Thread: FXOpen Technical Analysis

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EUR/USD COULD CORRECT HIGHER, USD/JPY IS FACING HURDLES

EUR/USD declined recently below the 1.1780 support, but it found support near 1.1730. USD/JPY is showing bearish signs below the key 105.50 resistance level.

EUR/USD Technical Analysis

This past week, the Euro climbed above the 1.1800 and 1.1820 levels against the US Dollar. However, the EUR/USD pair struggled to gain momentum and formed a short-term top near the 1.1830 level.
As a result, there was a downward move below the 1.1800 support level. The pair broke the 1.1780 support level and the 50 hourly simple moving average. Moreover, there was a break below a key bullish trend line with support near 1.1765 on the hourly chart of EUR/USD.

The pair even broke the 1.1750 support and traded as low as 1.1730 on FXOpen. It is currently consolidating losses above the 1.1730 low. An initial resistance on the upside is near the 1.1750 level.
The 23.6% Fib retracement level of the downward move from the 1.1830 high to 1.1730 low is also near the 1.1754 level. The next major resistance on the upside is near the 1.1780 level.
The 50% Fib retracement level of the downward move from the 1.1830 high to 1.1730 low is near 1.1780 to act as a hurdle. More importantly, the 50 hourly simple moving average is aligned near 1.1790 and a connecting bearish trend line on the same chart.
Therefore, the pair is likely to face a lot of hurdles if it corrects higher towards 1.1780 and 1.1800. Conversely, EUR/USD could continue to move down below the 1.1730 low. The next major support is near the 1.1700 level, below which the pair could test the 1.1660 level.
See more: https://www.fxopen.blog/eur-usd-coul...acing-hurdles/

GBP/USD AND EUR/GBP: RISK OF MORE DOWNSIDES

GBP/USD started a fresh decline below the 1.3020 and 1.2980 support levels. EUR/GBP is also declining and it is trading well below the 0.9120 resistance zone.

GBP/USD Technical Analysis

The British Pound failed to test the 1.3100 level and started a fresh decline against the US Dollar. The GBP/USD pair broke a major support zone near the 1.2980 level to move into a bearish zone.
The pair even broke the 1.2950 support level and settled below the 50 hourly simple moving average. The decline extended below the 1.2900 zone and it traded as low as 1.2870 on FXOpen.

The pair is currently correcting higher and trading above 1.2900. There was a break above the 23.6% Fib retracement level of the recent drop from the 1.3064 high to 1.2870 low. However, the pair is now facing hurdles near the 1.2940 level and the 50 hourly simple moving average.
There is also a major bearish trend line forming with resistance near 1.2970 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent drop from the 1.3064 high to 1.2870 low.
A successful break above the trend line resistance is needed to start a fresh increase above the 1.3000 resistance. The next major resistance is near the 1.3020 level, above which it could revisit 1.3080.
Conversely, the pair might continue to move down below the 1.2900 support. The next key support is near the 1.2870 level, below which it could slide sharply towards the 1.2800 level in the coming sessions.
See more: https://www.fxopen.blog/gbp-usd-and-...ore-downsides/

EUR/USD AND EUR/JPY: EURO GAINING MOMENTUM

EUR/USD started a fresh increase above the 1.1800 and 1.1820 resistance levels. EUR/JPY is also showing positive signs and trading nicely above the 124.50 support zone.

EUR/USD Technical Analysis

After a steady decline, the Euro found support near the 1.1685 and 1.1700 levels against the US Dollar. A low was formed near 1.1688 on FXOpen and recently, the EUR/USD pair started a fresh increase.
It broke many important hurdles near the 1.1720 and 1.1750 levels to move into a positive zone. Moreover, there was a break above a major bearish trend line with resistance near 1.1750 on the hourly chart of EUR/USD.

The pair surged above the 1.1800 resistance and settled well above the 50 hourly simple moving average. During the rise, the pair surpassed the 76.4% Fib retracement level of the main decline from the 1.1830 high to 1.1688 low.
It is now trading above the 1.1830 swing high and showing a lot of positive signs. The next key resistance is near the 1.1865 level. It is close to the 1.236 Fib extension level of the main decline from the 1.1830 high to 1.1688 low.
Any further gains could lead the pair towards the 1.1900 resistance level. Conversely, the pair might correct lower from 1.1850 or 1.1865. An initial support is near the 1.1820 level.
The next key support is near the 1.1800 level or the 50 hourly simple moving average, below which the pair is likely to test the 1.1750 zone.
See more: https://www.fxopen.blog/eur-usd-and-...ning-momentum/

GOLD PRICE AND OIL PRICE APPROACHING NEXT KEY BREAK

Gold price started a fresh decline after it failed to clear the $1,930 resistance. Crude oil price is currently holding the $40.50 support and eyeing the next key break.

Gold Price Technical Analysis

Gold price followed a bullish path above the $1,900 support level and started a fresh increase against the US Dollar. The price broke the $1,915 and $1,920 resistance levels.
However, the price struggled to clear the $1,930 resistance zone. A high was formed near $1,931 on FXOpen before the price started a fresh decline. There was a break below the $1,910 support level and the 50 hourly simple moving average.

The decline was such that the price spiked below the $1,900 support and traded as low as $1,894. Recently, there was a recovery wave above the $1,900 level.
The price even climbed above the 23.6% Fib retracement level of the recent decline from the $1,931 high to $1,894 low. The price is now facing hurdles near the $1,905 and $1,908 levels.
It seems like there is a major bullish trend line forming with support near $1,900 on the hourly chart of gold. If there is a downside break below the trend line support, the price could decline sharply. The next major support is near the $1,895 level, below which the bears might aim a test of $1,880.
Conversely, a clear break above the $1,908 and $1,910 resistance levels could open the doors for a fresh increase. The next key resistance is near the $1,915 level and the 50 hourly simple moving average, above which the price might revisit the $1,930 resistance zone.
See more: https://www.fxopen.blog/gold-price-a...ext-key-break/

EUR/USD DECLINING WHILE USD/CHF COULD GAIN MOMENTUM

EUR/USD struggled to clear the 1.1880 resistance and decline below 1.1820. USD/CHF is showing positive signs and it could gain momentum above 0.9100.

EUR/USD Technical Analysis

After a rejection near the 1.1880 zone, the Euro reacted to the downside against the US Dollar. The EUR/USD pair broke the 1.1850 and 1.1840 support levels to move into a bearish zone.
The pair even broke the 1.1820 support and settled below the 50 hourly simple moving average. More importantly, there was a break below a major contracting triangle with support near 1.1810 on the hourly chart of EUR/USD.

The pair is now trading below the 1.1800 level and formed a low at 1.1770 on on FXOpen. If there is an upside correction, the 1.1795 level might act as a resistance. The next resistance is near 1.1800 or the 50% Fib retracement level of the recent decline from the 1.1838 high to 1.1770 low.
On the upside, the first key resistance is near the 1.1815 level. It is close to the 61.8% Fib retracement level of the recent decline from the 1.1838 high to 1.1770 low.
To move back into a positive zone, the pair must break the 1.1800, 1.1815, and 1.1815 resistance levels. Conversely, the pair might continue to move down below the 1.1770 level.
The first major support on the downside is near the 1.1750 level. A clear break below the 1.1750 support level could spark a sharp decline towards the 1.1720 and 1.1705 levels in the coming sessions.
See more: https://www.fxopen.blog/eur-usd-decl...gain-momentum/

GBP/USD DIVING, WHILE USD/CAD IS GAINING BULLISH MOMENTUM

GBP/USD started a fresh decline from well above the 1.3150 pivot level and declined below 1.3000. USD/CAD is showing positive signs and likely to rally above 1.3350.

GBP/USD Technical Analysis

This past week, the British Pound started a fresh decline from well above the 1.3180 zone against the US Dollar. The GBP/USD pair broke the 1.3120 and 1.3050 support levels to move into a bearish zone.
The pair even broke the 1.3000 support and settled below the 50 hourly simple moving average. Finally, there was a spike below the 1.2900 support and a low was formed near the 1.2880 level.

Recently, there was a minor upside correction above the 1.2950 level, but the pair struggled to clear the 1.2985 level. A high was formed near 1.2987 before the pair declined back below 1.2950. It traded as low as 1.2913 and it is currently consolidating losses.
An initial resistance is near the 1.2950 level. It is close to the 50% Fib retracement level of the recent decline from the 1.2987 high to 1.2913 low. The 50 hourly simple moving average is also close to the 1.2950 zone to act as a hurdle.
Moreover, there is a major bearish trend line forming with resistance near 1.2985 on the hourly chart of GBP/USD. To move into a positive zone, the pair must break the 1.2950 and 1.2985 resistance levels in the coming sessions.
If there is a downside break below the trend line support and 1.2915, there could be an extended decline. The next support is near the 1.2900 level, below which the pair is likely to break 1.2880 and decline towards the 1.2840 level.
See more: https://www.fxopen.blog/gbp-usd-divi...lish-momentum/

US ELECTIONS 2020: EUR/USD DECLINE SHARPLY, USD/JPY IS SURGING

EUR/USD declined sharply after it was rejected near the 1.1770 zone. USD/JPY is gaining momentum and it is trading nicely above the 105.00 level.

EUR/USD Technical Analysis

Recently, there was a decent upward move in the Euro from the 1.1640 support zone against the US Dollar. The EUR/USD pair climbed above the 1.1720 and 1.1750 resistance levels, but it struggled to continue higher.
A high was formed near 1.1769 on FXOpen and there was a sharp decline. The pair tumbled below the 1.1750 and 1.1700 support levels. There was also a break below a key bullish trend line with support near 1.1700 on the hourly chart of EUR/USD.

The pair even broke the 1.1680 support level and the 50 hourly simple moving average. The pair traded as low as 1.1605 and it is currently correcting higher.
There was a break above the 1.1640 level, and the pair traded above the 23.6% Fib retracement level of the recent decline from the 1.1769 high to 1.1605 low. However, the pair is facing a strong resistance near the 1.1660 and 1.1680 levels.
The 50 hourly simple moving average is also near the 1.1665 to act as a hurdle. The main hurdle is forming near the 1.1700 zone and the 50% Fib retracement level of the recent decline from the 1.1769 high to 1.1605 low.
On the downside, the 1.1620 level is an initial support. The main support is forming near the 1.1600 zone, below which there is a risk of a sharp decline towards the 1.1550 and 1.1540 levels in the near term.
See more: https://www.fxopen.blog/us-elections...py-is-surging/

GOLD PRICE AND OIL PRICE COULD CORRECT RECENT GAINS

Gold price started a fresh increase and surged towards the $1,950 resistance. Crude oil price also gained pace and it is currently correcting lower from $39.50.

Gold Price Technical Analysis

Gold price started a strong increase from the $1,880 support zone against the US Dollar. The price broke the $1,895 and $1,900 resistance levels to move into a positive zone.
More importantly, there was a break above a major contracting triangle with resistance near $1,910 on the hourly chart of gold. It opened the doors for a sharp rise and the price rallied above $1,920.

There was also a close above $1,925 and the 50 hourly simple moving average. It even tested the $1,950 resistance and high is formed near $1,952 on FXOpen. The price is currently correcting gains and trading below $1,945.
An initial support is near the $1,938 level. It is close to the 23.6% Fib retracement level of the recent rise from the $1,893 swing low to $1,952 high.
The next major support is near the $1,920 level or the 50% Fib retracement level of the recent rise from the $1,893 swing low to $1,952 high. Any further losses could lead the price towards the $1,915 support zone (the recent breakout zone, resistance turned support).
Conversely, the price could start a fresh increase above $1,945. The next key resistance is near the $1,950 level, above which the price might rally towards the $1,965 level in the near term.
See more: https://www.fxopen.blog/gold-price-a...-recent-gains/

GBP/USD RISING STEADILY, EUR/GBP REMAINS AT RISK

GBP/USD started a fresh increase and it broke the 1.3150 resistance zone. EUR/GBP is struggling and it could decline sharply if it breaks the 0.9010 support zone.

GBP/USD Technical Analysis

The British Pound retested the 1.2900 region before it started a fresh increase against the US Dollar. The GBP/USD pair broke the main 1.3000 resistance level to move back into a positive zone.
The upward move gained pace above the 1.3050 resistance and the 50 hourly simple moving average. There was also a break above the 1.3150 resistance and the pair traded as high as 1.3193 on FXOpen.

It is currently consolidating gains below the key 1.3200 resistance. An initial support is near the 1.3165 and the 23.6% Fib retracement level of the recent wave from the 1.3076 low to 1.3193 high. It seems like there is a key contracting triangle forming with support near 1.3145 on the hourly chart of GBP/USD.
The first major support is near the 1.3150 level. The breakdown support is close to the triangle lower trend line, and the 50% Fib retracement level of the recent wave from the 1.3076 low to 1.3193 high.
A clear break the triangle support and the 50 hourly simple moving average could start an extended decline towards the 1.3075 support level. Any further losses may perhaps lead the pair towards the 1.3000 support zone.
Conversely, the pair might continue to move up above the 1.3190 level. The main hurdle is near the 1.3200 level, above which the pair is likely to surge towards the 1.3240 and 1.3250 levels.
See more: https://www.fxopen.blog/gbp-usd-risi...mains-at-risk/