Thread: FXOpen Technical Analysis

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.




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.

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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.



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.

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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.




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.

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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.




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.

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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.




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.

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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.




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/

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.




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.

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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.



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/

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.




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/

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.




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/