Thread: FXOpen Technical Analysis

GBP/USD and GBP/JPY: British Pound At Risk of More Downsides
GBP/USD failed twice near the 1.3250 resistance area and declined sharply. GBP/JPY is also trading in a negative zone and it could continue to move down if it breaks the 138.35 support.

GBP/USD Technical Analysis

This past week, the British Pound made another attempt to gain pace above the 1.3250 resistance against the US Dollar. However, the GBP/USD pair failed to continue higher and started a sharp decline.
A high was formed near 1.3254 on FXOpen and the pair dived below the 1.3150 support. There was also a break below the 1.3120 support zone and the 50 hourly simple moving average. The pair traded close to the 1.3050 support and a low is formed near 1.3059.

It is currently consolidating losses and trading above 1.3080. It seems like there is a short-term breakout pattern forming with resistance near 1.3100 on the hourly chart of GBP/USD.
Above the triangle resistance, the first resistance is near the 1.3150 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.3254 high to 1.3059 low. On the upside, the next key resistance might be 1.3150 or the 50 hourly simple moving average.
The main resistance is near the 1.3160 level since it is close to the 50% Fib retracement level of the recent decline from the 1.3254 high to 1.3059 low. Any further gains could lead the pair towards the 1.3250 barrier in the near term.
Conversely, the pair could continue to decline below the 1.3060 and 1.3050 support levels. The next major support for the bulls might be 1.3000.
See more: https://www.fxopen.blog/gbp-usd-and-...ore-downsides/

EUR/USD Could Extend Losses, USD/CHF Eyeing Upside Break
EUR/USD is recovering, but it is facing hurdles near 1.1840 and 1.1850. USD/CHF is approaching a crucial breakout and the pair might surge if it clears 0.9100.

EUR/USD Technical Analysis

In the past few days, the Euro followed a larger decline from well above the 1.1900 level against the US Dollar. The EUR/USD pair broke the 1.1850 support zone to move into a bearish zone.
The pair even settled below the 1.1820 level and the 50 hourly simple moving average. It traded as low as 1.1754 and it is currently correcting higher. However, the pair seems to be facing hurdles near the 1.1840 and 1.1850 levels.

A swing high is formed near 1.1849 on FXOpen and the pair is currently consolidating in a range. It tested the 50% Fib retracement level of the upward move from the 1.1754 low to 1.1849 high.
On the upside, there are two bearish trend lines forming with resistance near 1.1825 and 1.1850 on the hourly chart of EUR/USD. The second bearish trend line is important near the 1.1850 level. A successful close above the 1.1850 resistance is needed for a fresh increase.
The next major resistance on the upside could be 1.1920. Conversely, the pair may continue to move down below the 1.1800 level. An immediate support is near the 1.1790 level. It is close to the 61.8% Fib retracement level of the upward move from the 1.1754 low to 1.1849 high.
Any further losses may perhaps lead the pair towards the 1.1750 support level in the coming sessions.
See more: https://www.fxopen.blog/eur-usd-coul...-upside-break/

GBP/USD Surging While EUR/GBP Turns Red Below 0.8950
GBP/USD started a strong increase above the 1.3200 resistance and it is likely to continue higher. EUR/GBP is currently declining and trading in a bearish zone below 0.8950.

GBP/USD Technical Analysis

The British Pound managed to settle above the 1.3200 resistance zone against the US Dollar. The GBP/USD pair broke a major hurdle near the 1.3250 zone to move further into a positive zone.
It even surpassed the 1.3300 resistance and settled well above the 50 hourly simple moving average. It traded as high as 1.3367 on FXOpen and it is currently consolidating gains. An initial support on the downside is near the 1.3320 level.

The 23.6% Fib retracement level of the recent rise from the 1.3161 low to 1.3367 high is also near the 1.3318 level to act as a strong support. The next major support is near the 1.3280 level.
There is also a major bullish trend line forming with support near 1.3280 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent rise from the 1.3161 low to 1.3367 high.
Therefore, the pair is likely to find a strong buying interest above 1.3280 and 1.3300 if it corrects lower. On the upside, the pair is facing a few short-term hurdles near 1.3380.
A successful close above the 1.3380 level is needed for more gains. In the mentioned case, GBP/USD is likely to clear the 1.3400 level. The next major resistance above 1.3400 is near the 1.3440 level, where the bears might take a stand.
See more: https://www.fxopen.blog/gbp-usd-surg...-below-0-8950/

EUR/USD Correcting Gains While USD/JPY Is Rising Steadily
EUR/USD spiked above the 1.2000 resistance before starting a downside correction. USD/JPY is recovering nicely and it is trading above the 106.00 level.

EUR/USD Technical Analysis

In the past few days, the Euro gained bullish momentum above the 1.1900 resistance level against the US Dollar. The EUR/USD pair even climbed above the 1.1950 resistance zone move further into a positive zone.
Finally, the pair spiked above the 1.2000 resistance level and traded as high as 1.2010 on FXOpen. Recently, the pair started a downside correction below the 1.1980 support.

There was a break below the 1.1950 support and the 50 hourly simple moving average. The pair traded below the 38.2% Fib retracement level of the upward move from the 1.1762 low to 1.2010 high.
Moreover, there was a break below a connecting bullish trend line with support near 1.1920 on the hourly chart of EUR/USD. The pair is now trading near the 1.1900 support level. The first major support is near the 1.1885 level.
The 50% Fib retracement level of the upward move from the 1.1762 low to 1.2010 high is also near the 1.1885 level. The next major support is near the 1.1850 level, below which the pair might move into a bearish zone.
Conversely, EUR/USD could start a fresh increase from 1.1880 or 1.1850. On the upside, the 1.1950 and 1.1965 levels are initial hurdles, above which the pair could revisit the 1.2000 resistance in the near term. Any further gains could lead the pair towards the 1.2050 level.

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

GBP/USD and GBP/JPY: British Pound Near Inflection Zone
GBP/USD is following a declining pattern below the 1.3300 resistance zone. GBP/JPY is also struggling to clear the 141.20 resistance and it could extend its decline.

GBP/USD Technical Analysis

This past week, the British Pound gained traction above the 1.3300 resistance against the US Dollar. GBP/USD even broke the 1.3400 resistance, but it failed to test the 1.3500 resistance zone.
It started a downside correction and traded below the 1.3400 support. The decline gained pace below the 1.3320 support and the 50 hourly simple moving average. The pair even spiked below the 1.3200 support level and traded as low as 1.3175 on FXOpen.


Recently, there was an upside correction above the 1.3250 level. However, the pair failed to gain pace above the 1.3300 resistance level and the 50 hourly simple moving average.
There is also a major bearish trend line forming with resistance near 1.3255 on the hourly chart of GBP/USD. The pair is currently declining and trading below the 38.2% Fib retracement level of the recent recovery from the 1.3175 low to 1.3293 high.
An initial support is near the 1.3235 level. It is close to the 50% Fib retracement level of the recent recovery from the 1.3175 low to 1.3293 high.
If there is a downside break below 1.3235 and 1.3220, the pair is likely to continue lower. In the stated case, GBP/USD may even break the 1.3175 support and continue lower. Conversely, the pair might break the trend line resistance and the 50 hourly SMA to start a fresh increase above 1.3260. The next major resistance is near 1.3300, followed by 1.3320.
See more: https://www.fxopen.blog/gbp-usd-and-...flection-zone/

EUR/USD and EUR/JPY: Facing Hurdles, Risk of More Losses
EUR/USD is currently trading in a bearish zone below the 1.1850 pivot level. EUR/JPY is currently correcting higher, but it is likely to face hurdles near 125.00.

EUR/USD Technical Analysis

In the past few days, there was a steady decline in the Euro from well above the 1.1950 level against the US Dollar. The EUR/USD pair broke the 1.1910 pivot level to move into a negative zone.
The decline gained pace below the 1.1850 support level and the 50 hourly simple moving average. The pair even broke the 1.1800 support and traded as low as 1.1758 on FXOpen.

It is currently consolidating losses and trading near the 1.1780 level. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the 1.1854 high to 1.1758 low. The first major resistance is near the 1.1800 level.
There is also a key bearish trend line forming with resistance near 1.1805 on the hourly chart of EUR/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.1854 high to 1.1758 low.
The 50 hourly simple moving average is also near the trend line resistance. If the pair breaks the trend line resistance, it could recover towards the 1.1850 resistance zone.
Conversely, the pair might resume its decline below the 1.1750 support. The next key support is near the 1.1720 level, below which the pair is likely to accelerate lower in the near term.
See more: https://www.fxopen.blog/eur-usd-and-...f-more-losses/

Gold Price and Oil Price Facing Key Hurdles
Gold price is facing a strong resistance near the $1,950 and $1,960 levels. Crude oil price is currently declining and it may perhaps continue lower below $37.00.

Gold Price Technical Analysis

After a strong decline, gold price found support near the $1,910 level against the US Dollar. The price started a fresh increase above the $1,925 and $1,935 resistance levels.
It even broke the $1,950 resistance level and the 50 hourly simple moving average. However, the bears defended the $1,960 resistance area. A high is formed near $1,966 on FXOpen and the price is currently declining.

There was a break below the $1,950 support level. The price even traded below the 50% Fib retracement level of the upward move from the $1,920 swing low to $1,966 swing high.
The price is now testing the $1,938 support level, and the 61.8% Fib retracement level of the upward move from the $1,920 swing low to $1,966 swing high. There is also a key rising channel forming with support near $1,938 on the hourly chart of gold.
If there is a downside break below the channel support at $1,938, there is a risk of more losses. The next major support is near the $1,925 level, below which the price is likely to revisit the $1,910 support zone.
On the upside, the price is facing a major resistance near $1,950 and $1,960. A close above the $1,960 resistance zone could open the doors for a larger upward move towards the $1,980 and $1,985 resistance levels in the near term.
See more: https://www.fxopen.blog/gold-price-a...g-key-hurdles/

GBP/USD And EUR/GBP: British Pound Nosedived
GBP/USD declined heavily below the 1.3050 and 1.2950 support levels. EUR/GBP climbed higher sharply and it broke the key 0.9200 resistance zone.

GBP/USD Technical Analysis

The British Pound started a strong decline from well above the 1.3200 support zone against the US Dollar. The GBP/USD pair traded below many key supports near 1.3000 to move into a bearish zone.
The pair gained bearish momentum below the 1.2950 support level and the 50 hourly simple moving average. It even broke the 1.2800 support zone and traded as low as 1.2762 on FXOpen.

It is currently consolidating losses and trading near the 1.2825 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.3033 high to 1.2762 low. On the upside, the first key resistance is near the 1.2850 level and the 50 hourly simple moving average.
There is also a major bearish trend line forming with resistance near 1.2870 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.3033 high to 1.2762 low.
Therefore, the pair must break the trend line resistance and then gain pace above the 1.2900 level to start a recovery wave. The next key hurdles are near 1.2980 and 1.3000.
Conversely, the pair might continue to move down below the 1.2800 support. A break below the 1.2762 low could open the doors for more losses. The next key support is near the 1.2720 level, below which it could test 1.2660.
See more: https://www.fxopen.blog/gbp-usd-and-...und-nosedived/

EUR/USD Testing Key Support, USD/CHF Struggle Continues
EUR/USD faced a strong selling interest near the 1.1900 zone and recently corrected lower. USD/CHF is attempting an upside break, but it is struggling to gain momentum.

EUR/USD Technical Analysis

This week, the Euro remained in a positive zone above the 1.1800 support zone against the US Dollar. The EUR/USD pair climbed above the 1.1820 resistance and even settled above the 1.1850 level.
However, the pair failed once again to clear the key 1.1900 resistance zone. A high is formed near 1.1900 on FXOpen and the pair recently declined sharply. There was a break below a key bullish trend line with support near 1.1885 on the hourly chart of EUR/USD.

Moreover, there was a break below the 1.1850 support and the 50 hourly simple moving average. It traded as low as 1.1828 and it is currently correcting higher. It is trading near the 23.6% Fib retracement level of the recent decline from the 1.1900 high to 1.1828 low.
On the upside, there is strong resistance forming near the 1.1865 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.1900 high to 1.1828 low.
A successful break above the 1.1865 resistance could lead the pair towards the main 1.1900 resistance. Any further gains could start a sustained upward move towards the 1.1980 level.
Conversely, the pair may continue to move down below the 1.1825 level. An immediate support is near the 1.1800 level. Any further losses may perhaps lead the pair towards the 1.1740 support level in the coming sessions.
See more: https://www.fxopen.blog/eur-usd-test...gle-continues/

AUD/USD Facing Hurdles While NZD/USD Is Surging
AUD/USD remained well bid above the 0.7250 support, but it is facing hurdles near 0.7350. Conversely, NZD/USD broke a major barrier at 0.6750 and it is currently rising steadily.

AUD/USD Technical Analysis

The Aussie Dollar seems to be following a broad range above the 0.7250 support level against the US Dollar. The AUD/USD pair traded as low as 0.7254 on FXOpen recently and it is currently moving higher.
There was a break above the 0.7280 and 0.7300 resistance levels. The pair traded nicely above the 50% Fib retracement level of the downward move from the 0.7344 high to 0.7254 low.

Moreover, there was a close above the 0.7300 level and the 50 hourly simple moving average. However, the pair is facing a lot of hurdles on the upside, starting with 0.7330. There is also a connecting bearish trend line forming with resistance near 0.7330 on the hourly chart of AUD/USD.
The pair is currently testing the 76.4% Fib retracement level of the downward move from the 0.7344 high to 0.7254 low. The main resistance on the upside is near the range high at 0.7350.
If there is an upside break above the trend line and the 0.7350 resistance, there are chances of a steady rise. The next key resistance on the upside is near the 0.7400 level. Conversely, the pair might start a fresh decline below the 0.7300 level.
The first key support is near the 0.7280 level. The main support is still near the 0.7250 level, below which AUD/USD might accelerate its losses towards the 0.7200 support in the near term.
See more: https://www.fxopen.blog/aud-usd-faci...sd-is-surging/