Nvidia (NVDA) Shares Fall Despite Strong Earnings
Yesterday, after the close of the main trading session, Nvidia released its second-quarter earnings report:
→ Earnings per share: actual = $0.67, expected = $0.647;
→ Revenue: $30.04 billion, expected = $28.737 billion;
→ The company also announced a $50 billion share buyback.
However, despite the strong results, Nvidia’s share price declined. While the closing price yesterday was above $125, in pre-market trading today, Nvidia’s shares are down below $118.
The more than 6% drop may be due to:
→ The company’s future outlook not meeting investor expectations;
→ Waning bullish sentiment around AI adoption.
On 12 August, during a technical analysis of NVDA’s price chart, we noted:
→ The price was forming an upward channel (indicated in blue);
→ The $100 level was acting as support.
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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.
EUR/USD Falls Below 1.11 Support
On 26 August, we discussed the potential for a pullback after the rally to 1.12, noting:
→ The fluctuations since April formed an ascending channel (indicated in blue, with support points marked by circles), and the price was near its upper boundary, where resistance was likely;
→ The 1.12 level also showed signs of resistance – the price briefly exceeded it before quickly falling back below; → Bearish divergence on the RSI indicator.
Just three days later, bearish signals continued to develop, leading to:
→ The formation of a bearish “head and shoulders” pattern (H&S) on the chart;
→ A more than 1% decline in price, breaking below the 1.11 level, which had provided support since 21 August.
Could EUR/USD continue to decline?
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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.
Double Top Pattern: Overview and Trading Rules
A double top is a popular technical analysis pattern that usually appears before a reversal in an uptrend. It’s one of the most common patterns and it can be found on any timeframe of any asset. Still, some traders confuse its signals. In this FXOpen article, we will explore how to spot the double top formation on a price chart and use it to build your own trading strategy.
What Is a Double Top Pattern?
In technical analysis, a double top pattern meaning refers to a chart pattern that consists of two swing highs with a trough in between, and the two highs should be at the same or almost the same level. Some traders confuse a double top with a double bottom formation. Therefore, the question “Is the double top bullish or bearish?” is common. The double top pattern appears at the end of an uptrend, and it’s always bearish. Conversely, the double bottom setup occurs at the end of a downtrend, and it’s always bullish.
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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.
Analytical USD to JPY Predictions in 2024, 2025 and Beyond
Understanding the future movements of the USD/JPY exchange rate is crucial for anyone looking to trade this fascinating pair. In this article, we analyse the economic outlook for 2024 and 2025, looking at expert forecasts to examine the impact of divergent monetary policies and economic conditions in the US and Japan. Dive in to discover how these factors might shape the currency pair’s trajectory and what USD/JPY predictions are for the coming years.
Recent USD/JPY History
Since 2019, the USD/JPY exchange rate has experienced notable fluctuations, driven by various economic events and monetary policies.
The year 2019 started with USD/JPY at around 108.62. Throughout the year, the exchange rate gradually increased, peaking at approximately 112.40 in April. However, by the end of the year, it settled around 108.50, influenced by global trade tensions and monetary policies from both the Federal Reserve and the Bank of Japan.
The onset of the COVID-19 pandemic in March 2020 brought significant volatility. As news gripped the markets, the USD to JPY rate slumped to a low of around 101.20 before rebounding to 111.70 around a week later, favouring the security of the USD against JPY.
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.
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: AUD/USD and NZD/USD Regain Strength
AUD/USD is consolidating gains from the 0.6825 zone. NZD/USD is showing positive signs and might attempt a fresh increase above 0.6275.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar rallied above the 0.6735 and 0.6750 resistance levels against the US Dollar.
- There is a key bullish trend line forming with support at 0.6795 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is correcting gains from the 0.6300 zone.
- There is a major bullish trend line forming with support at 0.6255 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 0.6700 support. The Aussie Dollar was able to clear the 0.6735 resistance to move into a positive zone against the US Dollar, as mentioned in the previous analysis.
There was a close above the 0.6750 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6825 zone. A high was formed near 0.6824 and the pair recently saw a minor pullback.
TO VIEW THE FULL ANALYSIS, VISIT THE 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.
Buffett’s Company Hits $1 Trillion Market Cap
Berkshire Hathaway’s (BRK.B) Class B shares surpassed $465 this week, while Class A shares exceeded $700,000, pushing the market capitalisation of Warren Buffett’s company past the $1 trillion mark. This milestone makes it the first non-tech U.S. company to join the trillion-dollar club, alongside Apple, Nvidia, Microsoft, Alphabet, Amazon, Meta, and Saudi Aramco.
Buffett’s success lies in his value investing philosophy, which has allowed him to build a portfolio that consistently outperforms the market. This month is no exception—while the S&P 500 (US SPX 500 mini on FXOpen) has rebounded about 9.4% from its 5 August low, Berkshire Hathaway’s Class B shares have surged over 14%.
Can the price climb even higher?
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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.
USD/CHF Rebounds from Yearly Lows
The USD/CHF pair tested its yearly low slightly below 0.84100 yesterday but has since recovered to just above 0.84800 today.
The bullish sentiment was supported by positive news about the U.S. economy—data released yesterday showed GDP growth for the second quarter at 3.0%, surpassing the expected 2.8%.
Bulls may find further encouragement from events earlier this year when the head of the Swiss National Bank (SNB) warned that an excessively strong franc could pressure the country’s economy. Following this, USD/CHF rose by more than 8% over four months.
TO VIEW THE FULL ANALYSIS, VISIT THE 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 26 - 30 August Weekly Market Wrap Video
Weekly Market Wrap With Gary Thomson: EUR/USD, NASDAQ 100, NVIDIA, Gold and Oil
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.
- EUR/USD falls below 1.11 support
- NASDAQ 100 consolidates ahead of NVIDIA report
- NVIDIA (NVDA) shares fall despite strong earnings
- Market analysis: Gold and Oil prices signal more upsides
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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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