Daily Market Analysis By FXOpen

EUR/USD Rate Accelerates Decline Following European Inflation News



According to the Eurostat data released today:
→ Core CPI Flash Estimate (YoY): actual = 2.7%, expected = 2.7%, previous = 2.8%;
→ CPI Flash Estimate (YoY): actual = 1.8%, expected = 1.8%, previous = 2.2%.
This news, coupled with yesterday’s statements from the Fed Chair, led to the EUR/USD rate dropping by over 1% from yesterday’s high.
Could the downward trend continue?



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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.

Market Analysis: EUR/USD Trims Gains, USD/JPY Eyes Fresh Increase



EUR/USD declined from the 1.1200 resistance and corrected gains. USD/JPY is rising and might gain pace above the 144.65 resistance.
Important Takeaways for EUR/USD and USD/JPY Analysis Today

 

1. The Euro started a fresh decline below the 1.1150 support zone.
2. There is a connecting bearish trend line forming with resistance at 1.1070 on the hourly chart of EUR/USD at FXOpen.
3. USD/JPY climbed higher above the 142.50 and 143.40 levels.
4. There is a connecting bullish trend line forming with support at 143.45 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.1200 resistance zone. The Euro started a fresh decline and traded below the 1.1150 support zone against the US Dollar.
The pair declined below 1.1125 and tested the 1.1100 zone. A low was formed near 1.1045 and the pair is now consolidating losses. There was a minor recovery wave above the 1.1060 level. On the upside, the pair is now facing resistance near a connecting bearish trend line at 1.1070.

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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.

XBR/USD Analysis: Brent Oil Price Soars After Attack on Israel



Following Israel's military operation in Lebanon, Iran launched a missile strike on Israel on October 1. Financial markets reacted sharply as soon as the first reports of the attack emerged:
→ U.S. stock indices dropped significantly, and Bitcoin also fell, with BTC/USD nearing the psychological $60,000 mark at yesterday's low.
→ Gold surged to $2670, though supply forces have since curbed the panic buying, and XAU/USD has dropped back below $2650.
Oil prices also spiked. Unlike other financial assets, there has been no correction on the XBR/USD chart today, despite the end of the missile strike on Israel. This highlights oil's heightened sensitivity to Middle Eastern tensions.



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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 Wyckoff Method: What It Is and How You Can Trade It



The Wyckoff trading method is a classic approach to technical analysis, focusing on understanding market behaviour through price and volume patterns. Developed by Richard D. Wyckoff in the early 20th century, it helps traders identify market trends, reversals, and optimal entry and exit points. This comprehensive article explores the key principles of the Wyckoff method and how it can be applied to modern trading strategies.

What Is the Wyckoff Method?
The Wyckoff method is a type of technical analysis developed in the early 20th century by Richard D. Wyckoff, a renowned stock market trader and analyst. The method is based on the belief that markets are driven by fundamental supply and demand forces and that these forces can be traded through repeatable patterns.

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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.

Analysis of GBP/CAD: Price Falls Below 1.800 Level



In the first nine months of 2024, the GBP/CAD exchange rate rose by over 7%, surpassing the significant 1.800 level.
The last time GBP/CAD remained consistently above this level was back in 2016, but it later dropped below. Since then, bulls have made two attempts to push the price above 1.800: in 2018 and again in 2020 (during the coronavirus panic) – both of which failed.
A third attempt occurred when GBP/CAD climbed above 1.800 in September 2024, but yesterday’s large bearish candles (marked with an arrow) suggest that this attempt to stay above 1.800 may also fail.

Yesterday’s decline in GBP/CAD was driven by a combination of factors, including:
→ A rise in oil prices, which strengthens the Canadian dollar as Canada is a major exporter of oil;
→ A slowdown in manufacturing activity in the UK during September, as reported by Reuters.



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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.

Simple, Weighted, and Exponential Moving Averages: The Differences



Moving averages (MAs) are commonly used indicators in technical analysis; in fact, they are among the first indicators traders will consult when forming a trading strategy.
There are several types of averages, including a simple moving average (SMA), a weighted moving average (WMA), and an exponential moving average (EMA), each with its unique features. In this FXOpen article, we compare SMA vs EMA vs WMA and explore how to use MA indicators in trading.

What Is an MA in Trading?
A moving average (MA) in trading is a tool used to analyse market movements over a specific period. Represented as a line on a chart, an MA indicator smooths out fluctuations by averaging the data points over the selected timeframe. This helps traders identify trends and make decisions about when to buy or sell.
The moving average meaning varies based on the type and calculation method, but the core function is to filter out short-term noise and highlight the underlying trend. The primary difference between various MAs lies in the weight given to recent versus older data points. Some give equal weight to all data, while others emphasise recent movements, making them more sensitive to current market conditions.

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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.

Lockheed Martin (LMT) Stock Price Surpasses $600 for the First Time



As indicated by the Lockheed Martin (LMT) stock chart, after breaking through the psychological barrier of $600, the price has reached an all-time high. Remarkably, it took less than 2.5 months for the stock to climb from $500 to $600.
Demand for Lockheed Martin (LMT) shares is being driven by consistent news of government contracts awarded to the company amid rising geopolitical tensions. These contracts include deals for F-35 Joint Strike Fighter aircraft, Trident II D5 missile production, and supplies for the U.S. missile defence system.
The surge in orders has enabled Lockheed Martin’s board of directors (NYSE: LMT) to announce an increase in dividends for Q4 2024 by $0.15, bringing them to $3.30 per share. It is worth noting that the company has raised its dividends for 22 consecutive years.



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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 Strengthens Ahead of Employment Data Release



In early October, major currency pairs are trading with mixed directions. European currencies continue to trade within narrow ranges, commodity currencies are approaching key levels, and the Japanese yen has entered a full-scale downward correction. However, the upcoming U.S. employment report for September, set to be released at the end of this trading week, may either reinforce existing trends or spark new ones.

USD/JPY


Technical analysis of the USD/JPY pair indicates the potential for continued corrective growth, as a "piercing line" pattern formed on the daily timeframe on 30 September. The price managed to update the September high at 147.20. If the 147.20–147.00 range turns into support, the pair could strengthen towards 149.40–149.00. A break below the 146.00–145.00 range would invalidate the bullish scenario.

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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 to Trade on Support and Resistance Reversals



Trading in the financial markets can be a complex endeavour, but it may become more manageable when traders have a solid grasp of support and resistance levels. Recognising support and resistance reversals is a crucial skill that may enhance one's trading performance. In this FXOpen article, we will learn the types of support and resistance and consider some trading strategies based on market reversals.

Recognising Support and Resistance Reversals
It’s unlikely you will need to ask, “What are support and resistance lines?” Still, let’s refresh your memory.
A support line is a level at which an asset's price tends to find buying interest, preventing it from falling further. In other words, it's where demand for the asset is strong enough to counteract selling pressure. Traders often identify support as a potential point when going long or a take-profit target when selling. It can be formed at various price points on a chart and can be horizontal and diagonal (trendlines).

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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: GBP/USD Takes Hit While EUR/GBP Consolidates Gains



GBP/USD started a fresh decline from the 1.3425 resistance zone. EUR/GBP is rising and might climb above the 0.8435 resistance.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today

1. The British Pound is showing bearish signs below the 1.3250 support.
2. There is a key bearish trend line forming with resistance near 1.3170 on the hourly chart of GBP/USD at FXOpen.
3. EUR/GBP is gaining pace and trading above the 0.8400 zone.
4. There was a break above a connecting bearish trend line with resistance at 0.8330 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair failed to stay above the 1.3400 pivot level. As a result, the British Pound started a fresh decline below 1.3320 against the US Dollar.

There was a clear move below 1.3250 and the 50-hour simple moving average. The bears pushed the pair below 1.3150. Finally, there was a spike below the 1.3120 support zone. A low was formed near 1.3092 and the pair is now consolidating losses.

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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.

Boeing (BA) Shares Hover Near Two-Year Low



Despite the S&P 500 index (US SPX 500 mini on FXOpen) rising roughly 20% since the start of 2024, Boeing (BA) shares are currently around the psychological level of $150 – a low last seen in autumn 2022.
Several factors have driven bearish sentiment for Boeing in 2024:
→ Reputational setbacks due to technical issues, including helium leaks and engine malfunctions on the Starliner spacecraft intended for astronaut transport to the ISS.
→ Boeing has struggled to meet its aircraft delivery targets, and it reported significant financial losses in Q2 2024, with earnings per share nearly halving forecasted estimates, further impacting investor confidence.
→ Fines from the U.S. Department of Justice, worker strikes, and other operational challenges have compounded issues.



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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.

USD/JPY Analysis: Price Retreats from One-Month High



The USD/JPY chart shows that yesterday (3 October), the price slightly surpassed the 147.230 level, marking the highest point since 3 September.
This is significant as it indicates a new swing high, identified by the ZigZag indicator (in purple), which hasn’t been seen in months.
Bullish arguments for the USD/JPY chart today:
→ The price is within an ascending channel (shown in blue), illustrating an upward trajectory for the US dollar. This follows a period where the yen gained strength, pushing the exchange rate below the psychological threshold of 140 yen per dollar.
→ After the price broke above the upper boundary of the blue channel (signifying overbought conditions), a correction (such as to the channel's median) appears appropriate.



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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 Sept 30 - Oct 4 Weekly Market Wrap Video


Weekly Market Wrap With Gary Thomson: Brent Crude Oil, GBP/CAD, US Dollar, Lockheed Martin Stock
Welcome to the 100th edition of our Weekly Market Wrap video series!
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. XBR/USD Analysis: Brent Oil Price Soars After Attack on Israel
2. Analysis of GBP/CAD: Price Falls Below 1.800 Level
3. Dollar Strengthens Ahead of Employment Data Release
4. Lockheed Martin (LMT) Stock Price Surpasses $600 for the First Time

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.
Watch YOUTUBE VIDEO

FXOpen YouTube

#marketwrap #marketanalysis #forexmarketanalysis #stockmarketanalysis

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

What Is an ABCD Pattern, and How Can You Use It in Trading?



Are you looking to improve your trading strategy and technical analysis skills? The ABCD trading pattern may be just what you need. This tool may help you identify potential market reversals and decide when to enter a trade. Keep reading to learn more about the ABCD pattern and how to apply it to your trading strategy.

What Is an ABCD Pattern?
The ABCD pattern is one of the basic harmonic patterns. It gives traders an idea of where the market might reverse. Therefore, when combined with other forms of technical analysis, it may be a great addition to your trading arsenal.

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.

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.

EUR/USD Analysis: The Exchange Rate Falls Below 1.100



As shown in today's EUR/USD chart, the euro has dropped below the 1.100 level against the US dollar. This decline is partly due to Friday's strong US jobs report, which revealed:
→ the largest job growth in six months,
→ a decrease in the unemployment rate,
→ solid wage growth.
These factors suggest a resilient US economy and increase the likelihood of a "soft landing" following the inflation surge.

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.

Meta Platforms (META) Stock Price Nears $600 Milestone



As reported by Barron’s, October has historically been the second-best month for the information technology sector in the S&P 500. The sector typically gains an average of 2.7% in October, according to Dow Jones Market Data. The best month is November, with an average increase of 3.1%. This trend likely follows the statistically weakest month—September. Meta Platforms (META)’s strong performance supports these historical patterns.
In our analysis of Meta Platforms’ stock chart on 25th September, we noted that the price was forming an ascending channel (shown in blue). Before breaking a key resistance level at $540, the price formed a bullish “inverted cup and handle” pattern, which coincided with another bullish pattern—the “inverted head and shoulders.”
Since then, Meta Platforms’ stock has maintained its upward trend, reaching new all-time highs. The price has surpassed $595 and is now nearing the psychological $600 mark.

Several factors have contributed to the bullish sentiment:
→ The upcoming earnings season. Meta Platforms is set to release its Q3 results on 30th September.
→ Excitement surrounding new developments at Meta Platforms Inc., including the augmented reality device Orion and the AI-powered tool Movie Gen, which generates videos based on text prompts.
→ A strong stock market rally, driven by better-than-expected September jobs data. Non-farm payrolls increased by 254,000 last month, surpassing the consensus estimate of 150,000 from a Bloomberg survey. The unemployment rate fell to 4.1% from 4.2% in August, contrary to analysts' expectations of no change.



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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.

Analytical British Pound to Australian Dollar Predictions for 2024, 2025 and Beyond



The British pound to Australian dollar (GBP/AUD) exchange rate, influenced by economic factors in the UK and Australia, is a key focus for traders. This article provides an in-depth analysis of recent trends and analytical British pound to AUD forecasts for 2024, 2025, and beyond, examining factors like monetary policy, inflation, and global trade.

Recent GBP/AUD History
The British pound (GBP) to Australian dollar (AUD) exchange rate has experienced significant fluctuations since 2019, driven by economic factors and global events.
In 2019, the GBP/AUD exchange rate remained relatively stable in a general upward trend, opening around 1.78 and closing at 1.88. While Brexit uncertainty hit the pound, progress in late 2019 helped boost optimism. Meanwhile, the Australian dollar reflected the nation’s relatively strong economic performance.
In early 2020, the COVID-19 pandemic triggered extreme volatility in global markets. The rate jumped to a high of 2.08 in March as investors dumped AUD. The Bank of England (BoE) rushed to cut interest rates amid a deep economic contraction. However, a sell-off started soon and the pair fell to 1.80 by July. Likewise, a recovery in commodities in the latter half of 2020 helped buoy the Australian dollar, with the pair ending the year at 1.77.
In 2021, the GBP/AUD rate hovered between 1.74 and 1.91. The UK’s faster vaccination rollout and stronger economic recovery pushed the pound higher in the first half of the year. By August, the exchange rate hit a peak of 1.91, supported by the UK’s reopening after lockdowns. In contrast, Australia’s slow vaccine rollout and periodic lockdowns weakened the AUD.

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.

What Is an Exponential Moving Average (EMA) in Trading?


One of the most used technical indicators in trading is the moving average (MA). An MA is a dynamic indicator that traders use to identify price trends and potential trading opportunities in the financial markets. One type of moving average is the EMA. What does the EMA stand for? The acronym refers to an exponential moving average.
In this FXOpen article, we'll explore how it differs from a standard moving average, how to calculate the exponential moving average, and how you can use it in trading.

What Is an EMA in Trading?
So, what does EMA mean? An EMA (exponential moving average) is a moving average that gives more weight to recent market data, making it more responsive to price changes than a simple moving average (SMA). Like other MAs, it’s used by traders to identify trends and potential trading opportunities in various financial markets, including forex, stocks, and cryptocurrencies*.
The EMA smooths out fluctuations by calculating the average price over a specific period, but it applies a multiplier that places greater emphasis on recent data. This makes it particularly useful for detecting short-term trends and reacting quickly to sudden market movements. Traders often use different timeframes for EMAs, such as 10, 50, or 200 periods, depending on their trading strategy and the asset they are analysing.

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.

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.

XBR/USD Analysis: Brent Crude Price Fails to Hold Above $80



As shown on the XBR/USD chart, Brent crude oil prices surged by over 8.5% last week — marking the largest increase in 2024, driven by escalating tensions in the Middle East.
Although oil prices continued to climb earlier this week, a pullback occurred on Tuesday, causing Brent crude to drop below the $80 level. It appears that market participants expect U.S. authorities to prevent the conflict from worsening ahead of the presidential elections, prompting them to lock in profits from previous long positions based on the technical outlook.
XBR/USD Technical Analysis



Today's analysis of the XBR/USD chart shows that Brent crude is moving within an upward channel (shown in blue) that began in the first half of September.

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.

Hang Seng Index (HSI) Drops Nearly 10% Today



As shown on the Hang Seng Index chart (Hong Kong 50 on FXOpen), prices have fallen by almost 10% since trading began today, and the session is not over yet.
According to Reuters, bearish sentiment was driven by uncertain statements from Chinese officials regarding economic stimulus measures. This has raised doubts in the stock market about Beijing's ability to steer the world’s second-largest economy out of its most severe downturn since the global pandemic, aiming to achieve 5% growth.
Additionally, the decline may have been accelerated by a cascade of long position closures, which were opened in mid-September when the Hang Seng Index (Hong Kong 50 on FXOpen) was in an upward trend.



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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.