Daily Market Analysis By FXOpen

[FXOpen Trader]

Market Analysis: AUD/USD and NZD/USD Set Sights on Additional Upside

AUD/USD started a decent increase above the 0.6655 resistance. NZD/USD is also rising and could aim for a move above the 0.6140 resistance.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

• The Aussie Dollar found support at 0.6585 and recovered higher against the US Dollar.
• There is a major bullish trend line forming with support at 0.6670 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is consolidating gains above the 0.6100 support.
• There is a key bullish trend line forming with support at 0.6100 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair formed a base above 0.6585. The Aussie Dollar started a decent increase above the 0.6630 resistance against the US Dollar, as mentioned in the previous analysis.

The bulls pushed the pair above the 0.6655 resistance zone. There was a close above the 0.6685 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6715 zone. A high was formed at 0.6714 before the pair corrected gains.

It tested the 0.6655 zone and is currently consolidating gains. There was a fresh increase above the 23.6% Fib retracement level of the downward move from the 0.6714 swing high to the 0.6654 low.

On the upside, the AUD/USD chart indicates that the pair is now facing resistance near the 50% Fib retracement level of the downward move from the 0.6714 swing high to the 0.6654 low at 0.6685. The first major resistance might be 0.6715.

An upside break above the 0.6715 resistance might send the pair further higher. The next major resistance is near the 0.6750 level. Any more gains could clear the path for a move toward the 0.6800 resistance zone.

If not, the pair might correct lower. Immediate support is near a major bullish trend line at 0.6670. The next support could be 0.6655. If there is a downside break below the 0.6655 support, the pair could extend its decline toward the 0.6630 zone. Any more losses might signal a move toward 0.6585.

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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.

 

[FXOpen Trader]

The Share Price of Alibaba (BABA) Has Reached Its Yearly High

On 14 May, Alibaba released its first-quarter performance report:
→ Earnings per share: actual = $1.404, expected = $1.421;
→ Gross income: actual = $30.716 billion, expected = $30.502 billion.

The fact that earnings per share were slightly below expectations did not disappoint investors much, as on 16 May, Alibaba's share price (BABA) reached a yearly high, exceeding $86, forming a wide bullish candlestick with a close near the top (a sign of strong demand).

Positive sentiments were also driven by:
→ Another Chinese company, JD.com, released a report that exceeded expectations;
→ US regulators published information that well-known investor Michael Burry invested in Alibaba shares. David Tepper, head of the hedge fund Appaloosa Management, also holds a bullish outlook;
→ According to a note published on X (Twitter) by Citron Research analysts, Alibaba's share price could rise to $100.

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.

 

[FXOpen Trader]

The Price of Silver Has Reached Its Highest Level in Over Three Years

As indicated by the XAG/USD chart today, the intraday price of silver reached $29.84 per ounce yesterday, while the previous yearly high on 12 April was $29.79. The last time this price was seen was in February 2021.

It is worth noting that today the price of silver is behaving more bullishly than the price of gold, which is approximately 1.5% below its April high.

The main factor contributing to the rise in the price of silver is likely the weakening of the US dollar, as traders expect the Federal Reserve to ease monetary policy.

Can the price of silver continue to rise? Analysts are generally bullish. As CNBC reports:
→ Saxo Bank strategists recently stated in an analytical review that the price of silver could rise to $30, while gold could soon test the $2,400 level.
→ Analysts at ROTH Capital Partners forecast that the prices of gold and silver will rise even higher in the coming months. According to JC O'Hara, Chief Market Technician, if the price breaks the $30 level, "there will be few resistance levels until the $35/$37 range."

Let’s provide more data for a technical analysis of the silver market.

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.