The market breadth indicators for the Nasdaq 100 have shown improvement recently. After a slight decline, the percentage of component stocks above their 20-day and 50-day moving averages has increased to above 50%. This is a positive sign for the overall market sentiment as it indicates a potential uptrend in the short to medium-term. A
Technical Analysis
The NZD/USD pair is currently on a downward trajectory, hovering around 0.5996. This decline is influenced by various factors, including recent global political developments. The announcement by US President Joe Biden that he will not seek re-election in 2024 has unexpectedly strengthened the US dollar. His endorsement of Vice President Kamala Harris as his successor
EUR/USD has shown a steady increase recently, surpassing the 1.0910 resistance level. This positive momentum has seen the pair climbing above the 1.0910 resistance, moving into a bullish zone. The 4-hour chart indicates that EUR/USD tested the 1.0950 level and settled above both the 100 simple moving average and the 200 simple moving average. However,
The gold price has experienced a significant downside correction after reaching the $2,485 zone. The price surged above the $2,425 resistance level but faced strong resistance near $2,483 before the bears took control. The downward movement led to a break below key support levels, including $2,450 and the 50-hour simple moving average. If the bearish
The recent breakout in the USDCHF currency pair confirmed the bearish bias that was shared with members of Elliottwave-Forecast. This breakout signals a continuation of the bearish sequence that began after the completion of the medium-term bullish corrective cycle that started in December 2023. The analysis of the weekly chart showed a high likelihood of
Over the past four weeks, the EUR/CHF cross pair has experienced a significant rally, bouncing back from losses incurred between 10 June and 19 June. This initial decline was triggered by political uncertainties surrounding the abrupt announcement of a French legislation snap election by President Macron on 9 June. As a result, the currency pair
The recent influx of $1.04 billion into Bitcoin Spot ETFs has boosted investor confidence in the cryptocurrency market. This significant investment indicates a growing interest in Bitcoin and suggests a potential short-term increase in its price. Market participants are eagerly anticipating further inflows, especially with the possibility of an approval of an ETH ETF on
The Cable saw an increase in its value on Monday, reaching a new high for the year just below the significant 1.30 level. Over the past two weeks, the pair has been on a strong uptrend, but it seems that bulls might be losing momentum as they approach the 1.30 resistance. Daily studies indicate that
The Nikkei 225 index, also known as Japan 225 on FXOpen, has experienced a significant upward trend recently. After reaching a yearly high above 42,500 points on 10th July, the price surged, breaking resistance at 41,160. However, the bears quickly made a comeback, pushing the price back to the 41,160 level. This led to the
The GBP/USD pair has been making significant strides in the market, hovering above the 1.2900 resistance level. A crucial bullish trend line has been forming with support around 1.2910, signaling a potential upward movement. The pair has managed to break above the 50-hour simple moving average and breach the 1.2900 mark, reaching as high as
AUDUSD has made a significant move by breaking decisively above a sideways pattern that it has been trading within for over two months. This breakout has propelled the price to its highest level since January 2024, marking a notable shift in the market sentiment. Resistance and Support Levels With the pair now marching towards fresh
In recent years, silver prices have been on an upward trend due to a supply and demand gap that seems to be widening. Demand for silver has consistently outpaced supply for the past five years, leading to a shortage in the market. This imbalance has been primarily driven by the surge in industrial demand, which