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FTSE 100 rockets to 1 year high! Will it reach 8,000? Today, London's stock market is experiencing a bonanza, as the FTSE 100, which is the index that includes the 100 most prestigious and well capitalized blue-chip companies which are listed on the London Stock Exchange, has rocketed to an astronomic 7,741 points. This represents the highest level that it has reached in over one year, by quite some margin. In fact, today's lofty value demonstrates a level that the FTSE 100 index did not even come close to during the entirety of 2022. It was only a year and a half ago that the news channels were awash with sensationalism as the FTSE 100 index broke past the 7,000 mark, and now, at over 7,740, it is heading for the 8,000 mark! There has been tremendous volatility within corporate stocks over the past two years, especially within the indices because these contain a range of different companies in different sectors, and whilst in 2020 and 2021 the big pharmaceuticals boomed, the travel and hospitality industries paid a large price for draconian lockdowns. Equally, traditional goods manufacturers had their fortunes hampered by logistical problems which meant getting materials and goods from suppliers was difficult enough to cause them to be unable to deliver enough goods to meet orders. House builders did well because of the short-term break in stamp duty resulting in investors buying up smaller value properties, however the reintroduction of that plus rising interest rates curtailed that boom swiftly. In 2022, it was all about energy companies and 'big oil', which boomed as the supply could not meet the demand, whereas some tech stocks and airline stocks languished. Some analysts are saying that today's FTSE 100 high value, which comes after a continued upward direction since the beginning of this year, has been helped by seasonal retail buying as JD Sports and Sainsbury's made bumper profits. JD Sports, one of Britain's largest national chains of sportswear, reported revenues growth for the 22 weeks to 31 December of more than 10%, which compared with growth of 5% over the first half of its financial year. Sainsbury’s, one of the UK's largest supermarket chains stated that trading in general merchandise had been stronger than expected, with overall like-for-like sales growth of 5.9% in the 16 weeks to 7 January reflecting inflation and “relatively resilient” volume trends. There is certainly a lot of volatility in the blue-chip stocks, which is a relatively new dynamic as such large firms which go to make up indices such as the FTSE 100 are traditionally very slow movers in terms of stock value, largely due to their conservative positions and need to please long-term shareholders. Making this a little more interesting is FX Open's recent decision to remove commission from all index CFDs, therefore trading the FTSE 100 is now commission-free, adding to the excitement of this week's volatile markets. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

EUR/USD and EUR/JPY Could Climb Further Higher EUR/USD is eyeing an upside break above the 1.0750 resistance zone. EUR/JPY is rising and might climb further higher above the 142.50 resistance. Important Takeaways for EUR/USD and EUR/JPY The Euro started a fresh increase above the 1.0650 resistance zone. There is a key contracting triangle forming with resistance near 1.0745 on the hourly chart. EUR/JPY started a strong increase and settled above the 142.00 support zone. There is a major bullish trend line forming with support at 141.20 on the hourly chart. EUR/USD Technical Analysis The Euro formed a base above the 1.0500 zone and started a decent increase against the US Dollar. The EUR/USD pair was able to clear the 1.0550 and 1.0580 resistance levels. There was a clear move above the 1.0650 level and the 50 hourly simple moving average. The pair even climbed above 1.0700 and traded as high as 1.0760 on FXOpen. Recently, there was a downside correction below the 1.0750 support zone. EUR/USD Hourly Chart On the downside, the pair might find support near the 1.0720 level. The next major support sits near the 1.0695 level. The 23.6% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high is also near 1.0695, below which the pair could even test the 1.0650 support zone. If there is a downside break below the 1.0650 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0620 or the 50% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high. On the upside, an immediate resistance is near the 1.0750 level. There is also a key contracting triangle forming with resistance near 1.0745 on the hourly chart. The next major resistance is near the 1.0780 level. A clear move above the 1.0780 resistance might send the price towards 1.0850. If the bulls remain in action, the pair could visit the 1.0950 resistance zone in the near term. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

Elon Musk makes Guinness World Record for biggest loss of personal wealth in history Disruption was the rising trend of the 2010s and as a result, today's big cap publicly listed companies on the world's most prominent stock exchanges are relatively recently established internet and technology firms, whereas back in the 1980s and 1990s before the dot com boom, they were large motor manufacturers, construction companies, big pharmaceuticals and Japanese real estate investment companies. The bricks-and-mortar gave way to the ether at the turn of this Millennium, and here we are, almost a quarter of a century in, and the world is a very different place to where it was when there was a 19 at the beginning of the year. This shift away from physical products made by traditional industries toward internet-based tertiary services has created a massive opportunity for disruption, and shortened development cycles by a huge amount. One of the world's most famous disruptors is Elon Musk, who, himself a dot com boomer having founded PayPal in 1999, has been so influential over the past decade that he has changed the entire structure of some of the oldest and most established industries that exist, and in doing so, changed the behavior of people worldwide. Not surprisingly, someone with this much influence and disrupting capability became the richest man in the world according to official statistics. However, unlike old-school stalwarts like Warren Buffett who has to tread a careful path because he is responsible for people's investments, Elon Musk does things his way and his way only. He even took Tesla into cryptocurrency investment, making it the first publicly listed company to become a cryptocurrency 'whale', without even so much as a peep from usually conservative shareholders. Indeed Tesla, despite being a small, relatively new company, had 10 times the market capitalization of 120-year established global giant Ford Motor Company by 2021! Unlike Ford Motor Company, however, Tesla is volatile and during 2022 its value dropped like a falling girder from a cliff. Now, official data has been released to show that Elon Musk himself has lost the most personally held money ever recorded to the extent that the Guinness World Records official adjudicators have listed him this week as the person to have lost the most of a personal fortune in history. Elon Musk has personally lost over $100 billion during 2022 due to the plummeting share price of Tesla. According to an estimate by Forbes, Elon Musk's personal fortune is still approximately $144 billion, but he is no longer the richest man in the world having sustained such a massive drop. As per his usual 'gung ho' personality, Elon Musk appears unperturbed by this, and perhaps sees it as an opportunity. After all he thrives on volatility and does not like stagnation! Therefore this is a big stock worth watching. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

BTCUSD and XRPUSD Technical Analysis – 10th JAN 2023 BTCUSD: Three Inside UP Pattern Above $16608 Bitcoin was unable to sustain its bearish momentum and after touching a low of $16608 on 03rd Jan, the price started to correct upwards against the US dollar and is ranging above the $17200 handle in the European trading session today. We have seen a bullish opening of the markets this week. We can clearly see a three inside up pattern above the $16608 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend. Bitcoin touched an intraday low of 17133 in the Asian trading session and an intraday high of 17277 in the European trading session today. The price of bitcoin is back over the pivot point in the daily time frame. The ichimoku is indicating a bullish crossover with tenkan and kijun in the daily time frame. Both the STOCH and STOCHRSI are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected. The relative strength index is at 55.92 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets. Bitcoin is now moving above its 100 hourly simple moving average and above its 100 hourly exponential moving averages. Most of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17500 and 18500. The average true range is indicating LESS market volatility with a strong bullish momentum. Bitcoin: bullish reversal seen above $16608 The average directional index is indicating a NEUTRAL level The price is now trading just below its pivot level of $17261 The short-term range is strongly bullish Bitcoin: Bullish Reversal Seen Above $16608 The price of bitcoin continues to rise above the $17000 handle and after some consolidation we are expecting the immediate targets of $18000 and $19000. There is an ascending channel forming with the current support at $16521 at which the price crosses 9-day moving average stalls. The Williams percent indicator is back over -50 indicating a bullish tone present in the markets. We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 1-hour time frame. The immediate short-term outlook for bitcoin is strongly bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions. Bitcoin’s support zone is located at $16802 at which the price crosses 18-day moving average, and $16926 which is a 1st Support point of the pivot point. The price of BTCUSD is now facing its classic resistance level of 17271 and Fibonacci resistance level of 17289 after which the path towards 18000 will get cleared. In the last 24hrs, BTCUSD has decreased by 0.08% by 14.08$ and has a 24hr trading volume of USD 15.993 billion. We can see an increase of 10.97% in the trading volume compared to yesterday, which appears to be normal. The Week Ahead Bitcoin’s price is expected to enter a super bullish zone after crossing the $18000 level with the next upwards targets located at $19000 and $20000. The daily RSI is printing at 60.20 which indicates a STRONG demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range. The price of BTCUSD is now facing its resistance zone located at $17429 which is a 3-10 day MACD oscillator stalls, and $17789 which is a 38.2% retracement from a 13-week low. The weekly outlook is projected at $18500 with a consolidation zone of $18000. Technical Indicators: The MACD (12,26): is at 25.00 indicating a BUY The commodity channel index, CCI (14): is at 135.50 indicating a BUY The rate of price change, ROC: is at 0.232 indicating a BUY Bull/Bear power (13): is at 24.49 indicating a BUY VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

Once you choose Hope, Anything’s Possible Learning Forex Attitude Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum #fxopenforum #forextrading #cryptotrading #learnforex Disclaimer: This Publication represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

Electric Vehicle stocks get a flat battery Let's take a quick trip back to 2021, a year in which tech stocks were flying high, and the new phenomenon of Special Purchase Acquisition Company (SPAC) listings on NASDAQ were de rigeur. SPAC listings were the talk of the town during 2021, because they represented a new and ingenious way for privately held companies to circumvent the usual due diligence associated with listing on a prestigious public stock exchange by creating a 'blank check' company which acquires the firm that wishes to list, and then meets the criteria very quickly via the new entity. For this reason, many companies which were almost startups managed to become publicly listed, and the most interesting of all of them were little-known electric vehicle manufacturers who had hardly sold any vehicles at all but were being valued at stratospheric levels, sometimes into the billions of dollars. 2022 was a very different year. Tech stocks were crashing in value, and the sobering reality of declining economies across North America and Europe was evident, punctuated by cost of living crises and high levels of inflation. Suddenly, 2021, the year of the speculative meme stocks and pie-in-the-sky multi-billion dollar valuations for unknown firms doing SPAC IPOs on NASDAQ seemed a distant memory. The value of electric vehicle stocks in general absolutely reflects this dynamic. The most established pure electric vehicle manufacturer of all, Tesla, which is the firm that swooped in and disrupted the traditional automotive industry in 2014 with its Model S luxury sedan has had a rotten 2022 and its values are still a shadow of what they were this time last year as 2023 is well underway. In fact, all of the publicly listed electric vehicle companies have recorded a disastrous 2022, and the low values of their stock is continuing into the second week of 2023. Rivian, which launched on NASDAQ on November 10, 2021 at $78.00 a share, raising nearly $12 billion, is a case in point. Its R1T electric pickup truck is a work of automotive art and it was surrounded by huge hype at its IPO considering that it is a relatively new company founded in 2009 and suddenly was raising billions from public investors. Today, however, looking at the chart over a one year period makes for sobering reading. The line is a constant decline all year, and today Rivian stock sits at a lowly $16. A far cry from its post-IPO $78! Traditional automotive giants such as Ford Motor Company sat quietly and watched these newcomers go through 'boom and bust' style stock listing exercises. Even Tesla is on the backfoot, and this week sits at its lowest point by far in well over a year. The hype is over. Electric and plug-in hybrid vehicles are the norm, and perhaps buyers would rather pay what amounts to a substantial outlay for a car made by Porsche, Volvo, and Jaguar Land Rover at the high end, or Ford, GM, Kia and Hyundai at the run of the mill end, because these are automotive firms with prominence. There was one particular company which listed on NASDAQ via a SPAC listing in 2021 and valued itself at over $50 billion but had not delivered a single vehicle. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

GBP/USD and GBP/JPY Aims Higher GBP/USD is gaining pace above the 1.2100 zone. GBP/JPY is also rising and might gain pace if it clears the 160.20 resistance zone. Important Takeaways for GBP/USD and GBP/JPY The British Pound is showing positive signs above 1.2000 against the US Dollar. There was a break above a major bearish trend line with resistance near 1.2065 on the hourly chart of GBP/USD. GBP/JPY started a fresh increase above the 158.50 resistance zone. There is a key contracting triangle is forming with resistance near 160.00 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound found support near the 1.1840 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.2000 level. There was a clear move above the 1.2050 resistance and the 50 hourly simple moving average. During the increase, there was a break above a major bearish trend line with resistance near 1.2065 on the hourly chart of GBP/USD. GBP/USD Hourly Chart The pair even cleared the 1.2100 resistance. A high is formed near 1.2136 on FXOpen and the pair started a consolidation phase. An immediate resistance on the upside is near the 1.2140 level. The next major resistance is near the 1.2200 level, above which the pair could start a steady increase towards 1.2250. An upside break above 1.2250 might start a fresh increase towards 1.2320. Any more gains might call for a move towards 1.2400 or even 1.2500. An immediate support is near the 1.2080. The next major support is near the 1.2065 level. It is near the 23.6% Fib retracement level of the upward move from the 1.1841 swing low to 1.2136 high. If there is a break below the 1.2065 support, the pair could test the 1.2050 support. It is near the 50% Fib retracement level of the upward move from the 1.1841 swing low to 1.2136 high. Any more losses might send GBP/USD towards 1.1820. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

Overview of FXOpen's Best-performing PAMM Accounts of December 2022 Congratulations, traders, providers, investors, FXOpen hopes you have merrily celebrated Christmas and the New Year. For the coming year, we would like to wish you not to be afraid to take risks, to act decisively in any situation, and to be successful in trading and investments! During the New Year holidays, the market is unstable, there is a high risk of losses, and even professionals are not immune from mistakes. And, of course, any investor is interested in finding such providers who, even on a very “thin” market, will be able to maintain stability and trade with a positive result. Such accounts will be able to ensure the stability of the investment portfolio with minimal risk of possible losses. As of January 1, 2023, 130 active accounts have been opened with FXOpen and $1,806,684.00 of subscribers’ funds have been invested (according to Investflow monitoring statistics). VIEW FULL NEWS VISIT - FXOpen Company News... Disclaimer: This Publication represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

Watch FXOpen's January 2 - 6 Weekly Market Wrap Video In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports. What to expect in stock market in 2023 British pound crashes against USD USD rally short-lived Gold starts 2023 with strong growth Watch our short and informative video, and stay updated with FXOpen. FXOpen YouTube Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

AUD/USD and NZD/USD 2023 Chart Outlook AUD/USD started a decent increase in Oct 2022 and climbed above 0.6500. Similarly, NZD/USD was able to clear the 0.6000 resistance zone. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar gained pace above the 0.6400 and 0.6500 levels against the US Dollar. There is a crucial bearish trend line forming with resistance near 0.6840 on the daily chart of AUD/USD. NZD/USD also started a steady increase above the 0.6000 and 0.6200 levels. There was a clear move above a key bearish trend line with resistance near 0.6270 on the daily chart. AUD/USD Technical Analysis In Oct 2022, the Aussie Dollar found support near 0.6200 zone against the US Dollar. The AUD/USD pair remained well bid and started a fresh increase above the 0.6400 resistance zone. The pair climbed higher steadily above the 0.6500 level, but it remained below the 50-day simple moving average. There was a clear move above the 50% Fibonacci retracement level of the last major decline from the 0.7145 high to 0.6170 swing low. AUD/USD Daily Chart However, there are many resistances forming on the upside near the 0.6830 and 0.6850 levels. More importantly, the 50-day simple moving average is positioned near the 0.6850 level. There is also a crucial bearish trend line forming with resistance near 0.6840 on the daily chart of AUD/USD. Only a successful daily close above 0.6850 might start a strong recovery towards the 0.7150 level. The 76.4% Fibonacci retracement level of the last major decline from the 0.7145 high to 0.6170 swing low is also near the 0.7150 level. Any more gains might send the pair towards the 0.7200 level. On the downside, the key supports are 0.6720 and 0.6680, below which the pair may perhaps decline extend its decline towards the 0.6600 and 0.6550 levels. Any more losses might call for a move towards the 0.6400 level. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

ETHUSD and LTCUSD Technical Analysis – 05th JAN, 2023 ETHUSD: Bullish Engulfing Pattern Above $1181 Ethereum was unable to sustain its bearish momentum and after touching a low of 1181 on 30th Dec, the price started to correct upwards against the US dollar moving into a consolidation channel above the $1200 handle today in the European trading session. We can see the formation of bullish engulfing lines in the weekly time frame. We can clearly see a bullish engulfing pattern above the $1181 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets. ETH is now trading just below its pivot level of 1251 and moving into a consolidation channel. The price of ETHUSD is now testing its classic resistance level of 1254 and Fibonacci resistance level of 1257 after which the path towards 1300 will get cleared. The relative strength index is at 69.10 indicating a STRONG demand for Ether and the continuation of the buying pressure in the markets. The average directional index is indicating a NEUTRAL level, which means that the price is expected to remain under consolidation in the short-term range. Most of the technical indicators are giving a BUY market signal. Most of the moving averages are giving a BUY signal at the current market levels of $1250. ETH is now trading Above its 100 hourly simple and 200 hourly exponential moving averages. Ether: bullish reversal seen above the $1181 mark The short-term range appears to be mildly bullish ETH continues to remain above the $1250 levels The average true range is indicating HIGH market volatility VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

Oil price on the backfoot in early 2023 despite high demand If the year 2022 can be remembered for any recurring feature in terms of demand for commonly traded commodities, it can be remembered as a year of high energy prices across many Western countries, with oil being one of the most prized consumable commodities of the year. In the summer of 2022, Fuel stations across Europe and the United Kingdom were charging in excess of 2 euros / 2 pounds for a liter of unleaded fuel for vehicles, and energy costs for domestic heating, reliant on gas or oil, were soaring, especially in the United Kingdom where approximately 30 energy companies became insolvent and left the market in late 2021, resulting in far less competition at a time during which the raw material itself was in huge demand for geopolitical reasons. Demand remains very high for crude oil, and as many European nations continue to enforce draconian sanctions on one of the world's largest suppliers of oil - the Russian Federation - prices have been volatile throughout the last 12 months. Interestingly, however, Brent Crude Oil (WTI) started the year 2023 in a stagnant position. Indeed, Brent Crude Oil futures for February 2023 settlement are 1.86% down compared to the end of December and currently valued at approximately $78.1 per barrel. Stocks in 'big oil' companies are still quite strong, however, as publicly listed North American oil giantr ExxonMobil is reportedly set to report $56 billion in profit for 2022, marking the highest number ever achieved by a non-state-owned company and almost triple its 2021 result. Whether these companies are riding on their bonanza year which 2022 turned out to be is yet to be seen, as it is possible that investors may view these massive profits with caution if 2023's initial few weeks does not demonstrate the same level of high prices as 2022 did. If the natural gas market is any indicator of the performance of other commodities which are equally affected by the same geopolitical constraints, it is worth noting that natural gas prices are now back down to the level they were at this time a year ago, before the war started and before any sanctions on Russian gas companies were imposed which made it impossible for customers in Europe to pay Russian suppliers for gas, resulting in curtailing of supply. It appears that those which owe money are now being chased, and just recently a Russian court approved an order that the assets of German industrial gas firm Linde worth $500 million be frozen at the request of a Gazprom-led joint venture, citing unfulfilled commitments. There is a 'new normal' now that the markets are beginning to adjust to. This morning, during the Asian trading session, Brent Crude oil crept back up slightly to the $79 per barrel mark, but, apart from a dip to $76 per barrel in mid-December, today's value is the lowest it has been since December 2021, before all of the sanctions began. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

EUR/USD and USD/CHF 2023 Chart Outlook EUR/USD gained pace above the 1.0200 resistance zone. USD/CHF is declining and remains at a risk of more losses below the 0.9200 support. Important Takeaways for EUR/USD and USD/CHF The Euro started a fresh increase above the 1.0200 resistance against the US Dollar. There was a break above a major bearish trend line with resistance near 0.9880 on the daily chart of EUR/USD. USD/CHF started a fresh decline below the 0.9750 and 0.9400 support levels. There was a break below a key rising channel with support near 0.9840 on the daily chart. EUR/USD Technical Analysis This week, the Euro started a steady increase from the 0.9600 zone against the US Dollar. The EUR/USD pair gained pace above the 1.0000 level to move into a bullish zone. The pair even climbed above the 1.0200 resistance and settled above the 50-day simple moving average. During the increase, there was a break above a major bearish trend line with resistance near 0.9880 on the daily chart of EUR/USD. EUR/USD Daily Chart Moreover, there was a move above the 1.0500 level. It traded as high as 1.0735 on FXOpen and is currently consolidating gains. There was a move below the 1.0650 level. The pair traded below the 23.6% Fib retracement level of the upward move from the 1.0223 swing low to 1.0735 high. On the downside, an immediate support is near the 1.0500 level. The 50% Fib retracement level of the upward move from the 1.0223 swing low to 1.0735 high is also near the 1.0500 zone. The next major support is near the 1.0220 level. A downside break below the 1.0220 support could start another decline towards the 1.0000 handle. An immediate resistance is near the 1.0750 level. The next major resistance is near the 1.0800 level. A clear move above the 1.0800 resistance zone could set the pace for a larger increase towards 1.1000. The next major resistance is near the 1.1200 zone. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

British Pound crashes against the US Dollar on first working day of 2023 Today represents the very first full working day of 2023 across many markets in the Western World, and already the currency markets have got off to a dramatic start. The British Pound, which made a rebound at the end of last year from its months-long decline in value, has once again taken a dive. As the markets opened this morning, the British Pound dropped in value against the US Dollar, diving from 1.21 against the US Dollar at 7.30am UK time, to 1.19 against the US Dollar just 2 hours later. This sudden collapse in value has almost wiped out the gains made by the Pound during the final weeks of 2022, which saw the Pound begin to climb back up against the US Dollar from its lowly 1.08 value in mid to late September when it 'bottomed out' against the US Dollar and many market analysts were looking at the possibility of parity between the two major currencies. Had that taken place, it would have represented an historic moment because the Pound has been the most valuable currency in the world since the mid 1920s! It did not, however, reach anywhere near parity with the US Dollar and the Pound began to rise in value once again during November and December. Today's crash in value represents the Pound's lowest point in over two months, which happened suddenly this morning. Volatility in the currency markets used to be a very rare thing, and for over two decades until 2020, there was very little movement on the major currencies to the extent that entire trading strategies were built on the basis of low volatility. Now, with rampant inflation across many Western markets, and fears of the UK's economic policy for the year being a damp squib, there was a strong demand for the US Dollar this morning as the markets opened, resulting in this sudden gulf in values. It appears that despite the rollercoaster ride that occurred in 2022, there is still room for a surprise sudden movement in the major currency markets. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

ForexCup Trading Championship 2023, a contest for traders to win $50,000 We are pleased to announce that registration for the ForexCup Trading Championship 2023 is now open, with participation requirements remaining unchanged. The ForexCup Trading Championship is a one-of-a-kind contest designed to engage investors, traders, and portfolio managers in fair and reliable global competition. For an entire year, participants will compete for the title of the best and for a hefty cash prize of 50,000 U.S. dollars, which will go to whoever demonstrates the most profit at the end of the year 2023. The contest is available to anyone who has an active FXOpen ECN account. The only requirement is to have a minimum trading deposit and follow the contest rules. Participants can choose any instruments available within their jurisdictions: spot FX, Index, Commodity, Stock, Metal or Crypto CFDs. Three personalized crystal trophies are prepared for the first three places, and the trader who takes the first place will receive a cash prize of $50,000 without any additional conditions. Forex Trading Championship is a brand-new name among other trading competitions, but it has a big legacy. With the support of renowned partners, including global Forex and ECN broker FXOpen, the championship provides an opportunity for you to compete with the best and put your trading strategies to the test! ForexCup Trading Championship 2023 ForexCup News

Results of ForexCup 2022 Dear FTC participants and followers! ForexCup 2022 has come to an end, and we are happy to declare the names of the winners. We are grateful to everyone who participated in FTC or just followed the news. During the second season of the championship, we were able to significantly improve the awareness of the contest, as well as the geography and the number of participants. Here are the three winners of FTC 2022, who receive prizes from the contest sponsors. 1. Seyit Altuntas, Turkey. The final gain — 826.91%. The prize: a commemorative Crystal trophy, $50,000. 2. Josue Nauzaya Ngingasa, Republic of South Africa. The final gain — 65.75%. The prize: a commemorative Crystal trophy. 3. Ebru Goren, Turkey. The final gain — 56.88%. The prize: a commemorative Crystal trophy. Please remember that competition is judged based on the percentage gain made by traders thanks to decisions and returns of each individual trader rather than on the amount deposited. We congratulate the winners and thank all contestants for their participation. Please stay tuned for an interview with the first-place winner. We also remind you that registration for FTC 2023 is now open, and you can start paving your way to victory in the third season! Enroll and compete with the best! ForexCup News

BTCUSD and XRPUSD Technical Analysis – 03rd JAN 2023 BTCUSD: Bullish Engulfing Pattern Above $16372 Bitcoin was unable to sustain its bearish momentum and after touching a low of $16372 on 30th Dec, the prices started to correct upwards against the US dollar and are now ranging above the $16600 handle in the European trading session today. The price of bitcoin is ranging near the support of the channel in the weekly time frame indicating a bullish trend. We can clearly see a bullish engulfing pattern above the $16372 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend. Bitcoin touched an intraday low of 16655 and an intraday high of 16781 in the Asian trading session today. The price is forming an ascending channel with the current support of $16690 at which the price crosses the 9-day moving average. Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected. The relative strength index is at 58.47 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets. Bitcoin is now moving above its 100 hourly simple moving average and above its 100 hourly exponential moving averages. Some of the major technical Indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17500 and 18500. The average true range is indicating HIGH market volatility with a mild bullish momentum. Bitcoin: bullish reversal seen above $16372 The average directional index is indicating a NEUTRAL level The price is now trading just below its pivot level of $16752 The short term range is mildly bullish Bitcoin: Bullish Reversal Seen Above $16372 We can now see that the price of bitcoin is moving in the correction phase after the recent decline below the $16500 level. The immediate targets are $17500 and $18500 in the short-term range. Once the price of bitcoin will touch $18000, we are expecting a rally into the markets towards the $20000 level. We can see the formation of the bullish trend reversal pattern with the adaptive moving average AMA50 and AMA100 in the 1-hour time frame. Any dips from the current levels remain well supported above the $16500 handle as the bitcoin price continues to gain traction against the US dollar. The immediate short-term outlook for bitcoin is mildly bullish, the medium-term outlook has turned neutral, and the long-term outlook remains neutral under present market conditions. Bitcoin’s support zone is located at $16662 which is a pivot point, and at $16723 which is a 3-10 day MACD oscillator stalls. The price of BTCUSD is now facing its classic resistance level of 16765 and Fibonacci resistance level of 16773 after which the path towards 17000 will get cleared. In the last 24hrs, BTCUSD has increased by 0.08% by 13.10$ and has a 24hr trading volume of USD 11.564 billion. We can see an increase of 5.89% in the trading volume compared to yesterday, which appears to be normal. The Week Ahead Bitcoin’s price is expected to enter into a consolidation phase below the $17000 level. As the market liquidity increases, we will see the price upticking towards the $18000 handle. As of now, the moves are expected to be in a narrow range between the $16000 and $17500 levels. The daily RSI is printing at 47 which indicates a NEUTRAL demand for bitcoin and the possibility of a shift towards the consolidation/correction phase for a short term in the markets. The price of BTCUSD is now facing its resistance zone at $17096 which is a 38.2% retracement from a 4-week low, and at $17333 which is a 14-3 day raw stochastic at 50%. The weekly outlook is projected at $17500 with a consolidation zone of $17000. Technical Indicators: The MACD (12,26): is at 20.50 indicating a BUY The commodity channel index, CCI (14): is at 73.18 indicating a BUY The rate of price change, ROC: is at 0.048 indicating a BUY The Bull/bear power (13): is at 31.92 indicating a BUY VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

GBP/USD and USD/CAD 2023 Chart Outlook GBP/USD started a downside correction from 1.2450. USD/CAD is signaling a fresh decline towards the 1.3300 and 1.3200 support levels. Important Takeaways for GBP/USD and USD/CAD The British Pound struggled to clear the 1.2420 and 1.2450 resistance levels. Earlier, there was a break above a major bearish trend line with resistance near 1.1700 on the daily chart of GBP/USD. USD/CAD is facing a strong resistance near the 1.3700 zone. It traded below a key contracting triangle with support near 1.3600 on the daily chart. GBP/USD Technical Analysis After forming a base above the 1.0350, the British Pound started a steady increase against the US Dollar. GBP/USD gained pace for a move above the 1.1100 and 1.1500 resistance levels. There was a move above the 1.2000 resistance and the 50-day simple moving average. During the increase, there was a break above a major bearish trend line with resistance near 1.1700 on the daily chart of GBP/USD. GBP/USD Daily Chart The pair even moved above the 1.2220 level and traded as high as 1.2446 on FXOpen. It is now correcting gains and trading below the 1.2350 level. Recently, there was a move below the 1.2220 and 1.2200 support levels. On the downside, an initial support is near the 1.1950 area. It is near the 23.5% Fib retracement level of the upward move from the 1.0341 swing low to 1.2466 high. The next major support is near the 1.1800 level. If there is a break below 1.1800, the pair could extend its decline. The next key support is near the 1.1400 level. It coincides with the 50% Fib retracement level of the upward move from the 1.0341 swing low to 1.2466 high Any more losses might call for a test of the 1.1200 support. An immediate resistance is near the 1.2200 level. The next resistance is near the 1.2450 level. If there is an upside break above the 1.2450 zone, the pair could rise towards 1.2600. The next key resistance could be 1.3000. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

Gold Price Aims More Gains, Crude Oil Price Could Resume Decline Gold price is showing positive signs above the $1,800 level. Crude oil price is struggling below $80 and might resume its decline. Important Takeaways for Gold and Oil Gold price faced resistance near $1,832 and corrected lower against the US Dollar. There is a key bullish trend line forming with support near $1,808 on the hourly chart of gold. Crude oil price started a fresh decline from the $82.00 resistance zone. There was a break below a major bullish trend line with support near $79.75 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price attempted an upside break above the $1,825 resistance zone against the US Dollar. The price even cleared the $1,830 level, but the bears were active near the $1,832 zone. A high was formed near $1,833 and the price started a fresh decline. There was a clear move below the $1,810 and $1,805 support levels. The price traded as low as $1,797 and recently started a fresh increase. Gold Price Hourly Chart There was a clear move above the $1,805 level and the 50 hourly simple moving average. The price even surpassed the 50% Fib retracement level of the downward move from the $1,833 swing high to $1,798 swing low. Besides, there is a key bullish trend line forming with support near $1,808 on the hourly chart of gold. On the upside, the first major resistance is near the $1,820 level. It is near the 61.8% Fib retracement level of the downward move from the $1,833 swing high to $1,798 swing low. The next key hurdle is near the $1,832 level, above which it could even test $1,850. A clear upside break above the $1,850 resistance could send the price towards $1,880. An immediate support on the downside is near the $1,808 level. The next major support is near the $1,800 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,765 support zone. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.