Thread: FXOpen Technical Analysis

GBP/USD Showing Positive Signs While GBP/JPY Could Nosedive
GBP/USD is trading above the 1.2920 support, but it is facing many hurdles near 1.3000. GBP/JPY is declining and it remains at a risk of more downsides below 135.00.

GBP/USD Technical Analysis

This past week, the British Pound found support near the 1.2800 zone against the US Dollar. GBP/USD started a decent increase and surpassed the 1.2880 and 1.2900 resistance levels.
The pair even climbed above the 1.2950 resistance and the 50 hourly simple moving average. However, the pair failed to gain pace above the key 1.3000 resistance zone. The bulls many attempts to clear 1.3000, but they failed.

The recent high was formed near 1.2999 on FXOpen before the pair declined back to 1.2910. A low is formed near 1.2913 and the pair is currently correcting higher.
It broke the 1.2940 and 1.2950 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the 1.2999 high to 1.2913 low. An immediate resistance on the upside is near the 1.2980 level.
The 76.4% Fib retracement level of the recent decline from the 1.2999 high to 1.2913 low is also near the 1.2980 level. The main resistance is still near the 1.3000 handle. A successful close above the 1.3000 resistance is needed for a further gains.
On the downside, there is a major bullish trend line forming with support near 1.2925 on the hourly chart of GBP/USD. A clear break below the trend line support might start another decline and the pair could decline towards the 1.2800 support.
See more: https://www.fxopen.blog/gbp-usd-show...ould-nosedive/

EUR/USD DIVING WHILE USD/JPY IS SHOWING RECOVERY SIGNS

EUR/USD started a strong decline from the 1.1880 resistance, and it declined below 1.1800. USD/JPY is recovering nicely and it could surpass the 105.50 resistance.

EUR/USD Technical Analysis

This past week, the Euro made a few attempts to clear the 1.1880 and 1.1900 resistance levels against the US Dollar. The EUR/USD pair failed to gain traction, resulting in a sharp decline below the 1.1800 support.
The pair gained bearish momentum below the 1.1750 support level and the 50 hourly simple moving average. Moreover, there was a break below a declining channel with support near 1.1710 on the hourly chart of EUR/USD.

The pair even broke the 1.1700 support and traded as low as 1.1675 on FXOpen. It is currently consolidating losses above the 1.1675 low. An initial resistance on the upside is near the broken channel support at 1.1700.
The 23.6% Fib retracement level of the recent decline from the 1.1767 high to 1.1675 low is also near the 1.1696 level. The next major resistance on the upside is near the 1.1720 level.
The 50% Fib retracement level of the recent decline from the 1.1767 high to 1.1675 low is near 1.1720 to act as a hurdle. To move into a positive zone, the bulls need to gain pace above the 1.1720 and 1.1740 resistance levels.
Conversely, EUR/USD could continue to move down below the 1.1675 low. The next major support is near the 1.1650 level, below which the pair could test the 1.1620 level.
See more: https://www.fxopen.blog/eur-usd-divi...ecovery-signs/

GBP/USD AND EUR/GBP: BRITISH POUND ATTEMPTING RECOVERY

GBP/USD extended its decline below the 1.2800 and 1.2750 support levels. EUR/GBP is currently trading below the 0.9150 support zone and facing key hurdles.

GBP/USD Technical Analysis

The British Pound started a strong decline after it failed to settle above 1.3000 against the US Dollar. The GBP/USD pair broke a major support zone near the 1.2920 level to move into a bearish zone.
The pair even broke the 1.2800 support level and settled below the 50 hourly simple moving average. The decline extended below the 1.2750 support and it traded as low as 1.2675 on FXOpen.

The recent low was near 1.2687 and the pair is currently attempting a decent recovery. There was a break above the 1.2720 resistance, plus the 50% Fib retracement level of the recent decline from the 1.2806 high to 1.2687 low.
The GBP/USD pair is now trading above the 50 hourly simple moving average and it is attempting a close above a key bearish trend line forming with resistance near 1.2760 on the hourly chart.
The next key resistance is near the 1.2780 level. It is close to the 76.4% Fib retracement level of the recent decline from the 1.2806 high to 1.2687 low. A successful close above the 1.2780 and 1.2800 resistance levels might start a steady rise.
The next major resistance is near the 1.2850 level, above which the pair might revisit 1.2920. Conversely, the pair might continue to move down below the 1.2740 support.
A break below the 1.2720 level and the 50 hourly SMA could start another decline. The next key support is near the 1.2680 level, below which it could test 1.2650.
See more: https://www.fxopen.blog/gbp-usd-and-...ting-recovery/

EUR/USD AND EUR/JPY: DECENT RECOVERY UNDERWAY

EUR/USD started an upside correction above the 1.1660 and 1.1700 resistance levels. EUR/JPY tested the 124.25 resistance and it is currently correcting lower.

EUR/USD Technical Analysis

This past week, the Euro faced an increase in selling pressure below 1.1780 against the US Dollar. The EUR/USD pair broke the 1.1700 support level to move further into a bearish zone.
The decline gained pace below the 1.1660 support level and the 50 hourly simple moving average. The pair traded close to the 1.1600 level and formed a low at 1.1612 on FXOpen.

A support base was formed above 1.1600 and the pair recently started a decent upward move. There was a break above the 1.1650 and 1.1660 resistance levels. Moreover, there was a break above a key bearish trend line with resistance near 1.1680 on the hourly chart of EUR/USD.
The pair climbed above the 38.2% Fib retracement level of the key decline from the 1.1871 high to 1.1612 low. It is now trading above the 1.1720 level, but facing hurdles near 1.1740.
It seems like the 50% Fib retracement level of the key decline from the 1.1871 high to 1.1612 low is acting as a resistance. On the upside, the first major resistance is near the 1.1775 level. A clear break above 1.1775 could open the doors for more gains above the 1.1800 resistance.
Conversely, the pair might correct lower from 1.1740. An initial support is near the 1.1710 level. The next key support is near the 1.1695 level or the 50 hourly simple moving average, below which the pair is likely to revisit the 1.1612 low.
See more: https://www.fxopen.blog/eur-usd-and-...very-underway/

AUD/USD COULD CORRECT LOWER WHILE NZD/USD IS HOLDING GAINS

AUD/USD gained traction above 0.7100, but it seems to be struggling near the 0.7200 resistance. NZD/USD is showing positive signs and it could rise further above 0.6660.

AUD/USD Technical Analysis

The Aussie Dollar started a steady rise from the 0.7000 support zone against the US Dollar. The AUD/USD pair broke a few major hurdles near 0.7100 and 0.7120 to move into a positive zone.
The pair gained pace above the 0.7150 level and the 50 hourly simple moving average. However, it failed to gain bullish momentum above the 0.7200 resistance level. A high is formed near 0.7209 on FXOpen recently and it is currently correcting lower.

There was a break below the 0.7180 support level. Moreover, there was a break below a major bullish trend line with support at 0.7165 on the hourly chart of AUD/USD.
The pair is currently testing the 23.6% Fib retracement level of the upward move from the 0.7005 low to 0.7209 high, and the 50 hourly simple moving average. If there is a close below the 50 hourly simple moving average, the pair could continue to move down towards the 0.7150 support.
The next major support is near the 0.7100 level. It is close to the previous breakout zone, plus the 50% Fib retracement level of the upward move from the 0.7005 low to 0.7209 high.
On the upside, the pair is facing a major challenge near the 0.7200 level. If there is a proper close above the 0.7200 level, the pair could resume its upward move towards the 0.7250 and 0.7260 levels in the near term.
See more: https://www.fxopen.blog/aud-usd-coul...holding-gains/

GBP/USD NEAR CRUCIAL JUNCTURE, USD/CAD IS DIVING

GBP/USD started a fresh increase above 1.2820, but it is facing a strong resistance near 1.2980 and 1.3000. USD/CAD is currently declining and trading well below 1.3320.

GBP/USD Technical Analysis

In the past few days, the British Pound started a steady increase from the 1.2700 support zone against the US Dollar. The GBP/USD pair broke many hurdles near 1.2820 to move into a positive zone.
There was also a close above the 1.2900 level and the 50 hourly simple moving average. However, the pair is now facing a strong resistance near the 1.2980 and 1.3000 levels. The recent low was formed near 1.2837 on FXOpen, and the pair is currently moving higher.

There was a break above the 1.2920 resistance level. The pair surpassed the 50% Fib retracement level of the downward move from the 1.2978 high to 1.2837 low.
The pair is now trading near the 1.2950 resistance level, and the 76.4% Fib retracement level of the downward move from the 1.2978 high to 1.2837 low. The main hurdle is still near the 1.3000 level, above which the pair is likely to accelerate higher in the near term.
On the downside, the first key support is near the 1.2900 area and the 50 hourly simple moving average. There is also a key bullish trend line forming with support near 1.2905 on the hourly chart of GBP/USD.
A clear break below the trend line support might start a steady decline towards the 1.2840 support zone. The next major support is near the 1.2780 level.
See more: https://www.fxopen.blog/gbp-usd-near...cad-is-diving/

EUR/USD CORRECTING LOWER WHILE USD/CHF CLIMBS STEADILY

EUR/USD failed to clear the 1.1800 resistance zone and started a downside correction. USD/CHF is correcting higher and showing positive signs above 0.9165.

EUR/USD Technical Analysis

This week, the Euro made a few attempts to clear the 1.1800 resistance zone against the US Dollar. The EUR/USD pair failed to extend gains and started a fresh decline.
A high was formed near 1.1807 on FXOpen before the pair broke the 1.1780 support level. There was a clear break below the 1.1765 support level and the 50 hourly simple moving average to start the current decline.

The pair even broke the 50% Fib retracement level of the upward move from the 1.1697 swing low to 1.1807 high. More importantly, there was a break below a major bullish trend line with support near 1.1740 on the hourly chart of EUR/USD.
The pair is now trading below the 1.1750 support level. An initial support is near the 1.1720 level or the 76.4% Fib retracement level of the upward move from the 1.1697 swing low to 1.1807 high.
The next major support is near the 1.1700 zone, below which the pair might accelerate lower towards the 1.1650 and 1.1620 levels. Conversely, the pair might start a fresh increase above the 1.1750 resistance.
The first major resistance is near the 1.1765 level and the 50 hourly simple moving average. A clear break above the 1.1765 level might lead the pair back towards the main 1.1800 resistance level in the coming sessions.
See more: https://www.fxopen.blog/eur-usd-corr...imbs-steadily/

GOLD PRICE AND OIL PRICE SIGNALING MORE UPSIDES

Gold price started a fresh increase from the $1,870 support and climbed above $1,900. Crude oil price is currently rising and trading well above the $40.00 pivot level.

Gold Price Technical Analysis

Gold price remained well bid above the $1,870 support level and started a fresh increase against the US Dollar. The price broke the $1,885 and $1,890 resistance levels to move into a positive zone.
There was a proper close above the $1,900 resistance level and the 50 hourly simple moving average. During the rise, there was a break above a key rising channel with resistance near $1,902 on the hourly chart of gold.

Besides, the price surpassed the 50% Fib retracement level of the key decline from the $1,920 high (formed on FXOpen) to $1,872 low. The bulls are clearly in control above $1,905, with positive signs.
The price is trading above the 76.4% Fib retracement level of the key decline from the $1,920 high to $1,872 low. Therefore, there are chances of more upsides towards the $1,920 high in the coming sessions. Any further gains could open the doors for a larger increase towards the $1,945 and $1,950 levels.
If there is a downside correction, the price might find support near the $1,905 level or the broken channel trend line. The next major support is near the $1,900 level, below which the price might retest the 50 hourly simple moving average at $1,890.
See more: https://www.fxopen.blog/gold-price-a...-more-upsides/

GBP/USD AND GBP/JPY: BRITISH POUND SIGNALING MORE UPSIDES

GBP/USD started a strong increase after it broke the 1.2950 and 1.3000 resistance levels. GBP/JPY is trading nicely above 137.00 and it might continue to climb higher.

GBP/USD Technical Analysis

This past week, the British Pound struggled on many occasions near the 1.2980 and 1.3000 resistance levels against the US Dollar. Finally, the GBP/USD pair gained momentum and was able to clear the main 1.3000 resistance level.
The pair formed a strong support base above the 1.2920 level and it climbed higher nicely above the 50 hourly simple moving average. There was a successful close above the 1.3000 level and the pair traded to a new weekly high at 1.3049 on FXOpen.

The pair is currently consolidating gains above the 1.3020 support. It is also trading above the 23.6% Fib retracement level of the upward move from the 1.2922 low to 1.3049 high.
On the downside, there are many important supports forming near the 1.3000 and 1.2980 levels. There is also a crucial bullish trend line forming with support near 1.2970 on the hourly chart of GBP/USD. The trend line coincides with the 50% Fib retracement level of the upward move from the 1.2922 low to 1.3049 high.
If there is a downside break below the trend line, the pair could correct further lower towards the 1.2925 and 1.2920 support levels.
On the upside, the first major hurdles for the bulls is near the 1.3050 level. A clear break above the 1.3050 resistance is likely to open the doors for a sustained upward move in the coming sessions.
See more: https://www.fxopen.blog/gbp-usd-and-...-more-upsides/

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