What's New in FXCM?
The new earnings season is coming up fast and the electric vehicle industry will once again be in the spotlight (see our EV market overview below). NAS100, Gold and US Dollar are making challenges across the charts.
We’re also busy as ever rolling out new features for our platforms. Read on for all the details.
Have a great week trading!
Top Market Events
Here’s what we’re watching. SPX500 and NAS100 are on the uptrend, charting higher troughs followed by higher peaks. US2000 gained strength, moving above its 200-day simple moving average. FXCM’s USDOLLAR BASKET shows signs of neutrality and is moving in a symmetrical triangle on its weekly chart. Inflation is still stubborn with both the Reserve Bank of Australia and the Bank of Canada surprising with 25 bps hikes each, and the ECB also lifting by 25 bps. The Federal Reserve skipped a hike at its meeting but anticipates another two hikes this year. The Bank of England will likely raise by 25 bps on Thursday, 22 June.
In the Spotlight
The NAS100 weekly chart is overbought with its RSI over 80. However, given the strength of its uptrend, any pullbacks may be shallower than some bears would like.
The Federal Reserve’s meeting signalled another two hikes for 2023. However, the market seems unconvinced, questioning the pause if higher rates are needed. FXCM’s USDOLLAR is testing the lower boundary of its weekly symmetrical triangle.
Gold has found support around the $1,940 level. This is setting up a potential platform for the precious metal to challenge the $2,000 resistance level again.
The State of the Electric Vehicle Market
The electric vehicle market is growing rapidly and is expected to continue doing so, while governments are looking to promote the sale of clean energy vehicles and shift away from internal combustion engines. However, the current economic environment, with high interest rates and elevated inflation, poses headwinds.
Tesla is the leader of the EV market, pushing on multiple fronts, but competitors from China, the US and Europe are making strides in electrification, trying to threaten its reign.
New features just added to Trading Station Web 3.0:
When you next go to the web platform you’ll see a number of new features that have been added to help streamline your trading experience. Here are some of the top features:
- Charts with customisable templates that save and restore automatically when you log out and log back in, removing the need to add drawings and indicators from scratch
- Extensive drawing tools including four Fibonacci tools and Elliott Wave tool
- A new Close All button allowing you to close all your positions in one Instrument with one click
- MyFXCM portal embedded into the application for quick account management
New features just added to Mobile Progressive Web App (PWA):
- By installing the Progressive Web App (PWA), you will benefit from auto login, allowing you to avoid having to manually enter your username and password every time. It’s also convenient to have the icon on your desktop. You can do this by clicking ‘install’ from your browser’s options menu.
- New embedded Economic Calendar in the Tools section
- As well as embedded MyFXCM portal and closing all positions by Symbol
Top Traded in May
See the top instruments by trading volume during May 2023 across the FXCM Group.
Top 5 Stocks
Tesla Motors Inc.
Meta Platforms Inc.
Take a look at the client service response times across the FXCM Group in the month of May.
Source: FXCM Service data, review period: May 2023.
Average wait time for live chat support.