Daily Market Analysis By FXOpen

Commercial Content Analysts
441

Gold Price and Crude Oil Price Weekly Chart Outlook

Gold price remains supported for more gains above $2,000. Crude oil price is declining and might dive if there is a break below $65.00.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price rallied toward $2,080 before it started a downside correction against the US Dollar.
  • It is now trading above a connecting bullish trend line with support near $1,940 on the weekly chart of gold at FXOpen.
  • Crude oil prices are moving lower below $83.75 support.
  • There was a break below a major bullish trend line with support near $90.00 on the weekly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the weekly chart of Gold at FXOpen, the price started a fresh increase above the $1,870 resistance. The price gained pace and rallied above the $2,000 level.

There was a close above the 50-week simple moving average. It even surpassed $2,050 and tested $2,080. A high was formed near $2,081 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high.

The price tested the 50% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high at $1,940.

The price is also trading above a connecting bullish trend line with support near $1,940. If there is a downside break, the price might decline toward the $1,870 support. The next major support is near $1,740, below which the bulls could aim for a test of $1,660.

On the upside, the price might face resistance near the $2,050 level. The next major resistance is near the $2,080 level. An upside break above the $2,080 resistance could send Gold price toward $2,120. Any more gains may perhaps set the pace for an increase toward the $2,200 level.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

442

Market Analysis: “Black Monday” for Crypto Community

On June 5, it became known that the SEC filed a lawsuit against the largest cryptocurrency exchange Binance, collapsing the price of bitcoin and other cryptocurrencies.

Here is the essence of claims:

→ improper handling of customer funds,
→ misleading investors and regulators,
→ violation of the law on activities with "unregistered securities” — the stablecoins of the BUSD exchange, the native BNB token, as well as a number of cryptocurrencies.

In addition, a lawsuit was filed against the head of the Binance exchange, Changpeng Zhao, who hastened to reassure customers: do not give in to fears, the exchange continues its work.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

443

EUR/CHF and USD/CHF Weekly Chart Outlook

EUR/CHF is struggling to clear the 0.9960 resistance zone. USD/CHF could gain pace if it clears the 0.9290 resistance zone.

Important Takeaways for EUR/CHF and USD/CHF Analysis

  • The Euro is facing strong resistance near 0.9960 against the Swiss Franc.
  • There is a key bearish trend line forming with resistance near 0.9850 on the weekly chart of EUR/CHF at FXOpen.
  • USD/CHF found support near 0.8820 and recently started an upside correction.
  • There is a crucial bearish trend line forming with resistance near 0.9200 on the weekly chart at FXOpen.

EUR/CHF Technical Analysis

On the weekly chart of EUR/CHF at FXOpen, the pair started a decent recovery wave from the 0.9400 support zone. The Euro was able to climb above 0.9670 against the Swiss Franc.

During the increase, it traded above the 50% Fib retracement level of the last major decline from the 1.0515 swing high to the 0.9406 low. There was also a spike above the 0.9960 resistance and the 50-week simple moving average.

However, the pair struggled to clear the 1.0090 resistance zone. It failed near the 61.8% Fib retracement level of the last major decline from the 1.0515 swing high to the 0.9406 low.

On the EUR/CHF chart, the pair is moving lower and trading below the 50-week simple moving average. Immediate support is near the 0.9670 level. The first major support is near the 0.9400 level, below which the pair could decline toward 0.9200.

On the upside, the first major resistance is forming near a key bearish trend line at 0.9850. The next major resistance is near the 0.9960 level, above which the pair might revisit the 1.0090 resistance zone if the weekly RSI moves above 50. Any more gains might the pair toward 1.0500.

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444

Market Analysis: A Week of Important News in Full Swing

On Tuesday, Australia’s central bank raised interest rates from 3.85% to 4.10%. This is the highest value in 11 years. We wrote about the likelihood of this event in a post dated June 2. Speaking on June 7, bank governor Philip Lowe said: “We have been prepared to be patient […] but our patience has a limit, and the risks are starting to test these limits,” warning of a possible further rise in rates.

Also yesterday, rates in Canada were raised to 4.75%, a 22-year high. Strong consumer spending, a recovery in demand for services, an increase in housing activity and the situation in the labor market show that excess demand is more stable than expected, the central bank said in a statement. Reuters writes that experts predict another increase next month, aimed at slowing down the overheating economy and stubbornly high inflation.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

445

BTC/USD Analysis: Test of an Important Breakout Amid Scary News

The cryptocurrency market is shaken by claims from the SEC. The lawsuits by the US financial regulator against the world’s largest cryptocurrency exchange Binance and its head Changpeng Zhao have added to the lawsuits against the Coinbase exchange, whose shares are traded on Nasdaq. In response, Coinbase representatives said that the exchange has no plans to ban the trading of crypto assets that the SEC considers securities, and does not plan to phase out staking services.

Cryptocurrency market participants anxiously monitor incoming news:
→ Hearings are scheduled for June 14 on the SEC request to freeze Binance.US assets.
→ A division of Binance.US has drastically reduced the number of cryptocurrency pairs available for trading.
→ Coinbase does not see the risk of losing customers or banking partners; the exchange has more than $5 billion on its balance sheet, available to maintain operations and pay legal fees.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

446

AUD/NZD and EUR/GBP Weekly Chart Outlook

AUD/NZD is facing major resistance near the 1.0985 zone. EUR/GBP broke a crucial support at 0.8720 and might continue to move lower.

Important Takeaways for AUD/NZD and EUR/GBP Analysis

  • The Aussie Dollar started a recovery wave from the 1.0600 support against the New Zealand Dollar.
  • There is a key bullish trend line forming with support near 1.0600 on the weekly chart of AUD/NZD at FXOpen.
  • EUR/GBP started a major decline from the 0.9000 resistance zone.
  • It traded below a major bullish trend line with support near 0.8720 on the weekly chart at FXOpen.

AUD/NZD Technical Analysis

On the weekly chart of AUD/NZD at FXOpen, the pair found support near 1.0500. The Aussie Dollar formed a base above the 1.0600 pivot level against the New Zealand Dollar.

There was a decent increase above the 23.6% Fib retracement level of the downward move from the 1.1489 swing high to the 1.0479 low. Earlier this year, the pair even pumped above the 1.0920 resistance zone.

However, the bears were active near the 50% Fib retracement level of the downward move from the 1.1489 swing high to the 1.0479 low. The pair declined and revisited the 1.0600 support. It is again moving higher toward the 50-week simple moving average at 1.0920.

On the AUD/NZD chart, the pair could struggle to surpass 1.0920 and 1.0985. Only a successful daily close above 1.0985 might start a strong increase. The next major resistance sits near the 1.1100 level.

On the downside, the first major support is near a key bullish trend line at 1.0600. The next major support is near the 1.0300 level, below which the pair may perhaps extend its decline toward the 1.0150 level. Any more losses might call for a move toward the 1.0000 level.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

447

The Crypto Market Is Under Pressure Due to SEC. Apart from This Coin

This week, the financial regulator SEC launched an attack on the cryptocurrency industry, suing the Binance and Coinbase exchanges, while classifying a number of popular coins as securities. As a result, since the beginning of June:

→ the price of bitcoin decreased by approximately 2.2%;
→ the price of Ethereum decreased by approximately 1.8%;
→ the price of BNB, the native token of the Binance exchange, has decreased by approximately 16%.

However, if we look at the Ripple chart today, we will see that the price of XRP has risen by about 2.5% since the beginning of the month. The fact is that Ripple has been in a state of litigation with the SEC since December 2020 (the commission also considers XRP a security). And the latest claims of the regulator have a lesser effect on the XRP exchange rate against the US dollar.

Moreover, rumors are circulating that the SEC has a presentiment that it can lose in a dispute with Ripple. And therefore, with new lawsuits against Binance and Coibase, it is trying to influence the decision in the case with Ripple, to reduce reputational risks.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

448

Watch FXOpen’s June 5 - 9 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson : PRICE OF BRENT OIL, S&P-500 , AAPL ANALYSIS, NATURAL GAS

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 price of Brent oil rises after Saudis’ decision. “This market needs stabilisation,” Saudi Energy Minister says
  • S&P-500: historical imbalance. Why is it dangerous?
  • AAPL Analysis: ‘Zombies’ take a big bite of Apple. All-time high over already?
  • Natural Gas Analysis: Third lowest value of the year about to be fuelled by optimism?

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.

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449

GBP/USD Consolidates Gains, USD/CAD Faces Hurdle

GBP/USD is showing positive signs above the 1.2540 resistance. USD/CAD is struggling and might decline further below the 1.3310 support.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

  • The British Pound started a strong increase above the 1.2440 resistance zone.
  • There is a key bullish trend line forming with support near 1.2540 on the hourly chart of GBP/USD at FXOpen.
  • USD/CAD is correcting losses from the 1.3310 support zone.
  • There is a major bearish trend line forming with resistance near 1.3350 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair started a major increase from the 1.2370 zone. The British Pound climbed above the 1.2440 resistance against the US Dollar.

The upward move gained pace above the 1.2500 resistance and the 50-hour simple moving average. Finally, it broke the 1.2540 resistance and traded toward 1.2600. A high is formed near 1.2590 and the pair is now consolidating gains.

Initial support sits near a key bullish trend line at 1.2540 and the 50-hour simple moving average. It is close to the 23.6% Fib retracement level of the upward move from the 1.2395 swing low to the 1.2590 high.

The next major support sits at 1.2500 or the 50% Fib retracement level of the upward move from the 1.2395 swing low to the 1.2590 high, where the bulls might take a stand. If there is a downside break, GBP/USD might test the 1.2440 support.

Immediate resistance is near the 1.2590 level. The first major resistance on the GBP/USD chart is near the 1.2600 level. The next major resistance is near the 1.2620 level. Any more gains could lead the pair toward the 1.2650 resistance in the near term.

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450

GBPUSD Analysis: Will the British Pound Continue to Soar against the US Dollar Following 1-month High?

During the latter part of 2022, the British Pound was continually the recipient of the proverbial ‘wooden spoon’ as it declined consistently over a series of months against the US Dollar.

That was a very interesting set of market conditions, bearing in mind that the US economy was struggling with the national debt, whereas the British economy was less encumbered, but had been buckling under high inflation and a cost of living crisis, which was far less of a concern across the United States, which by the last quarter of 2022, had got its inflation level down to almost half that of Britain.

However, the downward spiral that the British Pound experienced last year has long since stopped, and now things are quite different.

Today, the British Pound has reached a 1-month high point against the US Dollar and is at its second-highest value in 12 months at the mid-1.26 range.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.

451

BTCUSD Analysis: Clients Fleeing Binance

According to various estimates, from USD 2.36 billion to USD 3.35 billion was withdrawn from the largest cryptocurrency exchange in 1 week. The head of the exchange, Changpeng Zhao, said that the drop in the balance could be exaggerated due to the depreciation of cryptocurrencies against the dollar, but fears are growing.

Hearings will be held today to freeze the assets of the Binance.US exchange in a lawsuit filed by the SEC. By the way, Binance also received a complaint from regulators in Nigeria, a country leading in the adoption of cryptocurrencies in Africa.

Cryptocurrency market enthusiasts are given hope by a bill introduced yesterday by Congressmen Warren Davids and Tom Emmer, which involves the restructuring of the SEC and the dismissal of its head, Gary Gensler. However, believing that this will happen may be too naive.

In one week after the lawsuits from the SEC, the market capitalization of crypto decreased by approximately USD 75 billion. The decline leaders are crypto assets that the SEC classified as securities - ADA, BNB, MATIC and others - about 60 assets in total. Fortunately for enthusiasts, ETH and BTC are not among them.

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452

EUR/USD Turns Green While USD/JPY Faces Hurdle

EUR/USD started a fresh increase above the 1.0740 resistance. USD/JPY is consolidating and facing hurdles near the 140.45 level.

Important Takeaways for EUR/USD and USD/JPY Analysis Today

  • The Euro is rising and trading well above the 1.0740 resistance zone.
  • There is a key bullish trend line forming with support near 1.0785 on the hourly chart of EUR/USD at FXOpen.
  • USD/JPY is trading in a positive zone above the 139.65 and 139.15 levels.
  • There was a break above a bearish trend line with resistance near 139.65 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0670 zone. The Euro climbed above the 1.0710 resistance zone against the US Dollar.

The pair even settled above the 1.0740 resistance and the 50-hour simple moving average. Finally, the bears appeared near the 1.0820 zone. A high is formed near 1.0818 and the pair is now consolidating gains.

It traded below the 23.6% Fib retracement level of the upward move from the 1.0743 low to the 1.0818 high. The first major support is near a key bullish trend line at 1.0785 and the 50-hour simple moving average.

The trend line is close to the 50% Fib retracement level of the upward move from the 1.0743 low to the 1.0818 high. If there is a downside break below 1.0785, the pair could drop toward the 1.0740 support. The next major support on the EUR/USD chart is near 1.0710, below which the pair could start a major decline.

On the upside, the pair is now facing resistance near 1.0820. The next major resistance is near the 1.0850 level. An upside break above 1.0850 could set the pace for another increase. In the stated case, the pair might visit 1.0920.

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453

USD/CNH Reaches Year-to-date High

Over the past 2 months, CNH has appreciated about 4.4% against the US dollar, reflecting the differences in monetary policies in the world’s two largest (and competing) economies.

Yesterday’s statistics showed a decrease in inflation in the US, but its level is still far from the target values. It is expected that the Fed at today’s meeting will take a break after 10 consecutive increases in the key interest rate, keeping the prospect of raising it until the end of the year. The decision will be published at 21:00 GMT+3, followed by Powell’s press conference at 21:30.

In China, the central bank lowered key short-term interest rates on Tuesday. It is expected that rates on medium-term loans may be lowered on Thursday. Barclays predicts that the Central Bank of China will cut rates every quarter in 2023, as economic growth after the lifting of restrictions due to Covid is disappointing.

With China stimulating the economy and curbing inflation by shrinking the US economy, USD/CNH hit its highest since the start of the year, trading near 7.18 today. Thus, the quote is fixed above the level of 7.15, which acted as resistance at the beginning of the month.

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454

BTCUSD Analysis: Bears Attack the Psychological Level

Last night, the price of bitcoin fell below USD 25k for the first time since mid-March. And the bitcoin chart this morning shows sellers breaking through yesterday’s low.

There can be two fundamental reasons for the dominance of sellers:

→ yesterday’s press conference of the head of the US Federal Reserve (more details in the next post);

→ claims against the Binance and Coinbase exchanges by the US SEC regulator, which declared about 60 crypto assets as securities.

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455

Market Reaction to the Fed’s Decision

Yesterday the Fed (as expected) kept the interest rate unchanged (after a series of 10 increases). However, the opinion of market participants that the rate peak has been reached has been called into question. At the Jerome Powell’s press conference, it became known that:

→ the majority of FOMC members are against the rate cut;

→ there may be another increase at the end of the year;

→ high inflation situation may last 2 years.

The markets reacted with a rise in the US dollar. Accordingly, the currencies fell in pairs with the US dollar. Gold also fell in price to a minimum in 3 months — like bitcoin, by the way, and this is not the only similarity in the behavior of the price of gold and the main cryptocurrency.

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456

AUD/USD and NZD/USD Regain Strength

AUD/USD is gaining pace and might climb further higher above 0.6900. NZD/USD is also showing positive signs above the 0.6200 resistance zone.

Important Takeaways for AUD USD and NZD USD Analysis Today

  • The Aussie Dollar started a fresh increase above the 0.6780 and 0.6830 levels against the US Dollar.
  • There is a key bullish trend line forming with support near 0.6830 on the hourly chart of AUD/USD at FXOpen.
  • NZD/USD is gaining bullish momentum above the 0.6200 support.
  • There is a major bullish trend line forming with support near 0.6200 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6740 support. The Aussie Dollar was able to clear the 0.6780 resistance to start a steady uptrend against the US Dollar.

There was a close above the 0.6830 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6890 zone. A high is formed near 0.6892 and the pair is now consolidating gains. The AUD USD chart indicates that the pair is now facing resistance near 0.6892.

The first major resistance might be 0.6900. An upside break above the 0.6900 resistance might send the pair further higher. The next major resistance is near the 0.6950 level. Any more gains could open the doors for a move toward the 0.7000 resistance zone.

On the downside, initial support is near the 23.6% Fib retracement level of the upward move from the 0.6765 swing low to the 0.6892 high at 0.6860.

The next support could be a major bullish trend line at 0.6830 and the 50-hour simple moving average. It is close to the 50% Fib retracement level of the upward move from the 0.6765 swing low to the 0.6892 high.

If there is a downside break below the 0.6830 support, the pair could extend its decline toward the 0.6780 level. Any more losses might signal a move toward 0.6740.

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457

EUR/USD Analysis: +1.4% in 2 Days

The current high growth rate, which was last seen in November 2022, was the result of decisions by central banks:

→ on Wednesday, the US Federal Reserve kept the interest rate at 5.25%;
→ and on Thursday, the ECB raised the rate from 3.75% to 4%. Eurozone inflation will remain “too high for too long,” Lagarde said. The possibility of a rate hike in July is “very likely”.

If the Fed started to apply the tightening policy earlier and came to a pause in a series of rate hikes faster, in turn the ECB is taking similar actions, but with some lag in time.

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458

Watch FXOpen’s June 12 - 16 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: USD/CNH, MSTF ANALYSIS, FED’S DECISION.

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.

  • Market Analysis: Wall Street optimistic ahead of inflation news
  • USD/CNH reaches year-to-date high
  • MSFT analysis: Will Microsoft rally now the acquisition is off the table?
  • Market reaction to the Fed’s decision.

What became known at Powell’s press conference.

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.

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459

GBP/USD Rallies above 1.2800 While EUR/GBP Struggles

GBP/USD rallied above the 1.2765 and 1.2800 resistance levels. EUR/GBP declined and now trading below the 0.8565 resistance.

Important Takeaways for GBP/USD and EUR/GBP Analysis Today

  • The British Pound is trading in a bullish zone above 1.2700 against the US Dollar.
  • There is a key bullish trend line forming with support near 1.2765 on the hourly chart of GBP/USD at FXOpen.
  • EUR/GBP started a fresh decline from the 0.8590 resistance zone.
  • There is a major bearish trend line forming with resistance near 0.8540 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair started a major increase from the 1.2500 support zone. The British Pound climbed above the 1.2625 resistance zone against the US Dollar.

The bulls were able to pump the pair above 1.2765 and the 50-hour simple moving average. Finally, the pair climbed above 1.2800 and tested 1.2845. A high is formed near 1.2847 and the pair is now consolidating gains.

It is trading above the 23.6% Fib retracement level of the upward move from the 1.2629 swing low to the 1.2847 high. The GBP/USD chart indicates that the pair is facing resistance near the 1.2845 level.

The next major resistance is near the 1.2880 level. If the RSI moves above 60 and the pair climbs above 1.2880, there could be another rally. In the stated case, the pair could rise toward the 1.2950 level or even 1.3000.

On the downside, there is a major support forming near a trend line at 1.2765 and the 50-hour simple moving average. If there is a downside break below the 1.2765 support, the pair could accelerate lower.

The next major support is near the 61.8% Fib retracement level of the upward move from the 1.2629 swing low to the 1.2847 high or 1.2700, below which the pair could test 1.2625. Any more losses could lead the pair toward the 1.2500 support.

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460

GBP Analysis: What is the Next Move for the Pound? One-year High Begs the Question

The two-decade long period of almost no volatility in the major currency markets which lasted throughout the late 1990s until the late 2010s is long gone.

Just looking back at the last 12 months has been a very interesting insight into exactly that.

Throughout the last quarter of 2022, the British pound declined consistently against the US dollar, and commentary surrounding the ills of domestic millstones such as Brexit and the extra cost of doing business for UK firms, high inflation, a cancelled budget from the shortest prime ministerial office in British history, and a cost-of-living crisis with energy and food bills at the top of the agenda pervaded every channel.

By contrast, the US dollar was doing incredibly well against all major currencies. Despite a national debt to GDP ratio of more than double the percentage of that of the United Kingdom and similar challenges faced by many citizens of the United States to those faced by Britain’s populace, inflation in the United States reduced to approximately 6% and the economy appeared to be getting back on track.

Doom and gloom was abound last year, but that suddenly stopped when the British Pound began to enjoy a resurgence.

Now, here we are in the middle of 2023 and the British pound has turned its fortunes around, standing today at a 1-year high against the US dollar.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. 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.