Thread: FXOpen News

GBP/USD Could Continue Higher, USD/CAD Facing Hurdles

GBP/USD rallied in the past few days above the 1.3300 and 1.3400 resistance levels. USD/CAD is currently correcting higher, but it is facing hurdles near 1.3200.
GBP/USD Technical Analysis

This past week, the British Pound started a strong increase above the 1.3200 resistance area against the US Dollar. The GBP/USD pair even surged above the 1.3300 level to move into a positive zone.
Moreover, there was a sharp rally above the 1.3400 level and the 50 hourly simple moving average. It opened the doors for more gains above the 1.3500 level. Finally, the pair traded as high as 1.3513 on FXOpen before starting a downside correction.



The pair corrected lower below the 1.3400 support area. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the 1.3050 low to 1.3513 high.
The correction was such that the pair even corrected below the 1.3350 level. It spiked below the 38.2% Fib retracement level of the last wave from the 1.3050 low to 1.3513 high.
However, the 1.3300-1.3310 area acted as a decent support. At the moment, there is a connecting bullish trend line forming with support near 1.3360 on the hourly chart of GBP/USD.
The pair is trading nicely above 1.3350 and it seems like it could continue to rise above the 1.3400 level. An immediate resistance is near the 1.3420 level, above which the pair could continue to climb towards the 1.3500 area.
Conversely, if there is a downside break below the trend line and 1.3350, the pair could retest the 1.3300 support area in the near term.

See more on: https://www.fxopen.blog/gbp-usd-coul...acing-hurdles/

Trading Hours Schedule for the Christmas and New Year 2020

Dear Traders,
Please note the changes in trading session times on Christmas and New Year 2020.

Tuesday, December 24th, 2019

• Forex – normal trading hours
  
• Crypto– normal trading hours
  
• Metals– trading ends at 20:45 (GMT+2)
  
• Oil and Gas– trading ends at 20:30 (GMT+2)
  
• Indices:
  
  • Australia 200 – trading ends at 05:30 (GMT+2)
    
  • Europe 50 – trading closed
    
  • France 40 – trading ends at 15:00 (GMT+2)
    
  • Germany 30 – trading closed
    
  • Germany 30 (Mini) – trading closed
    
  • Japan 225 – trading ends at 20:15 (GMT+2)
    
  • UK 100 – trading ends at 14:50 (GMT+2)
    
  • US SPX 500 – trading ends at 20:15 (GMT+2)
    
  • US SPX 500 (Mini) – trading ends at 20:15 (GMT+2)
    
  • US Tech 100 – trading ends at 20:15 (GMT+2)
    
  • US Tech 100 (Mini) – trading ends at 20:15 (GMT+2)
    
  • Wall Street 30 – trading ends at 20:15 (GMT+2)
    
  • Wall Street 30 (Mini) – trading ends at 20:15 (GMT+2)

Wednesday, December 25th, 2019
Only crypto-pairs will be traded. All other markets are closed.

Thursday, December 26th, 2019

• Forex, Crypto, Metals, Oil and Gas – normal trading hours
  
• Indices – trading closed.

Tuesday, December 31st, 2019

• Forex – normal trading hours
  
• Crypto – normal trading hours
  
• Metals – normal trading hours
  
• Oil (WTI) and Gas – normal trading hours
  
• Oil (Brent) – trading ends at 21:45 (GMT+2)
  
• Indices:
  
  • Australia 200 – trading ends at 05:30 (GMT+2)
    
  • Europe 50 – trading closed
    
  • France 40 – trading ends at 15:00 (GMT+2)
    
  • Germany 30 – trading closed
    
  • Germany 30 (Mini) – trading closed
    
  • Japan 225 – normal trading hours
    
  • UK 100 – trading ends at 14:50 GMT+2)
    
  • US SPX 500 – normal trading hours
    
  • US SPX 500 (Mini) – normal trading hours
    
  • US Tech 100 – normal trading hours
    
  • US Tech 100 (Mini) – normal trading hours
    
  • Wall Street 30 – normal trading hours
    
  • Wall Street 30 (Mini) – normal trading hours

Wednesday, January 1st, 2020
Only Crypto will be traded. All other markets are closed.

Thursday, January 2nd, 2020
Normal trading hours for all pairs.

Please consider these changes when planning your trading activities during the festive season.

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EUR/USD And USD/JPY At Risk Of Downsides

EUR/USD is currently struggling to stay above 1.1140 and it could decline in the near term. Similarly, USD/JPY is showing bearish signs below the 109.60 resistance area.

EUR/USD Technical Analysis


This past week, the Euro recovered nicely above 1.1120 resistance area against the US Dollar. As a result, the EUR/USD pair surpassed the 1.1160 resistance, but it struggled to climb above the 1.1200 hurdle.
The pair started a downside correction below 1.1160 and tested the 1.1120 support. Later, it recovered, but struggled near 1.1175. The recent high was formed near 1.1174 on FXOpen and the price is currently declining.




The pair broke the 1.1150 support and the 50 hourly simple moving average. Furthermore, the pair traded below 50% Fib retracement level of the upward move from the 1.1129 low to 1.1174 high.
More importantly, there was a break below a contracting triangle with support near 1.1140 on the hourly chart of EUR/USD. The pair is now trading below the 1.1140 level and the 76.4% Fib retracement level of the upward move from the 1.1129 low to 1.1174 high.
Therefore, it will most likely test the 1.1129 low and it could even trade further lower. The next support might be near the 1.1100 area.
Besides, the 1.618 Fib extension level of the upward move from the 1.1129 low to 1.1174 high is also near 1.1100. Thus, EUR/USD is likely to find support near 1.1100.
On the upside, an initial resistance is near the 1.1145 and 1.1150 levels. If there is a break above 1.1150, the pair could make another attempt to surpass 1.1175.

See more on: https://www.fxopen.blog/eur-usd-and-...-of-downsides/

Gold Price And Crude Oil Price Could Continue Higher

Gold price is trading with a bullish bias above the $1,472 support area. Crude oil price is trading in a strong uptrend and it could continue to rise above the $61.50 resistance.

Gold Price Technical Analysis
In the past few days, gold price remained in a positive zone above the $1,460 support area against the US Dollar. As a result, there was a slow and steady rise above the $1,470 and $1,475 resistance levels.
There was also a close above the $1,472 level and the 50 hourly simple moving average. However, the price struggled to gain momentum above $1,480 and the recent high was near $1,481 on FXOpen.




The price is currently correcting lower below $1,480, plus the 23.6% Fib retracement level of the upward move from the $1,473 low to $1,481 high.
An immediate support is near the $1,477 level. Besides, the 50% Fib retracement level of the upward move from the $1,473 low to $1,481 high is near $1,477.
The main support is near the $1,475 level. There is also a major bullish trend line forming with support near $1,475 on the hourly chart of gold. Therefore, a downside break below $1,475 could push the price towards the $1,470 support area.
On the upside, the main hurdles are seen near the $1,480 and $1,482 levels. If there is an upside break above the $1,482 resistance, the price could climb towards the $1,490 area. Any further gains could lead gold price towards the $1,500 resistance area in the near term.

See more on: https://www.fxopen.blog/gold-price-a...ntinue-higher/

GBP/USD and EUR/GBP: British Pound Losing Strength
GBP/USD is declining and it is now trading well below the 1.3150 level. EUR/GBP is recovering and it could continue to rise towards the 0.8560 resistance.
GBP/USD Technical Analysis

The British Pound started a strong decline after a massive rally towards 1.3500 against the US Dollar. The GBP/USD pair trimmed most its gains and traded below the 1.3320 and 1.3200 support levels.
Moreover, there was a close below the 1.3200 level and the 50 hourly simple moving average. Finally, there was a break below the 1.3100 support area and the pair traded as low as 1.2978 on FXOpen.


The pair is currently correcting higher above the 1.3000 level. It is testing the 23.6% Fib retracement level of the recent decline from the 1.3132 high to 1.2978 low.
On the upside, there are many hurdles near 1.3030, 1.3040 and 1.3050. Besides, there is a key bearish trend line forming with resistance near 1.3040 on the hourly chart of GBP/USD.
The 50% Fib retracement level of the recent decline from the 1.3132 high to 1.2978 low is also near the 1.3050 level. Therefore, GBP/USD must break the 1.3040 and 1.3050 resistance levels to start a decent recovery.
The next major resistance is near the 1.3100 and 1.3120 levels, above which the pair could continue to rise in the near term.
On the downside, an initial support is near the 1.2980 level, below which GBP/USD sellers could gain momentum. The next major support could be 1.2950, followed by the 1.2920 pivot level.

See more on: https://www.fxopen.blog/gbp-usd-and-...sing-strength/

EUR/JPY and GBP/JPY Showing Positive Signs

The Euro and British Pound are slowly rising against the Japanese Yen. Both EUR/JPY and GBP/JPY are likely to gain further in the near term.
EUR/JPY Technical Analysis

After a steady decline, the Euro found support near the 121.00 area against the Japanese Yen. The EUR/JPY pair started a decent increase and traded above the 121.50 resistance area.
Moreover, there was a break above a major bearish trend line with resistance near 121.30 on the hourly chart of EUR/JPY. The pair settled nicely above the 121.50 level and the 50 hourly simple moving average.




Besides, there was a break above the 50% Fib retracement level of the downward move from the 122.45 high to 121.05 low (formed on FXOpen). The pair is now trading above the 121.70 level.
An immediate resistance is seen near the 121.92 level. It represents the 61.8% Fib retracement level of the downward move from the 122.45 high to 121.05 low.
A clear break above the 121.90 and $122.00 resistance levels could start a strong rise in the near term. In the mentioned case, EUR/JPY might continue to rise towards the 122.50 resistance.
On the downside, the 121.50 level is a decent support. If the pair fails to stay above the 121.50 support, there is a risk of another decline towards the 121.00 area. An intermediate support is seen near the 121.20 level.

See more on: https://www.fxopen.blog/eur-jpy-and-...ositive-signs/

GBP/USD Recovering While USD/CAD Diving

GBP/USD found support near 1.2900 and it is currently recovering above 1.3000. Conversely, USD/CAD is diving and it could continue to slide below 1.3060.
GBP/USD Technical Analysis

This past week, the British Pound declined heavily from well above the 1.3200 level against the US Dollar. The GBP/USD pair even broke the 1.3000 support area to trim most its gains.
Finally, the pair found support near the 1.2900 area and recently started an upside correction. A low was formed near 1.2905 on FXOpen and there was a break above a major bearish trend line with resistance near 1.2980 on the hourly chart of GBP/USD.




The pair climbed above the 1.3000 resistance and the 50 hourly simple moving average. It opened the doors for more gains above the 1.3050 level.
The pair even climbed above the previous swing high near the 1.3080 level. It is now trading near the 1.236 Fib extension level of the last major decline from the 1.3079 high to 1.2905 low.
It seems like the pair is struggling to clear the 1.3110-1.3120 resistance area. If there is a clear break above 1.3120, GBP/USD could rise further.
The next resistance could be 1.3185 or the 1.618 Fib extension level of the last major decline from the 1.3079 high to 1.2905 low. Conversely, if there is a downward move, the pair could test the 1.3040 and 1.3030 support levels.
Besides, the 50 hourly simple moving average is also near the 1.3030 area to provide support along with a bullish trend line on the same chart. If the pair settles below 1.3000, it could start another decline towards 1.2900.

See more on: https://www.fxopen.blog/gbp-usd-reco...sd-cad-diving/

EUR/USD And USD/JPY Facing Key Hurdles

EUR/USD is currently correcting higher, but it is facing hurdles near the 1.1175 and 1.1180 levels. Similarly, USD/JPY is moving towards a major breakout resistance at 108.50.
EUR/USD Technical Analysis

Recently, the Euro extended its decline below the 1.1200 support area against the US Dollar. The EUR/USD pair broke the 1.1175 support level and tested the next support near 1.1135.
A low is formed near 1.1134 on FXOpen and the pair settled below the 50 hourly simple moving average. It is currently correcting higher and trading above the 1.1150 level.




Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the 1.1205 high to 1.1134 low. However, there are many hurdles on the upside near the 1.1175 level.
Moreover, there is a key bearish trend line forming with resistance near 1.1175 on the hourly chart of EUR/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.1205 high to 1.1134 low.
Therefore, a clear break above the 1.1175, the 50 hourly simple moving average, and 1.1180 resistance levels is must for more gains in the near term.
Conversely, the pair might struggle to move above the 1.1175 resistance area. In the mentioned case, it could decline back towards the 1.1135 support area.
If there is a downside break below the 1.1135 support, the pair may even struggle to stay above 1.1120. The next stop for the bears could be near the 1.1105 level, where the bulls could protect further losses.

See more on: https://www.fxopen.blog/eur-usd-and-...g-key-hurdles/

Gold And Crude Oil Price Trimming Gains After US-Iran Tension Ease

Gold price started a downside correction after a massive upward move above $1,600. Crude oil price also declined and trimmed most gains below the $62.20 support area.
Gold Price Technical Analysis

Earlier this month, gold price started a strong rise above the $1,555 and $1,575 resistance levels against the US Dollar, due to tensions between the USA and Iran. Recently, tension eased which resulted in a sharp downside correction from well above $1,600.
A high was formed near $1,611 on FXOpen before the price declined heavily. There a clear break below the $1,580 support area and the 50 hourly simple moving average.




Moreover, there was a break below a major bullish trend line with support near $1,575 on the hourly chart of gold. The price even broke the $1,550 support and tested the $1,540 area.
It is currently consolidating and trading near $1,547. On the upside, the first resistance is near the $1,555 level or the 23.6% Fib retracement level of the recent decline from the $1,611 high to $1,540 low.
The main hurdle is near the $1,560 area and the 50 hourly simple moving average. If there is a clear break above $1,560, the price could rise towards the $1,575 level.
The 50% Fib retracement level of the recent decline from the $1,611 high to $1,540 low is at $1,575 to protect gains. Any further upside may perhaps lead the price towards the $1,600 area.
Conversely, a downside break below the $1,545 and $1,540 support levels might push gold price towards the $1,520 support.

See more on: https://www.fxopen.blog/gold-and-cru...-tension-ease/.

GBP/USD Sliding While USD/CAD Is Approaching Support

GBP/USD failed to gain strength above 1.3200 and recently started a fresh decline below 1.3100. USD/CAD is also declining, but it is approaching a key support near the 1.3030 area.

GBP/USD Technical Analysis


This past week, the British Pound made another attempt to settle above the 1.3200 area against the US Dollar. However, the GBP/USD pair failed to gain traction and later started a fresh decline below 1.3150.
It broke a couple of important supports near the 1.3100 area to enter a bearish zone. Moreover, there was a close below the 1.3100 level and the 50 hourly simple moving average.




The pair traded close to the 1.3000 area and a low was formed at 1.3013 on FXOpen. Recently, there was a minor upside correction, but the 1.3100 area acted as a hurdle along with the 50 hourly simple moving average.
A high is formed and the pair traded below the 50% Fib retracement level of the upward move from the 1.3013 low to 1.3096 high.
The current price action indicates more losses below the 1.3050 level. The pair is now trading near the 1.3030 area, plus the 76.4% Fib retracement level of the upward move from the 1.3013 low to 1.3096 high.
Therefore, a downside break below the 1.3030 area could open the doors for more losses below the 1.3010 and 1.3000 levels.
On the upside, there are many hurdles for the bulls near the 1.3060 and 1.3070 levels. Moreover, there is a key bearish trend line forming with resistance near 1.3065 on the hourly chart of GBP/USD.
A successful break above the trend line and a follow through above the 1.3100 resistance area is needed for a fresh increase towards the 1.3200 area in the near term.

See more on: https://www.fxopen.blog/gbp-usd-slid...ching-support/