Commodities and European currencies Test Key Supports
FXOpen Forex Blog - FX Trading Tips by the Broker
by FXOpen
11h ago
On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term movements. Thus, the US dollar/loonie currency pair is trading near 1.3600, euro/US dollar sellers are trying to push through the support at 1.0800, and the pound/US dollar pair is once again testing 1.2600. USD/CAD Fluctuations in the oil market and the Fed’s indecisiveness regarding changing the vector of monetary policy contributed to the strengthening of the ..read more
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Stock Market Analysis: NVDA Losing Leadership?
FXOpen Forex Blog - FX Trading Tips by the Broker
by FXOpen
11h ago
Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign that NVDA is no longer the market leader? Dubravko Lakos-Bujas, JPMorgan's chief equity strategist, warned of a potential "surprise" shock to the stock market, Bloomberg reported. He's noticed a trend in recent history where gains in popular momentum stocks like NVDA are often followed by corrections. This situation has repeated itself three times since the 2008 global financial crisis. “One day this m ..read more
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EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March
FXOpen Forex Blog - FX Trading Tips by the Broker
by FXOpen
11h ago
As the EUR/USD chart shows at the start of the European session today, the exchange rate has dropped below EUR 1.08 per US dollar. Tuesday's news contributed to this. According to Nasdaq.com, on March 26, 2024, The Conference Board published a report for March, according to which the CB Consumer Confidence index of consumer confidence dropped sharply: fact = 104.7; forecast = 107.0; previous value = 106.7. Comments followed: “Consumers remain concerned about increased price levels, which dominates the responses. March written responses showed growing concerns about food and gasoline prices ..read more
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What Is a Megaphone Pattern and How Can You Trade It?
FXOpen Forex Blog - FX Trading Tips by the Broker
by FXOpen
11h ago
Chart patterns have been used to analyse financial markets for a long time. One popular formation in forex and other markets is the Megaphone. In this text by FXOpen, we'll explain what the setup is and how to trade using it. What Is a Megaphone Pattern? The Megaphone trading pattern, also known as a Broadening Wedge, Inverted Symmetrical Triangle, or Broadening Formation, is a chart pattern characterised by its distinct shape resembling a megaphone or a cone. It consists of two diverging trendlines, where the highs are getting higher, and the lows are getting lower, creating a widening range ..read more
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NIKKEI-225 Analysis Indicates Possibility of Correction from Historically High Levels
FXOpen Forex Blog - FX Trading Tips by the Broker
by FXOpen
1d ago
On March 21, the value of the Japanese stock index reached a historical maximum, exceeding the level of 41,100 points. This was facilitated by: → Weak yen supporting exporters. It increases the value of profits earned abroad for a large number of companies that sell their products abroad and then convert the profits into yen. → Demand for shares of Japanese companies paying dividends. For example, shares of air conditioner manufacturer Daikin Industries rose by 2.82%. At the same time, the NIKKEI-225 chart signals indicate the likelihood of a correction, since: → The price is near the upper ..read more
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Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace
FXOpen Forex Blog - FX Trading Tips by the Broker
by Aayush Jindal
1d ago
GBP/USD declined below the 1.2665 support zone. USD/CAD is rising and might aim for more gains above the 1.3610 resistance. Important Takeaways for GBP/USD and USD/CAD Analysis Today · The British Pound started a fresh decline from the 1.2800 resistance zone. · There was a break below a key rising channel with support at 1.2630 on the hourly chart of GBP/USD at FXOpen. · USD/CAD is showing positive signs above the 1.3555 support zone. · There was a break above a major bearish trend line with resistance near 1.3575 on the hourly chart at FXOpen. GBP/USD Technical Analysis On the hourly chart o ..read more
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Candlestick Wick Meaning and Trading Strategies
FXOpen Forex Blog - FX Trading Tips by the Broker
by FXOpen
1d ago
Understanding the subtle cues provided by candle wicks can unlock new dimensions in trading strategy development. These seemingly minor details offer profound insights into market sentiment and price action dynamics. This article delves into the meaning behind candle wicks and explores strategic ways to trade them, equipping traders with the knowledge to potentially enhance their trading performance. Understanding Candle Wicks Candle wicks, extending beyond the body of the candlestick, offer a deeper insight into market dynamics than open and close price levels. Their lengths and positions re ..read more
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What Is a Gap and How Can You Trade It in Forex and Cryptocurrencies?
FXOpen Forex Blog - FX Trading Tips by the Broker
by FXOpen
1d ago
When it comes to trading, understanding gaps is pivotal for traders aiming to navigate and capitalise on market volatility. These spaces on price charts where no trading occurs are often exploited by traders looking for a quick reversal or trend continuation. This article delves into the essence of gaps, their types, and three gap trading strategies. Understanding Gaps in Trading Understanding gaps in trading is crucial for both new and advanced traders, as these occurrences can signal significant price movements and opportunities. A gap is observed on a price chart when the price of an asse ..read more
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The US Currency Corrects after Recent Growth
FXOpen Forex Blog - FX Trading Tips by the Broker
by FXOpen
2d ago
The incoming fundamental data of the past five-day period contributed to the strengthening of the American currency in almost all major pairs. Thus, the pound/US dollar currency pair lost more than 200 pp over several trading sessions, the euro/US dollar pair retested 1.0800, and buyers of the USD/JPY pair managed to keep the price above 151.00. GBP/USD The decision of British officials to leave the base interest rate at the same level did not contribute to the strengthening of the pound/US dollar pair. And the hint from the head of the Bank of England about a possible rate cut at the next me ..read more
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The SPACs Are Back! NASDAQ on A High as Trump's Social Media Co Goes Public
FXOpen Forex Blog - FX Trading Tips by the Broker
by Gary Thomson
2d ago
It seems as though the sensationalism that surrounded the controversial SPAC listings, which suddenly found their way onto the technology-friendly NASDAQ exchange in 2021, was a long time ago. Back at the beginning of this decade, many aspects of business and ways of life that had remained similar for a long period of time changed beyond recognition, and one of them was the admission of 'blank cheque' companies onto the NASDAQ exchange in the form of SPAC entities, with SPAC standing for Special Purchase Acquisition Company. This method of suddenly going from a start-up status to multi-billio ..read more
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