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Spreads for major currency pairs decreased
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Dear Clients, As high market volatility continues, opportunities for profit are opening up. In addition, FXOpen continues to improve trading conditions for its clients. After adding new liquidity providers, the average spreads for all major currency pairs on ECN accounts decreased 3-4 times. For example, spreads on the EUR/USD pair were reduced from 0.5-0.6 to 0.1-0.2 pips and on the GBP/USD pair from 1.2 to 0.1-0.3 pips. We would also like to remind you that the commission on MT4 and MT5 ECN accounts has been reduced. Now the half-turn commission is $3.5 per lot for deposits of up to 1,000 USD and a trading volume of up to 5,000,000.
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EUR/JPY and GBP/JPY Remains At Risk of More Downsides
The Euro and British Pound started a steady decline in the past few days against the Japanese Yen. Both EUR/JPY and GBP/JPY are likely to face hurdles and remain at a risk of more losses.
EUR/JPY Technical Analysis
After facing hurdles near the 122.40 and 122.50 levels, the Euro started a steady decline against the Japanese Yen. The EUR/JPY pair broke many major supports near 121.00 and 120.80 to enter a bearish zone.
Besides, there was a close below the 120.50 level and the 50 hourly simple moving average. It traded to a new monthly low at 119.58 on FXOpen and it is currently consolidating losses.
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On the upside, an initial resistance is near the 119.95 and 120.50 levels. There is also a major bearish trend line forming with resistance near 119.95 on the hourly chart of EUR/JPY.
Above the trend line, the 50% Fib retracement level of the recent decline from the 120.54 high to 119.58 low is also at 120.06. The main resistance on the upside is near the 120.40 level and the 50 hourly simple moving average.
The 76.4% Fib retracement level of the recent decline from the 120.54 high to 119.58 low is also near the 120.31 level. Therefore, the pair must surpass the 120.00 and 120.40 resistance levels to start a strong recovery wave.
Conversely, the pair could continue to move down and it might soon break the 119.50 support zone. The next key supports are near the 119.00 and 118.80 levels.
See more: https://www.fxopen.blog/eur-jpy-and-...ore-downsides/
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GBP/USD Turns Red, USD/CAD is Consolidating Gains
GBP/USD started a strong decline from well above the 1.2750 level and it broke the 1.2550 support. Conversely, USD/CAD climbed towards 1.3680 and it is currently consolidating gains.
GBP/USD Technical Analysis
In the past few days, the British Pound followed a bearish path from well above 1.2750 against the US Dollar. The GBP/USD pair broke many important supports such as 1.2650 and 1.2550 to enter a bearish zone.
The pair even broke the 1.2420 support level and settled below the 50 hourly simple moving average. A new weekly low is formed near the 1.2335 level on FXOpen and the pair is currently correcting higher.
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An initial resistance on the upside is near the 1.2400 and 1.2420 levels. The 23.6% Fib retracement level of the downward move from the 1.2687 high to 1.2335 low is also near 1.2420 along with the 50 hourly simple moving average.
More importantly, there are two key bearish trend lines forming with resistance near 1.2470 and 1.2510 on the hourly chart of GBP/USD. The second trend line is close to the 50% Fib retracement level of the downward move from the 1.2687 high to 1.2335 low.
Therefore, the pair is likely to face a lot of hurdles on the upside, starting with 1.2420 and up to 1.2510 in the near term. On the downside, an initial support is seen near the 1.2330 and 1.2320 levels.
If GBP/USD fails to start a decent recovery wave above the 1.2420 resistance, it is likely to break the 1.2300 level and continue lower in the coming sessions.
See more: https://www.fxopen.blog/gbp-usd-turn...idating-gains/
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EUR/USD and EUR/JPY Trading Near Make-or-Break Levels
EUR/USD started a decent upward move above 1.1250, but it is facing hurdles near 1.1350. EUR/JPY is also trading in a positive zone, but it must surpass 121.00 for more gains.
EUR/USD Technical Analysis
After forming a support base above 1.1200, the Euro started a decent increase against the US Dollar. The EUR/USD pair traded above the 1.1250 resistance zone to enter an uptrend.
The pair even surpassed the 1.1300 resistance level and the 50 hourly simple moving average. However, the bulls struggled to clear the 1.1350 resistance zone. A high is formed near 1.1348 on FXOpen and the pair is currently correcting lower.
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There was a break below the 23.6% Fib retracement level of the recent wave from the 1.1233 low to 1.1348 high. On the downside, there is a short-term support forming near the 1.1300 level.
There is also a connecting bullish trend line forming with support near 1.1305 on the hourly chart of EUR/USD. If there is a break below the trend line, the pair could continue to move down towards the 1.1280 support area.
An intermediate support is near the 1.1290 level, which is the 50% Fib retracement level of the recent wave from the 1.1233 low to 1.1348 high.
If the pair fails to stay above the 1.1280 support and the 50 hourly simple moving average, there could be heavy losses in the coming sessions. Conversely, the pair could start a fresh increase above the 1.1320 resistance level. A successful close above the 1.1350 resistance could open the doors for more upsides towards 1.1400 in the near term.
See more: https://www.fxopen.blog/eur-usd-and-...-break-levels/
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Gold Price And Crude Oil Price Trading Near Crucial Juncture
Gold price rallied to a new multi-year high above $1,775 before correcting lower. Crude oil price is currently recovering from $37.15, but it is facing many hurdles.
Gold Price Technical Analysis
Gold price remained in an uptrend and started a fresh increase above the $1,750 resistance against the US Dollar. The price broke the $1,760 resistance level and trade to a new multi-year high.
It traded as high as $1,779 on FXOpen and recently started a downside correction. It declined below the $1,760 support level and the 50 hourly simple moving average. However, the $1,755 region acted as a support and a low is formed near $1,754.
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The price is currently consolidating in a range and it managed to recover above the 23.6% Fib retracement level of the recent decline from the $1,779 high to $1,754 low.
It seems like there is a major bullish trend line forming with support near $1,758 on the hourly chart of gold. On the upside, the price is facing hurdles near the $1,766 and $1,770 levels.
The 50% Fib retracement level of the recent decline from the $1,779 high to $1,754 low is also near $1,669. Therefore, the price must break the $1,766 and $1,770 resistance levels to continue higher in the coming sessions.
The next major hurdle is at $1,780, followed by $1,788. Conversely, the price could break the trend line support at $1,758 and start a fresh decline. The main support is near the $1,748 zone, below which gold price might start a substantial drop in the coming days.
See more: https://www.fxopen.blog/gold-price-a...cial-juncture/
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GBP/USD and EUR/GBP: British Pound Could Extend Losses
GBP/USD started a fresh decline below the 1.2450 support level. EUR/GBP climbed higher above the 0.9050 resistance and it is showing signs of more upsides.
GBP/USD Technical Analysis
This past week, the British Pound climbed above the 1.2500 resistance against the US Dollar. However, the GBP/USD pair struggled to continue above the 1.2550 zone and recently started a fresh decline.
There was a break below the 1.2500 and 1.2480 support levels. The pair even broke the 1.2400 support and settled well below the 50 hourly simple moving average. It traded as low as 1.2314 on FXOpen and it is currently correcting higher.
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There was a break above the 1.2340 and 1.2350 resistance levels. The pair even climbed above the 23.6% Fib retracement level of the recent drop from the 1.2464 high to 1.2314 low.
It is now approaching a couple of important hurdles near 1.2380 and 1.2400. There is also a major bearish trend line forming with resistance near 1.2380 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent drop from the 1.2464 high to 1.2314 low.
The 50 hourly simple moving average is also near the 1.2400 level to act as a major hurdle. Therefore, GBP/USD might struggle to clear the 1.2400 resistance zone.
If the bulls succeed in clearing the 1.2400 barrier, the pair could recover easily towards the 1.2500 resistance. If not, there are high chances of more losses below the 1.2340 and 1.2320 levels in the near term.
See more: https://www.fxopen.blog/gbp-usd-and-...tend-losses-2/
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EUR/USD Eyes Upside Break, USD/CHF Could Extend Losses
EUR/USD is trading above the 1.1180 support level and facing hurdles near 1.1250. USD/CHF is trading in a negative zone and it could continue to move down below 0.9450
EUR/USD Technical Analysis
In the past few days, the Euro tested the 1.1180 support region on more than one occasion against the US Dollar. The EUR/USD pair remained stable above 1.1180 and recently recovered higher.
A low was formed near 1.1191 on FXOpen before the pair climbed above 1.1220. There was a break above the 50% Fib retracement level of the downward move from the 1.1287 high to 1.1191 low.
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However, the pair seems to be struggling near the 1.1240 level the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 1.1255 on the hourly chart of EUR/USD.
The trend line coincides with the 61.8% Fib retracement level of the downward move from the 1.1287 high to 1.1191 low. Therefore, the pair must break the 1.1250 and 1.1255 resistance levels to start a fresh increase.
If the bulls succeed, the pair could continue to rise towards the 1.1280 and 1.1300 levels. Conversely, there is a risk of another decline below the 1.1220 support. The main support is near the 1.1180 level.
A downside break and close below the 1.1180 support region could start a strong decline and the pair might slide towards the 1.1120 and 1.1100 levels in the near term.
See more: https://www.fxopen.blog/eur-usd-eyes...extend-losses/
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AUD/USD And NZD/USD Eyeing Upside Break
AUD/USD is slowly rising and trading above the 0.6900 pivot level. Similarly, NZD/USD is gaining traction and it could continue to rise towards the 0.6550 resistance level.
AUD/USD Technical Analysis
The Aussie Dollar formed a strong support above 0.6840 and started a fresh increase against the US Dollar. The AUD/USD pair broke the 0.6890 resistance zone to move into a positive zone.
The pair gained pace, and managed to settle above the 0.6900 level and the 50 hourly simple moving average. It traded as high as 0.6952 on FXOpen and it is currently correcting gains.
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There was a short-term downward move below 0.6920, but the 0.6900 zone acted as a support. A low is formed near 0.6901 and the pair is currently rising. It broke the 0.36920 level, plus the 50% Fib retracement level of the recent decline from the 0.6951 high to 0.6901 low.
An immediate resistance is near the 0.6932 level. It is close to the 61.8% Fib retracement level of the recent decline from the 0.6951 high to 0.6901 low. If there is an upside break above 0.6932, the pair is likely to continue higher.
Moreover, it seems like there is a key rising channel forming with support near 0.6920 on the hourly chart of AUD/USD. On the upside, an initial hurdle is near the 0.6950 level, above which the bulls are likely to aim a break towards the 0.7000 resistance.
Conversely, there is a risk of a bearish reaction below the 0.6910 level and the 50 hourly SMA. If the pair breaks the 0.6900 support, it could decline back towards the 0.6850 support area.
See more: https://www.fxopen.blog/aud-usd-and-...pside-break-3/
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GBP/USD and GBP/JPY: British Pound Could Rise Further
GBP/USD started a fresh increase above the 1.2420 and 1.2440 resistance levels. GBP/JPY is also rising and it seems like there are chances of more upsides above 1.2500.
GBP/USD Technical Analysis
This past week, the British Pound extended its decline below the 1.2400 support zone against the US Dollar. The GBP/USD pair even traded below the 1.2300 level before it found support near 1.2250.
A base was formed above 1.2250 and recently the pair started a fresh increase. There was a break above the 1.2400 resistance level and the 50 hourly simple moving average. The bulls gained pace and the pair traded as high as 1.2529 on FXOpen.
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It is currently correcting lower and it broke the 1.2500 level. There was a break below the 23.6% Fib retracement level of the upward move from the 1.2359 low to 1.2529 high. However, the pair remained stable above the 1.2450 support.
The 50% Fib retracement level of the upward move from the 1.2359 low to 1.2529 high also provided support. It seems like there is a major breakout pattern forming with resistance near 1.2500 on the hourly chart of GBP/USD.
If the pair breaks the triangle resistance at 1.2500, it could continue to rise. The next resistance is near the 1.2530 level, above which the bulls might aim a break above the 1.2550 resistance.
Conversely, there is a risk of a downside break below the 1.2450 and 1.2440 support levels. In the mentioned case, the pair could decline towards the 1.2350 level in the near term.
See more: https://www.fxopen.blog/gbp-usd-and-...-rise-further/
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EUR/USD and USD/JPY Eyeing More Upsides
EUR/USD rallied towards the 1.1350 level before correcting lower. USD/JPY is currently trading above the 107.50 support and the bulls seem to be aiming a break above 108.00.
EUR/USD Technical Analysis
In the past few days, the Euro followed a bullish path above the 1.1220 level against the US Dollar. The EUR/USD pair traded above the 1.1250 resistance level to move into a positive zone.
The upward move was such that the pair surpassed the 1.1300 level and settled above the 50 hourly simple moving average. It traded as high as 1.1345 on FXOpen and recent corrected lower.
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It tested the 1.1250 support level and now preparing for the next move. An initial resistance is near the 1.1290 level and the 50 hourly SMA. It is also close to the 38.2% Fib retracement level of the recent decline from the 1.1345 high to 1.1258 low.
More importantly, there is a key contracting triangle forming with resistance near 1.1290 on the hourly chart of EUR/USD. The 50% Fib retracement level of the recent decline from the 1.1345 high to 1.1258 low is just above the triangle resistance.
Therefore, an upside break above the triangle resistance and 1.1300 could open the doors for a fresh rally. The next major resistance is near the 1.1350 level, above which the pair might test 1.1400.
Conversely, EUR/USD could decline below the 1.1260 and 1.1250 support levels. In the mentioned case, the pair may perhaps decline steadily towards the 1.1200 level.
See more: https://www.fxopen.blog/eur-usd-and-...-more-upsides/
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Gold Price Settles Above $1,800 While Oil Price Turns Red
Gold price rallied to a new multi-year high above $1,815 before correcting lower. Crude oil price is currently declining and trading in a bearish zone below $40.00.
Gold Price Technical Analysis
Gold price remained in a strong uptrend and it managed to climb above the $1,780 and $1,800 resistance levels against the US Dollar. The price traded to a new multi-year high at $1,817 on FXOpen.
Recently, it started a downside correction from the $1,817 high. There was a break below the $1,812 and $1,810 support levels. The price traded below the 23.6% Fib retracement level of the upward move from the $1,773 low to $1,817 high.
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There was a close below the $1,805 level and the 50 hourly simple moving average. However, the $1,800 region is currently acting as a support. There is also a crucial bullish trend line forming with support near $1,795 on the hourly chart of gold.
The trend line coincides with the 50% Fib retracement level of the upward move from the $1,773 low to $1,817 high. If the bulls fail to protect the trend line support, there is a risk of a larger decline.
The next major support is near the $1,785 level. Any further losses may perhaps lead the price towards the $1,760 level. On the upside, the price is facing hurdles near the $1,805 and $1,808 levels.
The main resistance is now near the $1,815 level, above which the bulls might aim a break above the $1,825 level in the near term.
See more: https://www.fxopen.blog/gold-price-s...ice-turns-red/
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GBP/USD Surges Above 1.2800, EUR/GBP Facing Major Hurdle
GBP/USD started a strong increase above the 1.2600 resistance and climbed above 1.2800. EUR/GBP is trading in a positive zone, but it is facing a major hurdle near 0.9130.
GBP/USD Technical Analysis
In the past few days, the British Pound started a steady increase above the 1.2600 resistance level against the US Dollar. The GBP/USD pair broke many hurdles near 1.2720 to move further into a positive zone.
It even surpassed the 1.2800 resistance and settled well above the 50 hourly simple moving average. It traded as high as 1.2858 on FXOpen and it is currently consolidating gains.
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An initial support is near the 1.2825 level. It is close to the 23.6% Fib retracement level of the recent wave from the 1.2717 low to 1.2858 high. The first major support is forming near the 1.2800 level.
There is also a connecting bullish trend line forming with support near 1.2780 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent wave from the 1.2717 low to 1.2858 high.
Below the trend line, the next support is near the 1.2750 level or the 50 hourly simple moving average. A downside break below the trend line support and 1.2750 might start a strong decline in the coming sessions.
Conversely, the pair is likely to continue higher above the 1.2850 resistance. The next major resistance on the upside is near the 1.2880 level, above which the pair could even test the 1.2920 level.
See more: https://www.fxopen.blog/gbp-usd-surg...-major-hurdle/
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EUR/USD Holding Uptrend, USD/JPY Could Extend Losses
EUR/USD started a steady increase above the 1.1650 and 1.1700 levels. USD/JPY is declining and it remains at a risk of more losses below 105.00.
EUR/USD Technical Analysis
In the past few days, the Euro followed a bullish path above the 1.1600 resistance level against the US Dollar. The EUR/USD pair even broke the 1.1680 level to move further into a positive zone.
The upward move was such that the pair surpassed the 1.1720 pivot level and settled above the 50 hourly simple moving average. It traded as high as 1.1781 on FXOpen and recent corrected lower.
https://www.fxopen.blog/wp-content/u...SD-Chart-4.png
It tested the 1.1700 pivot and support level. It is currently consolidating and slowly moving higher above 1.1710. It surpassed the 23.6% Fib retracement level of the recent correction from the 1.1781 high to 1.1698 low.
The first major resistance is near the 1.1740 level. It is close to the 50% Fib retracement level of the recent correction from the 1.1781 high to 1.1698 low. A successful break above the 1.1740 and 1.1750 resistance levels may perhaps open the doors for a sharp increase.
The next major resistance is near the 1.1780 level, above which the pair may even rise above the 1.1800 level. On the downside, there is a key bullish trend line forming with support near 1.1720 on the hourly chart of EUR/USD.
If there is a break below the trend line support, the pair could extend its decline towards the 1.1650 support level. The next major support is near the 1.1600 level.
See more: https://www.fxopen.blog/eur-usd-hold...extend-losses/
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AUD/USD And NZD/USD Likely To Continue Higher
AUD/USD is trading in a positive zone above the 0.7200 resistance zone. Similarly, NZD/USD is gaining traction and it could continue to climb higher above the 0.6700 resistance.
AUD/USD Technical Analysis
The Aussie Dollar remained well bid above the 0.7100 level and started a steady rise against the US Dollar. The AUD/USD pair broke the 0.7150 resistance zone to move further into a positive zone.
The pair even managed to clear the 0.7200 resistance zone and it settled nicely above the 50 hourly simple moving average. It traded as high as 0.0.7224 on FXOpen and it is currently correcting gains.
https://www.fxopen.blog/wp-content/u...SD-Chart-1.png
There was break below the 0.7220 and 0.7210 levels. The pair even spiked below the 23.6% Fib retracement level of the recent upward move from the 0.7120 low to 0.7224 high. However, the recent breakout zone near 0.7195 and 0.7200 is currently acting as a strong support.
There is also a major ascending channel forming with support near 0.7165 on the hourly chart of AUD/USD. An intermediate support is near the 0.7175 level and the 50 hourly simple moving average.
The 50% Fib retracement level of the recent upward move from the 0.7120 low to 0.7224 high could also provide support in the near term near 0.7172. If the pair fails to stay above the 0.7175 and 0.7160 support levels, it could correct lower towards the 0.7120 support zone.
Conversely, the pair is likely to resume its upward move above the 0.7220 resistance. The next major resistance on the upside is visible near the 0.7250 level.
See more: https://www.fxopen.blog/aud-usd-and-...ntinue-higher/
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Dear Traders, We would like to inform you that recently we have received a number of inquiries regarding a person named Henry Wilson (telegram ID @henrywilson11 and Telegram channel named "FXOPEN INC") who contacted people in social media (Telegram, Facebook). Henry Wilson baseless claims that he acts as a representative of FXOpen. Thus, we would like to draw your attention that Henry Wilson does not work for FXOpen and has no authority to act on behalf of FXOpen. He's not a member of FXOpen and is not related to our services in any way. If he contacts you and offers investment services on behalf of our company please ignore this offer. An authentic FXOpen account can be opened only on the official website fxopen.com. If you have any doubt about the authenticity of the official representative please immediately notify FXOpen customer support at [email protected], via live chat or in our official social media accounts (FXOpen official social media pages are Telegram, Facebook, Twitter, YouTube FXOpen Official. Follow the updates on Facebook, Twitter and Telegram.
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GBP/USD and GBP/JPY: British Pound Could Extend Gains
GBP/USD started a strong increase above the 1.2850 and 1.3000 resistance levels. GBP/JPY is also rising and it is likely to continue higher above 139.00 unless there is a break below 138.00.
GBP/USD Technical Analysis
This past week, the British Pound started a strong increase above the 1.2880 resistance against the US Dollar. The GBP/USD pair gained bullish momentum and it even surpassed the 1.3000 barrier.
The pair broke the 1.3100 level and settled well above the 50 hourly simple moving average. It traded as high as 1.3170 on FXOpen and recently started a downside correction. There was a break below the 1.3120 support level.
https://www.fxopen.blog/wp-content/u...PUSD-Chart.png
The pair traded below the 38.2% Fib retracement level of the upward wave from the 1.2944 low to 1.3170 high. However, the pair remained stable above the 1.3060 level.
It seems like the 50% Fib retracement level of the upward wave from the 1.2944 low to 1.3170 high acted as a strong support. There is also a crucial bullish trend line forming with support near 1.3060 on the hourly chart of GBP/USD.
The pair is currently trading nicely above the 1.3060 support, the trend line, and the 50 hourly simple moving average. If there is a downside break below the trend line, the pair could test the 1.3040 support. The next major support is near the 1.3000 handle, below which GBP/USD might turn bearish.
Conversely, the pair could continue to rise above the 1.3100 level. The main hurdles on the upside are near 1.3150 and 1.3200.
See more: https://www.fxopen.blog/gbp-usd-and-...-extend-gains/
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EUR/USD and EUR/JPY: Technicals Indicate Further Gains
EUR/USD is trading in a positive zone above the 1.1750 pivot level. EUR/JPY is also rising and it is likely to continue higher above the 125.00 resistance level.
EUR/USD Technical Analysis
In the past few days, there was a steady rise in the Euro above the 1.1700 level against the US Dollar. The EUR/USD pair even traded above 1.1850 resistance level to move into a positive zone.
The pair traded as high as 1.1908 on FXOpen before starting a downside correction. It traded below the 1.1800 level, but the 1.1700 zone acted as a strong support. A low is formed near 1.1695 and the pair is currently rising.
https://www.fxopen.blog/wp-content/u...RUSD-Chart.png
It surpassed the 1.1750 resistance and the 50 hourly simple moving average. It even climbed above the 50% Fib retracement level of the downward move from the 1.1908 high to 1.1695 low.
Moreover, there was a break above a major bearish trend line with resistance near 1.1780 on the hourly chart of EUR/USD. The pair is now trading above the 1.1800 level. An initial resistance is seen near the 1.1825 level.
It is close to the 61.8% Fib retracement level of the downward move from the 1.1908 high to 1.1695 low. A successful break above the 1.1825 and 1.1840 levels may perhaps start a fresh increase in the near term.
In the mentioned case, the pair is likely to revisit the 1.1900 level. Conversely, there might be another downside correction below 1.1800. On the downside, there are many supports, starting with 1.1750.
The main support is still near the 1.1720 and 1.1700 levels, below which the pair is likely to accelerate lower in the near term.
See more: https://www.fxopen.blog/eur-usd-and-...-further-gains
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EUR/USD Testing Key Support, USD/CHF Gaining Momentum
EUR/USD is declining and it is now trading below the 1.1780 support zone. USD/CHF is rising and it seems like the pair could gain momentum above the 0.9200 resistance.
EUR/USD Technical Analysis
After a steady rise, the Euro failed to continue higher above 1.1920 against the US Dollar. The EUR/USD pair topped near the 1.1920 level and recently started a fresh decline.
There was a break below the 1.1850 and 1.1840 support levels. The pair even broke the 1.1780 support zone and the 50 hourly simple moving average. It is now trading below the 1.1740 support and traded as low as 1.1716 on FXOpen.
https://www.fxopen.blog/wp-content/u...SD-Chart-1.png
If there is an upside correction, the pair could face hurdles near the 1.1740 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.1807 high to 1.1716 low.
The main resistance is forming near the 1.1760 level. There is also a key bearish trend line forming with resistance near 1.1760 on the hourly chart of EUR/USD. The trend line is close to the 50 hourly SMA, and the 50% Fib retracement level of the recent decline from the 1.1807 high to 1.1716 low.
If the pair breaks the trend line resistance, the pair could continue to rise towards the 1.1780 and 1.1800 resistance levels. The next major hurdle is near the 1.1840 level.
Conversely, the pair could start a strong decline below the 1.1710 and 1.1700 support levels. On the downside, the next major support is seen near the 1.1650 level.
See more: https://www.fxopen.blog/eur-usd-test...ning-momentum/
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GBP/USD and USD/CAD: More Upsides Possible
GBP/USD remained stable above the 1.3000 pivot level, but it is struggling to clear 1.3135. USD/CAD is currently rising, but it is also facing a major hurdle near 1.3280.
GBP/USD Technical Analysis
In the past few sessions, the British Pound remained stable above the 1.3000 level against the US Dollar. The GBP/USD pair seems to be forming a strong support base above the 1.3000 and 1.3020 levels.
Recently, the pair traded above the 1.3100 resistance zone and the 50 hourly simple moving average. It traded as high as 1.3171 on FXOpen and the pair is currently correcting lower.
https://www.fxopen.blog/wp-content/u...SD-Chart-2.png
There was a break below the 1.3120 support level. The pair even spiked below the 50% Fib retracement level of the upward move from the 1.3045 low to 1.3141 high. However, the pair found support near the 1.3080 area and 50 hourly simple moving average.
There is also a key bullish trend line forming with support near 1.3085 on the hourly chart of GBP/USD. Moreover, the pair is stable above the 61.8% Fib retracement level of the upward move from the 1.3045 low to 1.3141 high.
If there is a downside break below the trend line support and the 50 hourly SMA, there could be an extended decline. The next support is near the 1.3045 level, below which the pair could revisit the main 1.3020 and 1.3000 support levels.
Conversely, GBP/USD might start a fresh increase above 1.3120. The main hurdle is near 1.3135 and 1.3140, above which the bulls are likely to aim a test of 1.3200.
See more: https://www.fxopen.blog/gbp-usd-and-...ides-possible/
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EUR/USD Turns Green, USD/JPY Could Struggle To Recover
EUR/USD is following a bullish path above the 1.1850 support area. USD/JPY is currently recovering, but it is likely to face hurdles near the 105.80 and 106.00 levels.
EUR/USD Technical Analysis
In the past few days, the Euro gained bullish momentum above the 1.1820 resistance level against the US Dollar. The EUR/USD pair surpassed the 1.1850 resistance zone move further into a positive zone.
The bulls remained in action and the pair broke the 1.1900 pivot level and the 50 hourly simple moving average. The pair traded as high as 1.1966 on FXOpen and it is currently correcting lower. It is trading below the 1.1950 and 1.1940 levels.
https://www.fxopen.blog/wp-content/u...SD-Chart-2.png
An initial support is near the 1.1925 level. It is close to the 23.6% Fib retracement level of the recent upward move from the 1.1781 low to 1.1966 high. There is also a major bullish trend line forming with support near 1.1925 on the hourly chart of EUR/USD.
If there is a downside break below the trend line support, the pair could correct further lower towards the 1.1900 support or the 50 hourly simple moving average. The next major support is near the 1.1880 level.
The 50% Fib retracement level of the recent upward move from the 1.1781 low to 1.1966 high is also near the 1.1875 level to provide support. Any further losses might push EUR/USD into a bearish zone towards 1.1720.
On the upside, the 1.1950 and 1.1965 levels are immediate hurdles, above which the pair could start a steady increase towards the 1.2000 level in the near term.
See more: https://www.fxopen.blog/eur-usd-turn...le-to-recover/
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AUD/USD AND NZD/USD COULD RESUME DECLINE
AUD/USD is struggling to settle above the 0.7200 resistance zone and it could resume its decline. Similarly, NZD/USD is facing hurdles near 0.6550 and it might decline again.
AUD/USD Technical Analysis
The Aussie Dollar started a major decline from the 0.7275 swing high against the US Dollar. The AUD/USD pair broke the 0.7200 support zone and a major bullish trend line to move into a bearish zone.
The pair even dived below 0.7180 before it found support near 0.7135. A swing low was formed near 0.7135 on FXOpen and the pair is currently correcting higher. There was a break above the 0.7150 and 0.7180 levels.
https://www.fxopen.blog/wp-content/u...DUSD-Chart.png
The pair even climbed above the 38.2% Fib retracement level of the key decline from the 0.7275 high to 0.7135 low. Moreover, there was a break above a short-term bearish trend line with resistance near 0.7175 on the hourly chart of AUD/USD.
However, the pair seems to be facing a strong resistance near the 0.7200 level and the 50 hourly simple moving average. It seems like the 50% Fib retracement level of the key decline from the 0.7275 high to 0.7135 low is also acting as a hurdle.
If there is no upside break and close above 0.7200, the pair is likely to resume its decline. An initial support is near the 0.7180, below which the bears are likely to aim a retest of 0.7140.
Conversely, the pair could break the 0.7200 barrier and settle nicely above the 50 hourly SMA. The next resistance could be 0.7220, above which AUD/USD might test 0.7250.
See more: https://www.fxopen.blog/aud-usd-and-...esume-decline/
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GBP/USD and GBP/JPY: British Pound At Risk of More Downsides
GBP/USD failed twice near the 1.3250 resistance area and declined sharply. GBP/JPY is also trading in a negative zone and it could continue to move down if it breaks the 138.35 support.
GBP/USD Technical Analysis
This past week, the British Pound made another attempt to gain pace above the 1.3250 resistance against the US Dollar. However, the GBP/USD pair failed to continue higher and started a sharp decline.
A high was formed near 1.3254 on FXOpen and the pair dived below the 1.3150 support. There was also a break below the 1.3120 support zone and the 50 hourly simple moving average. The pair traded close to the 1.3050 support and a low is formed near 1.3059.
https://www.fxopen.blog/wp-content/u...SD-Chart-3.png
It is currently consolidating losses and trading above 1.3080. It seems like there is a short-term breakout pattern forming with resistance near 1.3100 on the hourly chart of GBP/USD.
Above the triangle resistance, the first resistance is near the 1.3150 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.3254 high to 1.3059 low. On the upside, the next key resistance might be 1.3150 or the 50 hourly simple moving average.
The main resistance is near the 1.3160 level since it is close to the 50% Fib retracement level of the recent decline from the 1.3254 high to 1.3059 low. Any further gains could lead the pair towards the 1.3250 barrier in the near term.
Conversely, the pair could continue to decline below the 1.3060 and 1.3050 support levels. The next major support for the bulls might be 1.3000.
See more: https://www.fxopen.blog/gbp-usd-and-...ore-downsides/
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EUR/USD Could Extend Losses, USD/CHF Eyeing Upside Break
EUR/USD is recovering, but it is facing hurdles near 1.1840 and 1.1850. USD/CHF is approaching a crucial breakout and the pair might surge if it clears 0.9100.
EUR/USD Technical Analysis
In the past few days, the Euro followed a larger decline from well above the 1.1900 level against the US Dollar. The EUR/USD pair broke the 1.1850 support zone to move into a bearish zone.
The pair even settled below the 1.1820 level and the 50 hourly simple moving average. It traded as low as 1.1754 and it is currently correcting higher. However, the pair seems to be facing hurdles near the 1.1840 and 1.1850 levels.
https://www.fxopen.blog/wp-content/u...SD-Chart-3.png
A swing high is formed near 1.1849 on FXOpen and the pair is currently consolidating in a range. It tested the 50% Fib retracement level of the upward move from the 1.1754 low to 1.1849 high.
On the upside, there are two bearish trend lines forming with resistance near 1.1825 and 1.1850 on the hourly chart of EUR/USD. The second bearish trend line is important near the 1.1850 level. A successful close above the 1.1850 resistance is needed for a fresh increase.
The next major resistance on the upside could be 1.1920. Conversely, the pair may continue to move down below the 1.1800 level. An immediate support is near the 1.1790 level. It is close to the 61.8% Fib retracement level of the upward move from the 1.1754 low to 1.1849 high.
Any further losses may perhaps lead the pair towards the 1.1750 support level in the coming sessions.
See more: https://www.fxopen.blog/eur-usd-coul...-upside-break/
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GBP/USD Surging While EUR/GBP Turns Red Below 0.8950
GBP/USD started a strong increase above the 1.3200 resistance and it is likely to continue higher. EUR/GBP is currently declining and trading in a bearish zone below 0.8950.
GBP/USD Technical Analysis
The British Pound managed to settle above the 1.3200 resistance zone against the US Dollar. The GBP/USD pair broke a major hurdle near the 1.3250 zone to move further into a positive zone.
It even surpassed the 1.3300 resistance and settled well above the 50 hourly simple moving average. It traded as high as 1.3367 on FXOpen and it is currently consolidating gains. An initial support on the downside is near the 1.3320 level.
https://www.fxopen.blog/wp-content/u...SD-Chart-4.png
The 23.6% Fib retracement level of the recent rise from the 1.3161 low to 1.3367 high is also near the 1.3318 level to act as a strong support. The next major support is near the 1.3280 level.
There is also a major bullish trend line forming with support near 1.3280 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent rise from the 1.3161 low to 1.3367 high.
Therefore, the pair is likely to find a strong buying interest above 1.3280 and 1.3300 if it corrects lower. On the upside, the pair is facing a few short-term hurdles near 1.3380.
A successful close above the 1.3380 level is needed for more gains. In the mentioned case, GBP/USD is likely to clear the 1.3400 level. The next major resistance above 1.3400 is near the 1.3440 level, where the bears might take a stand.
See more: https://www.fxopen.blog/gbp-usd-surg...-below-0-8950/
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EUR/USD Correcting Gains While USD/JPY Is Rising Steadily
EUR/USD spiked above the 1.2000 resistance before starting a downside correction. USD/JPY is recovering nicely and it is trading above the 106.00 level.
EUR/USD Technical Analysis
In the past few days, the Euro gained bullish momentum above the 1.1900 resistance level against the US Dollar. The EUR/USD pair even climbed above the 1.1950 resistance zone move further into a positive zone.
Finally, the pair spiked above the 1.2000 resistance level and traded as high as 1.2010 on FXOpen. Recently, the pair started a downside correction below the 1.1980 support.
https://www.fxopen.blog/wp-content/u...RUSD-Chart.png
There was a break below the 1.1950 support and the 50 hourly simple moving average. The pair traded below the 38.2% Fib retracement level of the upward move from the 1.1762 low to 1.2010 high.
Moreover, there was a break below a connecting bullish trend line with support near 1.1920 on the hourly chart of EUR/USD. The pair is now trading near the 1.1900 support level. The first major support is near the 1.1885 level.
The 50% Fib retracement level of the upward move from the 1.1762 low to 1.2010 high is also near the 1.1885 level. The next major support is near the 1.1850 level, below which the pair might move into a bearish zone.
Conversely, EUR/USD could start a fresh increase from 1.1880 or 1.1850. On the upside, the 1.1950 and 1.1965 levels are initial hurdles, above which the pair could revisit the 1.2000 resistance in the near term. Any further gains could lead the pair towards the 1.2050 level.
See more: https://www.fxopen.blog/eur-usd-corr...sing-steadily/
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Apple and Tesla Are Having Stock Splits
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Apple and Tesla announced plans in August 2020 to split their stocks. Due to the completion of the split, Apple (AAPL) and Tesla (TSLA) CFDs are expected to begin trading in the United States at an adjusted price based on the Split ratio starting August 31, 2020. Given this, trading on the MT4/MT5 platforms for these CFDs is switched to Close Only mode until trading starts on August 31, 2020. Please, consider this information when planning your trading for the upcoming week.
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US Labor Day Trading Hour Changes
Due the forthcoming Labor Day in the US, there are changes in trading hours for some markets on 7th September.https://www.fxopen.com/App_Themes/Mi...essions_en.pngMonday 7th September
- Metals CFD:
- Gold (XAUUSD): trading session ends at 20:00;
- Silver (XAGUSD): trading session ends at 20:00.
- Commodity Spot :
- UK Brent (XBRUSD): trading session ends at 19:45;
- US Crude (XTIUSD): trading session ends at 19:45;
- US Natural Gas (XNGUSD): trading session ends at 19:45.
- Indices:
- Japan 225 (#J225): until 20:00;
- US SPX 500 (Mini) (#SPXm): until 20:00;
- US Tech 100 (Mini) (#NDXm): until 20:00;
- Wall Street 30 (Mini) (#WS30m): until 20:00.
- Stocks CFD: trading closed.
Other indices will be traded without changes.
Please, consider this information when planning your trading for the upcoming week.
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GBP/USD and GBP/JPY: British Pound Near Inflection Zone
GBP/USD is following a declining pattern below the 1.3300 resistance zone. GBP/JPY is also struggling to clear the 141.20 resistance and it could extend its decline.
GBP/USD Technical Analysis
This past week, the British Pound gained traction above the 1.3300 resistance against the US Dollar. GBP/USD even broke the 1.3400 resistance, but it failed to test the 1.3500 resistance zone.
It started a downside correction and traded below the 1.3400 support. The decline gained pace below the 1.3320 support and the 50 hourly simple moving average. The pair even spiked below the 1.3200 support level and traded as low as 1.3175 on FXOpen.
https://www.fxopen.blog/wp-content/u...PUSD-Chart.png
Recently, there was an upside correction above the 1.3250 level. However, the pair failed to gain pace above the 1.3300 resistance level and the 50 hourly simple moving average.
There is also a major bearish trend line forming with resistance near 1.3255 on the hourly chart of GBP/USD. The pair is currently declining and trading below the 38.2% Fib retracement level of the recent recovery from the 1.3175 low to 1.3293 high.
An initial support is near the 1.3235 level. It is close to the 50% Fib retracement level of the recent recovery from the 1.3175 low to 1.3293 high.
If there is a downside break below 1.3235 and 1.3220, the pair is likely to continue lower. In the stated case, GBP/USD may even break the 1.3175 support and continue lower. Conversely, the pair might break the trend line resistance and the 50 hourly SMA to start a fresh increase above 1.3260. The next major resistance is near 1.3300, followed by 1.3320.
See more: https://www.fxopen.blog/gbp-usd-and-...flection-zone/
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EUR/USD and EUR/JPY: Facing Hurdles, Risk of More Losses
EUR/USD is currently trading in a bearish zone below the 1.1850 pivot level. EUR/JPY is currently correcting higher, but it is likely to face hurdles near 125.00.
EUR/USD Technical Analysis
In the past few days, there was a steady decline in the Euro from well above the 1.1950 level against the US Dollar. The EUR/USD pair broke the 1.1910 pivot level to move into a negative zone.
The decline gained pace below the 1.1850 support level and the 50 hourly simple moving average. The pair even broke the 1.1800 support and traded as low as 1.1758 on FXOpen.
https://www.fxopen.blog/wp-content/u...SD-Chart-1.png
It is currently consolidating losses and trading near the 1.1780 level. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the 1.1854 high to 1.1758 low. The first major resistance is near the 1.1800 level.
There is also a key bearish trend line forming with resistance near 1.1805 on the hourly chart of EUR/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.1854 high to 1.1758 low.
The 50 hourly simple moving average is also near the trend line resistance. If the pair breaks the trend line resistance, it could recover towards the 1.1850 resistance zone.
Conversely, the pair might resume its decline below the 1.1750 support. The next key support is near the 1.1720 level, below which the pair is likely to accelerate lower in the near term.
See more: https://www.fxopen.blog/eur-usd-and-...f-more-losses/
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Gold Price and Oil Price Facing Key Hurdles
Gold price is facing a strong resistance near the $1,950 and $1,960 levels. Crude oil price is currently declining and it may perhaps continue lower below $37.00.
Gold Price Technical Analysis
After a strong decline, gold price found support near the $1,910 level against the US Dollar. The price started a fresh increase above the $1,925 and $1,935 resistance levels.
It even broke the $1,950 resistance level and the 50 hourly simple moving average. However, the bears defended the $1,960 resistance area. A high is formed near $1,966 on FXOpen and the price is currently declining.
https://www.fxopen.blog/wp-content/u...rice-Chart.png
There was a break below the $1,950 support level. The price even traded below the 50% Fib retracement level of the upward move from the $1,920 swing low to $1,966 swing high.
The price is now testing the $1,938 support level, and the 61.8% Fib retracement level of the upward move from the $1,920 swing low to $1,966 swing high. There is also a key rising channel forming with support near $1,938 on the hourly chart of gold.
If there is a downside break below the channel support at $1,938, there is a risk of more losses. The next major support is near the $1,925 level, below which the price is likely to revisit the $1,910 support zone.
On the upside, the price is facing a major resistance near $1,950 and $1,960. A close above the $1,960 resistance zone could open the doors for a larger upward move towards the $1,980 and $1,985 resistance levels in the near term.
See more: https://www.fxopen.blog/gold-price-a...g-key-hurdles/
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GBP/USD And EUR/GBP: British Pound Nosedived
GBP/USD declined heavily below the 1.3050 and 1.2950 support levels. EUR/GBP climbed higher sharply and it broke the key 0.9200 resistance zone.
GBP/USD Technical Analysis
The British Pound started a strong decline from well above the 1.3200 support zone against the US Dollar. The GBP/USD pair traded below many key supports near 1.3000 to move into a bearish zone.
The pair gained bearish momentum below the 1.2950 support level and the 50 hourly simple moving average. It even broke the 1.2800 support zone and traded as low as 1.2762 on FXOpen.
https://www.fxopen.blog/wp-content/u...SD-Chart-1.png
It is currently consolidating losses and trading near the 1.2825 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.3033 high to 1.2762 low. On the upside, the first key resistance is near the 1.2850 level and the 50 hourly simple moving average.
There is also a major bearish trend line forming with resistance near 1.2870 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.3033 high to 1.2762 low.
Therefore, the pair must break the trend line resistance and then gain pace above the 1.2900 level to start a recovery wave. The next key hurdles are near 1.2980 and 1.3000.
Conversely, the pair might continue to move down below the 1.2800 support. A break below the 1.2762 low could open the doors for more losses. The next key support is near the 1.2720 level, below which it could test 1.2660.
See more: https://www.fxopen.blog/gbp-usd-and-...und-nosedived/
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EUR/USD Testing Key Support, USD/CHF Struggle Continues
EUR/USD faced a strong selling interest near the 1.1900 zone and recently corrected lower. USD/CHF is attempting an upside break, but it is struggling to gain momentum.
EUR/USD Technical Analysis
This week, the Euro remained in a positive zone above the 1.1800 support zone against the US Dollar. The EUR/USD pair climbed above the 1.1820 resistance and even settled above the 1.1850 level.
However, the pair failed once again to clear the key 1.1900 resistance zone. A high is formed near 1.1900 on FXOpen and the pair recently declined sharply. There was a break below a key bullish trend line with support near 1.1885 on the hourly chart of EUR/USD.
https://www.fxopen.blog/wp-content/u...SD-Chart-2.png
Moreover, there was a break below the 1.1850 support and the 50 hourly simple moving average. It traded as low as 1.1828 and it is currently correcting higher. It is trading near the 23.6% Fib retracement level of the recent decline from the 1.1900 high to 1.1828 low.
On the upside, there is strong resistance forming near the 1.1865 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.1900 high to 1.1828 low.
A successful break above the 1.1865 resistance could lead the pair towards the main 1.1900 resistance. Any further gains could start a sustained upward move towards the 1.1980 level.
Conversely, the pair may continue to move down below the 1.1825 level. An immediate support is near the 1.1800 level. Any further losses may perhaps lead the pair towards the 1.1740 support level in the coming sessions.
See more: https://www.fxopen.blog/eur-usd-test...gle-continues/
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AUD/USD Facing Hurdles While NZD/USD Is Surging
AUD/USD remained well bid above the 0.7250 support, but it is facing hurdles near 0.7350. Conversely, NZD/USD broke a major barrier at 0.6750 and it is currently rising steadily.
AUD/USD Technical Analysis
The Aussie Dollar seems to be following a broad range above the 0.7250 support level against the US Dollar. The AUD/USD pair traded as low as 0.7254 on FXOpen recently and it is currently moving higher.
There was a break above the 0.7280 and 0.7300 resistance levels. The pair traded nicely above the 50% Fib retracement level of the downward move from the 0.7344 high to 0.7254 low.
https://www.fxopen.blog/wp-content/u...SD-Chart-1.png
Moreover, there was a close above the 0.7300 level and the 50 hourly simple moving average. However, the pair is facing a lot of hurdles on the upside, starting with 0.7330. There is also a connecting bearish trend line forming with resistance near 0.7330 on the hourly chart of AUD/USD.
The pair is currently testing the 76.4% Fib retracement level of the downward move from the 0.7344 high to 0.7254 low. The main resistance on the upside is near the range high at 0.7350.
If there is an upside break above the trend line and the 0.7350 resistance, there are chances of a steady rise. The next key resistance on the upside is near the 0.7400 level. Conversely, the pair might start a fresh decline below the 0.7300 level.
The first key support is near the 0.7280 level. The main support is still near the 0.7250 level, below which AUD/USD might accelerate its losses towards the 0.7200 support in the near term.
See more: https://www.fxopen.blog/aud-usd-faci...sd-is-surging/
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GBP/USD Showing Positive Signs While GBP/JPY Could Nosedive
GBP/USD is trading above the 1.2920 support, but it is facing many hurdles near 1.3000. GBP/JPY is declining and it remains at a risk of more downsides below 135.00.
GBP/USD Technical Analysis
This past week, the British Pound found support near the 1.2800 zone against the US Dollar. GBP/USD started a decent increase and surpassed the 1.2880 and 1.2900 resistance levels.
The pair even climbed above the 1.2950 resistance and the 50 hourly simple moving average. However, the pair failed to gain pace above the key 1.3000 resistance zone. The bulls many attempts to clear 1.3000, but they failed.
https://www.fxopen.blog/wp-content/u...SD-Chart-2.png
The recent high was formed near 1.2999 on FXOpen before the pair declined back to 1.2910. A low is formed near 1.2913 and the pair is currently correcting higher.
It broke the 1.2940 and 1.2950 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the 1.2999 high to 1.2913 low. An immediate resistance on the upside is near the 1.2980 level.
The 76.4% Fib retracement level of the recent decline from the 1.2999 high to 1.2913 low is also near the 1.2980 level. The main resistance is still near the 1.3000 handle. A successful close above the 1.3000 resistance is needed for a further gains.
On the downside, there is a major bullish trend line forming with support near 1.2925 on the hourly chart of GBP/USD. A clear break below the trend line support might start another decline and the pair could decline towards the 1.2800 support.
See more: https://www.fxopen.blog/gbp-usd-show...ould-nosedive/
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EUR/USD DIVING WHILE USD/JPY IS SHOWING RECOVERY SIGNS
EUR/USD started a strong decline from the 1.1880 resistance, and it declined below 1.1800. USD/JPY is recovering nicely and it could surpass the 105.50 resistance.
EUR/USD Technical Analysis
This past week, the Euro made a few attempts to clear the 1.1880 and 1.1900 resistance levels against the US Dollar. The EUR/USD pair failed to gain traction, resulting in a sharp decline below the 1.1800 support.
The pair gained bearish momentum below the 1.1750 support level and the 50 hourly simple moving average. Moreover, there was a break below a declining channel with support near 1.1710 on the hourly chart of EUR/USD.
https://www.fxopen.blog/wp-content/u...sd-chart-3.png
The pair even broke the 1.1700 support and traded as low as 1.1675 on FXOpen. It is currently consolidating losses above the 1.1675 low. An initial resistance on the upside is near the broken channel support at 1.1700.
The 23.6% Fib retracement level of the recent decline from the 1.1767 high to 1.1675 low is also near the 1.1696 level. The next major resistance on the upside is near the 1.1720 level.
The 50% Fib retracement level of the recent decline from the 1.1767 high to 1.1675 low is near 1.1720 to act as a hurdle. To move into a positive zone, the bulls need to gain pace above the 1.1720 and 1.1740 resistance levels.
Conversely, EUR/USD could continue to move down below the 1.1675 low. The next major support is near the 1.1650 level, below which the pair could test the 1.1620 level.
See more: https://www.fxopen.blog/eur-usd-divi...ecovery-signs/
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GBP/USD AND EUR/GBP: BRITISH POUND ATTEMPTING RECOVERY
GBP/USD extended its decline below the 1.2800 and 1.2750 support levels. EUR/GBP is currently trading below the 0.9150 support zone and facing key hurdles.
GBP/USD Technical Analysis
The British Pound started a strong decline after it failed to settle above 1.3000 against the US Dollar. The GBP/USD pair broke a major support zone near the 1.2920 level to move into a bearish zone.
The pair even broke the 1.2800 support level and settled below the 50 hourly simple moving average. The decline extended below the 1.2750 support and it traded as low as 1.2675 on FXOpen.
https://www.fxopen.blog/wp-content/u...sd-chart-3.png
The recent low was near 1.2687 and the pair is currently attempting a decent recovery. There was a break above the 1.2720 resistance, plus the 50% Fib retracement level of the recent decline from the 1.2806 high to 1.2687 low.
The GBP/USD pair is now trading above the 50 hourly simple moving average and it is attempting a close above a key bearish trend line forming with resistance near 1.2760 on the hourly chart.
The next key resistance is near the 1.2780 level. It is close to the 76.4% Fib retracement level of the recent decline from the 1.2806 high to 1.2687 low. A successful close above the 1.2780 and 1.2800 resistance levels might start a steady rise.
The next major resistance is near the 1.2850 level, above which the pair might revisit 1.2920. Conversely, the pair might continue to move down below the 1.2740 support.
A break below the 1.2720 level and the 50 hourly SMA could start another decline. The next key support is near the 1.2680 level, below which it could test 1.2650.
See more: https://www.fxopen.blog/gbp-usd-and-...ting-recovery/
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Participate in the “Money Managers” contest and win up to $5000
FXOpen and ForexCup invite traders to participate in "Money Managers", a contest with real PAMM accounts. Don't miss your chance to win big money prizes totaling 10,000 USD! The contest starts on October 5, 2020, and registration will be open for another month until October 31. https://www.fxopen.com/App_Themes/Mi...En%20Oct31.pngContest conditions
- Contest dates: October 5 — 31 December 2020;
- Registration period: from now till October 31, 2020;
- Prize fund: USD 10,000;
- Rewards:The prize will be added to an investment account according to 50/50 offer (50% of the profit goes to the Manager, 50% - to the investor (the Company)).
- 1st place - USD 5,000;
- 2nd place - USD 3,000;
- 3rd place - USD 2,000.
- Initial deposit: the minimum amount required to open a PAMM account (from 1,000 USD for PAMM ECN, from 200 USD for PAMM STP, 1,000 USD for PAMM Crypto);
- Minimum trading period: two months;
- Minimum number of trades per month: 10;
- Trading volume: not less than 0.5 lot per stage;
- Contest profit: minimum 20% of the deposit
- The drawdown should not exceed 20% in the period from the moment the contest starts until the prize money is credited (the prize money is credited within 5 working days from the moment the contest ends in case of an open offer);
- Short-term drawdown shown in rollover should not exceed 20% after the prize money is credited, and the drawdown not shown in rollover should not exceed 25%.
See more: https://www.fxopen.com/en/about-us/n...nagers-contest
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Changes to Trading Hours on Hong Kong Public Holiday
https://www.fxopen.com/App_Themes/Mi...20hours_en.png
Dear Traders,
Please, note that on 1 and 2 October 2020 trading hours will be changed as follows:
- Indices:
- Hong Kong 50 (#HSI): trading closed.
Other indices will be traded without changes.
Please, consider this information when planning your trading for the upcoming week.