Daily Market Analysis By FXOpen

WTI Oil Price Reaches 4-month High against the Backdrop of OPEC+ Decision


On Friday, the price of a barrel of WTI crude oil exceeded USD 80 per barrel due to the decision to continue the policy of reducing oil production by OPEC+ countries.

Saudi Arabia said on Sunday it would extend oil production cuts until June to ?maintain stability and balance in oil markets,? an official statement said. Kuwait and the United Arab Emirates also said they would also continue cuts.

NYT writes that the decision was expected. At the same time, the price of WTI oil exceeded USD 80 per barrel on Friday for the first time since the beginning of November 2023.

The price chart for WTI oil shows that the market has been in an upward trend since mid-December - the price has formed an upward channel (shown in blue). In addition to the OPEC+ policy, the strength of demand is also supported by:
→ uncertainty in the military conflict between Hamas and Israel;
→ facts of attacks on oil tankers in the Red Sea.



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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.

Swiss Franc Weakens after Inflation News


Inflation in the country fell in February to its lowest level in nearly two-and-a-half years, data from Switzerland's Federal Statistical Office showed on Monday. Although consumer prices rose 1.2% compared to a year earlier, there is reason to believe that inflation is slowing down compared to the 1.3% recorded a month earlier.

Reuters writes that the Swiss National Bank has kept inflation rates within the target range since May 2023, despite rising rents, sales taxes and energy prices. And the latest news makes it more likely that the SNB will cut rates at its next meeting, scheduled for March 21.

Thus, market participants can expect a looser policy and an affordable franc ? which is why the CHF has weakened against a number of currencies. For example, the EUR/CHF rate has reached its highest level since November 2023.



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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.

EURUSD Technical Analysis ? 05th MAR, 2024

EURUSD ? Ichimoku: price is over the cloud


EURUSD started this week on a bullish note and managed to touch a high of 1.0866 after which we can see some market consolidation. We are now looking to Re-enter the bullish channel after the current consolidation phase gets over.
We can see the formation of Bullish Trend reversal pattern with adaptive moving average AMA20 in the 1-hourly timeframe.

We can see that the Ichimoku: price is over the cloud in the 4-hourly timeframe indicating the bullish nature of the markets.
The Williams percent range indicator is back over zero in the weekly timeframe indicating the bullish tone present in the markets with immediate targets of 1.0869.

The prices of EURUSD are ranging near the support of the triangle and channel in the weekly timeframe.
In the short term we are now looking at some market consolidation after which the prices will start moving upwards with immediate targets of 1.0869 which is a 3-10 Day MACD Oscillator Stalls.

EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages:

• Euro bullish reversal seen above the 1.08004 mark.
• Short-term range appears to be Neutral.
• EURUSD continues to remain above the 1.0840 levels.
• Average true range ATR is indicating less market volatility.

The next resistance is located at 1.0917 which is a 50% Retracement From 13 Week High/Low.
EURUSD is now trading below its Pivot levels of 1.0852 and is moving into a Mild Bullish Channel. The price of EURUSD remains above its Classic support levels of 1.0848 and is moving towards its next target of 1.0917.


Note: This Analytics is created by me and is based on my own personal Forex trading experience of 10 years. I am using my trading experience to help Experienced and Newbie traders and they should know about the risks of Forex trading.

For in-depth analysis, please check FXOpen Blog

NASDAQ Rally Shows Tech Stocks Are Back in Focus - But for How Long?


The NASDAQ index, well known as a premier listing venue for North American technology companies across the entire spectrum from the Silicon Valley giants to recently listed newcomers, has been going from strength to strength during the beginning part of this year.

At the beginning of January, the NASDAQ was resting at a relatively low point in the mid-16,300 range and has since risen to 18,318.7 at the high points of the trading day in New York yesterday, according to FXOpen pricing.

This is a considerable increase, and apart from a few small dips along the way, it has been consistent for the majority of the first quarter of the year so far.

Yesterday's trading was of great interest to those with a keen penchant for US tech stocks, as the NASDAQ's high point of 18,318.7 represented an all-time record for the index, clearly demonstrating that these days, there is a clear distinction between enthusiasm among traders for NASDAQ-listed companies compared to two years ago when there was a sustained period of low value across NASDAQ listed stocks.

Those times are gone, and the halcyon days are back. However, the euphoria subsided slightly as the trading day came to a close yesterday during the US session, as the NASDAQ, despite a rallying group of technology stocks tied to the artificial intelligence boom keeping the values high, began to make a slight climbdown from its historic high.

Trading will begin today with the NASDAQ index standing at 18,129.1 according to the bottom of the candlestick on FXOpen charts, which is still high compared to the entire history of the NASDAQ index apart from the levels it reached during yesterday's trading.

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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.

After Updating the Historical High, the Price of Bitcoin Collapsed by 14%


Bitcoin's previous all-time high price, recorded on November 10, 2021, was around USD 68,900 per coin (depending on exchanges).

But yesterday, the price of Bitcoin exceeded 69k! However, the jubilation from the new historical peak quickly gave way to fear ? as the BTC/USD rate began to fall rapidly. From peak A to low B ? the price traveled a path of more than -14% in just 5 hours.

These events highlight 2 characteristic features of the cryptocurrency market:
→ Excessive volatility, which is not typical for the stock and foreign exchange markets. For comparison: on October 19, 1987 ? Black Monday ? the S&P 500 index fell by about 20.5%. After this incident, there were no days when the drop exceeded 14%.
→ Emotionality of the market and the importance of psychological levels. At these levels, the price of Bitcoin often makes false punctures. Yesterday, there were 2 such punctures: a false bullish puncture of the 2021 top, and a false bearish puncture of the round level of 60k dollars for Bitcoin.



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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 Gold XAU/USD Sets a Historical Record Exceeding $2160 per Ounce


The previous high was around USD 2,135, but gold rose above USD 2,160 an ounce this morning, reaching its highest level ever, as Treasury yields weakened on hopes that the US Federal Reserve will soon begin cutting interest rates.

In a speech yesterday, the Fed chief offered no clarity, saying it would likely be appropriate to ease policy restrictions "at some point this year."

Traders now see a 70% chance of a Fed rate cut in June.

Technical analysis of the XAU/USD chart shows that:
→ the price of gold is in an ascending channel (shown in blue);
→ after a false breakout of its lower border, the price confidently overcame the downward trend line (shown in red) and resistance 2,090;
→ a strong upward impulse led to the RSI indicator entering the extreme overbought zone.



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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 4 - 8 March Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: CHF, CAD, GOLD, TSLA

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• Swiss Franc Weakens after Inflation News #CHF
• USD/CAD Analysis: Canadian Dollar Strengthens after Bank of Canada Decision #USDCAD #CAD
• The Price of Gold XAU/USD Sets a Historical Record Exceeding $2160 per Ounce #XAUUSD #Gold
• TSLA Stock Price Falls Over 9% in Just 2 Days #TSLA #teslastock

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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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EUR/USD Hits 8-week High


The euro is trading above USD 1.09, hitting its strongest point since mid-January on Friday, helped by news from both the US and Europe.

Friday's news showed that the US labor market is weakening:
→ The change in employment in the non-farm sector showed an increase in jobs = 275k for the month, although last month it was = +353k.
→ The unemployment rate rose to 3.9%, although it was 3.7% for 3 months.
News of a weakening labour market could put pressure on the Fed to ease monetary policy.

Meanwhile in Europe, the ECB kept borrowing costs at a record high, citing significant progress in containing inflation, and revised its inflation expectations downward, forecasting price growth of 2.3% in 2024, and 1.9% in 2025. And during a press conference last Thursday, ECB President Lagarde told reporters that policymakers had not discussed rate cuts at that meeting.

Thus, there is reason to believe that the Fed will start lowering rates earlier (it started raising them earlier than the ECB). And this assumption is shared by many market participants, judging by the bullish dynamics in the EUR/USD market.



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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.