Thread: FXOpen Technical Analysis

EUR/USD Recovering Nicely While USD/JPY Is Sliding
EUR/USD started an upside correction from the 1.0780 support area and recovered above 1.0820. USD/JPY is currently declining, but it is approaching a key support near 109.80.
UR/USD Technical Analysis

After a major decline, the Euro found support near the 1.0780 and 1.0785 levels against the US Dollar. As a result, the EUR/USD pair started a decent upward move and recovered above the 1.0820 resistance.
Moreover, there was a close above the 1.0840 and the 50 hourly simple moving average. Finally, the pair climbed above the 1.0875 level and traded as high as 1.0890 on FXOpen.





It is currently correcting lower and trading below the 1.0875 level. Besides, there was a break below the 23.6% Fib retracement level of the upward move from the 1.0830 low to 1.0890 high.
However, there are many supports on the downside, starting with 1.0860. More importantly, there is a key bullish trend line forming with support near 1.0855 on the hourly chart of EUR/USD.
The 50% Fib retracement level of the upward move from the 1.0830 low to 1.0890 high is also near the 1.0860 level to provide support. Therefore, dips in EUR/USD are likely to remain supported.
Any further losses could push the pair back into a bearish zone towards the 1.0820 and 1.0800 support levels. Conversely, the pair could bounce back from 1.0860 or 1.0850.
On the upside, an initial resistance is near the 1.0880 level. A clear break above the 1.0880 and 1.0900 levels could open the doors for a larger recovery towards the 1.0950 level.


See more at: https://www.fxopen.blog/eur-usd-reco...py-is-sliding/

AUD/USD And NZD/USD Nosedive Below Key Supports
AUD/USD started a strong decline and traded below the key 0.6600 support area. Similarly, NZD/USD is declining heavily and it could continue to dive below the 0.6250 support.
AUD/USD Technical Analysis

After forming a top near the 0.6700 area, the Aussie Dollar started a major decline below 0.6650 against the US Dollar. The AUD/USD pair even broke the 0.6600 support level to enter a bearish zone.
Moreover, there was a break below the 0.6560 support and the 50 hourly simple moving average. It opened the doors for more losses and the pair traded as low as 0.6527 on FXOpen.





It is currently trading with a strong bearish angle below 0.6550. On the upside, an initial resistance is near the 0.6545 level. Besides, the 23.6% Fib retracement level of the recent decline from the 0.6591 high to 0.6527 low is also near 0.6545.
On the upside, there are a couple of key hurdles seen near the 0.6550 and 0.6555 levels. The 50% Fib retracement level of the recent decline from the 0.6591 high to 0.6527 low is also near 0.6555.
More importantly, is a key bearish trend line forming with resistance near 0.6570 on the hourly chart of AUD/USD. Therefore, it could be very tough for the bulls to start a decent recovery wave above the 0.6550 and 0.6570 levels.
If AUD/USD fails to recover above 0.6550 or 0.6570, there are chances of more downsides. An initial support is near the 0.6525 level, below which there is a risk of a sharp decline. The next major support is seen near the 0.6500 level.


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

GBP/USD Surging While GBP/JPY Could Decline Further


GBP/USD started a strong increase from the 1.2780 support area and jumped above 1.2950. Conversely, GBP/JPY is declining and it could extend losses below 134.00.
GBP/USD Technical Analysis



This past week, the British Pound started a decent recovery wave from the 1.2780 support area against the US Dollar. The GBP/USD pair broke a few important hurdles near 1.2850 and 1.2925 to move into a positive zone.
Moreover, the pair jumped above the 1.3000 resistance and the 50 hourly simple moving average. The upward move was such that the pair spiked towards the 1.3125 level and a new weekly high is formed at 1.3124 on FXOpen.





The pair is currently correcting lower below the 1.3100 level. It broke the 23.6% Fib retracement level of the recent wave from the 1.2990 low to 1.3124 high.
However, there are many supports on the downside, starting with the 1.3058 level. It is close to the 50% Fib retracement level of the recent wave from the 1.2990 low to 1.3124 high.
Moreover, there is a major bullish trend line forming with support near 1.3055 on the hourly chart of GBP/USD. Therefore, the pair is likely to remain well supported on the downside near the 1.3050 area.
On the upside, an initial resistance is near the 1.3100 level. The first main hurdle for the GBP/USD pair is near the 1.3120 level, above which the bulls are likely to aim a target of the 1.3150 level in the near term.


See more : https://www.fxopen.blog/gbp-usd-surg...cline-further/

EUR/USD Eyeing More Gains While USD/JPY Is Facing Hurdles
EUR/USD followed a strong bullish path above the 1.1200 pivot area and climbed towards 1.1500. USD/JPY is currently recovering higher, but it is facing hurdles near 106.00.


EUR/USD Technical Analysis

In the past few days, the Euro started a steady increase above the 1.1200 and 1.1300 resistance levels against the US Dollar. As a result, the EUR/USD pair even broke the 1.1420 resistance area.
Moreover, there was a break above the 1.1450 level and the pair traded as high as 1.1494 on FXOpen. The pair made a couple of attempts to break the 1.1490 and 1.1500 levels, but it failed.




The last swing high was formed near 1.1478 and the pair recently declined below the 50 hourly simple moving average. The decline was such that the pair spiked below 1.1350 and traded as low as 1.1275.
It is now climbing higher and trading above the 1.1300 level. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the 1.1478 high to 1.1275 low.
Moreover, there is a key bearish trend line forming with resistance near 1.1325 on the hourly chart of EUR/USD. A clear break above the trend line could lead EUR/USD towards the 1.1375 resistance area.
The 50 hourly simple moving average is positioned near 1.1375 along with the 50% Fib retracement level of the recent decline from the 1.1478 high to 1.1275 low.
Therefore, a clear break above the 1.1375 resistance zone won’t be easy. If the pair succeeds, it could climb back towards the 1.1450 and 1.1475 levels. On the downside, the main supports are near 1.1275.


See more: https://www.fxopen.blog/eur-usd-eyei...acing-hurdles/

AUD/USD And NZD/USD Facing Key Hurdles


AUD/USD declined heavily and traded below the key 0.6400 support area. Similarly, NZD/USD declined below 0.6200 and it is currently correcting higher.




AUD/USD Technical Analysis

This past week, the Aussie Dollar topped near the 0.6680 resistance area against the US Dollar. The AUD/USD pair started a fresh decline below the 0.6500 and 0.6400 support levels.
Moreover, there was a close below the 0.6400 support and the 50 hourly simple moving average. It opened the doors for more losses below the 0.6300 level and the pair traded as low as 0.6212 on FXOpen.





It is currently correcting higher and trading above the 0.6250 level. It tested the 23.6% Fib retracement level of the recent drop from the 0.6539 high to 0.6212 low.
On the upside, an initial resistance is near the 0.6320 level. The first major resistance is near the 0.6375 level. There is also a major bearish trend line forming with resistance near 0.6360 on the hourly chart of AUD/USD.
The 50% Fib retracement level of the recent drop from the 0.6539 high to 0.6212 low is also near the 0.6375 level to act as a key hurdle for the bulls.
Therefore, the AUD/USD pair might face a lot of hurdles if it recovers towards the 0.6360 and 0.6375 levels. A successful close above 0.6375 is needed to start a decent increase towards the 0.6500 level.
If AUD/USD fails to recover above 0.6320 or 0.6360, there are chances of more downsides. An initial support is near the 0.6250 level, below which the bears are likely to aim a test of the 0.6200 level.


See more: https://www.fxopen.blog/aud-usd-and-...key-hurdles-3/

GBP/USD and EUR/GBP: British Pound Struggling To Recover
GBP/USD failed to stay above the 1.2800 support and declined heavily. EUR/GBP is rising steadily and it remains well supported on the downside above 0.8900.


GBP/USD Technical Analysis
This past week, the British Pound started a major decline from well above the 1.2750 pivot area against the US Dollar. As a result, the GBP/USD pair broke many key supports near the 1.2720 and 1.2650 levels.
The decline was such that the pair even broke the 1.2500 support area and settled well below the 50 hourly simple moving average. Finally, the pair declined below the 1.2400 area and traded as low as 1.2238 on FXOpen.





It is currently correcting higher and trading above the 1.2320 level. It broke the 23.6% Fib retracement level of the recent drop from the 1.2624 high to 1.2238 low.
The first important resistance on the upside is near the 1.2400 and 1.2420 levels. The 50% Fib retracement level of the recent drop from the 1.2624 high to 1.2238 low is also near the 1.2430 level.
Moreover, there is a major bearish trend line forming with resistance near 1.2590 on the hourly chart of GBP/USD. Therefore, the pair is likely to face a lot of hurdles on the upside, starting with 1.2400 and up to 1.2550.
On the downside, an initial support is near the 1.2300 level. If the pair fails to correct higher above 1.2400, there is a risk of more losses below the 1.2300 support area. The next key support is near the 1.2250 level, below which it could visit the 1.2200 zone.


See more: https://www.fxopen.blog/gbp-usd-and-...ng-to-recover/

EUR/USD Turns Red And USD/CHF Remains Supported
EUR/USD failed to hold a few key supports and declined below the 1.1140 zone. Conversely, USD/CHF is trading in a positive zone and it remains well supported above 0.9550.


EUR/USD Technical Analysis
This week, the Euro extended its decline after it broke the key 1.1200 support area against the US Dollar. The EUR/USD pair broke a few important supports near the 1.1140 level to enter a bearish zone.
Moreover, there was a close below the 1.1100 support and the 50 hourly simple moving average. The pair extended its decline below the 1.1040 and traded as low as 1.0953 on FXOpen.





The pair is currently correcting higher and trading above the 1.1000 level. There was a break above the 23.6% Fib retracement level of the recent decline from the 1.1188 high to 1.0953 low.
On the upside, an initial resistance is near the 1.1070 level. It coincides with the 50% Fib retracement level of the recent decline from the 1.1188 high to 1.0953 low. Moreover, there is a key bearish trend line forming with resistance near 1.1095 on the hourly chart of EUR/USD.
If there is an upside break above the 1.1070 and 1.1100 resistance levels, the pair could start a strong upward move. The next key resistance is near the 1.1180 and 1.1200 levels.
Conversely, the pair could struggle to rise above the 1.1040 and 1.1070 resistance levels. In the mentioned case, there is a risk of more losses in the near term below the 1.1000 support level. The next key support is near the 1.0950 level.


See more: https://www.fxopen.blog/eur-usd-turn...ins-supported/

Gold Price Is Facing Hurdles While Crude Oil Price Is Recovering


Gold price found support near the $1,455 level and it is currently consolidating losses. Conversely, crude oil price is recovering and it is now trading above the $25.00 resistance.


Gold Price Technical Analysis

In the past few days, gold price followed a bearish path from well above the $1,580 level against the US Dollar. It broke a couple of key supports near the $1,550 to move further into a bearish zone.
Moreover, there was a close below the $1,500 level and the 50 hourly simple moving average. Finally, it traded as low as $1,455 on FXOpen and it is now consolidating losses.



It seems like there is likely a double bottom pattern forming near the $1,455 level. The price is trading above the 23.6% Fib retracement level of the recent decline from the $1,553 high to $1,455 low.
Moreover, the bulls are currently attempting a break above a connecting bearish trend line at $1,462 on the hourly chart of gold. If they succeed, the price might start a decent recovery towards the $1,500 resistance level.
The 50 hourly simple moving average is close to the $1,500 level to act as a key resistance. The 50% Fib retracement level of the recent decline from the $1,553 high to $1,455 low is also near the $1,505 level.
Therefore, the price is likely to face a strong resistance near $1,500 and $1,505. A successful close above the $1,500 and $1,505 levels might start a strong rise.
Conversely, the price could start another decline and it might even trade below the $1,455 and $1,450 support levels in the near term.


See more: https://www.fxopen.blog/gold-price-i...is-recovering/

Gold Price Is Rising While Crude Oil Price Is Consolidating
Gold price is trading in a positive zone above the $1,585 resistance area and it could rise further. Conversely, crude oil price is trading in a range and it could correct above $25.00.


Gold Price Technical Analysis

In the past few days, gold price remained in a positive zone above the $1,550 zone against the US Dollar. It traded above the $1,565 and $1,580 resistance levels to start a decent upward move.
Moreover, there was a close above the $1,585 resistance and the 50 hourly simple moving average. Finally, the price climbed above the $1,600 resistance area and traded as high as $1,629 on FXOpen.



The price is currently correcting lower below $1,620. There was a break below the 23.6% Fib retracement level of the recent rise from the $1,570 low to $1,629 high.
On the downside, an initial support is near the $1,606 level and the 50 hourly simple moving average. The next major support is near the $1,600 level. It is close to the 50% Fib retracement level of the recent rise from the $1,570 low to $1,629 high.
There is also a key bullish trend line forming with support near $1,584 on the hourly chart of gold. Clearly, the $1,584 area is an important support zone for the bulls in the near term.
If there is a downside break below the $1,585 and $1,584 support levels, there could be a nasty decline. The next major support is near the $1,555 level, below which there is a risk of more downsides towards $1,530.
Conversely, the price may perhaps rise above the $1,620 and $1,625 resistance levels. Any further gains could lead the price towards the $1,650 level in the near term.
See more: https://www.fxopen.blog/gold-price-i...consolidating/

GBP/USD and EUR/GBP: British Pound Gaining Traction


GBP/USD is gaining pace and it recovered above the 1.2300 resistance area. EUR/GBP is sliding and it is likely to face hurdles near the 0.9050 area.


GBP/USD Technical Analysis


This past week, the British Pound started a decent recovery wave above the 1.1850 resistance against the US Dollar. As a result, the GBP/USD pair broke many key hurdles near the 1.2020 and 1.2100 resistance levels.
The upward move gained pace and the pair rallied above the 1.2200 barrier and the 50 hourly simple moving average. Finally, the pair broke the 1.2400 barrier and it traded as high as 1.2485 on FXOpen.


It is currently correcting lower and trading below the 1.2400 level. It broke the 23.6% Fib retracement level of the recent wave from the 1.2144 low to 1.2485 high.
On the downside, there are many supports near 1.2375 and 1.2350. There is also a key bullish trend line forming with support near 1.2375 on the hourly chart of GBP/USD.
Below the trend line support, the pair is likely to find a strong support near the 1.2320 level. The 50% Fib retracement level of the recent wave from the 1.2144 low to 1.2485 high is also near the 1.2315 level to provide support.
Any further losses may perhaps start a major decline towards the 1.2260 and 1.2250 support levels. On the upside, an initial hurdle is near the 1.2420 level.
A clear break above the 1.2420 and 1.2450 resistance levels could open the doors for a larger rally towards the 1.2500 barrier in the coming sessions.
See more: https://www.fxopen.blog/gbp-usd-and-...ning-traction/