Daily Market Analysis By FXOpen

How Can You Use the Ascending Triangle in Trading?



An ascending triangle is a chart pattern traders rely on to identify potential breakouts and further price movements. Recognised for its versatility, this pattern can signal trend continuations across all types of markets, including stocks, forex, commodities, and cryptocurrencies*. In this article, we’ll break down how to spot and trade this formation.

What Is an Ascending Triangle?
An ascending or rising triangle is a bullish chart pattern that usually signals a trend continuation. It is framed by two trendlines. The upper line connects highs placed at almost the same level, while the lower line is angled and connects higher lows.
The triangle’s appearance is explained as follows: buyers try to push the price up, but they meet a strong resistance level, so the price rebounds. Still, buyers have strength, which is reflected in higher lows. Therefore, they continue pushing the price until it breaks above the resistance level. The period during which the price bounces back and forth between the two lines depends on the timeframe. On daily charts, the triangle can be in place for over a week.

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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 Index Rebounds from Near Three-Month Low



The chart for the British FTSE 100 index (UK 100 on FXOpen) illustrates:
→ Indicated by the red arrow: Yesterday, the index fell below the 8100 level for the first time since early August, driven by bearish sentiment in the U.S. stock market following reports from Microsoft (MSFT) and Meta Platforms (META), as we noted previously.
→ Indicated by the blue arrow: Today, the FTSE 100 is rebounding on the back of local economic data releases, including UK housing prices, which, according to Trading Economics, grew less than expected.



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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.

Euro Retreats from Recent Lows, Pound Plummets After Budget Data Release



In recent trading sessions, European currencies have shown mixed performance. The EUR/USD pair found support just below the 1.0800 level, while GBP/USD plunged below the critical 1.2900 support. Today, investors and market participants are awaiting U.S. labour market data, while next week’s U.S. election adds to the anticipation. This could lead to sharp increases in volatility for both pairs, with current trends potentially either intensifying or shifting dramatically.

EUR/USD



Recent macroeconomic data from the Eurozone has been relatively positive this week. For instance, Germany’s GDP for Q3, released on Wednesday, posted a 0.2% growth, beating the forecasted -0.1%. Similarly, the Eurozone’s GDP and the October Consumer Price Index (CPI) both showed positive trends.
Technical analysis of EUR/USD suggests the possibility of an upward movement, provided the price remains above 1.0800. If the U.S. Nonfarm Payrolls data proves positive, the pair could retest recent lows around the 1.0780-1.0760 range.

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.

Watch FXOpen's 28 October - 1 November Weekly Market Wrap Video


Weekly Market Wrap With Gary Thomson: NASDAQ 100, US Dollar, GOOGLE, MSFT Shares Price

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. NASDAQ 100 consolidates ahead of major market leader earnings report
2. Dollar continues aggressive rise ahead of u.s. elections
3. Alphabet INC. (GOOGL) shares rise to $180 following earnings report
4. Microsoft (MSFT) shares decline despite strong earnings report

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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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What Is the Over-the-Counter (OTC) Market and How Does It Work?



The over-the-counter (OTC) market is a crucial yet often misunderstood part of the financial system. Unlike centralised exchanges, OTC markets offer a decentralised way to trade various securities, from bonds to currencies. This article explores how the OTC market works, its instruments, and the opportunities and risks it presents for traders and investors alike.

What Is the OTC Market?
The over-the-counter market meaning refers to the OTC marketplace, a decentralised network where financial assets are traded directly between buyers and sellers, rather than through a centralised exchange like the NYSE. This OTC definition highlights that trades happen via private negotiations, often facilitated by brokers or dealers.
OTC markets cover a wide range of assets, including bonds, derivatives, and unlisted stocks. This market is popular for assets that are either too niche or illiquid to be traded on traditional exchanges. For example, many corporate bonds and complex derivative products are commonly traded OTC.

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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.

Warren Buffett Moves to Cash



On August 30, when the price of Berkshire Hathaway's Class B shares (BRK.B) surpassed $465, we noted that:
→ the stock was forming an ascending channel (shown in blue);
→ as the price neared $475, the likelihood of a slowdown in the bullish trend increased.
Since then (indicated by the arrow):
→ the price hit the upper channel boundary,
→ reversed downward after briefly exceeding $475,
→ and dropped to around $455 by November 1, when Warren Buffett’s Berkshire Hathaway reported Q3 earnings.
Analyst forecasts were close to the report’s actual figures:
→ Earnings per share: forecast = $4.9, actual = $4.7.
→ Revenue: forecast = $92.2 billion, actual = $92.9 billion.
→ Berkshire Hathaway’s investment income more than doubled year-over-year, reaching $3.5 billion for the quarter.
Meanwhile, some noteworthy news includes:
→ Berkshire significantly reduced its Apple (AAPL) holdings and refrained from new investments, even as stock indexes hover near historical highs.
→ Cash reserves reached a record $325 billion.
This has led to speculation that Buffett may believe:
→ stock prices are overvalued;
→ a market correction could be imminent.
Interestingly, Berkshire Hathaway is also holding off on buybacks—could Buffett be expecting a further price drop?



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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: AUD/USD and NZD/USD Rebound Could Be Limited



AUD/USD is attempting a recovery wave from 0.6540. NZD/USD is also correcting losses and might recover further if there is a clear move above the 0.6030 resistance.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

1. The Aussie Dollar found support near 0.6540 and is now recovering against the US Dollar.
2. There was a break above a key bearish trend line with resistance at 0.6575 on the hourly chart of AUD/USD at FXOpen.
3. NZD/USD is attempting a recovery wave above the 0.5960 resistance.
4. There was a break above a major bearish trend line with resistance near 0.5980 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair dipped from the 0.6600 resistance zone. The Aussie Dollar declined below 0.6600, but the bulls were active near 0.6540 against the US Dollar.

A low was formed near 0.6537 and the pair is now correcting losses. There was a move above the 50% Fib retracement level of the downward move from the 0.6659 swing high to the 0.6537 low. There was also a break above a key bearish trend line with resistance at 0.6575.

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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.

XAU/USD Analysis: Gold Price Chart Displays Bearish Signals



Analysing the XAU/USD chart on October 18, we:
→ Established a long-term upward channel (indicated in blue);
→ Suggested that the target for bulls might be the upper red line, drawn parallel to the red corrective channel.
Since then:
→ The gold price rose to the upper red line and the top of the blue channel,
→ But then experienced a bearish reversal, dropping sharply on October 31 amid economic news.



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 Countries Use the US Dollar?



The US dollar is more than just the currency of the United States; it's a global powerhouse used by countries worldwide. Whether as legal tender or alongside local currencies, the US dollar plays a significant role in international trade and finance. In this article, we’ll explore what countries use American dollars, where it circulates alongside local money, and why its influence extends far beyond US borders.

Overview of the US Dollar as a Global Currency
The US dollar (USD) has held a dominant position in global finance since the mid-20th century. After World War II, the Bretton Woods Agreement established the USD as the backbone of the international monetary system, linking it to gold and making it the preferred currency for trade and investment. Even though the gold standard was abandoned in the 1970s, the US dollar remained crucial for international transactions.
Today, the USD is the world's primary reserve currency, held by central banks across the globe to stabilise economies and facilitate trade. As of Q2 2024, nearly 60% of all global foreign exchange reserves are in dollars, and it accounts for 88% of forex trades (as of April 2022). The USD is used in pricing major commodities like oil, gold, and metals, further solidifying its role in global markets. Want to observe how prices of these commodities have changed over the years? Head over to FXOpen’s free TickTrader trading platform to get started with real-time charts.

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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.

Apple Report Drives Bearish Sentiment for AAPL Stock



Apple, the largest U.S. market-cap company, released its Q3 earnings report on October 31:
→ Earnings per share (EPS): Actual = $0.97, Expected = $1.60
→ Gross revenue: Actual = $94.9 billion, Expected = $94.5 billion
The nearly 40% miss on EPS likely disappointed investors, contributing to bearish pressure. As seen in AAPL’s chart, prices dropped below $220 — a level last seen in early September.
Could the decline deepen? Today’s technical analysis of AAPL presents a few arguments for a bearish outlook:
→ In 2023-2024, the stock moved within a broad range between $167 and $200. When the bullish breakout of this range occurred in June 2024, $233 became a potential target, showing signs of resistance. The resistance around $233 is also reinforced by the upper boundary of a long-term ascending channel (in blue).



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.

How the U.S. Presidential Election May Impact the S&P 500 Index



Today, 5 November, the U.S. presidential election is underway, and it may serve as a significant driver of volatility for global stock markets.
According to EuroNews, heightened market fluctuations are expected throughout the voting period on 5 November, potentially mirroring reactions observed during the Brexit referendum and the 2016 U.S. election. Newsweek notes that historically, U.S. stock markets tend to rise regardless of the election winner. In 2020, for example, American stocks rose immediately after election day and continued upward even as Trump contested the results.
Investor’s Business Daily highlights Tony Roth, CIO of Wilmington Trust, who argues that U.S. stock markets could climb regardless of whether Harris or Trump wins, as both candidates provide viable economic paths that could support market sentiment.
On 14 October, analysing the S&P 500 chart (US SPX 500 mini on FXOpen), we plotted three narrow upward channels (shown in blue), noting:
→ each channel has a similar slope and width;
→ connecting the maximum of Channel 1, the peak and trough of Channel 2, and the low of Channel 3 outlines a larger channel (in orange).



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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.

Analytical NVIDIA Stock Forecasts for the Rest of 2024, 2025 – 2030, and Beyond



NVIDIA has become a dominant force in technology, driving innovation in AI, data centres, and next-generation computing. Its stock has seen substantial growth, becoming a key player for investors to watch closely.
This article breaks down NVIDIA’s stock forecasts for 2024, 2025, and beyond, exploring its financial performance, market potential, and future opportunities in areas like autonomous vehicles and the Internet of Things (IoT). Discover what could shape NVIDIA’s future and its stock's potential trajectory.

NVIDIA’s Price History
NVIDIA’s stock price has undergone an extraordinary transformation since its early days, moving from a graphics pioneer to a tech powerhouse. Understanding its price history offers valuable insight into the key milestones that have shaped NVIDIA's rise in the market, from its early challenges to its recent dominance in AI and data centres. Let’s look at how NVIDIA’s stock has evolved over the 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.

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.

A New Participant in the ForexCup Trading Championship 2024 - Mihai Ionut Andreana
Hi there,
We are excited to introduce Mihai Ionut Andreana from Romania as a new ForexCup Trading Championship 2024 participant! With six years of investment experience and two years dedicated to day trading, Mihai brings a strong foundation and is eager to showcase the skills he has honed through consistent emotional discipline.

Mihai’s most significant accomplishment in trading has been his transition from losses to profits – a milestone he attributes to mastering control over his emotions, a crucial skill for any successful trader.



While Mihai has not managed investor funds beyond friends or participated in international championships before, his determination and disciplined approach make him a promising addition to our competition. We wish Mihai the best of luck and success on his journey toward new achievements!
Follow his progress in the ForexCup Trading Championship and cheer him on as he competes!

Enroll in FTC 2024

#forextrading #tradingstrategy #forexcup

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.

Excitement Builds as Less Than Two Months Remain in the Fourth ForexCup Trading Championship!

Hi there,
With under two months to go before the end of the fourth ForexCup Trading Championship, the competition is heating up, and the leaderboard has seen some exciting changes. Two new participants have recently entered the top five rankings, adding an unexpected twist to the contest.



One of the new entrants, Mihai Andreana, registered only last week, has already climbed to fourth place. Meanwhile, a two-time champion from previous tournaments, Seyit Altuntas, now holds fifth place, bringing even more intensity to the final stretch.
Stay tuned as the stakes rise and the top traders continue to battle it out in this thrilling championship!
Enroll in FTC 2024

#forextrading #tradingstrategy #forexcup

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.

Euro and Pound Decline Amid US Election Anticipation


Early in this trading week, the dollar’s rise, likely influenced by Trump’s strong polling figures, has somewhat slowed. Based on technical analysis of major currency pairs, the market appears ready for a correctional pullback. However, the US election results could disrupt current patterns.

EUR/USD



Last week, EUR/USD found support around the 1.0760 level and rose above 1.0900. If buyers can hold the price within the 1.0900–1.0800 range, the upward correction might extend towards 1.1100–1.1000. However, if it dips below October’s low of 1.0760, the pair could decline further to the 1.0680–1.0640 range.

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.

Trump’s Lead Boosts the Dollar



Early results in the U.S. presidential election indicate a lead for the Republican candidate.
A potential Trump victory is seen as favourable for the U.S. dollar, based on Donald Trump's plans to:
→ increase tariffs on key U.S. trading partners;
→ stimulate domestic business and support small-cap companies.
Additionally, the Trump administration may influence the Federal Reserve's rate policies, potentially leading to rate cuts as anticipated earlier.
The forex market has responded with a stronger U.S. dollar, especially against the euro.



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.

US Nonfarm Payroll Report: Market Insights



Navigating the complex waves of the financial markets requires an astute understanding of various economic indicators. Among them, the nonfarm payroll report stands out as a pivotal monthly metric that can significantly sway financial markets. This article demystifies the intricacies of this influential report, walking through what to know before trading it.

Nonfarm Payroll Definition
The nonfarm payroll (NFP) is a key economic barometer that tallies the number of employed individuals in the US, excluding the agricultural sector. Besides the farm workers, government, private household, and nonprofit organisation workers are not included.

This nonfarm payroll, meaning the workforce in industries like manufacturing, services, construction, and goods, reflects the health of corporate America and, by extension, the US economy. It’s one of the components of the Employment Situation report released on the first Friday of every month by the US Bureau of Labor Statistics. Nonfarm employment change data is released along with unemployment rate and average hourly earnings data.

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.

Market Analysis: Gold Price Takes Hit While WTI Crude Oil Eyes Upsides



Gold price is declining below the $2,700 support zone. Crude oil price is rising and it could climb further higher toward the $75.00 resistance.
Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

1. Gold price failed to clear the $2,800 resistance and corrected lower against the US Dollar.
2. There is a key bearish trend line forming with resistance at $2,725 on the hourly chart of gold at FXOpen.
3. WTI Crude oil prices are moving higher above the $70.00 resistance zone.
4. There is a key bullish trend line forming with support near $70.90 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 $2,750 resistance. The price even broke the $2,765 level before the bears appeared.
The price traded toward $2,785 before there was a fresh decline. There was a move below the $2,760 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 30. Finally, it tested the $2,645 zone.

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.

How Do Traders Identify Overbought and Oversold Stocks?



Identifying overbought and oversold stocks is a key part of technical analysis for traders. These conditions occur when a market’s price moves to extremes—either too high or too low—compared to its recent performance. By recognising these signals, traders can spot potential turning points in the market. This article explores what overbought and oversold stocks are, how to find them using technical indicators, and the risks involved in trading them.

What Is an Oversold Stock?
Oversold stocks are those that have experienced a significant price decline, often beyond what might seem reasonable based on their underlying value. This often happens when market sentiment is overly negative, even if the company’s fundamentals remain solid.
Several factors can lead to a stock becoming oversold. For instance, bad news about a company, such as a missed earnings report or legal troubles, can cause investors to sell off shares quickly. Broader market events, like economic downturns or changes in industry regulations, can also drive prices down across the board. Sometimes, even strong stocks get caught up in these waves of negativity.

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.

Dollar Declines Following Fed Rate Decision



The recent rally of the U.S. dollar, observed during the U.S. election results, has slightly slowed after yesterday's Federal Reserve meeting. As anticipated by analysts, the Fed lowered the base interest rate by 25 basis points, from 5.00% to 4.75%. In their accompanying statement, Fed officials highlighted robust economic activity and improvements in labour market conditions. Following these comments, the dollar initially declined but attempted to recover its lost ground a few hours after the Fed meeting.

USD/JPY


Technical analysis of the USD/JPY pair suggests the possibility of a deeper downward correction, as a "bearish harami" pattern has formed on the daily timeframe. The initial target range for this retracement is 152.70–152.00. If the price consolidates below 152.00, the pair may test recent lows in the 151.30–150.00 range. However, a return to upward movement could occur if the price confidently re-establishes itself above 154.80.

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.