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EUR/USD Turns Red And USD/CHF Remains Supported
EUR/USD failed to hold a few key supports and declined below the 1.1140 zone. Conversely, USD/CHF is trading in a positive zone and it remains well supported above 0.9550.
EUR/USD Technical Analysis
This week, the Euro extended its decline after it broke the key 1.1200 support area against the US Dollar. The EUR/USD pair broke a few important supports near the 1.1140 level to enter a bearish zone.
Moreover, there was a close below the 1.1100 support and the 50 hourly simple moving average. The pair extended its decline below the 1.1040 and traded as low as 1.0953 on FXOpen.
https://www.fxopen.blog/wp-content/u...2-1024x479.png
The pair is currently correcting higher and trading above the 1.1000 level. There was a break above the 23.6% Fib retracement level of the recent decline from the 1.1188 high to 1.0953 low.
On the upside, an initial resistance is near the 1.1070 level. It coincides with the 50% Fib retracement level of the recent decline from the 1.1188 high to 1.0953 low. Moreover, there is a key bearish trend line forming with resistance near 1.1095 on the hourly chart of EUR/USD.
If there is an upside break above the 1.1070 and 1.1100 resistance levels, the pair could start a strong upward move. The next key resistance is near the 1.1180 and 1.1200 levels.
Conversely, the pair could struggle to rise above the 1.1040 and 1.1070 resistance levels. In the mentioned case, there is a risk of more losses in the near term below the 1.1000 support level. The next key support is near the 1.0950 level.
See more: https://www.fxopen.blog/eur-usd-turn...ins-supported/
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Gold Price Is Facing Hurdles While Crude Oil Price Is Recovering
Gold price found support near the $1,455 level and it is currently consolidating losses. Conversely, crude oil price is recovering and it is now trading above the $25.00 resistance.
Gold Price Technical Analysis
In the past few days, gold price followed a bearish path from well above the $1,580 level against the US Dollar. It broke a couple of key supports near the $1,550 to move further into a bearish zone.
Moreover, there was a close below the $1,500 level and the 50 hourly simple moving average. Finally, it traded as low as $1,455 on FXOpen and it is now consolidating losses.
https://www.fxopen.blog/wp-content/u...1-1024x479.png
It seems like there is likely a double bottom pattern forming near the $1,455 level. The price is trading above the 23.6% Fib retracement level of the recent decline from the $1,553 high to $1,455 low.
Moreover, the bulls are currently attempting a break above a connecting bearish trend line at $1,462 on the hourly chart of gold. If they succeed, the price might start a decent recovery towards the $1,500 resistance level.
The 50 hourly simple moving average is close to the $1,500 level to act as a key resistance. The 50% Fib retracement level of the recent decline from the $1,553 high to $1,455 low is also near the $1,505 level.
Therefore, the price is likely to face a strong resistance near $1,500 and $1,505. A successful close above the $1,500 and $1,505 levels might start a strong rise.
Conversely, the price could start another decline and it might even trade below the $1,455 and $1,450 support levels in the near term.
See more: https://www.fxopen.blog/gold-price-i...is-recovering/
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Gold Price Is Rising While Crude Oil Price Is Consolidating
Gold price is trading in a positive zone above the $1,585 resistance area and it could rise further. Conversely, crude oil price is trading in a range and it could correct above $25.00.
Gold Price Technical Analysis
In the past few days, gold price remained in a positive zone above the $1,550 zone against the US Dollar. It traded above the $1,565 and $1,580 resistance levels to start a decent upward move.
Moreover, there was a close above the $1,585 resistance and the 50 hourly simple moving average. Finally, the price climbed above the $1,600 resistance area and traded as high as $1,629 on FXOpen.
https://www.fxopen.blog/wp-content/u...2-1024x479.png
The price is currently correcting lower below $1,620. There was a break below the 23.6% Fib retracement level of the recent rise from the $1,570 low to $1,629 high.
On the downside, an initial support is near the $1,606 level and the 50 hourly simple moving average. The next major support is near the $1,600 level. It is close to the 50% Fib retracement level of the recent rise from the $1,570 low to $1,629 high.
There is also a key bullish trend line forming with support near $1,584 on the hourly chart of gold. Clearly, the $1,584 area is an important support zone for the bulls in the near term.
If there is a downside break below the $1,585 and $1,584 support levels, there could be a nasty decline. The next major support is near the $1,555 level, below which there is a risk of more downsides towards $1,530.
Conversely, the price may perhaps rise above the $1,620 and $1,625 resistance levels. Any further gains could lead the price towards the $1,650 level in the near term.
See more: https://www.fxopen.blog/gold-price-i...consolidating/
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GBP/USD and EUR/GBP: British Pound Gaining Traction
GBP/USD is gaining pace and it recovered above the 1.2300 resistance area. EUR/GBP is sliding and it is likely to face hurdles near the 0.9050 area.
GBP/USD Technical Analysis
This past week, the British Pound started a decent recovery wave above the 1.1850 resistance against the US Dollar. As a result, the GBP/USD pair broke many key hurdles near the 1.2020 and 1.2100 resistance levels.
The upward move gained pace and the pair rallied above the 1.2200 barrier and the 50 hourly simple moving average. Finally, the pair broke the 1.2400 barrier and it traded as high as 1.2485 on FXOpen.
https://www.fxopen.blog/wp-content/u...4-1024x431.png
It is currently correcting lower and trading below the 1.2400 level. It broke the 23.6% Fib retracement level of the recent wave from the 1.2144 low to 1.2485 high.
On the downside, there are many supports near 1.2375 and 1.2350. There is also a key bullish trend line forming with support near 1.2375 on the hourly chart of GBP/USD.
Below the trend line support, the pair is likely to find a strong support near the 1.2320 level. The 50% Fib retracement level of the recent wave from the 1.2144 low to 1.2485 high is also near the 1.2315 level to provide support.
Any further losses may perhaps start a major decline towards the 1.2260 and 1.2250 support levels. On the upside, an initial hurdle is near the 1.2420 level.
A clear break above the 1.2420 and 1.2450 resistance levels could open the doors for a larger rally towards the 1.2500 barrier in the coming sessions.
See more: https://www.fxopen.blog/gbp-usd-and-...ning-traction/
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EUR/USD And EUR/JPY At Risk of More Downsides
EUR/USD is currently correcting lower and facing a strong resistance near the 1.1040 level. EUR/JPY is also showing a few bearish signs and it could decline further as long as it is below 119.00.
EUR/USD Technical Analysis
This past week, the Euro started a solid recovery wave above the 1.1000 resistance area against the US Dollar. The EUR/USD pair broke the 1.1040 resistance area to move into a positive zone.
Moreover, there was a break above the 1.1080 level and the 50 hourly simple moving average. The pair traded as high as 1.1147 and it recently started a downside correction.
https://www.fxopen.blog/wp-content/u...t-1024x479.png
There was a break below the 1.1100 and 1.1080 levels. More importantly, there was a break below a major bullish trend line with support near 1.1000 on the hourly chart of EUR/USD.
The pair even broke the 50 hourly SMA and tested the 1.0940 support area. A low is formed near 1.0939 and the pair is currently rising. It is trading above the 1.1000 level, plus the 23.6% Fib retracement level of the recent decline from the 1.1147 high to 1.0939 low.
However, the previous support near the 1.1040 level and the 50 hourly SMA is now acting as a barrier for the bulls. The 50% Fib retracement level of the recent decline from the 1.1147 high to 1.0939 low is also preventing a fresh increase.
Therefore, a clear break above the 1.1040 and 1.1050 resistance levels is needed for a fresh increase towards 1.1100 and 1.1150. If not, EUR/USD is likely to decline again towards 1.0940 or 1.0920 in the near term.
See more: https://www.fxopen.blog/eur-usd-and-...ore-downsides/
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Gold Price Approaching Resistance While Crude Oil Price Correcting Gains
Gold price is rising steadily and it is trading above the $1,600 resistance. Conversely, crude oil price rallied towards $28.00 and recently corrected more than 40% gains.
Gold Price Technical Analysis
Earlier this week, gold price declined from well above the $1,600 level against the US Dollar. It traded below the $1,580 support area, but the $1,570 zone acted as a strong support.
A swing low is formed near $1,567 on FXOpen and the price formed a decent base above the $1,570 level. As a result, the price started a fresh increase above the $1,580 and $1,600 resistance levels.
https://www.fxopen.blog/wp-content/u...t-1024x479.png
The bulls remained in action and the price even climbed above the $1,610 level and the 50 hourly simple moving average. Finally, the price climbed towards $1,620 and traded as high as $1,619.
It is currently consolidating gains below $1,620. An initial support is near the 23.6% Fib retracement level of the recent wave from the $1,567 low to $1,619 high.
The first major support is near the $1,600 level, followed by $1,595. The 50% Fib retracement level of the recent wave from the $1,567 low to $1,619 high is also near the $1,595 level along with the 50 hourly simple moving average.
Any further losses may perhaps push the price back into a bearish zone towards the $1,570 support. At the outset, there is a major contracting triangle forming with resistance near $1,615 on the hourly chart of gold.
If there is an upside break above the triangle resistance, the price could test the main $1,630 resistance area. Any further gains could lead the price towards the $1,645 level in the near term.
See more: https://www.fxopen.blog/gold-price-a...recting-gains/
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GBP/USD and EUR/GBP: British Pound Correcting Gains
GBP/USD is currently correcting gains from the 1.2475 resistance area. Similarly, EUR/GBP is correcting higher and it could recover towards the 0.8950 level.
GBP/USD Technical Analysis
This past week, the British Pound started a decent upward move wave above the 1.2250 resistance against the US Dollar. The GBP/USD pair even broke the 1.2350 resistance to move into a positive zone.
Finally, there was a break above the 1.2420 resistance and the pair settled above the 50 hourly simple moving average. The pair traded towards the 1.2500 level, but it failed to continue higher.
https://www.fxopen.blog/wp-content/u...t-1024x479.png
A swing high is formed near the 1.2474 on FXOpen and the pair is currently correcting lower. Recently, there was a break below a key bullish trend line with support near 1.2370 on the hourly chart of GBP/USD.
The pair broke the 1.2300 support area and traded as low as 1.2205. It is currently consolidating losses, with an immediate resistance near the 1.2265 level.
The 23.6% Fib retracement level of the recent decline from the 1.2474 high to 1.2205 low is also near the 1.2269 level. Besides, the previous support near the 1.2280 level is likely to act as a major resistance along with a bearish trend line on the same chart.
The next major resistance is near the 1.2340 level and the 50 hourly simple moving average. The 50% Fib retracement level of the recent decline from the 1.2474 high to 1.2205 low is also near 1.2340.
On the downside, the main support is near the 1.2200 area, below which GBP/USD is likely to extend its decline towards the 1.2000 support area in the near term.
See more: https://www.fxopen.blog/gbp-usd-and-...recting-gains/