Thread: FXOpen Technical Analysis

AUD/USD And NZD/USD Likely To Continue Lower


AUD/USD remained in a bearish zone and broke the 0.6750 support area. NZD/USD is also declining and it is likely to continue lower below the 0.6480 support area.
AUD/USD Technical Analysis


After forming a top near the 0.6880 level, the Aussie Dollar started a strong decline against the US Dollar. The AUD/USD pair broke many supports near 0.6820 and 0.6800 to enter a bearish zone.
Moreover, there was a break below the 0.6750 support and the 50 hourly simple moving average. The recent decline was such that the pair traded close to the 0.6700 support area.




A low is formed near 0.6700 and the pair is currently consolidating losses. It tested the 38.2% Fib retracement level of the recent decline from the 0.6762 high to 0.6700 low.
However, there are many hurdles for the bulls on the upside near the 0.6725 and 0.6730 levels. Moreover, there is a major bearish trend line forming with resistance near 0.6725 on the hourly chart of AUD/USD.
The trend line is close to the 50% Fib retracement level of the recent decline from the 0.6762 high to 0.6700 low. Therefore, the pair must break the trend line and settle above 0.6730 to start a decent recovery.
The next key resistance is near 0.6750, above which the pair might correct towards the 0.6800 resistance. Conversely, the pair is likely to continue lower below the 0.6700 support.
The next support on the downside is near the 0.6680 level, below which there is a risk of more losses towards 0.6650 or 0.6620 in the near term.

See more: https://www.fxopen.blog/aud-usd-and-...ontinue-lower/

GBP/USD and EUR/GBP: British Pound Bulls In Control

GBP/USD started a strong increase above the 1.3100 resistance area and climbed to 1.3200. EUR/GBP is currently correcting higher, but upsides remain capped in the near term.

GBP/USD Technical Analysis

After forming a support base near the 1.2980 level, the British Pound started a strong rise against the US Dollar. As a result, the GBP/USD pair broke many hurdles near 1.3050 and 1.3100 to enter a positive zone.
Moreover, there was a break above the 1.3160 resistance area and the pair settled nicely above the 50 hourly simple moving average. Finally, it climbed above the 1.3200 level and traded as high as 1.3209 on FXOpen.




It is currently correcting lower below the 1.3200 and 1.3180 levels. There was a break below the 23.6% Fib retracement level of the upward move from the 1.3100 low to 1.3209 high.
However, the pair is now trading near the 1.3160 support area. More importantly, there is a connecting bullish trend line forming with support near 1.3135 on the hourly chart of GBP/USD.
The 50% Fib retracement level of the upward move from the 1.3100 low to 1.3209 high is also acting as a support near the 1.3154 level. Therefore, the pair remains well supported above the 1.3120 level.
If it fails to stay above 1.3120 and 1.3100, the bears are likely to take control. On the upside, there are chances of a strong rise above the 1.3180 and 1.3200 levels.
If there is a proper close above the 1.3200 resistance area, GBP/USD bulls are likely to aim another increase towards the 1.3240 and 1.3250 resistance levels.

See more: https://www.fxopen.blog/gbp-usd-and-...ls-in-control/

EUR/USD Diving While USD/CHF Is Showing Positive Signs

EUR/USD failed to continue above the 1.1100 resistance area and decline recently below 1.1070. Conversely. USD/CHF is climbing higher and showing positive signs above 0.9680.

EUR/USD Technical Analysis

This past week, the Euro started a decent recovery above the 1.1040 resistance area against the US Dollar. The EUR/USD pair even broke the 1.1080 resistance area, but it struggled to climb above the 1.1100 resistance area.
A high was formed near 1.1095 on FXOpen and the pair started a fresh decline. It broke the 1.1080 and 1.1070 levels to move into a bearish zone.




Moreover, there was a close below the 1.1050 level and the 50 hourly simple moving average. The pair even traded below the 50% Fib retracement level of the upward move from the 1.0992 low to 1.1095 high.
During the decline, there was a break below a key bullish trend line with support at 1.1052 on the hourly chart of EUR/USD. The pair is now trading near the 1.1030-1.1035 support area.
Besides, the 61.8% Fib retracement level of the upward move from the 1.0992 low to 1.1095 high is also near the 1.1035 level. If there is a downside break below the 1.1035 level, there are chances of a strong decline.
The next major support is near the 1.1015 level, below which the bears are likely to aim a test of 1.0000. On the upside, the 1.1045 level is an initial resistance. The main resistance for EUR/USD is now near the 1.1055 level and the 50 hourly simple moving average.

See more: https://www.fxopen.blog/eur-usd-divi...ositive-signs/

GBP/USD In Downtrend While USD/CAD Could Rise Again

GBP/USD declined heavily in the past few days and broke the 1.3000 support area. Conversely, USD/CAD climbed towards the 1.3300 resistance area and it is currently consolidating gains.

GBP/USD Technical Analysis

The British Pound failed to gain strength above the 1.3200 resistance area against the US Dollar. As a result, the GBP/USD pair started a fresh decline and broke many supports near the 1.3100 area.
Moreover, there was a break below the 1.3000 support area and the 50 hourly simple moving average. Finally, the pair declined below the 1.2950 support area. The recent decline was such that the pair spiked below 1.2900 and traded as low as 1.2881 on FXOpen.




The pair is currently consolidating losses above 1.2880. It is testing the 23.6% Fib retracement level of the recent decline from the 1.2958 high to 1.2881 low.
On the upside, there is a major bearish trend line forming with resistance near 1.2910 on the hourly chart of GBP/USD. The trend line close to the 50% Fib retracement level of the recent decline from the 1.2958 high to 1.2881 low.
The main resistance is near the 1.2920 level, above which the pair could recover towards the 1.2950 resistance area. A successful break above the 1.2920 and 1.2950 levels is needed to start a strong recovery in the near term.
On the downside, there is a short term support near the 1.2880 level. If GBP/USD fails to correct above the 1.2920 resistance, there is a risk of more losses below the 1.2880 and 1.2860 levels in the near term.

See more: https://www.fxopen.blog/gbp-usd-in-d...ld-rise-again/

EUR/USD And USD/JPY Trading Near Make-or-Break Levels

EUR/USD is declining heavily and it is currently consolidating above the 1.0880 support area. USD/JPY climbed higher nicely, but it is facing hurdles near the 110.00 resistance area.

EUR/USD Technical Analysis

In the past few days, the Euro declined steadily below the 1.1100 and 1.0980 support levels against the US Dollar. The EUR/USD pair even broke the 1.0950 support level to enter a bearish zone.
Moreover, there was a close below the 1.0940 level and the 50 hourly simple moving average. A new 2020 low is formed at 1.0891 on FXOpen and the pair is currently correcting higher.




It traded above the 1.0900 level and climbed above the 23.6% Fib retracement level of the recent slide from the 1.0976 high to 1.0891 low. However, the pair is facing a strong resistance near the 1.0925 level.
Moreover, there is a major bearish trend line forming with resistance near 1.0925 on the hourly chart of EUR/USD. Above the trend line, the 50% Fib retracement level of the recent slide from the 1.0976 high to 1.0891 low is at 1.0935.
Finally, the EUR/USD pair must move above the 1.0940 resistance area and the 50 hourly simple moving average to start a decent recovery in the coming sessions. The next hurdle is seen near the 1.0980 level.
Conversely, if the pair fails to continue higher above 1.0940, there is a risk of more losses. On the downside, an initial support is near the 1.0880 level. If the pair fails to stay above the 1.0880 level, there is a risk of more losses towards the 1.0840 level.

See more: https://www.fxopen.blog/eur-usd-and-...-break-levels/

AUD/USD And NZD/USD Facing Key Hurdles

AUD/USD recovered recently, but it is facing hurdles near the 0.6750 resistance area. Similarly, NZD/USD must climb above the 0.6750 resistance area to continue higher.

AUD/USD Technical Analysis

After a steady decline, the Aussie Dollar found support near the 0.6660 area against the US Dollar. The AUD/USD pair started an upside correction and traded above the 0.6700 resistance.
Moreover, there was a break below the 0.6720 area and the 50 hourly simple moving average. However, the pair struggled to gain momentum above the 0.6750 resistance and declined recently.




It traded as low as 0.6709 on FXOpen and it is currently moving higher. It surpassed the 50% Fib retracement level of the recent decline from the 0.6745 high to 0.6709 low.
At the moment, it is trading near the 0.6730 area and the 50 hourly simple moving average. Besides, the 61.8% Fib retracement level of the recent decline from the 0.6745 high to 0.6709 low is near the 0.6731 level.
More importantly, there is a major bearish trend line forming with resistance near 0.6740 on the hourly chart of AUD/USD. It seems like the pair is facing a strong resistance near the 0.6740 and 0.6750 levels.
Therefore, a clear break above the 0.6750 area could open the doors for a larger upward move. The next major hurdle is near the 0.6800 area.
If AUD/USD fails to climb above 0.6750, it could resume its decline. An initial support is near the 0.6710 area. The main support is at 0.6700, below which the bears are likely to take control in the near term.

See more: https://www.fxopen.blog/aud-usd-and-...key-hurdles-2/

GBP/USD and EUR/GBP: British Pound Climbing Higher




GBP/USD started a decent recovery and climbed above the 1.3020 resistance area. EUR/GBP declined heavily below 0.8400 and it could continue to move down towards 0.8250.
GBP/USD Technical Analysis

After a steady decline, the British Pound found support near 1.2900 and 1.2880 against the US Dollar. As a result, the GBP/USD pair started an upward move above the 1.2950 and 1.3000 resistance levels.

The upward move was such that the pair even climbed above the 1.3020 area and the 50 hourly simple moving average. Finally, it climbed above the 1.3050 level and traded as high as 1.3069 on FXOpen.





It is currently correcting lower below the 1.3050 and 1.3040 levels. There was a break below the 38.2% Fib retracement level of the upward move from the 1.2943 low to 1.3069 high.
However, the pair remained well bid above the 1.3000 area and the 50 hourly simple moving average. Besides, there is a key bullish trend line forming with support near 1.3020 on the hourly chart of GBP/USD.
The 50% Fib retracement level of the upward move from the 1.2943 low to 1.3069 high also acted as a strong support. The pair is currently rising and trading near the 1.3050 resistance.
On the upside, the pair must clear the 1.3050 resistance and connecting bearish trend line on the same chart. If there is a proper close above the 1.3050 resistance area, GBP/USD could continue to rise towards 1.3100 and 1.3120.
Conversely, there is a risk of a downside correction towards the 1.2950 support area in the coming sessions.
See more at: https://www.fxopen.blog/gbp-usd-and-...imbing-higher/

EUR/USD Nosedives While USD/CHF Is Rising Steadily


EUR/USD started a strong decline below 1.1000 and traded below 1.0850. Conversely, USD/CHF is rising steadily and it recently climbed above the 0.9800 resistance area.
EUR/USD Technical Analysis

In the past few days, the Euro followed a strong bearish path below the 1.0900 support area against the US Dollar. The EUR/USD pair even broke the 1.0850 support area to move into a bearish zone.
The recent decline was such that the pair dived below the 1.0800 level and settled well below the 50 hourly simple moving average. A new monthly low is formed near 1.0785 on FXOpen and the pair is currently consolidating losses.





It is trading above the 23.6% Fib retracement level of the downward move from the 1.0836 high to 1.0785 low. On the upside, there are many hurdles near the 1.0810 and 1.0820 levels.
Moreover, there is a key bearish trend line forming with resistance near 1.0810 on the hourly chart of EUR/USD. The trend line is close to the 50% Fib retracement level of the downward move from the 1.0836 high to 1.0785 low.
The main resistance is near the 1.0825 level and the 50 hourly simple moving average. Therefore, the bulls need to gain pace above the 1.0825 level to start a strong recovery in the near term.
In the mentioned case, EUR/USD could recover towards the 1.0850 and 1.0860 levels in the near term. Conversely, there is a risk of a sharp decline in the coming sessions below 1.0800 and 1.0780.


See more at: https://www.fxopen.blog/eur-usd-nose...sing-steadily/

Gold Price Surging While Crude Oil Price Might Correct Lower


Gold price surged above the $1,620 level and it might continue to rise. Crude oil price is currently correcting lower and it could decline towards the $52.50 support.
Gold Price Technical Analysis

In the past few days, gold price started a strong rise above the $1,580 pivot level against the US Dollar. The bulls gained strength, resulting in a sharp upward move above the $1,600 resistance area.
The upward move was such that the price settled above the $1,610 level and the 50 hourly simple moving average. Finally, it broke the $1,620 resistance and traded to a new 2020 high at $1,624 on FXOpen.



The price is currently trading with a strong bullish bias and it might continue to rise above the $1,625 level. The next key resistance on the upside is near the $1,640 and $1,645 levels.
On the downside, an initial support is near the $1,620 level. Besides, the 23.6% Fib retracement level of the recent rise from the $1,603 low to $1,624 high is also near the $1,620 level.
Moreover, there is a key bullish trend line forming with support near $1,615 on the hourly chart of gold. The trend line is close to the 50% Fib retracement level of the recent rise from the $1,603 low to $1,624 high.
Therefore, dips remain well supported on the downside near the $1,620 and $1,615 levels. The main support on the downside is now near the $1,610 level since it coincides with the 50 hourly simple moving average.


See more at: https://www.fxopen.blog/gold-price-s...correct-lower/

GBP/USD and GBP/JPY: British Pound Could Resume Upside


GBP/USD started a decent increase from the 1.2849 low and recovered above 1.2950. GBP/JPY is trading nicely in a positive zone above 144.00 and it could continue to rise.
GBP/USD Technical Analysis

This past week, the British Pound declined towards the 1.2850 support area against the US Dollar. However, the GBP/USD pair remained well bid near 1.2850 and 1.2855.
A low was formed near 1.2849 on FXOpen and the pair started a fresh increase. It surpassed the 1.2920 and 1.2940 resistance levels to move into a short term positive zone.





The pair traded above the 50% Fib retracement level of the downward move from the 1.3048 high to 1.2849 low. During the rise, there was a break above a connecting bearish trend line with resistance near 1.2948 on the hourly chart.
Besides, the pair settled above 1.2920 and the 50 hourly simple moving average. However, the pair failed to climb above the 1.2980 and 1.3000 resistance levels.
The 76.4% Fib retracement level of the downward move from the 1.3048 high to 1.2849 low also prevented gains. More importantly, there is a key bearish trend line in place with resistance near 1.2995 on the hourly chart of GBP/USD.
The pair is currently declining, but it could find bids near the 1.2925 and 1.2910 support levels. Any further losses may lead the pair back towards 1.2850.
On the upside, an initial resistance is near the 1.2980 level. However, the GBP/USD pair must surpass the 1.3000 resistance area to continue higher towards the 1.3050 and 1.3080 levels in the near term.


See more at: https://www.fxopen.blog/gbp-usd-and-...resume-upside/.