The GBP/USD currency pair is currently experiencing a decline, mainly due to the speculation of a Bank of England (BoE) rate cut and concerns about global growth. Market participants are actively pricing in a 53% chance of rate cuts in August, with economists predicting an even higher probability of 80% for a rate cut. This
Technical Analysis
The Brent crude oil market has been nothing short of volatile in recent days, with prices plunging to 81.14 USD per barrel. This significant decline, which has persisted over five consecutive sessions, can be attributed to a myriad of factors, including the sharp decrease in US oil inventories. The data released by the API revealed
The EUR/USD pair has been struggling to clear the 1.0950 resistance level, showing signs of weakness against the US Dollar. The pair recently broke below the key support level at 1.0900, indicating a bearish sentiment in the market. Currently, there is a major bearish trend line forming with resistance at 1.0870 on the hourly chart,
When looking at market breadth indicators for the Nasdaq 100 CFD, it is evident that there has been an increase in the percentage of component stocks above their 20-day and 50-day moving averages. This indicates a positive trend in the market, with both indicators sitting above the 50% mark. This is a good sign for
In recent weeks, the dollar index has experienced some fluctuations, with short-term profit-taking by sellers before potentially entering a new downward trend. This pressure on the US dollar has been attributed to indications from the Fed regarding progress in reducing inflation. The market response to the Fed’s signals has been significant, with a substantial increase
The NZD/USD pair has been experiencing a notable downturn, currently trading around 0.5996. This decline is influenced by a variety of factors, including global political developments and domestic monetary policy expectations. The recent announcement by US President Joe Biden that he will not seek re-election in 2024 unexpectedly strengthened the US dollar. Biden’s backing of
The EUR/USD pair has been showing signs of a steady increase, surpassing the 1.0910 resistance level. This positive momentum has allowed the pair to move into a bullish zone, with key support levels now forming at 1.0870. The pair has tested the 1.0950 resistance zone and is currently correcting gains, with a slight drop below
The gold price recently experienced a downside correction after reaching the $2,485 mark. Following a rapid surge, the bears stepped in to drive the price lower. Currently, a key bearish trend line is emerging, indicating resistance near $2,450. The hourly chart of gold at FXOpen illustrates this trend, highlighting the potential for further declines. Upon
The recent breakout in the USDCHF currency pair has confirmed a strong bearish bias. The medium-term bullish corrective cycle that started in December 2023 has completed, leading to a continued decline in the pair. This bearish sequence is about to break below the second low, indicating a clear downward trend. Analyzing the weekly chart, it
The recent 4-week rally of EUR/CHF from 19 June has started to show signs of exhaustion. Political uncertainties, particularly in France, have had a significant impact on the movement of the currency pair. The ongoing weakness of the France CAC 40 has triggered a negative feedback loop towards EUR/CHF. The EUR/CHF cross pair has managed
Bitcoin prices experienced a resurgence over the weekend, breaking above the $60,000 mark and overcoming several key technical barriers in the process. The recent inflow of $1.04 billion into Bitcoin Spot ETFs underscores the growing confidence among investors in the cryptocurrency market. This influx of capital suggests a potential short-term uptrend in Bitcoin’s price, signaling
The Nikkei 225 index, also known as Japan 225 on FXOpen, has shown a significant upward trend in recent weeks as indicated by the blue channel on the chart. The price surged above 42,500 points on 10th July, marking a yearly high. However, the gains from 9-10 July were completely offset as the bears made