Thread: FXOpen Technical Analysis

EUR/USD AND USD/JPY REMAIN AT RISK OF MORE LOSSES

EUR/USD failed to stay above 1.1320 and started a downward move towards 1.1200. USD/JPY is currently trading in a bearish zone below the 107.80 and 108.00 resistance levels.

EUR/USD Technical Analysis

This week, the Euro gained traction above the 1.1320 resistance zone against the US Dollar. The EUR/USD pair even broke the 1.1380 resistance and spiked above the 1.1400 level.
However, it failed to stay in a positive zone and recently started a sharp decline below 1.1350. There was a break below the 1.1320 support level and the pair settled below the 50 hourly simple moving average.

The recent low was formed near 1.1228 on FXOpen and the pair is currently correcting higher. It broke the 23.6% Fib retracement level of the recent decline from the 1.1353 high to 1.1228 low.
On the upside, an initial resistance is seen near the 1.1290 level and the 50 hourly simple moving average. The 50% Fib retracement level of the recent decline from the 1.1353 high to 1.1228 low is also near the 1.1290 level.
There is also a key bearish trend line forming with resistance near 1.1320 on the hourly chart of EUR/USD. Therefore, the pair must surpass the 1.1290 and 1.1320 resistance levels to move into a positive zone.
Conversely, EUR/USD could remain in a bearish zone and continue lower below 1.1250. The first key support is near the 1.1220 level, below which there are high chances of more losses towards the 1.1150 level.
See more: https://www.fxopen.blog/eur-usd-and-...f-more-losses/

EUR/JPY and GBP/JPY Remains At Risk of More Downsides
The Euro and British Pound started a steady decline in the past few days against the Japanese Yen. Both EUR/JPY and GBP/JPY are likely to face hurdles and remain at a risk of more losses.

EUR/JPY Technical Analysis

After facing hurdles near the 122.40 and 122.50 levels, the Euro started a steady decline against the Japanese Yen. The EUR/JPY pair broke many major supports near 121.00 and 120.80 to enter a bearish zone.
Besides, there was a close below the 120.50 level and the 50 hourly simple moving average. It traded to a new monthly low at 119.58 on FXOpen and it is currently consolidating losses.

On the upside, an initial resistance is near the 119.95 and 120.50 levels. There is also a major bearish trend line forming with resistance near 119.95 on the hourly chart of EUR/JPY.
Above the trend line, the 50% Fib retracement level of the recent decline from the 120.54 high to 119.58 low is also at 120.06. The main resistance on the upside is near the 120.40 level and the 50 hourly simple moving average.
The 76.4% Fib retracement level of the recent decline from the 120.54 high to 119.58 low is also near the 120.31 level. Therefore, the pair must surpass the 120.00 and 120.40 resistance levels to start a strong recovery wave.
Conversely, the pair could continue to move down and it might soon break the 119.50 support zone. The next key supports are near the 119.00 and 118.80 levels.
See more: https://www.fxopen.blog/eur-jpy-and-...ore-downsides/

GBP/USD Turns Red, USD/CAD is Consolidating Gains
GBP/USD started a strong decline from well above the 1.2750 level and it broke the 1.2550 support. Conversely, USD/CAD climbed towards 1.3680 and it is currently consolidating gains.
GBP/USD Technical Analysis
In the past few days, the British Pound followed a bearish path from well above 1.2750 against the US Dollar. The GBP/USD pair broke many important supports such as 1.2650 and 1.2550 to enter a bearish zone.
The pair even broke the 1.2420 support level and settled below the 50 hourly simple moving average. A new weekly low is formed near the 1.2335 level on FXOpen and the pair is currently correcting higher.

An initial resistance on the upside is near the 1.2400 and 1.2420 levels. The 23.6% Fib retracement level of the downward move from the 1.2687 high to 1.2335 low is also near 1.2420 along with the 50 hourly simple moving average.
More importantly, there are two key bearish trend lines forming with resistance near 1.2470 and 1.2510 on the hourly chart of GBP/USD. The second trend line is close to the 50% Fib retracement level of the downward move from the 1.2687 high to 1.2335 low.
Therefore, the pair is likely to face a lot of hurdles on the upside, starting with 1.2420 and up to 1.2510 in the near term. On the downside, an initial support is seen near the 1.2330 and 1.2320 levels.
If GBP/USD fails to start a decent recovery wave above the 1.2420 resistance, it is likely to break the 1.2300 level and continue lower in the coming sessions.
See more: https://www.fxopen.blog/gbp-usd-turn...idating-gains/

EUR/USD and EUR/JPY Trading Near Make-or-Break Levels
EUR/USD started a decent upward move above 1.1250, but it is facing hurdles near 1.1350. EUR/JPY is also trading in a positive zone, but it must surpass 121.00 for more gains.
EUR/USD Technical Analysis
After forming a support base above 1.1200, the Euro started a decent increase against the US Dollar. The EUR/USD pair traded above the 1.1250 resistance zone to enter an uptrend.
The pair even surpassed the 1.1300 resistance level and the 50 hourly simple moving average. However, the bulls struggled to clear the 1.1350 resistance zone. A high is formed near 1.1348 on FXOpen and the pair is currently correcting lower.


There was a break below the 23.6% Fib retracement level of the recent wave from the 1.1233 low to 1.1348 high. On the downside, there is a short-term support forming near the 1.1300 level.
There is also a connecting bullish trend line forming with support near 1.1305 on the hourly chart of EUR/USD. If there is a break below the trend line, the pair could continue to move down towards the 1.1280 support area.
An intermediate support is near the 1.1290 level, which is the 50% Fib retracement level of the recent wave from the 1.1233 low to 1.1348 high.
If the pair fails to stay above the 1.1280 support and the 50 hourly simple moving average, there could be heavy losses in the coming sessions. Conversely, the pair could start a fresh increase above the 1.1320 resistance level. A successful close above the 1.1350 resistance could open the doors for more upsides towards 1.1400 in the near term.
See more: https://www.fxopen.blog/eur-usd-and-...-break-levels/

Gold Price And Crude Oil Price Trading Near Crucial Juncture
Gold price rallied to a new multi-year high above $1,775 before correcting lower. Crude oil price is currently recovering from $37.15, but it is facing many hurdles.

Gold Price Technical Analysis

Gold price remained in an uptrend and started a fresh increase above the $1,750 resistance against the US Dollar. The price broke the $1,760 resistance level and trade to a new multi-year high.
It traded as high as $1,779 on FXOpen and recently started a downside correction. It declined below the $1,760 support level and the 50 hourly simple moving average. However, the $1,755 region acted as a support and a low is formed near $1,754.

The price is currently consolidating in a range and it managed to recover above the 23.6% Fib retracement level of the recent decline from the $1,779 high to $1,754 low.
It seems like there is a major bullish trend line forming with support near $1,758 on the hourly chart of gold. On the upside, the price is facing hurdles near the $1,766 and $1,770 levels.
The 50% Fib retracement level of the recent decline from the $1,779 high to $1,754 low is also near $1,669. Therefore, the price must break the $1,766 and $1,770 resistance levels to continue higher in the coming sessions.
The next major hurdle is at $1,780, followed by $1,788. Conversely, the price could break the trend line support at $1,758 and start a fresh decline. The main support is near the $1,748 zone, below which gold price might start a substantial drop in the coming days.
See more: https://www.fxopen.blog/gold-price-a...cial-juncture/

GBP/USD and EUR/GBP: British Pound Could Extend Losses
GBP/USD started a fresh decline below the 1.2450 support level. EUR/GBP climbed higher above the 0.9050 resistance and it is showing signs of more upsides.
GBP/USD Technical Analysis
This past week, the British Pound climbed above the 1.2500 resistance against the US Dollar. However, the GBP/USD pair struggled to continue above the 1.2550 zone and recently started a fresh decline.
There was a break below the 1.2500 and 1.2480 support levels. The pair even broke the 1.2400 support and settled well below the 50 hourly simple moving average. It traded as low as 1.2314 on FXOpen and it is currently correcting higher.

There was a break above the 1.2340 and 1.2350 resistance levels. The pair even climbed above the 23.6% Fib retracement level of the recent drop from the 1.2464 high to 1.2314 low.
It is now approaching a couple of important hurdles near 1.2380 and 1.2400. There is also a major bearish trend line forming with resistance near 1.2380 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent drop from the 1.2464 high to 1.2314 low.
The 50 hourly simple moving average is also near the 1.2400 level to act as a major hurdle. Therefore, GBP/USD might struggle to clear the 1.2400 resistance zone.
If the bulls succeed in clearing the 1.2400 barrier, the pair could recover easily towards the 1.2500 resistance. If not, there are high chances of more losses below the 1.2340 and 1.2320 levels in the near term.
See more: https://www.fxopen.blog/gbp-usd-and-...tend-losses-2/

EUR/USD Eyes Upside Break, USD/CHF Could Extend Losses
EUR/USD is trading above the 1.1180 support level and facing hurdles near 1.1250. USD/CHF is trading in a negative zone and it could continue to move down below 0.9450
EUR/USD Technical Analysis

In the past few days, the Euro tested the 1.1180 support region on more than one occasion against the US Dollar. The EUR/USD pair remained stable above 1.1180 and recently recovered higher.
A low was formed near 1.1191 on FXOpen before the pair climbed above 1.1220. There was a break above the 50% Fib retracement level of the downward move from the 1.1287 high to 1.1191 low.

However, the pair seems to be struggling near the 1.1240 level the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 1.1255 on the hourly chart of EUR/USD.
The trend line coincides with the 61.8% Fib retracement level of the downward move from the 1.1287 high to 1.1191 low. Therefore, the pair must break the 1.1250 and 1.1255 resistance levels to start a fresh increase.
If the bulls succeed, the pair could continue to rise towards the 1.1280 and 1.1300 levels. Conversely, there is a risk of another decline below the 1.1220 support. The main support is near the 1.1180 level.
A downside break and close below the 1.1180 support region could start a strong decline and the pair might slide towards the 1.1120 and 1.1100 levels in the near term.
See more: https://www.fxopen.blog/eur-usd-eyes...extend-losses/

AUD/USD And NZD/USD Eyeing Upside Break
AUD/USD is slowly rising and trading above the 0.6900 pivot level. Similarly, NZD/USD is gaining traction and it could continue to rise towards the 0.6550 resistance level.

AUD/USD Technical Analysis

The Aussie Dollar formed a strong support above 0.6840 and started a fresh increase against the US Dollar. The AUD/USD pair broke the 0.6890 resistance zone to move into a positive zone.
The pair gained pace, and managed to settle above the 0.6900 level and the 50 hourly simple moving average. It traded as high as 0.6952 on FXOpen and it is currently correcting gains.

There was a short-term downward move below 0.6920, but the 0.6900 zone acted as a support. A low is formed near 0.6901 and the pair is currently rising. It broke the 0.36920 level, plus the 50% Fib retracement level of the recent decline from the 0.6951 high to 0.6901 low.
An immediate resistance is near the 0.6932 level. It is close to the 61.8% Fib retracement level of the recent decline from the 0.6951 high to 0.6901 low. If there is an upside break above 0.6932, the pair is likely to continue higher.
Moreover, it seems like there is a key rising channel forming with support near 0.6920 on the hourly chart of AUD/USD. On the upside, an initial hurdle is near the 0.6950 level, above which the bulls are likely to aim a break towards the 0.7000 resistance.
Conversely, there is a risk of a bearish reaction below the 0.6910 level and the 50 hourly SMA. If the pair breaks the 0.6900 support, it could decline back towards the 0.6850 support area.
See more: https://www.fxopen.blog/aud-usd-and-...pside-break-3/

GBP/USD and GBP/JPY: British Pound Could Rise Further
GBP/USD started a fresh increase above the 1.2420 and 1.2440 resistance levels. GBP/JPY is also rising and it seems like there are chances of more upsides above 1.2500.
GBP/USD Technical Analysis
This past week, the British Pound extended its decline below the 1.2400 support zone against the US Dollar. The GBP/USD pair even traded below the 1.2300 level before it found support near 1.2250.
A base was formed above 1.2250 and recently the pair started a fresh increase. There was a break above the 1.2400 resistance level and the 50 hourly simple moving average. The bulls gained pace and the pair traded as high as 1.2529 on FXOpen.

It is currently correcting lower and it broke the 1.2500 level. There was a break below the 23.6% Fib retracement level of the upward move from the 1.2359 low to 1.2529 high. However, the pair remained stable above the 1.2450 support.
The 50% Fib retracement level of the upward move from the 1.2359 low to 1.2529 high also provided support. It seems like there is a major breakout pattern forming with resistance near 1.2500 on the hourly chart of GBP/USD.
If the pair breaks the triangle resistance at 1.2500, it could continue to rise. The next resistance is near the 1.2530 level, above which the bulls might aim a break above the 1.2550 resistance.
Conversely, there is a risk of a downside break below the 1.2450 and 1.2440 support levels. In the mentioned case, the pair could decline towards the 1.2350 level in the near term.
See more: https://www.fxopen.blog/gbp-usd-and-...-rise-further/

EUR/USD and USD/JPY Eyeing More Upsides
EUR/USD rallied towards the 1.1350 level before correcting lower. USD/JPY is currently trading above the 107.50 support and the bulls seem to be aiming a break above 108.00.
EUR/USD Technical Analysis
In the past few days, the Euro followed a bullish path above the 1.1220 level against the US Dollar. The EUR/USD pair traded above the 1.1250 resistance level to move into a positive zone.
The upward move was such that the pair surpassed the 1.1300 level and settled above the 50 hourly simple moving average. It traded as high as 1.1345 on FXOpen and recent corrected lower.

It tested the 1.1250 support level and now preparing for the next move. An initial resistance is near the 1.1290 level and the 50 hourly SMA. It is also close to the 38.2% Fib retracement level of the recent decline from the 1.1345 high to 1.1258 low.
More importantly, there is a key contracting triangle forming with resistance near 1.1290 on the hourly chart of EUR/USD. The 50% Fib retracement level of the recent decline from the 1.1345 high to 1.1258 low is just above the triangle resistance.
Therefore, an upside break above the triangle resistance and 1.1300 could open the doors for a fresh rally. The next major resistance is near the 1.1350 level, above which the pair might test 1.1400.
Conversely, EUR/USD could decline below the 1.1260 and 1.1250 support levels. In the mentioned case, the pair may perhaps decline steadily towards the 1.1200 level.
See more: https://www.fxopen.blog/eur-usd-and-...-more-upsides/