Daily Market Analysis By FXOpen

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Gold Price Hits New Record

As shown by the XAU/USD chart:
→ Gold has reached a new all-time high;
→ This morning, gold is trading around $2,567 per ounce.

Bullish sentiment is being driven by expectations of a Federal Reserve rate cut next week. According to MoneyControl, the International Monetary Fund stated on Thursday that it would be "appropriate" for the Fed to start its long-awaited monetary easing cycle at its meeting next week, as inflation risks have eased.

On 6 September, we analysed the gold price chart and identified:
→ an ascending channel (shown in blue);
→ two resistance lines forming a “bullish flag” pattern.

Gold’s surge to a new all-time high has broken through the “bullish flag,” suggesting a potential resumption of the rally. How successful could this be?

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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What Are the Analytical Forecasts for Natural Gas Prices From 2024 to 2029?

Exploring the dynamics of the natural gas market reveals intricate patterns shaped by a range of factors. This FXOpen article delves into analytical natural gas price predictions for 2024 and the next 5 years, offering insights into potential trends and fluctuations. Understanding these forecasts can provide valuable perspectives for traders, investors, and industry analysts looking to navigate the complexities of energy markets in the near to long term.

Natural Gas Recent Price History

The history of natural gas prices, particularly at the Henry Hub, the benchmark for natural gas prices in the United States, is a testament to the commodity's volatility and susceptibility to various external factors. Here's a look at some of the most notable periods since 2000:

TO VIEW THE FULL ARTICLE, 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.

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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Watch FXOpen's 9 - 13 September Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: S&P 500, AUD/USD, NZD/USD, USD/JPY Analysis, NVDA Shares

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.

• S&P Rises Following Inflation Data Release
• Market Analysis: AUD/USD and NZD/USD Trim Gains, are Bears Back?
• USD/JPY Analysis: Rate Drops to New Yearly Low
• Nvidia (NVDA) Shares Surge over 8%

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

 

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Adobe (ADBE) Shares Drop Over 8%

On Thursday evening, Adobe Inc. (ADBE) reported its third-quarter financial results:
→ Earnings per share: actual = $4.65, expected = $4.53;
→ Revenue: actual = $5.40 billion, expected = $5.37 billion.

Despite beating analyst estimates, Adobe Inc.'s (ADBE) stock dropped by more than 9% due to a disappointing fourth-quarter forecast, which fell short of market expectations. According to the chart for Adobe Inc. (ADBE), trading on Friday opened with a large bearish gap. By the end of the day, the stock had fallen by more than 8% compared to Thursday's close.

To recap, on 5 June, when the stock price was around $460, we conducted a technical analysis and identified an upward channel (shown in blue), pointing to the potential resumption of a bullish trend.

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/JPY Analysis: The Rate Falls Below 140 Yen per Dollar

Despite today's public holiday in Japan, yen buyers remain active.

As shown on the USD/JPY chart, today's candle low has dropped below the psychological level of 140 yen per dollar. The last time this exchange rate was seen was on 28 July 2023.

On 11 August, when analysing the USD/JPY chart, we:
→ drew a descending channel (shown in red);
→ plotted a resistance line (shown in orange);
→ predicted the possibility of a bearish attack on the 140 yen per dollar level.

Current market sentiment is influenced by:
→ comments from Bank of Japan representative Junko Nakagawa, who stated last week that interest rates will continue to rise if economic and inflation forecasts align with expectations;
→ expectations of a rate cut from the Federal Reserve. A shift towards monetary easing now seems almost inevitable, with the main question being whether the rate will be reduced by 25 or 50 basis points.

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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Mastering Trading with the Symmetrical Triangle Chart Pattern

In technical analysis, a symmetrical triangle is one of the most popular tools traders use to analyse a price direction. It’s a bilateral formation, meaning it provides buy and sell signals. This is the biggest challenge for traders. In this FXOpen article, we will try to explain how to read and use the symmetrical triangle formation.

What Is a Symmetrical Triangle Pattern in Trading?

A symmetrical triangle is a chart pattern that relates to the triangle group, which also includes ascending and descending triangles. It’s a bilateral formation, so it may signal a fall or rise in the price.

Moreover, as with ascending and descending triangles, it can occur in an uptrend and downtrend and reflect a potential trend reversal or continuation. Still, according to the work Technical Analysis of Stock Trends by Robert D. Edwards and John Magee, in 75% of cases, the triangle is a continuation signal. Therefore, it can be assumed that a bullish symmetrical triangle pattern occurs in an uptrend, while a bearish symmetrical triangle pattern appears in a downtrend.

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.

 

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Understanding a Currency Peg: Definition, Mechanisms, and Implications

Fixed exchange rates, a cornerstone of international finance, play a pivotal role in shaping global commerce and investment landscapes. This article delves into their intricacies, exploring the historical evolution, practical understanding, and the balance of benefits and challenges they present.

Historical Context of Fixed Exchange Rates

The concept of fixed exchange rate systems has evolved over centuries, but its modern form gained prominence with the Bretton Woods Agreement in 1944. This system was designed to rebuild the global economy after World War II by creating a stable international monetary framework. Under the Bretton Woods system, countries pegged their currencies to the US dollar, which in turn was backed by gold at a fixed rate of $35 per ounce. This arrangement aimed to maintain relative exchange rate stability, promote international trade, and prevent competitive currency devaluations.

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.

 

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FTSE 100 Bullish Ahead of Key Announcements

The chart of the UK stock index FTSE 100 (UK 100 on FXOpen) shows prevailing positive sentiment in the market. The right side of the daily chart displays a series of bullish candles, with a likelihood of this trend continuing today, as the price has been rising since the market opened.

This optimism is likely driven by the anticipation of key announcements:
→ Tomorrow at 09:00 GMT+3, the UK CPI figures will be released. Analysts expect inflation to remain steady without an increase.
→ Also tomorrow, at 21:00 GMT+3, the Federal Reserve will announce its decision on interest rates, with a cut seeming inevitable.

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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EUR/ZAR: A New Currency Pair for Trading on FXOpen

Traders using FXOpen can now incorporate the EUR/ZAR currency pair into their strategies.

The EUR/ZAR pair is known for its volatility, making it suitable for trend trading within a single day. On the other hand, as the daily chart (below) shows, the exchange rate remains within a range, which supports swing trading around key support and resistance levels.

What Influences the EUR/ZAR Exchange Rate?

Key factors affecting the value of the South African rand (ZAR) in 2024 include:

→ High Inflation: In January, inflation was 5.4%, but by July it had decreased to 4.6% due to high interest rates set by the South African Reserve Bank, which strengthen the rand.

→ Prices of Exported Commodities: Gold, platinum, and diamonds.

→ Political Instability: Domestic political events and reforms can trigger spikes in volatility.

Technical Analysis of EUR/ZAR

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.