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GBP/USD and EUR/GBP: British Pound Extending Losses
GBP/USD remained in a significant downtrend and declined below the 1.2100 support. EUR/GBP is trading with a bullish bias with a strong support near 0.9250.
GBP/USD Technical Analysis
The British Pound faced a solid rise in selling pressure after it failed to climb above the 1.2320 resistance against the US Dollar. As a result, the GBP/USD pair started a strong decline and broke the key 1.2200 support area.
https://blog.fxopen.com/wp-content/u...1-1024x479.png
The recent decline was such that the pair even broke the 1.2100 support level and the 50 hourly simple moving average. Finally, the pair traded below 1.2050 on FXOpen and formed a new multi-month low near 1.2015.
Read more on FXOpen blog...
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EUR/USD Could Decline While USD/JPY Is Climbing
EUR/USD is struggling to gain momentum above the 1.1220 and 1.1240 resistance levels. USD/JPY climbed higher recently and it remains supported on dips above 106.00.
EUR/USD Technical Analysis
The Euro formed a decent support base near the 1.1080 level against the US Dollar. The EUR/USD pair started a solid upward move and climbed above the 1.1180 and 1.1200 resistance levels.
https://blog.fxopen.com/wp-content/u...1-1024x479.png
Moreover, there was a break above the 1.1220 level and the 50 hourly simple moving average. Finally, the pair traded close to the 1.1250 resistance on FXOpen, where sellers took a stand.
Read more about EUR/USD and USD/JPY...
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Gold price and Crude Oil price could rise further
Gold price is trading in a strong uptrend above the $1,500 support area. Crude oil price is also likely to gain bullish momentum once it clears the key $55.50 resistance area.
Gold Price Technical Analysis
Earlier this week, gold price surged above the $1,500 and $1,510 resistance levels against the US Dollar. The price even broke the $1,520 resistance level and traded to a new yearly high at $1,535.
https://blog.fxopen.com/wp-content/u...1-1024x479.png
Recently, it corrected lower below $1,520 and $1,510. Moreover, there was a break below the $1,500 support and the 50 hourly simple moving average. A swing low was formed near $1,479 on FXOpen and the price started a fresh increase.
Read more about Gold price and Crude Oil price on FXOpen blog...
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GBP/USD and USD/CAD Holding Important Supports
GBP/USD started a decent upside correction from the 1.2020 swing low and climbed above 1.2100. USD/CAD is currently correcting gains, but it is still above the key 1.3250 support area.
GBP/USD Technical Analysis
The British Pound traded close to the 1.2000 support area this month against the US Dollar. The GBP/USD pair formed a swing low near 1.2020 and recently started an upside correction.
https://blog.fxopen.com/wp-content/u...2-1024x479.png
The pair recovered above the key 1.2080 and 1.2100 resistance levels. Moreover, there was a close above the 1.2100 level and the 50 hourly simple moving average. Finally, the pair climbed above the 1.2150 level and traded as high as 1.2175 on FXOpen.
Read GBP/USD and USD/CAD technical analysis...
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EUR/JPY and GBP/JPY Monthly Outlook
The Euro and British Pound declined heavily in the past few months against the Japanese Yen. Both EUR/JPY and GBP/JPY are correcting higher, but upsides are likely to remain capped.
EUR/JPY Technical Analysis
In May 2019, the Euro started a major decline from well above the 125.00 support against the Japanese Yen. The EUR/JPY pair broke many key supports near 124.00 and 122.00 to move into a bearish zone.
https://blog.fxopen.com/wp-content/u...t-1024x431.png
Moreover, there was a close below the main 120.00 support and the 50-day simple moving average. It opened the doors for more downsides below the 118.00 support level. Finally, the pair traded below 116.50 and a new multi-month low was formed at 115.85 on FXOpen.
More about EUR/JPY and GBP/JPY...
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EUR/USD and USD/JPY Monthly Outlook
EUR/USD declined heavily in July and August 2019 before it found support near 1.0925. USD/JPY is also trading in a bearish zone below the main 107.50 and 108.00 resistance levels on the daily chart.
EUR/USD Technical Analysis
In the past few months, the Euro failed to gain bullish momentum and declined below the 1.1200 support level against the US Dollar. The EUR/USD pair declined heavily and broke the key 1.1150 support area.
https://blog.fxopen.com/wp-content/u...1-1024x431.png
Finally, there was a close below 1.1150 and the 50-day simple moving average. The pair declined to a new multi-month low at 1.0925 on FXOpen and recently started an upside correction.
Read more on FXOpen blog...
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AUD/USD and NZD/USD Monthly Outlook
AUD/USD declined heavily in July 2019 and found support near 0.6680 in August 2019. Similarly, NZD/USD remained in a bearish zone below 0.6500. Both pairs might correct higher, but upsides are likely to remain capped.
AUD/USD Technical Analysis
In July 2019, the Aussie Dollar broke a major support area near the 0.6860 level against the US Dollar. The AUD/USD pair declined heavily and settled below the 0.6900 and 0.6860 support levels.
https://blog.fxopen.com/wp-content/u...t-1024x431.png
Moreover, there was a break below the 0.6800 level and the pair settled well below the 50-day simple moving average. A new multi-month low was formed near 0.6677 on FXOpen and the pair started forming a decent support base in August 2019.
Read more...
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GBP/USD and EUR/GBP: British Pound Back In Action
GBP/USD started a solid upward move from the 1.2150 support area and climbed above 1.2500. EUR/GBP is currently declining and it might continue to struggle below 0.8900.
GBP/USD Technical Analysis
The British Pound started a strong rise after it broke the 1.2300 resistance area against the US Dollar. The GBP/USD pair climbed above the 1.2400 resistance level to continue higher and post a new monthly high.
https://blog.fxopen.com/wp-content/u...1-1024x479.png
The pair even settled above the 1.2400 level and the 50 hourly simple moving average. Moreover, there was a break above a major bearish trend line with resistance near 1.2350 on the hourly chart of GBP/USD.
Read more on FXOpen blog...
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EUR/USD And USD/CHF Eyeing Upside Break
EUR/USD recovered recently above the 1.1025 resistance level and it might continue to rise. USD/CHF is currently consolidating and it seems like it is sighting an upside break above 0.9940.
EUR/USD Technical Analysis
After a sharp decline, the Euro found support near the 1.1000 area support against the US Dollar. The EUR/USD pair traded as low as 1.0990 on FXOpen and recently started a solid recovery.
https://blog.fxopen.com/wp-content/u...2-1024x479.png
The pair broke the 1.1025 and 1.1040 resistance levels to start a decent recovery. Moreover, there was a break above the 1.1050 resistance and the 50 hourly simple moving average.
Read more on FXOpen blog...
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Gold Price and Crude Oil Price Approaching Resistance
Gold price recovered nicely from the $1,480 support area and climbed above $1,500. Crude oil price is correcting gains and it is facing hurdles near $60.00.
Gold Price Technical Analysis
Earlier this week, gold price declined sharply below the $1,500 support area against the US Dollar. The price even traded below the $1,490 support level and traded close to the $1,480 support area.
https://blog.fxopen.com/wp-content/u...1-1024x479.png
A swing low was formed near $1,483 on FXOpen and the price recently started a fresh increase. It broke the $1,490 and $1,495 resistance levels to move into a positive zone.
Find more about Gold and Crud Oil Technical Analysis...
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GBP/USD Ans USD/CAD Likely Preparing For Next Move
GBP/USD is following a nice bullish path above the 1.2450 support area and it could continue to rise. USD/CAD is also trading in a positive zone and is sighting the next key break.
GBP/USD Technical Analysis
The British Pound formed a solid support base above the 1.2280 level against the US Dollar. As a result, the GBP/USD pair started a strong upward move and broke many hurdles near the 1.2350 and 1.2400.
https://blog.fxopen.com/wp-content/u...SD-Chart-2.png
The pair even broke the 1.2500 resistance area and the 50 hourly simple moving average. Finally, the pair climbed above the 1.2550 level and traded to a new monthly high at 1.2581 on FXOpen.
Read more on FXOpen blog...
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EUR/USD and USD/JPY Facing Key Resistance
EUR/USD corrected higher above 1.1000, but it is facing many important resistances near 1.1025. Similarly, USD/JPY is approaching towards the 107.50 resistance area.
EUR/USD Technical Analysis
There were mostly bearish moves in the Euro in the past few days below 1.1050 against the US Dollar. The EUR/USD pair followed a bearish path and even broke the 1.1000 support area.
https://blog.fxopen.com/wp-content/u...3-1024x479.png
Moreover, there was a close below the 1.1000 level and the 50 hourly simple moving average. The pair traded to a new weekly low at 1.0965 on FXOpen and recently started an upside correction.
Read more on FXOpen blog...
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GBP/USD and EUR/GBP: British Pound In Corrective Decrease
GBP/USD is declining and is trading below the 1.2400 and 1.2350 support levels. EUR/GBP is rising again and is trading near the key 0.8900 resistance area.
GBP/USD Technical Analysis
The British Pound topped below the 1.2600 resistance area against the US Dollar. The GBP/USD pair started a fresh decline and broke many key supports near the 1.2500 and 1.2440 levels.
https://blog.fxopen.com/wp-content/u...4-1024x479.png
Moreover, there was a close below the 1.2400 support area and the 50 hourly simple moving average. The decline was such that the price even traded below the 1.2300 level. A new weekly low was formed near 1.2270 on FXOpen and the pair is currently consolidating losses.
Read more about GBP/USD and EUR/GBP on FXOpen blog...
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1 Attachment(s)
GBP/USD and EUR/GBP: British Pound Remains Supported
GBP/USD surged above the 1.2500 and 1.2700 resistance levels to move into an uptrend. EUR/GBP declined heavily below the 0.8800 support and it is currently correcting losses.
GBP/USD Technical Analysis
The British Pound formed a strong support base near the 1.2200 level against the US Dollar. The GBP/USD pair started a fresh increase and broke many key resistances near the 1.2400 and 1.2500 levels.
Moreover, there was a close above the 1.2500 resistance area and the 50 hourly simple moving average. The upward move was such that the pair even broke the 1.2650 and 1.2700 resistance levels. A new monthly high was formed near 1.2706 on FXOpen and the pair is currently correcting lower.Attachment 15749
It is trading below the 1.2650 level and is testing the 38.2% Fib retracement level of the recent rally from the 1.2423 low to 1.2706 high near the 1.2600 level.
On the downside, there are many important supports near the 1.2565 and 1.2550 levels. Moreover, the 50% Fib retracement level of the recent rally from the 1.2423 low to 1.2706 high is also near the 1.2565 level to provide support.
More importantly, there is a connecting bullish trend line forming with support near 1.2530 on the hourly chart of GBP/USD. It coincides with the 61.8% Fib retracement level of the recent rally from the 1.2423 low to 1.2706 high.
Therefore, dips from the current levels towards the 1.2550 and 1.2530 levels are likely to find a strong buying interest. On the upside, an immediate resistance is near the 1.2650 level. The main resistance area is near the 1.2700 level.
Read more here https://blog.fxopen.com/gbp-usd-and-...s-supported-2/
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1 Attachment(s)
EUR/USD And USD/CHF Setting Up For Next Break
EUR/USD remained well bid above the 1.0980 and 1.1000 levels and it could continue to rise. USD/CHF is currently holding an important support and it could climb above 1.0000.
EUR/USD Technical Analysis
Recently, there was an upward move in the Euro above the 1.1020 resistance against the US Dollar. The EUR/USD pair traded above the 1.1040 level, but it struggled to clear the 1.1060 resistance area.
A swing high was formed near 1.1060 on FXOpen and the pair corrected lower below the 50 hourly simple moving average. The pair traded below the 1.1020 support area and tested the 1.0990 area.
Attachment 15750
See more at https://blog.fxopen.com/eur-usd-and-...or-next-break/
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AUD/USD and NZD/USD Are Gaining Bullish Momentum
AUD/USD is gaining bullish momentum and it recently broke the 0.6800 resistance area. NZD/USD is also showing a lot of positive signs and it recently settled above the 0.6350 hurdle.
AUD/USD Technical Analysis
This week, the Aussie Dollar formed a major support near the 0.6740 area and started a fresh increase against the US Dollar. The AUD/USD pair broke many key resistances near 0.6750 and 0.6760 to move into a positive zone.
There was a close above the key 0.6800 resistance area and the 50 hourly simple moving average. Moreover, there was a break above a major bearish trend line with resistance near 0.6760 on the hourly chart of AUD/USD.
https://blog.fxopen.com/wp-content/u...t-1024x479.png
The pair even broke the 0.6820 resistance, traded to a new high near 0.6838 on FXOpen, it is currently consolidating losses. An immediate support is near the 0.6820 level.
Moreover, the 23.6% Fib retracement level of the recent wave from the 0.6775 low to 0.6838 high is also near the 0.6820 level. There is also a rising channel forming with support near the 0.6820 level on the hourly chart.
See more at https://blog.fxopen.com/aud-usd-and-...lish-momentum/
If there is a downside break below 0.6820, the pair could correct lower towards the 0.6800 support area. An intermediate support is near 0.6808, plus the 50% Fib retracement level of the recent wave from the 0.6775 low to 0.6838 high.
Only a close below the 0.6800 support might start a major correction towards the 0.6760 support area in the near term. On the upside, a clear break above the 0.6840 resistance may perhaps call for more gains towards the 0.6880 level.
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GBP/USD gained bullish momentum above the 1.2700 and 1.2800 resistance levels. Conversely, USD/CAD is under pressure and it could continue to slide below 1.3100.
Important Takeaways for GBP/USD and USD/CAD
- The British Pound is showing positive signs and is trading nicely above the 1.2850 pivot.
- There is a key bullish trend line forming with support near 1.2890 on the hourly chart of GBP/USD.
- USD/CAD declined recently and broke a few key supports near 1.3200 and 1.3180.
- There is a major bearish trend line forming with resistance near 1.3155 on the hourly chart.
GBP/USD Technical Analysis
The British Pound started a strong rise above the 1.2500 resistance area against the US Dollar. As a result, the GBP/USD pair broke many hurdles near the 1.2650 and 1.2700 levels to move into an uptrend.
The pair surpassed the key 1.2800 resistance area and the 50 hourly simple moving average. Finally, the pair rallied above the 1.2950 resistance area and traded close to the 1.3000 area.
https://blog.fxopen.com/wp-content/u...2-1024x479.png
A high was formed near 1.2983 on FXOpen and the pair is currently consolidating gains. It traded below the 38.2% Fib retracement level of the recent rally from the 1.2757 low to 1.2983 high.
However, the 1.2870-1.2880 area is acting as a support. Moreover, the 50% Fib retracement level of the recent rally from the 1.2757 low to 1.2983 high is acting as a support. It seems like the pair is holding the key 1.2850 support and the 50 hourly simple moving average.
Read more here
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EUR/USD climbed above the 1.1150 resistance and it is currently correcting lower. Conversely, USD/JPY remained in a bearish zone and it could slide below 108.00.
Important Takeaways for EUR/USD and USD/JPY
- The Euro is currently correcting lower below the key 1.1150 support area.
- There was a break below a major bullish trend line with support near 1.1152 on the hourly chart of EUR/USD.
- USD/JPY is declining and is trading well below the 108.50 support area.
- There is a key bearish trend line forming with resistance near 108.65 on the hourly chart.
EUR/USD Technical Analysis
The Euro started a fresh increase after it broke the 1.1080 and 1.1100 resistance levels against the US Dollar. The EUR/USD pair even settled above the 1.1100 level to move into a positive zone.
It opened the doors for more gains above 1.1150 and the pair settled above the 50 hourly simple moving average. Finally, the pair traded as high as 1.1179 on FXOpen. It is currently correcting lower below the 1.1160 and 1.1150 support levels.
https://blog.fxopen.com/wp-content/u...3-1024x479.png
Moreover, there was a break below a major bullish trend line with support near 1.1152 on the hourly chart of EUR/USD. The pair is now trading well below the 1.1140 level and the 50 hourly SMA.
At the outset, the pair is trading just below the 50% Fib retracement level of the upward move from the 1.1065 low to 1.1179 high. An immediate support on the downside is near the 1.1110 level.
Continue reading...
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GBP/USD started a downside correction after it tested the main 1.3000 resistance area. EUR/GBP is climbing higher, but it is facing a strong resistance near the 0.8670 level.
Important Takeaways for GBP/USD and EUR/GBP
- The British Pound is currently correcting lower and it broke the 1.2920 support area.
- There are two bearish trend lines forming with resistance near 1.2850 and 1.2880 on the hourly chart of GBP/USD.
- EUR/GBP is climbing higher and it is showing positive signs above 0.8600.
- There is a breakout pattern forming with resistance near 0.8670 on the hourly chart.
GBP/USD Technical Analysis
The British Pound rallied this past week above the 1.2900 resistance area against the US Dollar. The GBP/USD pair even climbed above the 1.2950 and 1.3000 resistance levels.
However, the pair failed to retain gains above 1.3000 and later started a downside correction. There was a break below the 1.2950 and 1.2920 support levels. Moreover, there was a close below 1.2900 and the 50 hourly simple moving average.
https://blog.fxopen.com/wp-content/u...3-1024x479.png
The pair even spiked below 1.2800 and formed a low near the 1.2789 on FXOpen. It is currently consolidating losses and corrected above the 23.6% Fib retracement level of the recent decline from the 1.2944 high to 1.2789 low.
However, there are many hurdles for the bulls near 1.2850, 1.2880, and the 50 hourly simple moving average. Moreover, there are two bearish trend lines forming with resistance near 1.2850 and 1.2880 on the hourly chart of GBP/USD.
Continue reading...
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EUR/USD is showing positive signs above the 1.1080 level and it could rise steadily. USD/CHF is currently correcting lower and it might start a major downside correction.
Important Takeaways for EUR/USD and USD/CHF
- The Euro is currently trading nicely above the 1.1065 and 1.1090 support levels against the US Dollar.
- There is a key bearish trend line forming with resistance near 1.1120 on the hourly chart of EUR/USD.
- USD/CHF started a downside correction after setting a new weekly high near the 0.9968 level.
- There was a break below a major bullish trend line with support near 0.9945 on the hourly chart.
EUR/USD Technical Analysis
After a fresh decline, the Euro found support just above the 1.1070 level against the US Dollar. The EUR/USD pair formed a support base near 1.1075 and recently started a decent upward move.
A swing low was formed near 1.1073 on FXOpen and the pair corrected above the 50 hourly simple moving average. Moreover, there was a break above the 1.1080 and 1.1100 resistance levels.
https://blog.fxopen.com/wp-content/u...4-1024x479.png
The pair traded as high as 1.1118 and the pair is currently consolidating gains. An immediate support is near the 1.1105 level, plus the 23.6% Fib retracement level of the recent wave from the 1.1073 low to 1.1118 high.
On the downside, there is a strong support forming near the 1.1090 level. Moreover, the 50% Fib retracement level of the recent wave from the 1.1073 low to 1.1118 high is likely to provide support.
Continue reading...
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GBP/USD remained well bid above the 1.2800 area and recently started a fresh increase above 1.2875. USD/CAD topped near the 1.3200 area and it is currently correcting lower.
Important Takeaways for GBP/USD and USD/CAD
- The British Pound jumped higher recently above the 1.2875 and 1.2900 resistance levels.
- There is a connecting bullish trend line forming with support near 1.2920 on the hourly chart of GBP/USD.
- USD/CAD started a downside correction after trading as high as 1.3207.
- There is a declining channel forming with support near 1.3125 on the hourly chart.
GBP/USD Technical Analysis
After a downside correction, the British Pound found support near the 1.2800 area against the US Dollar. The GBP/USD pair formed a support base near 1.2810 and started a fresh increase.
The pair broke a few important resistances near the 1.2850 level to move into a positive zone. Moreover, there was a break above the 1.2880 barrier and the 50 hourly simple moving average. Finally, the pair climbed above the 1.2900 level and traded as high as 1.2975 on FXOpen.
https://blog.fxopen.com/wp-content/u...t-1024x479.png
Recently, there was a minor downside correction below the 1.2950 level. The pair traded below the 23.6% Fib retracement level of the recent wave from the 1.2845 swing low to 1.2975 high.
However, the 1.2925 level is acting as a support and the pair is currently trading near the 50 hourly simple moving average. On the downside, there are many supports near the 1.2925 and 1.2920 levels.
Continue reading...
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1 Attachment(s)
EUR/USD Dives Again, USD/JPY Breaking Down
EUR/USD topped near the 1.1175 level and started a fresh decline below 1.1120. USD/JPY is also showing bearish signs and it could continue to move down towards 108.70.
EUR/USD Technical Analysis
The Euro made a few attempts to break the 1.1175 and 1.1180 resistance levels against the US Dollar. However, the EUR/USD pair failed to continue above 1.11750, resulting in a bearish reaction.
There was a sharp decline below the 1.1150 support area and the 50 hourly simple moving average. It opened the doors for more losses below the 1.1120 and 1.1100 support levels.
Attachment 15775
Moreover, there was a break below a key bullish trend line with support near 1.1115 on the hourly chart of EUR/USD. The pair even traded below the 1.1080 support area and formed a low near 1.1064 on FXOpen.
It is currently consolidating losses above the 1.1065 support area. On the upside, an initial resistance is near the 1.1080 level. It represents the 23.6% Fib retracement level of the recent decline from the 1.1140 high to 1.1064 low.
On the upside, the main resistance for the bulls is near the 1.1100 area. It also coincides with the 50% Fib retracement level of the recent decline from the 1.1140 high to 1.1064 low.
On the downside, an initial support is near the 1.1065 level. If there are more downsides, EUR/USD could continue to move down towards the 1.1040 and 1.1025 support levels in the coming sessions.
See more at: https://blog.fxopen.com/eur-usd-dive...breaking-down/
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1 Attachment(s)
Gold Could Correct Higher While Crude Oil Price Might Decline
Gold price declined recently and broke the key $1,485 support area. Crude oil price is also under pressure and it seems like it could decline below the $56.50 support.
Gold Price Technical Analysis
Recently, gold price made a few attempts to surpass the $1,515 resistance area against the US Dollar. It failed to continue higher and started a fresh decline below the $1,505 and $1,500 support levels.
During the decline, the price broke a couple of important supports near the $1485 level and the 50 hourly simple moving average. Finally, the price broke the $1,475 support area and traded as low as $1,460 on FXOpen.
Attachment 15786
At the moment, the price is correcting higher above $1,465. It is trading near the 23.6% Fib retracement level of the recent decline from the $1,494 high to $1,460 low.
However, there are many hurdles on the upside near the $1,475 and $1,480 levels. Besides, the 50% Fib retracement level of the recent decline from the $1,494 high to $1,460 low is near the $1,477 level to act as a resistance.
There is also a major bearish trend line forming with resistance near $1,480 on the hourly chart of gold. The main resistance is near the $1,485 level, above which the price could start a nice upward move.
On the downside, an initial support is near the $1,460 level. If gold price fails to stay above the $1,460 support, there is a risk of more downsides towards the $1,450 support area.
See more at: https://blog.fxopen.com/gold-could-c...might-decline/
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1 Attachment(s)
GBP/USD and EUR/GBP: British Pound Could Decline Further
GBP/USD faced an increase in selling pressure below the 1.2880 pivot level. EUR/GBP is currently correcting higher and it might trade towards the 0.8650 resistance area.
GBP/USD Technical Analysis
The British Pound started a fresh downward move from well above the 1.2950 level against the US Dollar. The GBP/USD pair declined steadily below the 1.2900 and 1.2840 support levels.
Moreover, there was a close below the 1.2840 level and the 50 hourly simple moving average. It opened the doors for more losses below the 1.2800 level. Finally, the pair traded as low as 1.2768 on FXOpen.
Attachment 15796
It is currently correcting higher and is trading above the 1.2780 level. At the moment, the pair is testing the 23.6% Fib retracement level of the recent decline from the 1.2876 high to 1.2768 low.
On the upside, there are many resistances near the 1.2800 and 1.2820 levels. Moreover, there is a key bearish trend line forming with resistance near 1.2820 on the hourly chart of GBP/USD.
The trend line resistance is near the 50 hourly simple moving average. More importantly, the 50% Fib retracement level of the recent decline from the 1.2876 high to 1.2768 low is also near the 1.2820 level.
Therefore, the pair is likely to face a strong resistance near the 1.2820 level. If there is a successful close above the 1.2820 resistance and the 50 hourly SMA, there could be decent gains in the coming sessions.
Conversely, the pair might continue to move down below 1.2780. An immediate support is near the 1.2760 level, below which there is a risk of a drop towards the 1.2720 support.
See more at: https://blog.fxopen.com/gbp-usd-and-...cline-further/.
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1 Attachment(s)
AUD/USD Is Tumbling While NZD/USD Is Recovering
AUD/USD is under a lot of pressure below the 0.6850 and 0.6820 support levels. Conversely, NZD/USD is climbing higher and it could even surpass the 0.6400 resistance area.
AUD/USD Technical Analysis
In the past few days, there was a steady decline in the Aussie Dollar from well above the 0.6850 support against the US Dollar. The AUD/USD pair broke a couple of important hurdles near 0.6820 to start a downtrend.
The decline was such that the pair settled below the 0.6820 level and the 50 hourly simple moving average. Finally, the pair traded below the 0.6800 level and traded to a new weekly low at 0.6769.
Attachment 15811
It is currently correcting above the 0.6780 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the 0.6840 high to 0.6769 low.
However, there are many resistances on the upside near the 0.6815 and 0.6820 levels. Moreover, there is a major bearish trend line forming with resistance near 0.6815 on the hourly chart of AUD/USD.
The trend line coincides with the 50% Fib retracement level of the recent decline from the 0.6840 high to 0.6769 low. Besides, the 50 hourly simple moving average is also positioned near the 0.6815 level to act as a strong resistance.
Therefore, the price must break the 0.6815 and 0.6820 resistance levels to continue higher. On the downside, an initial support is near the 0.6780 level. If there is a clear break below the 0.6780 support, there is a risk of an extended decline below the 0.6760 and 0.6750 support levels.
See more at: https://blog.fxopen.com/aud-usd-is-t...is-recovering/
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1 Attachment(s)
GBP/USD Rising While USD/CAD Is Correcting Gains
GBP/USD is trading in a nice uptrend above the 1.2900 resistance area. Conversely, USD/CAD struggled to clear the key 1.3270 resistance area and it is currently correcting gains.
GBP/USD Technical Analysis
This past week, the British Pound found support near the 1.2815 and 1.2820 levels against the US Dollar. As a result, the GBP/USD pair started a fresh upward move and climbed above the key 1.2860 resistance area.
The pair gained pace above the 1.2880 resistance and the 50 hourly simple moving average. Finally, the pair climbed above the 1.2900 resistance level and even climbed above 1.2920 on FXOpen.
Attachment 15830
During the rise, there was a break above a major bearish trend line with resistance near 1.2885 on the hourly chart of GBP/USD. Moreover, the pair climbed above the 1.236 Fib extension level of the downward move from the 1.2897 high to 1.2815 low.
It opened the doors for more gains and the pair is likely to rise further towards the 1.2950 and 1.2960 resistance levels. The first key resistance is near the 1.2950 level.
Besides, the 1.618 Fib extension level of the downward move from the 1.2897 high to 1.2815 low is also near the 1.2948 level. Therefore, a clear break above 1.2950 and 1.2960 could push the price towards the 1.3000 resistance.
Conversely, if there is a downside correction, the pair might find support near the 1.2910 and 1.2900 levels. Besides, there is a key bullish trend line forming with support near 1.2895 on the same chart. Only a close below 1.2880 might push GBP/USD back towards 1.2820.
See more at: https://blog.fxopen.com/gbp-usd-risi...recting-gains/
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1 Attachment(s)
EUR/USD Could Rise Further, USD/JPY Facing Hurdles
EUR/USD is trading with a positive bias above the 1.1060 support area and it could continue to rise. Conversely, USD/JPY is facing a lot of hurdles near 108.80 and it might decline again.
EUR/USD Technical Analysis
The Euro formed a decent support base near the 1.1010 level and started an upward move against the US Dollar. The EUR/USD pair gained bullish momentum after it broke the key 1.1040 resistance area.
The upward move was strong as the pair even broke the 1.1060 resistance and settled above the 50 hourly simple moving average. It opened the doors for more gains and the pair traded towards the 1.1100 level.
Attachment 15847
A high was formed near 1.1089 on FXOpen and the pair is currently consolidating gains. It traded below the 23.6% Fib retracement level of the upward move from the 1.1048 low to 1.1083 swing high.
At the moment, the pair seems to be holding the 1.1070 support area and the 50 hourly simple moving average. Moreover, there is a short term contracting triangle forming with resistance near 1.1080 on the hourly chart of EUR/USD.
If there is an upside break above the 1.1080 resistance, the pair could continue to rise towards the 1.1100 and 1.1120 resistance levels. On the downside, the main support is near the 1.1065 level.
Besides, the 50% Fib retracement level of the upward move from the 1.1048 low to 1.1083 swing high is also near the 1.1065 level. If the pair fails to stay above 1.1065 and 1.1060, it could correct further lower towards the 1.1040 support area.
See more at: https://blog.fxopen.com/eur-usd-coul...acing-hurdles/
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GBP/USD and EUR/GBP: British Pound Trimming Gains
GBP/USD is currently correcting higher after a sharp decline towards the 1.2820 support area. EUR/GBP is currently holding supports and it could rise towards 0.8600 in the near term.
GBP/USD Technical Analysis
The British Pound made a couple of attempts to clear the 1.2970 resistance area against the US Dollar. The GBP/USD pair failed to continue higher and started a fresh decline below the 1.2950 support.
The pair declined steadily below the 1.2920 support area and the 50 hourly simple moving average. Moreover, there was a break below a major bullish trend line with support near 1.2920 on the hourly chart of GBP/USD.
Attachment 15863
It opened the doors for more losses below the 1.2880 level. Finally, the pair traded as low as 1.2823 on FXOpen. It is currently correcting higher and is trading above the 1.2840 level.
Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the 1.2928 high to 1.2823 low. However, there are many resistances on the upside near the 1.2860 and 1.2870 levels.
More importantly, the 50% Fib retracement level of the recent drop from the 1.2928 high to 1.2823 low is near the 1.2875 level to act as a resistance.
Therefore, the pair must move above the 1.2875 and 1.2880 resistance levels to start a solid upward move. The next key resistances are near the 1.2920 and 1.2950 levels.
On the other hand, the pair might continue to move down below 1.2840. An immediate support is near the 1.2825 level, below which GBP/USD is likely to test the main 1.2800 support area.
See more at: https://blog.fxopen.com/gbp-usd-and-...rimming-gains/
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EUR/JPY and GBP/JPY Primed For More Gains
The Euro and British Pound are gaining bullish momentum against the Japanese Yen. Both EUR/JPY and GBP/JPY are likely to continue higher above 120.50 and 142.00 respectively.
EUR/JPY Technical Analysis
After a bearish reaction, the Euro found support near the 119.70 level against the Japanese Yen. The EUR/JPY pair started a decent upward move and broke the main 120.00 resistance area.
The upward move was strong as the pair surged above the 120.20 and 120.40 resistance levels. Moreover, there was a break above a connecting bearish trend line with resistance near 120.20 on the hourly chart.
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Finally, there was a close above the 120.40 level and the 50 hourly simple moving average. A high was formed near 120.66 on FXOpen and the pair is currently correcting lower.
It is testing the 23.6% Fib retracement level of the recent leg from the 120.05 low to 120.66 high. On the downside, there is a strong support forming near the 120.40 level.
Moreover, there is a key bullish trend line forming with support near 120.40 on the hourly chart of EUR/JPY. The 50 hourly simple moving average is also near the 120.40 support area.
Below the trend line, the pair could test the 50% Fib retracement level of the recent leg from the 120.05 low to 120.66 high. Any further downsides might call for a test of the 120.00 support area.
On the upside, an initial resistance is near the 120.65 level. A successful break above the 120.65 resistance might open the doors for more gains towards the 121.00 and 121.50 levels.
See more on: https://www.fxopen.blog/eur-jpy-and-...or-more-gains/
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GBP/USD And USD/CAD Are Likely To Continue Higher
GBP/USD is holding the 1.2900 support area and it could continue higher. USD/CAD is also climbing higher, but it might struggle to clear the 1.2950 resistance area.
GBP/USD Technical Analysis
This past week, the British Pound declined below the 1.2900 support area against the US Dollar. However, the 1.2830 area acted as a strong buy zone and GBP/USD climbed back above 1.2900.
The pair gained pace above the 1.2900 resistance and the 50 hourly simple moving average. Finally, the pair climbed above the 1.2920 resistance level, traded close to the 1.2960 resistance area.
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A high was formed near the 1.2950 level on FXOpen before the pair corrected lower. It declined below 1.2920 and tested the 1.2900 support area. The last swing low was near 1.2878 and the last swing high was near 1.2942.
The pair is currently trading near the 50 hourly simple moving average and above the 50% Fib retracement level of the last wave from the 1.2878 low to 1.2942 high.
On the upside, there is a strong resistance forming near the 1.2950 area. Moreover, there is a major bearish trend line forming with resistance near 1.2942 on the hourly chart of GBP/USD.
Therefore, the pair must climb above the 1.2940 and 1.2950 resistance levels to continue higher. In the mentioned case, the pair is likely to test the main 1.3000 resistance area.
Conversely, if there are more losses, the pair might test the 1.2900 support area. Any further losses may perhaps push the pair towards the 1.2880 and 1.2850 support levels.
See more on: https://www.fxopen.blog/gbp-usd-and-...ntinue-higher/
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EUR/USD Recovering While USD/JPY Tumbling
EUR/USD started a fresh increase and it recently traded above the 1.1035 resistance area. Conversely, USD/JPY is under a lot of selling pressure and it traded below the 109.00 support area.
EUR/USD Technical Analysis
The Euro remained well bid above the 1.0980 support area against the US Dollar. As a result, the EUR/USD pair started a fresh increase above the 1.1000 and 1.1020 resistance levels.
During the recovery, the pair broke a major resistance area near the 1.1035 level. Moreover, there was a close above the 1.1050 level and 50 hourly simple moving average. It opened the doors for more gains and the pair traded towards the 1.1090 level.
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A high was formed near 1.1093 on FXOpen and the pair is currently consolidating gains. Recently, it corrected below the 50% Fib retracement level of the upward move from the 1.1065 low to 1.1093 high.
However, the 1.1075 level seems to be providing support. Besides, there is a short term ascending channel forming with support near 1.1075 on the hourly chart of EUR/USD.
The 61.8% Fib retracement level of the upward move from the 1.1065 low to 1.1093 high is also near 1.1075. Therefore, a downside break below 1.1075 and 1.1065 could start a major downside correction towards the 1.1050 and 1.1035 support levels.
On the upside, an initial resistance is near the 1.1090 and 1.1100 levels. A clear break above the 1.1100 resistance area could set the pace for a strong rise towards the 1.1140 and 1.1150 resistance levels in the near term.
See more on: https://www.fxopen.blog/eur-usd-reco...-jpy-tumbling/
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Gold Price And Crude Oil Price Likely To Rise Further
Gold price is trading nicely in a positive zone above the $1,475 support area. Crude oil price is also showing positive signs and it could continue to rise above $59.00 and $60.00.
Gold Price Technical Analysis
Earlier this week, gold price formed a strong support near the $1,452 and $1,453 levels against the US Dollar. As a result, there was a nice upward move above the $1,460 and $1,470 resistance levels.
Moreover, there was a break below the $1,475 resistance and 50 hourly simple moving average. Finally, there was a break above the $1,480 level and the price traded as high as $1,483 on FXOpen.
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Recently, there was a downside correction below the $1,480 and $1,478 levels. The price traded below the 23.6% Fib retracement level of the upward move from the $1,453 low to $1,483 high.
However, the price is holding the $1,472 and $1,470 support levels. Besides, it seems like the 38.2% Fib retracement level of the upward move from the $1,453 low to $1,483 high is providing support.
More importantly, there is a contracting triangle forming with resistance near $1,478 on the hourly chart of gold. If there is an upside break above the $1,478 and $1,480 resistance levels, the price is likely to continue higher.
The next major resistance is near the $1,485 level, above which gold price may perhaps rise towards the $1,500 level in the near term.
On the downside, an initial support is near the $1,472 level. If gold price fails to stay above the $1,472 support, there are chances of a push towards the $1,465 support area.
See more on: https://www.fxopen.blog/gold-price-a...-rise-further/
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GBP/USD and EUR/GBP: British Pound Surging
GBP/USD is gaining momentum and it recently climbed above the 1.3080 resistance area. EUR/GBP is declining and it seems like it could decline further below 0.8400.
GBP/USD Technical Analysis
The British Pound started a strong rise from the 1.2880 support area against the US Dollar. The GBP/USD pair rallied above many resistances near 1.3000 to move into a solid uptrend zone.
Moreover, there was a break above the 1.3080 resistance and the 50 hourly simple moving average. Finally, there was a break above the 1.3100 level and the pair traded as high as 1.3165 on FXOpen.
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Recently, there was a downside correction below the 1.3150 level. Besides, there was a break below the 23.6% Fib retracement level of the upward move from the 1.2983 low to 1.3165 high.
However, the pair remained well bid above the 1.3100 support area. Additionally, there is a key bullish trend line forming with support near 1.3125 on the hourly chart of GBP/USD.
If there is a downside break, the pair could test the 1.3080 support area. The 50% Fib retracement level of the upward move from the 1.2983 low to 1.3165 high is also near the 1.3075 level to provide support.
Any further losses may perhaps push the pair towards the 1.3060 support level. On the other hand, the pair might continue to move up above 1.3150.
An immediate resistance is near the 1.31655 level, above which GBP/USD is likely to test the main 1.3200 resistance area. Any further gains could lead the pair towards the 1.3250 level.
See more on: https://www.fxopen.blog/gbp-usd-and-...pound-surging/
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EUR/USD Could Rise Further While USD/CHF Is Sliding
EUR/USD is currently recovering and trading nicely above the 1.1050 support area. Conversely. USD/CHF is declining and it may continue to slide towards 0.9800
EUR/USD Technical Analysis
This week, the Euro found support above the main 1.1025 area (the last swing low was formed near 1.1039 on FXOpen) against the US Dollar. As a result, the EUR/USD pair started a fresh recovery above the 1.1050 resistance.
Moreover, the pair broke the 1.1075 resistance area and the 50 hourly simple moving average. The pair is now trading above the 61.8% Fib retracement level of the downward move from the 1.1109 high to 1.1039 low.
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At the moment, the pair is trading near the 1.1095 area, plus the 76.4% Fib retracement level of the downward move from the 1.1109 high to 1.1039 low.
If there is an upside break above 1.1095 and 1.1100, EUR/USD is likely to accelerate higher in the near term. In the mentioned case, the pair could even surpass the 1.1110 and 1.1120 levels.
On the downside, there are many supports near 1.1075 and 1.1050. Besides, there is a major bullish trend line forming with support near 1.1080 on the hourly chart of EUR/USD.
If there is a downside break below the 1.1075 support and the 50 hourly simple moving average, the pair could move back into a bearish zone. The next major support is seen near the 1.1050 level, followed by the 1.1039 swing low.
Overall, the pair remains well bid above 1.1075 and it is likely to climb above the 1.1100 resistance area in the near term.
See more on: https://www.fxopen.blog/eur-usd-coul...hf-is-sliding/
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AUD/USD And NZD/USD Primed For More Gains
AUD/USD started a strong increase from the 0.6840 support and it climbed above the 0.6900 resistance. NZD/USD is also climbing higher and it is trading nicely above the 0.6600 resistance area.
AUD/USD Technical Analysis
In the past few days, there was a steady recovery in the Aussie Dollar from well below the 0.6840 level against the US Dollar. The AUD/USD pair broke a couple of important resistances near 0.6850 to enter a positive zone.
The upward move was such that the pair even climbed above the 0.6900 resistance and settled above the 50 hourly simple moving average. Finally, the pair traded as high as 0.6938 and it is currently correcting lower.
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It broke the 23.6% Fib retracement level of the recent wave from the 0.6886 low to 0.6938 high. However, the 0.6910 support is acting as a strong buy zone.
Moreover, there is a major bullish trend line forming with support near 0.6910 on the hourly chart of AUD/USD. The 50% Fib retracement level of the recent wave from the 0.6886 low to 0.6938 high is also near the 0.6910 level.
Therefore, a downside break below the 0.6910 support might start a substantial downside correction. The next support is near the 0.6900 level. However, the main support could be 0.6875 and the 50 hourly simple moving average.
On the upside, an initial resistance is near the 0.6935 and 0.6940 levels. A successful break above the 0.6940 resistance area could start a strong upward move in the coming sessions towards 0.7000.
See more on: https://www.fxopen.blog/aud-usd-and-...or-more-gains/
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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.
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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/
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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.
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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/
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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.
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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/