical analysis patterns indicate a reversal in market trends. A rising wedge is a formation that helps traders spot price reversals. This FXOpen article will explain how to identify a rising wedge to analyse market trends and explore whether it provides bullish or bearish signals.

What Does a Rising Wedge Signify?

A rising wedge, also known as the ascending wedge, is a technical analysis chart pattern. The wedge appears when the upper and lower trendlines connecting the higher highs and higher lows converge with the gap squeezing towards the intersecting point.

Is the ascending wedge bullish or bearish? It’s a bearish formation, which is usually considered a reversal setup that is formed in an uptrend, signalling a reversal of a market trend. Still, it can occur in a downtrend, signalling a continuation of an existing bearish trend. Buyers push the price from the downside and face resistance in breaking it towards the upside, which finally triggers a move in the opposite direction.

TO VIEW THE FULL ARTICLE, 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.

 

[Resolve]

September – The Worst Month for the S&P 500

August was a turbulent month for the US stock market. On the 5th, the S&P 500 (US SPX 500 mini on FXOpen) experienced its largest daily drop since 2022, falling by 3%. However, the index ended August up by 3.7% and is now just 0.3% below its all-time high of around 5672 set in July.

What can we expect in September? Historically, it is the worst month for the S&P 500 (US SPX 500 mini on FXOpen). Statistics show that the index has typically declined by an average of 1.1% in September.

The month starts with a long weekend due to Labour Day in the US, but volatility is likely to increase as traders return from their holidays.

Technical analysis of the S&P 500 (US SPX 500 mini on FXOpen) shows:

→ The price is moving within an ascending channel (shown in blue), having tested the lower boundary of the channel on 5 August before returning to the upper half of the channel with a wide candle on 15 August (shown by the arrow).

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.

 

[Resolve]

Hammer Candlestick: Meaning and Signals

Technical analysis is a commonly used approach in the financial markets. It involves studying historical price data to make informed trading decisions. Among the various tools and formations employed in technical analysis, the hammer candlestick pattern stands out as a powerful tool. This article will delve into the meaning of the hammer candlestick pattern and explain how traders can interpret it on a forex, stock, and crypto* price chart.

What Is a Hammer Candle?

A hammer is a price formation that is found on trading charts. It occurs at the end of a downtrend and acts as a bullish reversal signal.

TO VIEW THE FULL ARTICLE, 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.

 

[Resolve]

The Price of Intel (INTC) Shares Rose By 9.5% in a Day

The reason for the optimism is a report from Reuters that CEO Pat Gelsinger is planning to present a comprehensive plan to the board of directors in mid-September:

→ Special attention will be given to reducing capital expenditures, which is part of a broader effort to revitalise the chipmaker, whose shares have experienced a dramatic decline. It’s worth noting that on 2 August, the price of Intel (INTC) shares dropped by 26% in a single day following the release of disappointing quarterly results and projections, which greatly disheartened investors.

→ The plan also considers the sale of businesses, including the Altera division. Reportedly, Intel has enlisted Morgan Stanley and Goldman Sachs to advise on the sale of these assets.

→ Additionally, Intel aims to reduce its workforce by more than 15%, with the majority of the cuts expected to be completed by the end of 2024.

Investors were encouraged by the news that the management is ready to take decisive action. As Gelsinger recently stated, "We respect the scepticism we’ve received from the market. We believe we’re ready to meet the challenge."

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.

 

[Resolve]

XAG/USD Analysis: Bulls May Target $30 Again

As the XAG/USD chart indicates today, the price of silver has dropped by over 5% in the past week. Bearish signs are also evident in the price of gold. According to Reuters, market participants are focusing on a series of economic data set to be released this week, which could influence expectations regarding a potential rate cut at the Federal Reserve’s September meeting.

Could the price of silver continue to decline? Technical analysis of the XAG/USD chart shows that since late May, the price of silver has been forming a structure resembling a fan of three expanding lines, marked in red.

Bullish Arguments:
→ The price has broken through the red median line and moved into the upper half of the fan.
→ The price is near the bullish breakout level of the median line, which may provide support.

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.

 

[Resolve]

AUDUSD Technical Analysis – 03rd SEP, 2024
AUDUSD – Support of Channel is Broken

AUDUSD was unable to sustain its bullish momentum and after touching a high of 0.6793 the prices started to decline sharply against the United States Dollar in the European Trading session today.
The Parabolic SAR indicator bearish reversal is seen in the daily timeframe.
The Support of channel is broken in the 1-hourly timeframe.

We have also detected MACD indicator: bearish divergence in the daily timeframe.
We can also see the formation of a Bearish price crossover with adaptative moving average 100 in the weekly timeframe.
The CCI indicator: bearish divergence is also seen in the weekly timeframe.

The Horizontal support is broken in the daily timeframe.
AUDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Aussie Bearish reversal seen below the 0.6793 mark.
• Short-term range appears to be Mild Bearish.
• AUDUSD continues to remain above the 0.6730 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 0.6728 which is a Pivot Point 3rd Support Point.
AUDUSD is now trading near to its Pivot levels of 0.6733 and is moving into a Bearish channel.
The price of AUDUSD remains above its Classic support levels of 0.6723 and is moving towards its next target of 0.6711 at which the Price Crosses 18 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

 

[Resolve]

NZDUSD Technical Analysis – 03rd SEP, 2024
NZDUSD – Bearish Trend Reversal Pattern

NZDUSD was unable to continue its bullish momentum and after touching a high of 0.6235 the prices started to decline sharply against the United States Dollar today in the European Trading session.
We can see the formation of Bearish trend reversal: Moving Average 20 in the 15-minutes timeframe.
The MACD crosses DOWN its Moving Average in the 15-minutes timeframe.
We have also seen the formation of Bearish trend reversal: adaptative moving average 20 in the 30-minutes timeframe.

The Support of channel is broken in the 1-hourly timeframe.
The Parabolic SAR indicator bearish reversal is also visible in the 1-hourly timeframe.
We have also detected the formation of Moving Average bearish crossovers: MA50 & MA100 in the daily timeframe.

The prices of NZDUSD are ranging near horizontal resistance in the weekly timeframe.
NZDUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Kiwi Bearish reversal seen below the 0.6235 mark.
• Short-term range appears to be Mild Bearish.
• NZDUSD continues to remain above the 0.6180 levels.
• Average true range ATR is indicating High market volatility.

The next support is located at 0.6184 which is a Pivot Point 3rd Support Point.
NZDUSD is now trading below its Pivot levels of 0.6200 and is moving into a Mild Bearish channel.
The price of NZDUSD remains above its Classic support levels of 0.6182 and is now moving towards its next target of 0.6157 at which the Price Crosses 9 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