Thread: FXOpen Technical Analysis

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.

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/

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.


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/

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.
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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.

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/

EUR/USD Could Correct Higher While USD/CHF Shows Bearish Signs
EUR/USD started an upside correction from 1.0768, but it is struggling to clear 1.0925. Conversely, USD/CHF is showing a few bearish signs and it could decline below 0.9700.


EUR/USD Technical Analysis

This past week, the Euro remained in a bearish zone below the 1.1000 support against the US Dollar. The EUR/USD pair the 1.0850 support area to move further into a bearish zone.
The pair traded as low as 1.0768 on FXOpen and recently started an upside correction. There was a break above the 1.0800 resistance area and the 50 hourly simple moving average.

Moreover, there a break above a major bearish trend line with resistance near 1.0825 on the hourly chart of EUR/USD. The pair traded above the 1.0900 level, bit it struggled to continue higher above 1.0925.
It is currently declining and trading below the 1.0900 level. There was a break below the 23.6% Fib retracement level of the recent rise from the 1.0768 low to 1.0926 high.
On the downside, the previous resistance near 1.0850 and the 50 hourly simple moving average might provide support. The 50% Fib retracement level of the recent rise from the 1.0768 low to 1.0926 high is also near the 1.0840 level.
Therefore, EUR/USD could bounce back as long as it is above the 1.0840 support area. On the upside, the bulls need to gain traction above the 1.0900 and 1.0925 levels to start a larger upward move.
Conversely, the pair could resume its decline below the 1.0840 and 1.0800 support levels in the near term.


See more: https://www.fxopen.blog/eur-usd-coul...bearish-signs/

AUD/USD And NZD/USD Gaining Bullish Momentum
AUD/USD rallied recently and climbed above the key 0.6200 resistance area. Similarly, NZD/USD is gaining bullish momentum and trading nicely above the 0.6000 area.
AUD/USD Technical Analysis

The Aussie Dollar formed a strong support base above the 0.6000 level and recently started a solid upward move against the US Dollar. The AUD/USD pair broke the key 0.6200 resistance to move into a positive zone.
Moreover, there was a close above the 0.6250 level and the 50 hourly simple moving average. It opened the doors for more gains above the 0.6300 level.

The pair traded as high as 0.6362 on FXOpen and it is currently consolidating gains. It tested the 23.6% Fib retracement level of the recent wave from the 0.6195 low to 0.6362 high.
On the downside, the first key support is near the 0.6300 level. The next major support is near the 0.6275 level. There is also major bullish trend line forming with support near 0.6275 on the hourly chart of AUD/USD.
The trend line is close to the 50% Fib retracement level of the recent wave from the 0.6195 low to 0.6362 high. Therefore, the pair is likely to remain well bid above the 0.6300 and 0.6275 levels. Any further losses may perhaps lead the pair towards 0.6200.
On the upside, an initial resistance is near the 0.6350 level. A successful close above the 0.6350 level could open the doors for another lift-off and the pair might surge towards the 0.6400 and 0.6440 resistance levels in the near term.
See more: https://www.fxopen.blog/aud-usd-and-...lish-momentum/

GBP/USD Could Rise Further While GBP/JPY Is Sliding
GBP/USD started a decent increase and climbed above the 1.2450 resistance. Conversely, GBP/JPY is currently correcting lower and it could decline towards 134.00.
GBP/USD Technical Analysis
This past week, the British Pound started a steady rise from the 1.2250 support area against the US Dollar. The GBP/USD pair broke a few important hurdles near the 1.2350 level to move into a positive zone.
Moreover, the pair traded above the 1.2400 resistance area and the 50 hourly simple moving average. It even surged above the 1.2450 resistance and traded as high as 1.2486 on FXOpen.



Recently, there was a minor downside correction from the 1.2486 high. The pair traded below the 23.6% Fib retracement level of the upward move from the 1.2360 low to 1.2486 high.
However, the pair remained well bid above the 1.2440 level and the 50 hourly simple moving average. There is also a key connecting bullish trend line forming with support near 1.2420 on the hourly chart of GBP/USD.
The 50% Fib retracement level of the upward move from the 1.2360 low to 1.2486 high is also close to the trend line support. Therefore, the bulls are likely to protect the 1.2420 and 1.2440 support levels.
Any further losses may perhaps lead the pair towards the 1.2350 support area. Conversely, it could continue to rise above the 1.2480 level. The first key resistance is near the 1.2500 area, above which the pair could surge towards the 1.2560 and 1.2580 levels in the near term.
See more: https://www.fxopen.blog/gbp-usd-coul...py-is-sliding/

EUR/USD Signaling More Upsides While USD/JPY Is Declining
EUR/USD is showing a few positive signs above the 1.0920 and 1.0955 support levels. Conversely, USD/JPY is declining and it remains at a risk of more losses below 107.00.
EUR/USD Technical Analysis
In the past few days, the Euro started a decent recovery above the 1.0800 barrier against the US Dollar. The EUR/USD pair broke many key hurdles near the 1.0855 and 1.0860 levels to move into a positive zone.
The bulls remained in action, leading the pair above the 1.0920 resistance and the 50 hourly simple moving average. Finally, the pair broke the 1.0950 resistance and traded as high as 1.0989 on FXOpen.

It is currently correcting lower and trading near the 1.0980 level. An initial support is near the 1.0965 level. It is close to the 23.6% Fib retracement level of the recent rise from the 1.0892 low to 1.0989 high.
The first major support on the downside is near the 1.0955 level (the recent breakout zone). There is also a key bullish trend line forming with support near 1.0940 on the hourly chart of EUR/USD.
The trend line is near the 50% Fib retracement level of the recent rise from the 1.0892 low to 1.0989 high. Therefore, the 1.0955 and 1.0940 levels are important supports in the near term.
If there is a downside break below the trend line, the pair could correct back towards the 1.0920 and 1.0880 levels. On the upside, an initial resistance is near the 1.0990 and 1.1000 levels.
A successful close above the 1.1000 resistance level may perhaps start a strong upward move towards 1.1050 and 1.1080 in the near term.
See more: https://www.fxopen.blog/eur-usd-sign...-is-declining/

Gold Price Correcting Gains While Crude Oil Price Approaching Breakout
Gold price rallied recently to a new 8-year high above $1,740 and it is currently correcting lower. Conversely, crude oil price is now showing signs of a bullish breakout above $27.00.


Gold Price Technical Analysis

Earlier this week, gold price extended its rise above the $1,700 resistance area against the US Dollar. It even broke the $1,720 resistance area to continue higher.
Finally, the price traded close to the $1,750 resistance and formed a new 8-year high at $1,747 on FXOpen. The price is currently correcting lower and trading below the $1,725 support level and the 50 hourly simple moving average.



There was a break below the 38.2% Fib retracement level of the recent rally from the $1,643 low to $1,747 high. Moreover, there was a break below a key contracting triangle with support near $1,720 on the hourly chart of gold.
The price is now trading below the $1,710 level, with an immediate support near the $1,700 level. The first key support is near the $1,695 level since it is close to the 50% Fib retracement level of the recent rally from the $1,643 low to $1,747 high.
Any further losses may perhaps push the price back towards the $1,680 support level in the near term. On the upside, the previous support near the $1,720 level and the 50 hourly simple moving average could act as a hurdle.
To start a fresh increase, the price must gain bullish momentum above the $1,720 and $1,725 resistance levels. The main resistance on the upside is still near $1,750.
See more: https://www.fxopen.blog/gold-price-c...hing-breakout/

GBP/USD and EUR/GBP: British Pound Could Extend Losses
GBP/USD is currently struggling to clear the 1.2500-1.2520 resistance area and it could extend its decline. EUR/GBP might correct higher towards 0.8720 or 0.8750.


GBP/USD Technical Analysis

This past week, the British Pound gained bullish momentum above the 1.2550 resistance area against the US Dollar. The GBP/USD pair even broke the 1.2600 resistance before it faced sellers near 1.2650.
A high was formed near 1.2647 on FXOpen before the pair started a fresh decline. It broke the 1.2520 support level and tested the 1.2400 area. A low was formed near 1.2406 before it recovered to 1.2516.


It is currently declining and trading below the 1.2500 level and the 50 hourly simple moving average. It is testing the 38.2% Fib retracement level of the recent upward move from the 1.2406 low to 1.2516 high.
On the upside, there are key hurdles forming near the 1.2500 and 1.2520 levels. There is also a major bearish trend line forming with resistance near 1.2490 on the hourly chart of GBP/USD.
Therefore, the pair must surpass the 1.2520 resistance area to start a fresh increase in the near term. The next key resistance is near 1.2565, above which the pair might rise towards the 1.2600 level.
On the downside, an initial support is near the 1.2460 level or the 50% Fib retracement level of the recent upward move from the 1.2406 low to 1.2516 high. Any further losses may perhaps lead the pair towards the 1.2400 support area, where the bulls are likely to put up a strong fight.
See more: https://www.fxopen.blog/gbp-usd-and-...extend-losses/

EUR/USD Remains In Downtrend While USD/CHF Is Rising
EUR/USD is under pressure and showing bearish signs below the 1.0880 resistance area. Conversely, USD/CHF is likely to continue higher above the 0.9720 resistance.


EUR/USD Technical Analysis

In the past few days, the Euro declined steadily from well above the 1.0950 level against the US Dollar. The EUR/USD pair broke the key 1.0900 pivot level to move into a bearish zone.
Moreover, there was a break below the 1.0880 support and the 50 hourly simple moving average. The pair traded as low as 1.0816 on FXOpen and it is currently attempting a decent recovery.

The pair recovered above 1.0850, but the 1.0880 level is acting as a resistance. Besides, there is a major bearish trend line forming with resistance near 1.0865 on the hourly chart of EUR/USD.
It is currently declining and testing the 50% Fib retracement level of the recent upward move from the 1.0816 low to 1.0880 high. If the pair fails to stay above 1.0850, it could extend its decline.
The next key support is near the 1.0830 level since it is close to the 76.4% Fib retracement level of the recent upward move from the 1.0816 low to 1.0880 high. Any further losses could open the doors for more losses towards the 1.0800 level.
On the upside, the 1.0865 level is a major barrier, followed by 1.0880. To move into a positive zone, EUR/USD must gain momentum above 1.0880 and then settle above the 1.0900 pivot level in the near term.
See more: https://www.fxopen.blog/eur-usd-rema...chf-is-rising/