Daily Market Analysis By FXOpen

Bitcoin Price Bullish after Halving-2024



On April 19, 2024, a halving occurred in the Bitcoin network, resulting in the reward for the mined block amounting to 3.125 BTC.
Historically, after the halving (which is associated with a reduction in supply), the price of Bitcoin heads to all-time highs. But, as Forbes reports, Goldman Sachs analysts warn against extrapolating the results of Bitcoin price movements after past halvings to the current moment. After all, back then, the halvings occurred during a period of loose monetary policy by the Federal Reserve, while this time the Fed is struggling with harsher-than-expected inflation.
JPMorgan analysts led by Nikolaos Panigirtzoglou are also cautious. “We do not expect Bitcoin price increases post halving as it has been already priced in,” they wrote.

However, this morning Bitcoin is trading above USD 66,000, the highest price in a week. Adding to the market's positivity are rumors that the Securities and Futures Commission (SFC) in Hong Kong is going to approve spot applications for Bitcoin ETFs.



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Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.

Hong Kong-listed Chinese Insurer Goes on Rally as Western Giants Retract



The Asia Pacific region has once again become an area of great interest to investors and traders as some remarkable patterns of volatility have begun to make their presence felt.
This morning, a few examples of Hong Kong-listed Chinese companies which have made headway are apparent as the Asia Pacific region's trading session spearheaded the beginning of the week ahead for financial markets.
One such company is China Pacific Insurance, whose Hong Kong-listed stock is available for trading as a CFD on FXOpen's TickTrader platform.
The company has made some remarkable headway over the past few weeks, culminating in a further acceleration in value toward the high point that it has reached today, placing it among the top risers across all markets globally.
At the end of last month, China Pacific Insurance stock was at a low point, trading at 13.28 HKD on March 27, however, this situation turned itself around quickly, and throughout April so far, the stock has been increasing in value, reaching 15.91 HKD according to FXOpen pricing by 8.00 am UK time this morning by which point the majority of the trading day in Hong Kong was complete.

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Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.

Question: What factors should I consider when analyzing daily market movements in forex, cryptocurrencies, indexes, metals, and oil to improve my trading decisions as a newbie?

The Price of Gold XAU/USD Shows Strongest Fall in Almost 2 Years



On Monday, the price of gold fell from USD 2,386 to USD 2,333 per ounce — this is the strongest drop in one day in almost 2 years, according to Bloomberg. On Tuesday morning in the Asian session, the price continued to decline, reaching USD 2,300 per ounce.
This happened against the backdrop of:
→ easing tensions in the Middle East. According to Tehran's official statement, Israel received "the necessary response at this stage."
→ signs that the Federal Reserve will keep rates high for longer.
One of the reasons for the intensification of sales can also be considered the desire to take profits by those who held long positions — we wrote about this in the post “The price of gold XAU/USD has reached an important resistance zone” on April 16.
Nevertheless, the gold market continues to remain in an upward trend — since the beginning of the year, its price has increased by 11.5%.



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Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.

Dear Trader,

There are no specific factors that can be applied to all markets you mentioned. Every market has its unique features. To learn more about them, you can visit the FXOpen blog https://fxopen.com/blog/en/. There you will find recent market analysis and materials you can use to learn more about different trading instruments.

Best Regards,
FXOpen Team

Volatility in the Pound Is Rising, the Euro is Consolidating



GBP/USD
At the end of last week, the British currency fell sharply, testing a significant support level at 1.2300. The resumption of the downward trend for the pair became possible after some statements by British officials:
On Wednesday, Bank of England Governor Andrew Bailey said he expects a strong decline in inflation from next month.
Dave Ramsden, Deputy Chairman of Markets and Banking, was also quite optimistic, noting that the recently published UK core CPI data was nothing more than a “glitch” in the deflationary process, and risks to sustainability and domestic inflationary pressures were beginning to recede.
After such statements by British officials, expectations for a rate cut on the pound shifted to August, and since the Fed does not plan to cut the rate before September, the GBP/USD pair continues to suffer losses.

GBP/USD technical analysis indicates further development of the downward trend, as the price has consolidated below the alligator lines on higher time frames, the AO oscillator is red and below zero. At the same time, before a new downward impulse, a corrective growth in the direction of 1.2420-1.2400 is possible.
If pound sellers manage to refresh the recent low at 1.2300, the pair could test 1.2220-1.2140.



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Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.

Market Analysis: Gold Price Corrects Gains While Oil Price Regains Strength



Gold price rallied above $2,400 before correcting lower. Crude oil price is rising and it could climb further higher toward the $85.50 resistance.
Important Takeaways for Gold and Oil Prices Analysis Today

1. Gold price rallied significantly above $2,400 and recently corrected lower against the US Dollar.
2. It cleared a key bearish trend line with resistance at $2,310 on the hourly chart of gold at FXOpen.
3. Crude oil prices are moving higher above the $82.00 resistance zone.
4. There was a break above a connecting bearish trend line with resistance at $82.00 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,350 resistance, as mentioned in the previous analysis. The price even broke the $2,400 level before the bears appeared.
The price traded close to the $2,420 zone before there was a downside correction. There was a move below the $2,355 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 50. Finally, it tested the $2,290 zone.
The price is now correcting losses above the 23.6% Fib retracement level of the downward move from the $2,417 swing high to the $2,291 low. It surpassed a key bearish trend line with resistance at $2,310.
Immediate resistance on the upside is near the 50-hour simple moving average and $2,330. The next major resistance is near the 50% Fib retracement level of the downward move from the $2,417 swing high to the $2,291 low at $2,355.
An upside break above the $2,355 resistance could send Gold price toward $2,400. Any more gains may perhaps set the pace for an increase toward the $2,420 level. If there is no fresh increase, the price could continue to move down.
Initial support on the downside is near the $2,310 level. The first major support is $2,290. If there is a downside break below the $2,290 support, the price might decline further. In the stated case, the price might drop toward the $2,265 support.

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Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.

TSLA Share Price Up About 13% Despite Disappointing Report



Yesterday, TSLA trading closed at USD 144.68 per share, after which Tesla reported its results for the 1st quarter:
→ earnings per share: actual = USD 0.45, forecast = USD 0.49;
→ gross income: actual = USD 21.45 billion, forecast = USD 22.2 billion.
However, in the post-market, TSLA's share price rose approximately 13% thanks to Elon Musk's plans and statements:
→ We faced numerous challenges in Q1, including the conflict in the Red Sea and the arson attack at the Gigafactory in Berlin. We think the second quarter will be much better.
→ EV adoption rates around the world are under pressure, but electric vehicles will dominate the auto industry in the long term. We continue to invest in AI infrastructure, manufacturing facilities, Supercharger networks, and new products.
→ Production of new models will start at the end of 2024 — beginning of 2025 on existing production lines.
The stock's rise after the report shows that optimism about the start of production of a new model that could be the most affordable in Tesla's lineup outweighed concerns about the poor report and increased competition.
On April 5, we wrote that the price of TSLA could reach the psychological level of USD 150 per share.



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Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.

AUD/USD Rises Sharply on Inflation News



The Consumer Price Index for Australia was released this morning. According to ForexFactory:
→ CPI in quarterly terms: actual = 1.0%, expected = 0.8%, previous value = 0.6%;
→ CPI in annual terms: actual = 3.5%, expected = 3.4%, previous value = 3.4%.
Rising inflation figures suggest that the Reserve Bank of Australia's tight monetary policy may continue beyond expectations - which is why the Australian dollar has jumped higher relative to other currencies.
Thus, from the minimum of the year against the US dollar, recorded on April 19, the Ausssie rose in price by more than 2%.



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Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.

Yen in Search of New Lows, Commodity Currencies at a low Start



In recent trading sessions, the dollar has been trading quite differently to leading currencies. Thus, the yen is reaching historical lows, European currencies have managed to correct, and the Australian and Canadian dollars are testing strategic supports.
USD/JPY


The absence of currency interventions from the Bank of Japan and strong macroeconomic data from the United States are pushing the USD/JPY pair to new levels, above which the price has not risen since 1990. However, in the coming trading sessions the situation may change dramatically:

1. Today at 15.30 (GMT +3:00) US GDP data for the first quarter will be published
2. Tomorrow at 5.30 (GMT +3:00) a meeting of the Bank of Japan will take place, at which a decision on the base interest rate will be announced.

This week, Japanese Finance Minister Shunichi Suzuki issued what is now the strongest possible warning about the possibility of intervention. "I will not deny that these events have laid the groundwork for Japan to take appropriate action (in the foreign exchange market), although I will not say what those actions might be," the official said.
According to technical analysis of USD/JPY, the pair is in a phase of exponential growth, which can be interrupted at any significant resistance. If a downward pullback begins, the price may drop to 154.70-1.53.60.

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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.

META Share Price Collapses after Publication of Quarterly Report



Just yesterday, META's stock price closed at USD 493.50, up approximately 40% since the start of 2024 and up nearly 300% since the start of 2023.
However, following the release of Meta's quarterly report, its shares plummeted to USD 400 in post-market trading, representing a decline of more than -15%.
It is noteworthy that the report exceeded expectations in some of the main indicators:
→ earnings per share: actual = USD 4.70, forecast = USD 4.32;
→ revenue: actual = USD 36.4 billion, forecast = USD 36.1 billion.
However, investors were disappointed by plans for the coming months, as Meta said second-quarter revenue would be between USD 36.5 billion and USD 39 billion, below the average estimate of USD 38.24 billion. This could be due to increased investment in developing AI-based products , which do not yet generate income.
At pre-market today, the META share price is around USD 418.



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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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GBP/USD And USD/CAD Daily Chart Outlook



GBP/USD is attempting a recovery wave from 1.2300. USD/CAD is consolidating and might aim for a move above the 1.3760 resistance zone.
Important Takeaways for GBP/USD and USD/CAD Analysis Today

 

1. The British Pound started a recovery wave above the 1.2400 resistance.
2. There is a key bearish trend line forming with resistance near 1.2520 on the daily chart of GBP/USD at FXOpen.
3. USD/CAD is showing positive signs above the 1.3660 support zone.
4. There is a major bullish trend line forming with support at 1.3620 on the daily chart at FXOpen.

GBP/USD Technical Analysis

On the daily chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2900 zone. The British Pound traded below the 1.2600 support to move into a bearish zone against the US Dollar.
The pair even traded below 1.2400 and the 50-day simple moving average. Finally, the bulls appeared near the 1.2300 level. A low was formed near 1.2299 and the pair is now attempting a recovery wave. There was a fresh upside above the 1.2400 level.

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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.

S&P 500 Rebounds after Negative GDP News



Data released yesterday showed US GDP growth slowed to 1.6% in the first quarter of the year. According to ForexFactory: forecast = 2.2%, past value = 2.4%.
Reaction to the news sent the S&P 500 mini stock index (US SPX 500 mini on FXOpen) sharply lower as market participants may fear a period of stagflation — a period when economic growth slows and inflation remains stubbornly high.
Speaking at the Economic Club of New York on Tuesday, JPMorgan Chase CEO Jamie Dimon warned investors: “Stagflation has the negative effect of lack of growth and inflation. It hurts profits, consumers and jobs. And yes, I think there is a chance it could happen again,” he said.
However, this morning the 4-hour chart of the US SPX 500 mini shows that the stock market is recovering thanks to gains in Google and Microsoft, which reported strongly after the close of the main trading session.



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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.

Google Share Price Rose Post-market to a New All-time Record



Yesterday, after the close of the main trading session, a report on activities for the 1st quarter of Alphabet Inc. (Google's parent company) was published. The report was strong, exceeding investors' expectations.
→ Quarterly EPS = USD 1.89 (expected = USD 1.51), which represents a 15% increase year-over-year;
→ gross revenue = USD 80.539 billion (expected = USD 78.73 billion).
It was the fifth straight quarter in which Alphabet beat analysts' expectations on both revenue and profit. But the main surprise was the company’s decision to start paying dividends and increase the amount allocated for share buybacks to USD 70 billion.
According to Benzinga, Alphabet CEO Sundar Pichai made a number of important announcements about the future:
→ The company's combined YouTube and Cloud business revenues will be USD 100 billion in 2024, indicating a growth rate of 25% in each of the next three quarters.
→ Pichai also expressed confidence in Alphabet's ability to manage investments in AI, announcing capital expenditures of USD 12 billion.
As a result, the share price of Alphabet Inc. Class A (GOOGL) surpassed USD 180 in post-market trading, setting a new all-time record. In premarket trading today, GOOGL is trading around USD 176.



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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: Rate Falls Rapidly after Exceeding Psychological Mark of 160 Yen Per Dollar



Despite the fact that today is a holiday in Japan, the foreign exchange market is experiencing extreme volatility — wide candles are forming on the USD/JPY chart, and the rate briefly exceeded the psychological level of 160 yen per dollar, reaching a new high in 34 years.

The weakening of the yen in the first hours of trading occurred against the background of the fact that:
→ On Friday, the Bank of Japan decided to leave interest rates at the same level = 0.1%.
→ At the same time, market participants did not hear clear signals from the Bank of Japan that the weakening yen would be supported.
→ On Wednesday, May 1, the Fed will announce its decision on the interest rate. It is also expected to remain unchanged at 5.5%, highlighting the difference in monetary policy between Japan and the United States.
However, shortly after the yen surpassed the psychological level of 160.00, USD/JPY fell sharply to 155.50 and below — traders, according to Reuters, saw signs of intervention from Japanese financial authorities after a 13% increase since the beginning of the year.
Let us recall that Tokyo previously intervened in the foreign exchange market in September and October 2022, when the US dollar exchange rate was about 146.00 and 152.00 yen, respectively.



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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.

London Calling! FTSE 100 Stocks Flying High Once Again



Back in 2021, which when looking at a physical calendar does not seem such a long time ago yet feels an epoch ago when considering the changes in global economies and the capital markets since then, the FTSE 100 index was making headlines full of superlatives and enthusiasm as it pushed its way through the 7,000 point mark for the first time ever.

As that happened, investors and analysts alike were experiencing something of a sensory overload with so many exciting dynamics having taken place around the same time, including the notorious meme stock frenzy led by Reddit board groups, which dramatically affected the prices of certain entertainment stocks in the US and a deluge of relatively unheard of firms suddenly listing their stock on the NASDAQ exchange for multi-billion dollar valuations via SPAC entities.
Alongside these headline grabbers was London's FTSE 100 rallying like never before, which was an interesting backdrop because London listed firms are often traditional, long-established bricks-and-mortar entities with decades of institutional stability behind them as opposed to the disruptors of the NASDAQ, and not susceptible to volatility caused by the self-styled market makers of the Reddit boards.

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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.

CRON Stock Price Forms a Bullish Pattern ahead of the Report



The Cannabis Stocks market has experienced a significant decline since its peak in the spring of 2019. The share of the Canadian company Cronos (CRON) then formed a high above USD 24, and trading yesterday closed at USD 2.55.
However, even after the CRON share price fell 10 times, there are still reasons for optimism:
→ Cronos recently announced its first entry into the edible chocolate category with the introduction of Chocolate Fusions. Cronos' newest edible innovation was developed by an expert team of culinary experts, nutritional scientists and leaders in cannabis product development.
→ InvestorPlace named CRON to its list of top Cannabis Stocks to Consider Buying in Spring 2024. The argument is a reminder that Altria invested USD 1.8 billion in Cronos.



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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.

5 Stocks To Consider For May 2024



Time flies, especially when things are running smoothly, and this year so far has been a period free of dramatic events across the capital markets.
Suddenly, we are almost halfway through 2024, and the forthcoming month takes us up to that point. During the first part of 2024, scepticism and trepidation gave way to hope and optimism as analysts cast their theories that central banks across the Western world may look toward reducing interest rates a few times. This turned out to have been an incorrect prediction, and rates remain unchanged, meaning companies still need that extra cash flow to grow or show greater revenues, which is currently being used to service monthly commitments at high interest rates.

It has not impeded progress, however. Some of the world's most prestigious indices have been performing outstandingly, giving rise to the notion that large corporations are, in many cases, in good fiscal order. Talk of recession has faded into the background as the FTSE 100 in London (UK 100 on FXOpen) ended April with a massive rally, and across the Atlantic, the S&P500 (US SPX 500 Mini on FXOpen) and NASDAQ (US Tech 100 mini on FXOpen) ended the month in a strong position.

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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.