Daily Market Analysis By FXOpen

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.



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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.

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.

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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.

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.

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.

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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.

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.

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.



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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.

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[img][/img]

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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.

How Can You Use AI and ChatGPT to Trade Stocks?
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As you may know, AI can mimic human intelligence and make decisions based on data analysis. Artificial intelligence trading software can be used to analyse historical market data, generate investment ideas, form portfolios, and automatically buy and sell stocks. AI can quickly process huge amounts of data and make informed trading decisions. AI-based trading strategies can be used to identify patterns and trends in real-time.
This FXOpen article explores the use of artificial intelligence in stock trading and highlights the pros and cons of AI-automated trading.

How Does Trading with AI Work?
Using AI for trading stocks is a relatively new practice. AI analyses markets with accuracy and efficiency and may help traders learn about stocks and build a trading strategy. Here’s a breakdown of how to use AI in trading.
The first stage needed for an AI model to function properly is robust data collection and preprocessing. This stage is akin to gathering raw materials to create a final product.

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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.

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.

Market Analysis: EUR/USD Strengthens While USD/CHF Faces Hurdles



EUR/USD started a fresh increase above the 1.1050 resistance. USD/CHF declined and now struggling below the 0.8500 resistance.
Important Takeaways for EUR/USD and USD/CHF Analysis Today

1. The Euro surged after it broke the 1.1050 resistance against the US Dollar.
2. There is a connecting bullish trend line forming with support near 1.1125 on the hourly chart of EUR/USD at FXOpen.
3. USD/CHF declined below the 0.8500 and 0.8460 support levels.
4. There is a major bearish trend line forming with resistance near 0.8460 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.1000 zone. The Euro cleared the 1.1050 resistance to move into a bullish zone against the US Dollar, as mentioned in the last analysis.
The bulls pushed the pair above the 50-hour simple moving average and 1.1100. Finally, the pair tested the 1.1145 resistance. A high was formed near 1.1146 and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.1001 swing low to the 1.1146 high.

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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 Sets Record Ahead of Fed Decision



As shown by the S&P 500 index chart (US SPX 500 mini on FXOpen), yesterday's trading saw the index hit a new intraday high of 5,678.9, surpassing the previous record of 5,677.5 set on 16 July. However, the bulls were unable to maintain this historic peak, which is a negative sign, suggesting the possibility of a bear trap scenario.
Nevertheless, this first new record in two months is significant as it shows the market's recovery from the panic-driven drop on 5 August, which was linked to fears of a potential recession.

Yesterday’s rise was boosted by the US Commerce Department's August retail sales report, which exceeded expectations. As Forbes noted, this supports the view that the US is not on the brink of a recession.
The market now heads into the final stretch before the highly anticipated Federal Reserve decision, expected today at 21:00 GMT+3, which will likely see the first interest rate cut in 4.5 years.
According to Forex Factory, analysts predict a rate cut to 5.25% from the current 5.50%. However, surprises are possible, with a 0.5% cut also on the table. Only a small minority seems to expect the rate to remain unchanged.



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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.

Fed Cuts Interest Rates by 0.5%



As we have frequently noted, a rate cut by the Federal Reserve seemed inevitable. Market participants debated whether the reduction would be 0.5% or 0.25%, and those predicting a 0.5% cut were proven correct.
According to Bloomberg, a narrow majority of 10 out of 19 committee members supported the 50-basis-point cut. Seven members favoured an additional 0.25% cut later this year, while two opposed any further reductions.

Fed Chair Jerome Powell stated that the 0.5% cut "reflects our growing confidence that we can maintain labour market strength amid moderate growth and a steady decline in inflation to 2%". He added that interest rates are unlikely to return to the ultra-low levels seen for many years before the pandemic.
Financial markets reacted with increased volatility, with stock indices rising and the dollar strengthening slightly against other currencies. However, it is still too early to determine the impact of the Fed's decision on current trends.



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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.

Australian S&P/ASX 200 Index Hits All-Time High



As seen on the S&P/ASX 200 chart (Australia 200 on FXOpen), today's candle surpassed the 8200 level, marking a new all-time high.
Positive sentiment was driven by:
→ The Federal Reserve’s decision to cut interest rates, which led to a surge in volatility and set historical records for gold prices (XAU/USD), the S&P 500 index (US SPX 500 mini on FXOpen), and others.
→ Today's positive news from the Australian labour market, showing that unemployment has not increased, and the number of new jobs created in the month exceeded expectations (actual = 47.5 thousand, forecast = 26.4 thousand).



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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.

Dollar Trades Mixed After Fed Rate Cut



The Federal Reserve surprised the market yesterday by cutting the dollar rate by 0.5%, with expectations that a similar reduction might occur by the end of the year. The dollar initially dropped sharply following the announcement but then partially recovered after comments from Jerome Powell. The Fed Chair stated that the current decision would not dictate the pace for further rate cuts and should help maintain stability in the labour market under current conditions.
Major currency pairs reacted strongly to the Fed's decision. The GBP/USD pair hit a new high for the year, dropping to 1.3100, while USD/JPY fell to 140.50 before strengthening by more than 200 pips. The USD/CAD pair managed to rise above 1.3600.

USD/JPY
The USD/JPY pair is under dual pressure. On one side, the US regulator is aggressively cutting rates, while the Bank of Japan plans to raise rates after a long period of ultra-low rates. In such conditions, the pair experiences high volatility, with a daily range of 200 pips.
According to technical analysis, the pair is undergoing a corrective pullback after forming a "hammer" pattern on the daily timeframe. Currently, the rise is constrained by a significant resistance level at 144.00. The price has been testing this level for about two weeks, and if buyers fail to hold above it in the upcoming trading sessions, a return to 141.00-140.00 is possible.

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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.

What Are the Most Popular Trading Exit Strategies?



In trading, having a solid exit strategy is essential for managing risk and securing potential returns. This FXOpen article explores four popular exit strategies, offering traders a comprehensive look at how to refine their exit plans and potentially improve their trading performance.

The Importance of Trading Exit Strategies
In the world of trading, whether dealing with stocks, forex, or other financial instruments, having a clear and well-defined exit strategy is paramount. An exit strategy not only helps in securing potential returns but also plays a significant role in minimising risks. It ensures that traders have a predefined plan to follow, reducing the impact of emotional decisions on their trading activities.

An exit strategy can be based on several criteria, including technical indicators, a given risk/reward ratio, or a specific level. For instance, in forex trading, deciding when to exit a trade can significantly impact the overall performance of one's trading account.

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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.

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.

Analytical Aussie Dollar Predictions By 2028: Will It Get Stronger



In this comprehensive FXOpen article, we delve into the future of the Australian dollar (AUD), exploring how domestic economic trends, global market dynamics, and central bank policies are expected to influence its value. As we navigate through potential fluctuations and opportunities, this article serves as a valuable resource for traders and investors looking to understand the AUD's prospects. Join us to uncover the analytical predictions for the AUD in 2024 and beyond.

The Australian Dollar's Recent Performance
The Australian dollar has navigated a complex landscape from 2019 through 2023, reflecting the influence of global and domestic factors on its performance against the US dollar (USD). Head over to FXOpen’s free TickTrader platform to interact with real-time charts and observe how the Aussie dollar has moved over the years.

TO VIEW THE FULL ANALYSIS, 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.

Market Analysis: GBP/USD Rallies While USD/CAD Struggles



GBP/USD started a fresh increase above the 1.3200 zone. USD/CAD declined and now consolidates below the 1.3600 level.
Important Takeaways for GBP/USD and USD/CAD Analysis Today

 

1. The British Pound is eyeing more gains above the 1.3300 resistance.
2. There is a key expanding triangle forming with support near 1.3200 on the hourly chart of GBP/USD at FXOpen.
3. USD/CAD started a fresh decline after it failed to clear the 1.3650 resistance.
4. There was a break below a short-term contracting triangle with support at 1.3560 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.3100 level. The British Pound started a steady increase above the 1.3200 resistance zone against the US Dollar, as discussed in the previous analysis.
The pair gained strength above the 1.3235 level. The bulls even pushed the pair above the 1.3300 level and the 50-hour simple moving average. The pair tested the 1.3315 zone and is currently consolidating gains.

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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.

The Price of Tesla (TSLA) Shares Has Risen by More Than 7%



As the Tesla (TSLA) stock chart shows today, the price increased by more than 7% during yesterday's trading, surpassing the $240 mark.
The bullish sentiment was supported by the following factors:
→ The Federal Reserve's decision to cut interest rates by 0.5%;
→ Data tracked by Citi analyst Jeff Chung. According to Barron’s, they indicated that Tesla sold more than 15,000 vehicles in China last week – strong sales there could help the company deliver one of its best quarters.
→ A key signal from the technical analysis of the Tesla (TSLA) chart.



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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.

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


Weekly Market Wrap With Gary Thomson: S&P 500, Fed Cuts Interest Rates, US Dollar, S&P/ASX 200 Index

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.

 

1. S&P 500 Sets Record Ahead of Fed Decision
2. Fed Cuts Interest Rates by 0.5%
3. Dollar Trades Mixed after Fed Rate Cut
4. Australian S&P/ASX 200 Index Hits All-Time High

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.
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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.

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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USD/ZAR: New Trading Opportunities at FXOpen



FXOpen traders can now incorporate the USD/ZAR currency pair into their strategies. If you want to diversify your portfolio and deal with market volatility, open an account now and enjoy USD/ZAR trading.

As shown by the USD/ZAR chart, on 19th September the price fell below the 17.400 level for the first time since February 2023.
It is likely that this was more due to the weakness of the US dollar ahead of the Federal Reserve's decision on interest rate cuts than to the strength of the South African rand.

However, after the decision was published, the ensuing surge in volatility led the price to hit a multi-month low, and today the USD/ZAR chart offers bulls increasing hope for a rebound.



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.

Swing Trading: Unique Features and Strategies


Swing trading stands out as a dynamic approach in the trading world, blending elements of both short-term and long-term strategies. In this article, we will explore the unique features of swing trading, including its reliance on technical analysis, the use of chart patterns, and the strategic timing of entries and exits. Whether you're new to trading or seeking to refine your approach, understanding the nuances of swing trading can provide valuable insights into navigating the financial markets.

The Basics of Swing Trading
Swing trading meaning refers to a style that involves holding short- and medium-term positions - usually from a couple of days to a few weeks - with the aim of capitalising on the “swings” in the market.
What is a swing trader? A swing trader’s definition is simple: swing traders are those who typically enter and exit markets at significant support and resistance levels, hoping to capture the bulk of expected moves.

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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.

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.

The Price of Nike (NKE) Shares Surged by More Than 6%



Investors in Nike (NKE) can hardly call 2024 a successful year:
→ while the S&P 500 index (US SPX 500 mini on FXOpen) has risen by over 20% since the beginning of the year and is hovering near historic highs,
→ the price of NKE shares has dropped by about 20% in 2024 and is now more than twice as low as its all-time high reached in 2021.
Nike’s shares have been in a downward trend for several months, driven by increasing competition, as confirmed by the latest quarterly report, which showed that sales remained flat, and the company forecasts a potential 10% decline in quarterly sales.

As CNN reports, many investors had been calling for changes at Nike. Thus, they welcomed the news of a leadership change – it was announced last week that the current CEO, John Donahoe, will retire next month and will be replaced by former Nike executive Elliott Hill – which led to a rise in the company’s shares by over 6% in a single day.



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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.

A Dark Cloud Cover Candlestick Pattern: Meaning and Application



The dark cloud cover is a two-candlestick pattern that suggests a potential reversal from an uptrend to a downtrend. It may benefit traders and technical analysts seeking to identify selling opportunities. In this article, we will discuss how to spot the setup on a price chart and interpret its signals.

What Is a Dark Cloud Cover?
The dark cloud cover is a two-candlestick bearish pattern that signals a potential reversal in an uptrend. How to identify dark cloud cover? To recognise the pattern, traders look for specific characteristics that distinguish this formation on a chart.

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.