Thread: FXOpen Technical Analysis

AUD/USD And NZD/USD Eyeing Upside Break
AUD/USD is following a bullish path and eyeing an upside break above the 0.6400 resistance zone. Similarly, NZD/USD must break 0.6020-0.6040 for upside continuation.


AUD/USD Technical Analysis
The Aussie Dollar remained well bid above the 0.6250 and 0.6260 levels against the US Dollar. As a result, the AUD/USD pair started a fresh increase and climbed above the 0.6320 resistance.
The upward move gained pace above the 0.6350 level and the 50 hourly simple moving average. It opened the doors for more gains above the 0.6380 level.

However, the pair faced a strong selling interest near the 0.6400 level. A high is formed near 0.6405 on FXOpen and it is currently correcting lower. There was a break below the 0.6380 level.
Moreover, the pair traded below the 23.6% Fib retracement level of the recent rise from the 0.6282 low to 0.6405 high. On the downside, there is a key support forming near the 0.6340 level and the 50 hourly simple moving average.
There is also a key bullish trend line forming with support near 0.6340 on the hourly chart of AUD/USD. The trend line coincides with the 50% Fib retracement level of the recent rise from the 0.6282 low to 0.6405 high.
Therefore, dips remain well supported on the downside near the 0.6340 level. Any further losses could lead the pair towards the 0.6260 support zone. On the upside, an initial resistance is near the 0.6380 level.
See more: https://www.fxopen.blog/aud-usd-and-...pside-break-2/

GBP/USD and GBP/JPY: British Pound Facing Hurdles
GBP/USD started a decent recovery from the 1.2250 support zone and climbed above 1.2350. GBP/JPY is also rising, but facing hurdles near the 133.50 level.


GBP/USD Technical Analysis

This past week, the British Pound followed a bearish path and traded below the 1.2425 support area against the US Dollar. The GBP/USD pair broke the 1.2350 support level before it found support above 1.2250.
Recently, there was a decent recovery wave above the 1.2300 level. The pair broke the 1.2350 resistance level and the 50 hourly simple moving average. The recent swing low was formed near 1.2298 on FXOpen before it climbed above 1.2350.

There was a break above the 76.4% Fib retracement level of the downward move from the 1.2414 high to 1.2298 high. Besides, there was a break above a major bearish trend line with resistance near 1.2365 on the hourly chart of GBP/USD.
The pair is now approaching the 1.2410 resistance area and the last swing high. It seems like there is a major hurdles forming near 1.2410-1.2425. A successful close above the 1.2425 pivot level might push the pair further higher.
The next key resistance is near the 1.2480. It is close to the 1.618 Fib extension level of the downward move from the 1.2414 high to 1.2298 high.
Any further gains could lead the pair towards the 1.2500 and 1.2520 levels. Conversely, the pair may fail to surpass the 1.2425 resistance and it might decline back towards the 1.2350 support area or the 50 hourly SMA.


See more: https://www.fxopen.blog/gbp-usd-and-...acing-hurdles/

EUR/USD Could Recover Above 1.0900 While EUR/JPY Is Diving
EUR/USD is currently correcting higher and trading above the 1.0820 resistance. Conversely, EUR/JPY is diving and it could continue to decline towards 115.00.


EUR/USD Technical Analysis

This past week, the Euro extended its decline below the 1.0820 support against the US Dollar. The EUR/USD pair even broke the 1.0760 level before it found support near the 1.0730 level.
Recently, the pair started a decent recovery above the 1.0800 resistance level and the 50 hourly simple moving average. The pair even broke the 1.0850 resistance and traded as high as 1.0888 on FXOpen.

It failed to continue higher and corrected below 1.0840. A low is formed near 1.0817 and the pair is currently rising. It tested the 50% Fib retracement level of the recent decline from the 1.0888 high to 1.0817 low.
On the upside, an initial resistance is near the 1.0860 level. It coincides with the 61.8% Fib retracement level of the recent decline from the 1.0888 high to 1.0817 low.
The main resistance levels are near the 1.0885 and 1.0890 levels, above which EUR/USD could rally towards the 1.0920 and 1.0935 levels. The next major resistance is near the 1.0950 level.
Conversely, the pair might decline below the 1.0840 level or the 50 hourly simple moving average. On the downside, there is a connecting bullish trend line forming with support near 1.0825 on the hourly chart of EUR/USD.
The main support is near the 1.0800 level, below which the bears are likely to aim a fresh decrease towards the 1.0750 and 1.0740 levels.
See more: https://www.fxopen.blog/eur-usd-coul...jpy-is-diving/

EUR/USD Could Recover Above 1.0900 While EUR/JPY Is Diving EUR/USD is currently correcting higher and trading above the 1.0820 resistance. Conversely, EUR/JPY is diving and it could continue to decline towards 115.00. EUR/USD Technical Analysis

This past week, the Euro extended its decline below the 1.0820 support against the US Dollar. The EUR/USD pair even broke the 1.0760 level before it found support near the 1.0730 level. Recently, the pair started a decent recovery above the 1.0800 resistance level and the 50 hourly simple moving average. The pair even broke the 1.0850 resistance and traded as high as 1.0888 on FXOpen. It failed to continue higher and corrected below 1.0840. A low is formed near 1.0817 and the pair is currently rising. It tested the 50% Fib retracement level of the recent decline from the 1.0888 high to 1.0817 low. On the upside, an initial resistance is near the 1.0860 level. It coincides with the 61.8% Fib retracement level of the recent decline from the 1.0888 high to 1.0817 low. The main resistance levels are near the 1.0885 and 1.0890 levels, above which EUR/USD could rally towards the 1.0920 and 1.0935 levels. The next major resistance is near the 1.0950 level. Conversely, the pair might decline below the 1.0840 level or the 50 hourly simple moving average. On the downside, there is a connecting bullish trend line forming with support near 1.0825 on the hourly chart of EUR/USD. The main support is near the 1.0800 level, below which the bears are likely to aim a fresh decrease towards the 1.0750 and 1.0740 levels. See more: https://www.fxopen.blog/eur-usd-coul...jpy-is-diving/

GBP/USD and EUR/GBP: British Pound Remains At Risk
GBP/USD topped near the 1.2640 level and started a fresh decline below 1.2550. EUR/GBP is showing positive signs and it could rise further above 0.8800.


GBP/USD Technical Analysis

This past week, the British Pound climbed higher nicely above the 1.2550 and 1.2600 resistance levels against the US Dollar. However, the GBP/USD pair failed to continue higher above 1.2640 and started a fresh decline.
A high was formed near 1.2640 on FXOpen before the pair started a fresh decline. It broke the 1.2600 and 1.2550 support levels. Besides, there was a close below the 1.2520 level and the 50 hourly simple moving average.

The pair is now trading well below the 61.8% Fib retracement level of the upward move from the 1.2389 low to 1.2640 high. At the moment, the bears are attempting a downside break below a key bullish trend line with support at 1.2445 on the hourly chart of GBP/USD.
The 76.4% Fib retracement level of the upward move from the 1.2389 low to 1.2640 high is also near 1.2448. Therefore, a downside break below the 1.2445 and 1.2440 support levels could open the doors for a larger decline in the near term.
The next key support is near the 1.2320 and 1.2310 levels. On the upside, there are many hurdles forming near the 1.2500 and 1.2515 levels. There is also a connecting bearish trend line forming with resistance near 1.2515 on the same chart.
Therefore, the pair must surpass the 1.2515 resistance area to start a strong recovery in the near term towards 1.2550 and 1.2600.
See more: https://www.fxopen.blog/gbp-usd-and-...mains-at-risk/

EUR/USD And USD/JPY Could Extend Losses
EUR/USD is gaining bearish momentum below 1.0890 and 1.0855 support levels. Similarly, USD/JPY is trading in a bearish zone and it could struggle to recover above 106.50.


EUR/USD Technical Analysis

This week, the Euro started a fresh decline from well above the 1.0900 support zone against the US Dollar. The EUR/USD pair broke the 1.0890 and 1.0880 support levels to enter a bearish zone.
Moreover, there was a close below the 1.0880 level and the 50 hourly simple moving average. During the decline, the pair broke the 76.4% Fib retracement level of the upward move from the 1.0832 low to 1.1018 high (formed on FXOpen).



Besides, there was a break below a major bullish trend line with support near 1.0890 on the hourly chart of EUR/USD. The pair is now trading near the 1.0832 low and it could continue to move down in the near term.
An initial support is near the 1.0810 level, below which the pair could even decline below 1.0800. The next support is near the 1.0790 or the 1.236 Fib extension level of the upward move from the 1.0832 low to 1.1018 high.
If there are more downsides, the pair could continue to slide towards the 1.0750 support zone. If there is an upside correction, the previous support near 1.0890 and the 50 hourly simple moving average could act as a strong resistance.
To move into a positive zone, EUR/USD must gain pace above the 1.0890 level and settle above the 1.0900 pivot level in the near term.
See more: https://www.fxopen.blog/eur-usd-and-...extend-losses/

EUR/JPY and GBP/JPY Recovery Could Face Hurdles
The Euro and British Pound are currently correcting higher against the Japanese Yen. However, both EUR/JPY and GBP/JPY are likely to face many hurdles on the upside.

EUR/JPY Technical Analysis

In the past few days, the Euro declined heavily from well above the 116.50 level against the Japanese Yen. The EUR/JPY pair broke many important supports near 116.00 and 115.80 to enter a bearish zone.
Besides, there was a close below the 115.50 level and the 50 hourly simple moving average. It traded to a new monthly low at 114.43on FXOpen and it is currently correcting higher.


There was a break above the 115.00 resistance and the 50 hourly simple moving average. The pair broke the 23.6% Fib retracement level of the downward move from the 117.76 high to 114.43 low.
It seems like there is a rising channel forming with resistance near 115.55 on the hourly chart of EUR/JPY. The channel resistance is close to the previous breakdown zone at 115.50.
The next key resistance is near the 116.00 level or the 50% Fib retracement level of the downward move from the 117.76 high to 114.43 low. Any further gains could open the doors for a decent increase in the coming sessions.
Conversely, the pair could fail to continue above the 115.50 and 115.55 resistance levels. A downside break below the channel support at 115.20 may perhaps open the doors for a larger decline towards the 114.60 and 114.50 levels.
See more: https://www.fxopen.blog/eur-jpy-and-...-face-hurdles/

GBP/USD Recovering Nicely, USD/CAD is Following Downtrend
GBP/USD started a fresh increase above the 1.2350 resistance area. Conversely, USD/CAD declined heavily and it is now trading well below the 1.4000 pivot level.

GBP/USD Technical Analysis

This past week, the British Pound extended its decline below the 1.2400 support area against the US Dollar. The GBP/USD pair traded to a new monthly low at 1.2266 on FXOpen before starting a fresh increase.
The pair recovered nicely above the 1.2320 and 1.2350 resistance levels. Besides, there was a break above the 1.2400 resistance area and the 50 hourly simple moving average.

The bulls were able to lead the pair above the 38.2% Fib retracement level of the downward move from the 1.2640 high to 1.2266 low. More importantly, there was a break above a key bearish trend line with resistance near 1.2400 on the hourly chart of GBP/USD.
The pair traded above the 1.2420 level and tested the 50% Fib retracement level of the downward move from the 1.2640 high to 1.2266 low. It is currently trading nicely above the 1.2400 level and it seems like the bulls are likely to aim an upside break above the 1.2460 and 1.2480 resistance levels.
The next major resistance is near 1.2500, above which the pair could continue to rise towards the 1.2560 level. On the downside, there is a major support forming near the 1.2380 level and the 50 hourly simple moving average.
If GBP/USD fails to stay above 1.2380 and 1.2350, there is a risk of more losses below the 1.2320 and 1.2300 levels in the near term.
See more: https://www.fxopen.blog/gbp-usd-reco...ing-downtrend/

EUR/USD and EUR/JPY Trading Near Crucial Juncture
EUR/USD is currently facing a strong resistance near the 1.0880 and 1.0900 levels. EUR/JPY is slowly rising and it is struggling to stay above a major support at 116.15.

EUR/USD Technical Analysis

In the past few sessions, the Euro remained stable above the 1.0785 and 1.0800 support levels against the US Dollar. The EUR/USD pair started a decent recovery and climbed above the 1.0820 resistance.
Besides, there was break above the 1.0850 resistance zone and the 50 hourly simple moving average. During the rise, there was a break above a key bearish trend line with resistance near 1.0845 on the hourly chart of EUR/USD.

The pair even spiked above the 1.0880 level and traded as high as 1.0884 on FXOpen. It failed to continue higher above the 1.0880 and 1.0900 resistance levels.
It is currently correcting lower and trading below the 1.0860 level. There was a break below the 23.6% Fib retracement level of the recent wave from the 1.0784 low to 1.0884 high.
It is now retesting the broken trend line at 1.0845. An initial support is near the 1.0834 level since it is the 50% Fib retracement level of the recent wave from the 1.0784 low to 1.0884 high.
The next major support is near the 1.0830 level and the 50 hourly simple moving average, below which the price could extend its decline towards the 1.0800 level.
On the upside, the bulls need to gain pace above the 1.0880 and 1.0900 resistance levels. A successful close above the 1.0900 resistance could lift the pair towards the 1.0950 and 1.0970 levels.
See more: https://www.fxopen.blog/eur-usd-and-...cial-juncture/

EUR/USD Recovering Nicely While USD/CHF Is Showing Bearish Signs
EUR/USD is recovering and it recently cleared the key 1.0880 and 1.0900 resistance levels. Conversely, USD/CHF is sliding, but it is approaching a major support near the 0.9690 level.

EUR/USD Technical Analysis

This past week, the Euro formed a strong support above 1.0800 and 1.0820 against the US Dollar. As a result, the EUR/USD pair started a steady rise and broke the 1.0880 resistance zone.
Moreover, there was a break above the 1.0900 resistance and the 50 hourly simple moving average. The pair traded as high as 1.0975 on FXOpen and corrected lower.

The recent low was formed near 1.0918 and the price is currently rising. It is trading above the 1.0925 level and testing the 50% Fib retracement level of the recent decline from the 1.0975 high to 1.0918 low.
On the upside, there is a key hurdle forming near the 1.0955 level. It is close to the 61.8% Fib retracement level of the recent decline from the 1.0975 high to 1.0918 low.
If there is a clear break above the 1.0955 resistance, the pair could rise further above the 1.0975 and 1.0980 levels. The next major hurdle is near the 1.1000 level, above which it could test 1.1040.
On the downside, there is a short term bullish trend line forming with support near 1.0930 on the hourly chart of EUR/USD. If the pair fails to stay above the trend line support, it could revisit the 1.0900 support level or the 50 hourly simple moving average.
See more: https://www.fxopen.blog/eur-usd-reco...bearish-signs/