Forex Daily Market Analysis By FXOpen

[FXOpen Trader]

Dear Forum Members!

Here you can find Daily Market Analysis of Forex, Cryptocurrency, Indexes, Metals, Oil and others.

We hope that this information will be helpful for your trading.

Best Regards
FXOpen Team

 

[FXOpen Trader]

NFLX Price Soars 12% after Strong Report

Yesterday's closing price was 345.83, but this morning, NFLX's price rose above USD 390 per share in premarket trading. The reason is a strong report:
→ earnings per share = USD 3.73, expected = USD 3.49;
→ revenue = USD 8.54 billion, a year ago = USD 7.9 billion.
→ the main surprise is that the number of subscribers grew by an impressive 8.76 million in the third quarter (about 6 million were expected). The number of subscribers worldwide is approaching 250 million.

Given the increase in demand for its service, Netflix has decided to raise the price of its basic plan in the US to USD 11.99 per month from USD 9.99, and raise the price of its premium subscription to USD 22.99 per month from USD 19.99. This could attract more earnings per share in the future, which is what has helped NFLX's price soar.

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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.

 

[FXOpen Trader]

On Factors Influencing the Price of Oil: Biden, Israel, Venezuela

Pushing off the lower boundary of the ascending channel, the price of Brent oil rose by more than 8% amid fears of an escalation of conflict in the Middle East, which should pose a problem both for the US economy, which suffers from high inflation, and for President Biden personally on the eve of the elections.

The situation is aggravated by the fact that oil reserves in US strategic storage facilities are near minimums since 2014. That is why:
→ it can be assumed that the goal of containing the rise in oil prices was one of the motives for Biden’s visit to Israel on Wednesday. It is expected that the price of oil may be affected by Biden's speech from the Oval Office, scheduled for Thursday evening 20:00 ET (or Friday night at 03:00 GMT+3);
→ the United States has eased sanctions against Venezuela, which has the largest oil reserves in the world.

From a technical analysis perspective, a rally from the October lows (B) after a decline from the September highs (A) may confirm that important divergent drivers are battling in the market.

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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.

 

[FXOpen Trader]

Consolidation of Major Currency Pairs Continues

The US dollar has resumed growth in almost all directions, but key levels have not yet been broken. Thus, the AUD/USD currency pair is approaching October lows just below 0.6300, the pound/US dollar has retested 1.2100, and the US dollar/yen is consolidating near 150.00.

USD/JPY

A possible Fed rate hike due to rising inflation, as well as good data on the core retail sales index and industrial production in the US, published at the beginning of the week, keep the pair from developing a full-fledged downward correction. At the same time, as we see, incoming data is not yet enough to consolidate above 150.00. Most likely, buyers need an additional news background to resume impulse growth. If the foundation of the next trading sessions is positive for the American currency, a renewal of the recent high at 150.20 and a resumption of growth in the direction of last year’s extremes at 151.80m may occur. We could consider cancelling the upward scenario if the pair falls below 147.80.

Today's speech by Fed Chairman Jerome Powell will be important for the pair's pricing. Tomorrow morning, you should pay attention to the publication of data on the national core consumer price index (CPI) in Japan.

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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.

 

[FXOpen Trader]

AUD/USD and NZD/USD Signal More Downsides

AUD/USD declined below the 0.6355 and 0.6330 support levels. NZD/USD is also moving lower and might trade below the 0.5800 zone.

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

• The Aussie Dollar started a fresh decline from well above the 0.6355 level against the US Dollar.
• There is a key bearish trend line forming with resistance near 0.6330 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD declined steadily from the 0.5930 resistance zone.
• There is a connecting bearish trend line forming with resistance near 0.5840 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6400 zone. The Aussie Dollar started a fresh decline below the 0.6355 support against the US Dollar.

The pair even settled below 0.6330 and the 50-hour simple moving average. A low was formed near 0.6295 before there was an upside correction. The pair climbed above the 50% Fib retracement level of the downward move from the 0.6393 swing high to the 0.6295 low.

However, the bears were active near the 0.6355 resistance zone. It failed to clear the 61.8% Fib retracement level of the downward move from the 0.6393 swing high to the 0.6295 low.

There is also a key bearish trend line forming with resistance near 0.6330. On the downside, initial support is near the 0.6295 low. The next support sits at 0.6285. If there is a downside break below 0.6285, the pair could extend its decline.

The next support could be 0.6250. Any more losses might send the pair toward the 0.6220 support. On the upside, an immediate resistance is near the trend line at 0.6330.

The next major resistance is near 0.6355, above which the price could rise toward 0.6400. Any more gains might send the pair toward 0.6420. A close above the 0.6420 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6500.

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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.

 

[FXOpen Trader]

S&P 500 Analysis: Threat of an Important Support Breakdown is Growing

On September 19, we analysed the S&P 500 index, indicating that the market is under pressure. This was an important long term analysis, and let's see what has changed in a month with the news that happened yesterday.

A month ago we marked turning points A, B, C, D on the chart.

Since then, new turning points have appeared: E, F, G, H.

As we indicated, in the pulse sequence A→B, B→C, C→D, D→E, each subsequent pulse was 50% shorter than the previous one. The same observation is true for the E→F movement, which is the last in a series of contracting impulses. That is, the market either compressed into a spring or formed an important balance of supply and demand.

However, the F→G impulse violated this trend. This means that the market has left the state of balance in a bearish direction. At the same time, the channel expanded by 2 times (according to the principle of a parallel channel), and the market found new support G at its lower border. Further, it is important that the movement G→H amounted to 50% of the decline, which corresponds to a bullish corrective movement within the framework of the dominant downward trend (as you understand, the trend began when the market came out of balance).

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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.

 

[FXOpen Trader]

GBP/JPY Analysis: a Deceptive Calm

From early January to today, the GBP/JPY rate has risen by approximately 17%, driven by the Bank of Japan's ultra-loose policy of keeping rates below zero.

But since August, the upward trend began to weaken — perhaps faith in the pound was undermined by high inflation (the highest among the G7). This week:
→ data published on Wednesday showed that inflation in the UK has stabilized at 6.7%. In an interview with the Belfast Telegraph published on Friday, Andrew Bailey appeared calm when he said the Bank of England did not expect big changes in the data anyway;
→ retail sales data for September in the UK published on Friday turned out to be worse than expected: actual = -0.9%, expected = -0.3%, a month ago = +0.4%

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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.

 

[FXOpen Trader]

Dollar Falls Amid Powell's Dovish Comments

Federal Reserve Chairman Jerome Powell's comments at the economic forum were seen as generally dovish. The strength of the US economy and ongoing tight labour markets could justify further rate hikes, Powell said. But he also noted that the recent market rise in bond yields has helped tighten overall financial conditions significantly.

The official's speech turned out to be quite cautious, and, in general, signalled more in favour of maintaining monetary policy without changes. However, answering questions, the chairman did not rule out the possibility of an additional increase in the interest rate, emphasising that the current value is not the maximum.

In addition, the day before the market paid attention to a block of macroeconomic statistics from the United States. Thus, the number of initial applications for unemployment benefits for the week of October 13 decreased from 211.0k to 198.0k, while analysts expected 212.0k, and the number of repeated applications for the week of October 6 rose from 1.705 million to 1.734 million, which turned out to be significantly higher than forecasts of 1.710 million.
Investors were also somewhat disappointed by sales in the secondary housing market: in September the figure decreased by 2.0% after -0.7% in the previous month, and in absolute terms the dynamics slowed down from 4.04 million to 3.96 million, while experts expected 3.89 million. The dollar index was last down 0.27% on the day at 106.24.

EUR/USD

The EUR/USD pair is declining slightly, consolidating near the 1.0575 mark. The day before, the pair showed active growth, having managed to update local highs from October 12, which was associated with the speech of the head of the US Federal Reserve, Jerome Powell. The euro added 0.42% to $1.0581. The immediate resistance can be seen at 1.0591, a breakout to the upside could trigger a rise towards 1.0601. On the downside, immediate support is seen at 1.0525, a break below could take the pair towards 1.0442.

The focus of investors today will be on September statistics on the dynamics of manufacturing inflation in Germany: in monthly terms the index is expected to slightly accelerate from 0.3% to 0.4%, and in annual terms — a decrease of 14.2% after -12.6% in the previous month.

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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.

 

[FXOpen Trader]

Watch FXOpen's 16 - 20 October Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: POUND RISES, NASDAQ SEES A DIP, NFLX PRICE SOARS 12%, 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.

• Inflation Stabilizes, Pound Rises in Price #Inflation #GBP
• Volatility and Geopolitics Grip US Stocks as NASDAQ Sees a Dip #NASDAQ
• On Factors Influencing the Price of Oil: Biden, Israel, Venezuela #Oil
• NFLX price soars 12% after strong report #NFLX #Netflix #earningsreport

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. 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.

#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo

 

[Jack Reacher]

I trade AUDUSD frequently because this pair is comparayively less volatile than others. Besides this pair, I also trade EURUSD, GBPUSD. FXOpulence provides more than 28 trading pairs to trade in. They offer traders a free educational program. They allow depositing and withdrawal in both fiat and crypto.

 

[FXOpen Trader]

Eurostoxx 50 at Important Support. Production in Europe is Declining

As data released this morning showed:
→ Purchasing Managers' Index (PMI) in France: actual = 42.6, expected = 44.4, a month ago = 43.6. Thus, the index dropped to its lowest level since the panic associated with the spread of coronavirus.
→ PMI in Germany: actual = 40.7, expected = 40.1, a month ago = 39.8.

Since the values of the PMI index (considered a leading indicator of the state of the economy, calculated by S&P Global) are significantly below 50, this indicates a contraction of the economy in the 2 most important countries of Europe in the context of high interest rates.

It is not surprising that the European stock index Eurostoxx 50 shows bearish dynamics: the price is below the SMA (100), which is directed downwards. The publication of PMI values added negativity. Will the bearish trend continue?

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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.

 

[FXOpen Trader]

FTSE 100 Opens Lower as Barclays' Mixed Results Weigh on Banking Sector

London's FTSE 100 index commenced the trading day on a weaker note, driven by a downturn in the banking sector following Barclays' release of mixed financial results.

At 8:15 AM, the FTSE 100 dipped by 3.78 points to 7,371.05, while its counterpart, the FTSE 250, displayed resilience with a gain of 28.03 points, equivalent to a 0.2% increase, closing the session at 17,087.02. The days of the FTSE 100 surpassing the 8,000-point threshold, which had until a few months ago never been reached, seem to be receding into the past.

Barclays, a high street lender, posted third-quarter profits that surpassed expectations. However, the bank simultaneously announced a downward revision of its UK net interest margin guidance and signalled an anticipated charge in the fourth quarter related to restructuring efforts.

Analysts have characterised this earnings period as less robust, primarily due to an impairment charge that exceeded forecasts. The downgrade in net interest margin guidance, attributed to shifts in deposit pricing and composition, raises concerns about potential negative ramifications in other sectors.

Despite these challenges, the persistently high interest rates continue to provide a favourable tailwind, effectively offsetting the adverse impact of a subdued mortgage market and changes in deposit levels.

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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.

 

[Asahi]

I don’t nurture addiction towards forex rather I took it as a profession. FXOpulence provides a reliable trading platform to traders. They offer a free educational program and other facilities in moderation.

 

[FXOpen Trader]

EUR/USD Struggles While USD/CHF Turns Red

EUR/USD started a fresh decline below the 1.0625 support. USD/CHF is also declining and struggling below the 0.9000 region.

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

• The Euro struggled to clear the 1.0685 resistance and declined against the US Dollar.
• There is a key bullish trend line forming with support near 1.0585 on the hourly chart of EUR/USD at FXOpen.
• USD/CHF is gaining pace below the 0.8975 support zone.
• There is a major bearish trend line forming with resistance near 0.8940 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair attempted a recovery wave above the 1.0640 zone, as mentioned in the previous analysis. The Euro climbed above 1.0660 but struggled near 1.0685 against the US Dollar.

The pair started a fresh decline below the 50-hour simple moving average and 1.0625. The bears were able to push the pair toward the 1.0585 pivot level. The pair traded as low as 1.0583 and is currently showing a lot of bearish signs.

Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0687 swing high to the 1.0583 low.

The first major resistance is near the 50-hour simple moving average at 1.0625. An upside break above the 1.0625 level might send the pair toward the 76.4% Fib retracement level of the downward move from the 1.0687 swing high to the 1.0583 low at 1.0660.

Any more gains might open the doors for a move toward the 1.0685 level. On the downside, immediate support on the EUR/USD chart is seen near a key bullish trend line at 1.0585. The next major support is near the 1.0530 level. A downside break below the 1.0530 support could send the pair toward the 1.0500 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.

 

[FXOpen Trader]

AUD/USD Analysis: The Rate Reacts Sharply to News About Inflation

Today in Australia, data from the CPI indicator was published, which came as an unpleasant surprise, indicating that inflation in Australia does not want to decline:
Core Price Index was: actual = 5.6%, expected = 5.3%, a month earlier = 5.2%, two months earlier = 4.9%.

Perhaps the reason that inflation is raising its head again is high prices on the world oil market.

One way or another, the AUD/USD chart shows a surge in volatility and a sharp downward reversal from the level of 0.63900. The multidirectionality of impulses may indicate that the news was indeed unexpected.

According to Reuters, two of Australia's four largest banks — the Commonwealth Bank of Australia and ANZ — now expect a quarter-point rate hike in November. “While the current level of 4.35% could mark the peak of the cash rate, there is a risk that policy could tighten further. Any easing is still a long way off,” bank analysts say.

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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.

 

[FXOpen Trader]

Federal Reserve Signals Prolonged Restrictive Monetary Policy, Impacting Markets

Federal Reserve Chairman Jerome Powell's recent announcement underscores the central bank's unwavering commitment to an extended period of restrictive monetary policy, sparking fluctuations in the stock market, surges in the US 10-year Treasury yield, and an appreciation of the US dollar against the Japanese yen.

This resolute stance is designed to persist until there is a high degree of confidence that inflation has sustainably dropped to the targeted 2% over an extended period.

Despite recent US inflation rates aligning with the Federal Reserve's 2% target, Chairman Powell refrained from suggesting that the mission to rein in inflation has been successfully accomplished.

He notably indicated that significant inflation metrics are anticipated to recede in the near future. Powell's stricter warning surpasses investor expectations and runs counter to the backdrop of recent increases in long-term US interest rates and tighter financial conditions, which have evolved since the last Federal Reserve rate hike.

The Federal Reserve's hawkish stance is deeply rooted in its keen focus on future economic forecasts and the associated risks.

This position demonstrates the Federal Reserve's heightened willingness to accept the possibility of a recession rather than a resurgence of inflation. Moreover, the Federal Reserve relies on economic models, including the Phillips curve, which posits an inverse relationship between inflation and unemployment.

The Japanese yen has experienced considerable volatility over the past week, oscillating between gains and losses against the US dollar on multiple occasions.

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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.

 

[FXOchartist]

I already traded with FXOpen for several years and this company includes a good Forex broker, they always become innovative brokers, after the launch Ticktrader platform, they integrated into Tradingview charting software,

 

[FXOpen Trader]

USD/JPY Analysis: Playing with Fire Continues

Yesterday, the Nikkei newspaper reported that the Bank of Japan is considering adjusting its yield curve control (YCC) policy.

This provoked a strengthening of the yen (1). The USD/JPY rate dropped to a two-week extreme of 148.8 per US dollar in anticipation of news from the Bank of Japan.

The news followed this morning (2). The Bank of Japan kept interest rates at -0.1% and also said the 1% ceiling on the benchmark 10-year yield would be an upper bound rather than a hard limit.

As a result of the Bank's decision, the USD/JPY rate returned to the area above 150 yen per US dollar.

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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.

 

[FXOpen Trader]

EUR/USD Resumes Drop, USD/JPY Extends Surge

EUR/USD is again moving lower below the 1.0615 support. USD/JPY surged and broke the 151.00 resistance zone.

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

• The Euro started a fresh decline below the 1.0675 support zone.
• There was a break below a key bullish trend line with support at 1.0570 on the hourly chart of EUR/USD at FXOpen.
• USD/JPY climbed higher above the 150.00 and 151.00 levels.
• There was a break above a major bearish trend line with resistance at 149.85 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair remained in a bearish zone below the 1.0700 level, as mentioned in the previous analysis. The Euro declined below the 1.0615 support zone against the US Dollar.

The pair even settled below the 1.0595 zone and the 50-hour simple moving average. More importantly, there was a break below a key bullish trend line with support at 1.0570. A low is formed near 1.0557 and the pair is now consolidating losses.

On the upside, the pair is now facing resistance near the 23.6% Fib retracement level of the recent decline from the 1.0675 swing high to the 1.0557 low at 1.0585.

The next key resistance is near the 50-hour simple moving average at 1.0595. The first key resistance is the 50% Fib retracement level of the recent decline from the 1.0675 swing high to the 1.0557 low at 1.0615.

A clear move above the 1.0615 level could send the pair toward the 1.0675 resistance. An upside break above 1.0675 could set the pace for another increase. In the stated case, the pair might rise toward 1.0750.

If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0560. The next key support is at 1.0525. If there is a downside break below 1.0525, the pair could drop toward 1.0500. The next support is near 1.0485, below which the pair could start a major decline.

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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.

 

[FXOpen Trader]

The Franc May Continue to Strengthen amid Low Inflation

Today it became known about the level of inflation in Switzerland. Compared to the US, UK, and other countries, Switzerland can boast of a CPI of only 0.1%. The minimal increase in prices is due to an increase in fuel costs due to the rise in oil prices in the second half of the year. Thus, the country’s economy provides more arguments in favor of the protected harbor status.

On October 5, we wrote that the Swiss franc was near an important resistance, forming an AB double top. After this, the rate fell by 2.5% to form the October low, and now the chart provides a new piece of information for analysis, in particular about the 0.909 level, which acts as an important resistance.

The USD/CHF price has interacted with it before (as shown by the arrows), but note:
→ the level was able to stop the sharp increase on October 31;
→ did not allow the price to reach the upper boundary of the ascending channel (shown in blue);
→ the price only briefly stayed higher. The bulls were unable to gain a foothold above 0.909, and the rate fell to the lower border of the channel.

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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.