Thread: FXOpen Technical Analysis

Gold Price Settles Above $1,800 While Oil Price Turns Red
Gold price rallied to a new multi-year high above $1,815 before correcting lower. Crude oil price is currently declining and trading in a bearish zone below $40.00.

Gold Price Technical Analysis

Gold price remained in a strong uptrend and it managed to climb above the $1,780 and $1,800 resistance levels against the US Dollar. The price traded to a new multi-year high at $1,817 on FXOpen.
Recently, it started a downside correction from the $1,817 high. There was a break below the $1,812 and $1,810 support levels. The price traded below the 23.6% Fib retracement level of the upward move from the $1,773 low to $1,817 high.

There was a close below the $1,805 level and the 50 hourly simple moving average. However, the $1,800 region is currently acting as a support. There is also a crucial bullish trend line forming with support near $1,795 on the hourly chart of gold.
The trend line coincides with the 50% Fib retracement level of the upward move from the $1,773 low to $1,817 high. If the bulls fail to protect the trend line support, there is a risk of a larger decline.
The next major support is near the $1,785 level. Any further losses may perhaps lead the price towards the $1,760 level. On the upside, the price is facing hurdles near the $1,805 and $1,808 levels.
The main resistance is now near the $1,815 level, above which the bulls might aim a break above the $1,825 level in the near term.
See more: https://www.fxopen.blog/gold-price-s...ice-turns-red/

GBP/USD Surges Above 1.2800, EUR/GBP Facing Major Hurdle
GBP/USD started a strong increase above the 1.2600 resistance and climbed above 1.2800. EUR/GBP is trading in a positive zone, but it is facing a major hurdle near 0.9130.

GBP/USD Technical Analysis

In the past few days, the British Pound started a steady increase above the 1.2600 resistance level against the US Dollar. The GBP/USD pair broke many hurdles near 1.2720 to move further into a positive zone.
It even surpassed the 1.2800 resistance and settled well above the 50 hourly simple moving average. It traded as high as 1.2858 on FXOpen and it is currently consolidating gains.

An initial support is near the 1.2825 level. It is close to the 23.6% Fib retracement level of the recent wave from the 1.2717 low to 1.2858 high. The first major support is forming near the 1.2800 level.
There is also a connecting bullish trend line forming with support near 1.2780 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent wave from the 1.2717 low to 1.2858 high.
Below the trend line, the next support is near the 1.2750 level or the 50 hourly simple moving average. A downside break below the trend line support and 1.2750 might start a strong decline in the coming sessions.
Conversely, the pair is likely to continue higher above the 1.2850 resistance. The next major resistance on the upside is near the 1.2880 level, above which the pair could even test the 1.2920 level.
See more: https://www.fxopen.blog/gbp-usd-surg...-major-hurdle/

EUR/USD Holding Uptrend, USD/JPY Could Extend Losses
EUR/USD started a steady increase above the 1.1650 and 1.1700 levels. USD/JPY is declining and it remains at a risk of more losses below 105.00.
EUR/USD Technical Analysis

In the past few days, the Euro followed a bullish path above the 1.1600 resistance level against the US Dollar. The EUR/USD pair even broke the 1.1680 level to move further into a positive zone.
The upward move was such that the pair surpassed the 1.1720 pivot level and settled above the 50 hourly simple moving average. It traded as high as 1.1781 on FXOpen and recent corrected lower.

It tested the 1.1700 pivot and support level. It is currently consolidating and slowly moving higher above 1.1710. It surpassed the 23.6% Fib retracement level of the recent correction from the 1.1781 high to 1.1698 low.
The first major resistance is near the 1.1740 level. It is close to the 50% Fib retracement level of the recent correction from the 1.1781 high to 1.1698 low. A successful break above the 1.1740 and 1.1750 resistance levels may perhaps open the doors for a sharp increase.
The next major resistance is near the 1.1780 level, above which the pair may even rise above the 1.1800 level. On the downside, there is a key bullish trend line forming with support near 1.1720 on the hourly chart of EUR/USD.
If there is a break below the trend line support, the pair could extend its decline towards the 1.1650 support level. The next major support is near the 1.1600 level.
See more: https://www.fxopen.blog/eur-usd-hold...extend-losses/

AUD/USD And NZD/USD Likely To Continue Higher
AUD/USD is trading in a positive zone above the 0.7200 resistance zone. Similarly, NZD/USD is gaining traction and it could continue to climb higher above the 0.6700 resistance.

AUD/USD Technical Analysis

The Aussie Dollar remained well bid above the 0.7100 level and started a steady rise against the US Dollar. The AUD/USD pair broke the 0.7150 resistance zone to move further into a positive zone.
The pair even managed to clear the 0.7200 resistance zone and it settled nicely above the 50 hourly simple moving average. It traded as high as 0.0.7224 on FXOpen and it is currently correcting gains.

There was break below the 0.7220 and 0.7210 levels. The pair even spiked below the 23.6% Fib retracement level of the recent upward move from the 0.7120 low to 0.7224 high. However, the recent breakout zone near 0.7195 and 0.7200 is currently acting as a strong support.
There is also a major ascending channel forming with support near 0.7165 on the hourly chart of AUD/USD. An intermediate support is near the 0.7175 level and the 50 hourly simple moving average.
The 50% Fib retracement level of the recent upward move from the 0.7120 low to 0.7224 high could also provide support in the near term near 0.7172. If the pair fails to stay above the 0.7175 and 0.7160 support levels, it could correct lower towards the 0.7120 support zone.
Conversely, the pair is likely to resume its upward move above the 0.7220 resistance. The next major resistance on the upside is visible near the 0.7250 level.
See more: https://www.fxopen.blog/aud-usd-and-...ntinue-higher/

GBP/USD and GBP/JPY: British Pound Could Extend Gains
GBP/USD started a strong increase above the 1.2850 and 1.3000 resistance levels. GBP/JPY is also rising and it is likely to continue higher above 139.00 unless there is a break below 138.00.

GBP/USD Technical Analysis

This past week, the British Pound started a strong increase above the 1.2880 resistance against the US Dollar. The GBP/USD pair gained bullish momentum and it even surpassed the 1.3000 barrier.
The pair broke the 1.3100 level and settled well above the 50 hourly simple moving average. It traded as high as 1.3170 on FXOpen and recently started a downside correction. There was a break below the 1.3120 support level.

The pair traded below the 38.2% Fib retracement level of the upward wave from the 1.2944 low to 1.3170 high. However, the pair remained stable above the 1.3060 level.
It seems like the 50% Fib retracement level of the upward wave from the 1.2944 low to 1.3170 high acted as a strong support. There is also a crucial bullish trend line forming with support near 1.3060 on the hourly chart of GBP/USD.
The pair is currently trading nicely above the 1.3060 support, the trend line, and the 50 hourly simple moving average. If there is a downside break below the trend line, the pair could test the 1.3040 support. The next major support is near the 1.3000 handle, below which GBP/USD might turn bearish.
Conversely, the pair could continue to rise above the 1.3100 level. The main hurdles on the upside are near 1.3150 and 1.3200.
See more: https://www.fxopen.blog/gbp-usd-and-...-extend-gains/

EUR/USD and EUR/JPY: Technicals Indicate Further Gains
EUR/USD is trading in a positive zone above the 1.1750 pivot level. EUR/JPY is also rising and it is likely to continue higher above the 125.00 resistance level.

EUR/USD Technical Analysis

In the past few days, there was a steady rise in the Euro above the 1.1700 level against the US Dollar. The EUR/USD pair even traded above 1.1850 resistance level to move into a positive zone.
The pair traded as high as 1.1908 on FXOpen before starting a downside correction. It traded below the 1.1800 level, but the 1.1700 zone acted as a strong support. A low is formed near 1.1695 and the pair is currently rising.

It surpassed the 1.1750 resistance and the 50 hourly simple moving average. It even climbed above the 50% Fib retracement level of the downward move from the 1.1908 high to 1.1695 low.
Moreover, there was a break above a major bearish trend line with resistance near 1.1780 on the hourly chart of EUR/USD. The pair is now trading above the 1.1800 level. An initial resistance is seen near the 1.1825 level.
It is close to the 61.8% Fib retracement level of the downward move from the 1.1908 high to 1.1695 low. A successful break above the 1.1825 and 1.1840 levels may perhaps start a fresh increase in the near term.
In the mentioned case, the pair is likely to revisit the 1.1900 level. Conversely, there might be another downside correction below 1.1800. On the downside, there are many supports, starting with 1.1750.
The main support is still near the 1.1720 and 1.1700 levels, below which the pair is likely to accelerate lower in the near term.
See more: https://www.fxopen.blog/eur-usd-and-...-further-gains

EUR/USD Testing Key Support, USD/CHF Gaining Momentum
EUR/USD is declining and it is now trading below the 1.1780 support zone. USD/CHF is rising and it seems like the pair could gain momentum above the 0.9200 resistance.

EUR/USD Technical Analysis

After a steady rise, the Euro failed to continue higher above 1.1920 against the US Dollar. The EUR/USD pair topped near the 1.1920 level and recently started a fresh decline.
There was a break below the 1.1850 and 1.1840 support levels. The pair even broke the 1.1780 support zone and the 50 hourly simple moving average. It is now trading below the 1.1740 support and traded as low as 1.1716 on FXOpen.

If there is an upside correction, the pair could face hurdles near the 1.1740 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.1807 high to 1.1716 low.
The main resistance is forming near the 1.1760 level. There is also a key bearish trend line forming with resistance near 1.1760 on the hourly chart of EUR/USD. The trend line is close to the 50 hourly SMA, and the 50% Fib retracement level of the recent decline from the 1.1807 high to 1.1716 low.
If the pair breaks the trend line resistance, the pair could continue to rise towards the 1.1780 and 1.1800 resistance levels. The next major hurdle is near the 1.1840 level.
Conversely, the pair could start a strong decline below the 1.1710 and 1.1700 support levels. On the downside, the next major support is seen near the 1.1650 level.
See more: https://www.fxopen.blog/eur-usd-test...ning-momentum/

GBP/USD and USD/CAD: More Upsides Possible
GBP/USD remained stable above the 1.3000 pivot level, but it is struggling to clear 1.3135. USD/CAD is currently rising, but it is also facing a major hurdle near 1.3280.

GBP/USD Technical Analysis

In the past few sessions, the British Pound remained stable above the 1.3000 level against the US Dollar. The GBP/USD pair seems to be forming a strong support base above the 1.3000 and 1.3020 levels.
Recently, the pair traded above the 1.3100 resistance zone and the 50 hourly simple moving average. It traded as high as 1.3171 on FXOpen and the pair is currently correcting lower.

There was a break below the 1.3120 support level. The pair even spiked below the 50% Fib retracement level of the upward move from the 1.3045 low to 1.3141 high. However, the pair found support near the 1.3080 area and 50 hourly simple moving average.
There is also a key bullish trend line forming with support near 1.3085 on the hourly chart of GBP/USD. Moreover, the pair is stable above the 61.8% Fib retracement level of the upward move from the 1.3045 low to 1.3141 high.
If there is a downside break below the trend line support and the 50 hourly SMA, there could be an extended decline. The next support is near the 1.3045 level, below which the pair could revisit the main 1.3020 and 1.3000 support levels.
Conversely, GBP/USD might start a fresh increase above 1.3120. The main hurdle is near 1.3135 and 1.3140, above which the bulls are likely to aim a test of 1.3200.
See more: https://www.fxopen.blog/gbp-usd-and-...ides-possible/

EUR/USD Turns Green, USD/JPY Could Struggle To Recover
EUR/USD is following a bullish path above the 1.1850 support area. USD/JPY is currently recovering, but it is likely to face hurdles near the 105.80 and 106.00 levels.
EUR/USD Technical Analysis
In the past few days, the Euro gained bullish momentum above the 1.1820 resistance level against the US Dollar. The EUR/USD pair surpassed the 1.1850 resistance zone move further into a positive zone.
The bulls remained in action and the pair broke the 1.1900 pivot level and the 50 hourly simple moving average. The pair traded as high as 1.1966 on FXOpen and it is currently correcting lower. It is trading below the 1.1950 and 1.1940 levels.

An initial support is near the 1.1925 level. It is close to the 23.6% Fib retracement level of the recent upward move from the 1.1781 low to 1.1966 high. There is also a major bullish trend line forming with support near 1.1925 on the hourly chart of EUR/USD.
If there is a downside break below the trend line support, the pair could correct further lower towards the 1.1900 support or the 50 hourly simple moving average. The next major support is near the 1.1880 level.
The 50% Fib retracement level of the recent upward move from the 1.1781 low to 1.1966 high is also near the 1.1875 level to provide support. Any further losses might push EUR/USD into a bearish zone towards 1.1720.
On the upside, the 1.1950 and 1.1965 levels are immediate hurdles, above which the pair could start a steady increase towards the 1.2000 level in the near term.
See more: https://www.fxopen.blog/eur-usd-turn...le-to-recover/

AUD/USD AND NZD/USD COULD RESUME DECLINE

AUD/USD is struggling to settle above the 0.7200 resistance zone and it could resume its decline. Similarly, NZD/USD is facing hurdles near 0.6550 and it might decline again.

AUD/USD Technical Analysis

The Aussie Dollar started a major decline from the 0.7275 swing high against the US Dollar. The AUD/USD pair broke the 0.7200 support zone and a major bullish trend line to move into a bearish zone.
The pair even dived below 0.7180 before it found support near 0.7135. A swing low was formed near 0.7135 on FXOpen and the pair is currently correcting higher. There was a break above the 0.7150 and 0.7180 levels.

The pair even climbed above the 38.2% Fib retracement level of the key decline from the 0.7275 high to 0.7135 low. Moreover, there was a break above a short-term bearish trend line with resistance near 0.7175 on the hourly chart of AUD/USD.
However, the pair seems to be facing a strong resistance near the 0.7200 level and the 50 hourly simple moving average. It seems like the 50% Fib retracement level of the key decline from the 0.7275 high to 0.7135 low is also acting as a hurdle.
If there is no upside break and close above 0.7200, the pair is likely to resume its decline. An initial support is near the 0.7180, below which the bears are likely to aim a retest of 0.7140.
Conversely, the pair could break the 0.7200 barrier and settle nicely above the 50 hourly SMA. The next resistance could be 0.7220, above which AUD/USD might test 0.7250.
See more: https://www.fxopen.blog/aud-usd-and-...esume-decline/