Thread: FXOpen Technical Analysis

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.



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.

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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.




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.

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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.
EURUSD-Chart-1024x479.jpg
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/

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.
Gold-Price-Chart-1024x479.jpg


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/

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.

GBPUSD-Chart-1-1024x479 (1).jpg


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/.

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.

AUDUSD-Chart-1-1024x479.jpg


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/

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.

GBPUSD-Chart-2-1024x479.jpg
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/

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.

EURUSD-Chart-2-1024x479.jpg


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/

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.

GBPUSD-Chart-3-1024x479.jpg


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/