WTI Crude Oil Price Shows Bullish Trend Ahead of OPEC Meeting
As the chart indicates, on Monday, the price of WTI crude oil rose by approximately 1%.
Reuters reports that the bullish sentiment is driven by:
→ the upcoming OPEC+ meeting scheduled for 2 June;
→ expectations of high fuel demand with the start of the summer driving season and holiday season in the...
USD/JPY Analysis: The Market is Indecisive Near Its Peak Since May 1
As the USD/JPY chart shows today:
→ The price is in an upward trend (indicated by the blue channel) that has been relevant since the beginning of 2024.
→ On Thursday, May 23, the exchange rate nearly reached 157.2 yen per US dollar, surpassing the peak of May 14.
→ Following this, the market...
What Is Behavioural Finance?
Behavioural finance is a field that combines the principles of psychology and economics to understand how human behaviour affects financial decisions and markets. It recognises that people are not always rational, and their emotions, biases, and cognitive errors can influence their financial choices.
Behavioural finance is a growing...
Weekly Market Wrap With Gary Thomson: Nasdaq 100, NVIDIA, EUR/USD, Gold 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.
Tech Stocks Back in Vogue as Nasdaq 100 Rallies to Record High
After...
Gold Price Drops Over 3.6% in 2 Days
The price of gold has fallen by more than 3.6% over 2 days, as indicated by today's XAU/USD chart. The day before yesterday, at the opening of the daily candle, the price of gold was $2421 per ounce, and yesterday at the close it was $2331.
This can be explained by market participants expecting higher Federal Reserve...
S&P 500 Analysis: Good News is Bad News
Yesterday, S&P Global reported its Purchasing Managers' Index (PMI) values for the US, which exceeded expectations. According to ForexFactory:
→ Manufacturing PMI: actual = 50.9; expected = 50.0; previous = 50.0.
→ Services PMI: actual = 54.8 (the highest value since May 2023); expected = 51.2; previous = 51.3.
However,...
Market Analysis: Crude Oil Price Signal Bearish Acceleration
Crude oil prices declined steadily below the $80.00 support and moved into a bearish zone.
Important Takeaways for Oil Prices Analysis Today
Crude oil prices extended downsides below the $78.00 support zone.
A major bearish trend line is forming with resistance near $78.00 on the hourly chart...
Market Analysis: Gold Price Signal Bearish Acceleration
Gold price started a sharp decline from $2,450.
Important Takeaways for Gold Prices Analysis Today
Gold price climbed higher toward the $2,450 zone before there was a sharp decline against the US Dollar.
A key bearish trend line is forming with resistance near $2,375 on the hourly chart of gold at...
Analysis of Currency Correlations in Forex Trading
Navigating the complex landscape of forex trading requires a nuanced understanding of currency correlations. This article discusses the various aspects of the concept, from its definition to practical applications in the world of forex trading.
Understanding Forex Currency Correlation
Acknowledging the...
EUR/USD Price Forms Bullish Reversal Amid Key News
Last night, the FOMC meeting minutes were released. According to USNews, there were no major surprises. However, the confirmation of persistent inflation – along with hints that some officials discussed potential future rate hikes – displayed a "hawkish" stance. The dollar index initially rose following the...
After Earnings Report, NVDA Stock Price Exceeds $1,000
For the first time in history, Nvidia's stock price has reached a four-digit number, and its market capitalisation has surpassed $2.5 trillion, ranking third globally after Microsoft and Apple. This surge is due to a strong earnings report, driven by high demand for AI chips:
→ Earnings per share: actual =...
Market Analysis: EUR/GBP Struggles
EUR/GBP declined steadily below the 0.8565 and 0.8550 support levels.
Important Takeaways for EUR/GBP Analysis Today
EUR/GBP is trading in a bearish zone below the 0.8565 pivot level.
There is a connecting bearish trend line forming with resistance near 0.8540 on the hourly chart at FXOpen.
EUR/GBP Technical...
Market Analysis: GBP/USD Climbs Steadily
GBP/USD is gaining pace above the 1.2640 resistance.
Important Takeaways for GBP/USD Analysis Today
The British Pound is attempting a fresh increase above 1.2700.
There is a key bullish trend line forming with support near 1.2690 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the...
What Does FOMO Mean in Trading?
FOMO, or the fear of missing out, is a common emotion that traders experience. It is more than just an internet slang term. This powerful phenomenon can have a negative impact on trading decisions, leading to impulsive actions and poor risk management. This FXOpen article explores the psychology of FOMO, discusses how to identify...
Gold Price Reaches Historic High
According to confirmed information, Iranian President Ebrahim Raisi, considered a potential successor to the country's supreme leader, Ayatollah Ali Khamenei, died in a helicopter crash in a mountainous area near the border with Azerbaijan. The helicopter also carried Foreign Minister Hossein Amir-Abdollahian and other officials,...
Coinbase (COIN) Stock Price Holds at Key Support Level
On Thursday, stock market traders were concerned about the sharp drop in Coinbase shares, listed on the Nasdaq, which fell by 9%. This was triggered by rumours that the Chicago-based CME Group is planning to launch cryptocurrency trading, posing a challenge to Coinbase, currently the leading cryptocurrency...
Candlestick Wick Meaning and Trading Strategies
Understanding the subtle cues provided by candle wicks can unlock new dimensions in trading strategy development. These seemingly minor details offer profound insights into market sentiment and price action dynamics. This article delves into the meaning behind candle wicks and explores strategic ways to trade them,...
Weekly Market Wrap With Gary Thomson: S&P500, US Dollar, Gold Price, PEP Stocks
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.
The S&P500 Has Reached a Significant Resistance Level
US Dollar...
