Thread: FXOpen Technical Analysis

AUD/USD AND NZD/USD SET NEW MULTI-MONTH HIGHS, DIPS LIKELY LIMITED

AUD/USD extended its rise above 0.7500 and traded to a new multi-month high above 0.7600. NZD/USD also followed a similar path and climbed towards the 0.7200 zone.

AUD/USD Technical Analysis

In the past few weeks, the Aussie Dollar followed a bullish path after a proper close above 0.7350 against the US Dollar. The AUD/USD pair even broke the 0.7500 resistance level to move into a positive zone.
The upward move gained pace above the 0.7550r resistance and the pair settled well above the 50 hourly simple moving average. The pair even spiked above the 0.7600 level and it traded to a new multi-month high at 0.7639.

Recently, there was a minor downside correction below the 0.7620 level. The pair traded below the 23.6% Fib retracement level of the recent increase from the 0.7538 swing low to 0.7639 high.
The pair is now testing the 0.7600 support level. There is also a major contracting triangle forming with resistance near 0.7620 on the hourly chart of AUD/USD. The triangle support is near the 0.7600 zone and acting as a strong support.
The next major support is near the 0.7590 level and the 50 hourly simple moving average. The 50% Fib retracement level of the recent increase from the 0.7538 swing low to 0.7639 high is also near the 0.7590 level to provide support.
If there are more losses and a downside break below 0.7575-0.7580, the pair could extend losses towards the 0.7550 support. Conversely, the pair could start a fresh increase above the 0.7620 resistance zone.
See more: https://www.fxopen.blog/aud-usd-and-...ikely-limited/

GBP/USD CORRECTS LOWER, USD/CAD EXTENDING GAINS

GBP/USD started a fresh decline after testing the 1.3625 zone. USD/CAD is rising and it is showing a lot of positive signs above the 1.2800 level.

GBP/USD Technical Analysis

This past week, the British Pound gained momentum above the 1.3500 resistance level against the US Dollar. The GBP/USD pair broke the 1.3550 and 1.3560 resistance levels to move into a positive zone.
The pair even broke the 1.3600 resistance and traded as high as 1.3624 on FXOpen. This week, it opened with a gap lower and traded below the 1.3520 support zone. There was a close below the 1.3500 level and the 50 hourly simple moving average.

Moreover, there was a break below a major bullish trend line with support near 1.3530 on the hourly chart of GBP/USD. The pair even traded below the 50% Fib retracement level of the upward move from the 1.3134 swing low to 1.3624 high.
An immediate support is near the 1.3320 level. It is close to the 61.8% Fib retracement level of the upward move from the 1.3134 swing low to 1.3624 high.
The next major support is near the 1.3280 level. If there are more downsides, the pair could dive towards the 1.3200 support zone in the near term. On the upside, an initial resistance level is near the 1.3400 level.
The main resistance is now forming near the 1.3500 zone and 50 hourly simple moving average. A close above 1.3500 could open the doors for a push towards the 1.3624 high.
See more: https://www.fxopen.blog/gbp-usd-corr...tending-gains/

EUR/USD AND USD/JPY APPROACHING NEXT CRUCIAL BREAKOUT

EUR/USD corrected lower after it struggled to clear the 1.2250 resistance level. USD/JPY is trading above 103.20 and it is likely setting up for the next major move.

EUR/USD Technical Analysis

In the past few days, there were swing moves in the Euro above 1.2200 against the US Dollar. The EUR/USD pair made a couple of attempt to gain strength above 1.2250 and 1.2260, but it failed.
The recent swing high was formed near 1.2256 on FXOpen before the price started a fresh decline. There was a break below the 1.2200 support level and the 50 hourly simple moving average. The pair even broke the 1.2180 support, but it stayed above the 1.2150 zone.

A low is formed near 1.2152 and the pair is currently rising. It broke the 23.6% Fib retracement level of the recent decline from the 1.2256 high to 1.2152 low.
On the upside, the first major resistance is near the 1.2200 level and the 50 hourly simple moving average. The 50% Fib retracement level of the recent decline from the 1.2256 high to 1.2152 low is also near 1.2205.
A clear break above the 1.2200 resistance zone could lead the pair towards the main 1.2230 level and a connecting bearish trend line. Any more upsides might increase the chances of a break above 1.2260.
Conversely, the pair could start a fresh decline below the 1.2165 support. The main support is near the 1.2150 zone, and a major bullish trend line forming with support near 1.2160 on the hourly chart of EUR/USD. A break below the trend line support could lead the pair towards the 1.2100 level.
See more: https://www.fxopen.blog/eur-usd-and-...cial-breakout/

GBP/USD AND GBP/JPY: BRITISH POUND GAINS BULLISH MOMENTUM

GBP/USD started a strong increase above the 1.3500 resistance zone. GBP/JPY also gained traction and it gained pace above the 140.00 resistance zone to move into a positive zone.

GBP/USD Technical Analysis

This past week, the British Pound saw a strong increase from the 1.3300 support zone against the US Dollar. The GBP/USD pair broke the 1.3500 resistance zone to move further into a positive zone.
The upward move was such that the pair even broke the 1.3550 resistance and settled above the 50 hourly simple moving average. It traded as high as 1.3618 on FXOpen and it is currently consolidating gains.

It corrected lower towards 1.3520 and traded as low as 1.3522. Recently, there was a minor increase above the 1.3540 level. The pair climbed above the 1.3550 level, and tested the 50% Fib retracement level of the recent decline from the 1.3618 high to 1.3522 low.
The first major resistance is near the 1.3580 level. It is close to the 61.8% Fib retracement level of the recent decline from the 1.3618 high to 1.3522 low.
On the upside, a clear break above the 1.3600 resistance level is needed for more upsides. The next major resistance is near the 1.3650 level, above which the pair could rise towards the 1.3680 and 1.3700 levels.
On the downside, there is a key bullish trend line forming with support near 1.3555 on the hourly chart of GBP/USD. If there is a downside break below the trend line support, the pair could continue to move down towards the 1.3500 support level in the near term.
See more: https://www.fxopen.blog/gbp-usd-and-...lish-momentum/

EUR/USD AND EUR/JPY: EURO GAINS BULLISH MOMENTUM

EUR/USD gained bullish momentum and traded to a new multi-month high above 1.2290. EUR/JPY is also showing positive signs and trading nicely above the 126.80 support.

EUR/USD Technical Analysis

In the past few days, the Euro remained in a positive zone above the 1.2080 and 1.2120 levels against the US Dollar. The EUR/USD pair even broke the 1.2200 resistance zone to move further into a positive zone.
It settled nicely above the 1.2220 level and the 50 hourly simple moving average. There was an upside continuation above the 1.2250 level. The pair traded to a new multi-month high at 1.2294 on FXOpen and it is currently consolidating gains.

An initial support on the downside is near the 1.2280 level. It is close to the 23.6% Fib retracement level of the recent increase from the 1.2236 swing low to 1.2294 high.
The first major support is near the 1.2270 level. The next support is near the 1.2265 level or the 50% Fib retracement level of the recent increase from the 1.2236 swing low to 1.2294 high. There is also a key bullish trend line forming with support near 1.2235 on the hourly chart of EUR/USD.
Any more losses could lead the pair towards the 1.2220 level in the near term. On the upside, the 1.2300 zone is likely to act as a major resistance. A clear break above the 1.2300 zone could open the doors for a steady increase in the coming days towards 1.2340 or 1.2350.
See more: https://www.fxopen.blog/eur-usd-and-...lish-momentum/

GBP/USD COULD DECLINE FURTHER, USD/CAD IS EYEING UPSIDE BREAK

GBP/USD started a fresh decline after it failed to clear the 1.3700 resistance. USD/CAD is rising and it is currently eyeing an upside break above 1.2750.

GBP/USD Technical Analysis

After a decent increase, the British Pound faced resistance near 1.3680-1.3700 against the US Dollar. As a result, the GBP/USD pair started a fresh decline and broke a couple of important supports near 1.3650.
The pair gained bearish momentum below the 1.3600 level and the 50 hourly simple moving average. It even broke a major support zone at 1.3540 to move into a bearish zone. It traded as low as 1.3496 on FXOpen, and the pair is currently consolidating losses.

An initial resistance on the upside is near the 1.3525 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.3635 high to 1.3496 low.
The first major resistance is near the 1.3540 level (the recent breakdown zone). The next resistance is near the 1.3565 zone and the 50 hourly simple moving average. It is also close to the 50% Fib retracement level of the recent decline from the 1.3635 high to 1.3496 low.
Finally, there is a major bearish trend line forming with resistance near 1.3610 on the hourly chart of GBP/USD. Clearly, the pair is likely to face many hurdles if it starts an upside correction from the recent low of 1.3496.
On the downside, the first key support is near the 1.2500 area. The next major support is near the 1.3470 level, below which there is a risk of a sharp decline.
See more: https://www.fxopen.blog/gbp-usd-coul...-upside-break/

GBP/USD AND GBP/JPY: BRITISH POUND COULD CORRECT LOWER

GBP/USD gained strength above 1.3600, but it struggled to continue higher above 1.3700. GBP/JPY also corrected lower after forming a short-term top near 142.25.

GBP/USD Technical Analysis

This past week, the British Pound saw a steady increase above the 1.3550 resistance against the US Dollar. The GBP/USD pair even broke the 1.3600 resistance zone to move further into a positive zone.
The pair climbed above the 1.3650 and 1.3680 resistance levels, but it struggled to gain momentum above 1.3700. A high was formed near 1.3710 on FXOpen and the pair recently started a downside correction.

There was a break below the 1.3650 and 1.3620 support levels. There was also a close below the 1.3620 level and the 50 hourly simple moving average. Moreover, there was a break below an ascending channel with support near 1.3638 on the hourly chart of GBP/USD.
The pair traded as low as 1.3565 and it is currently consolidating losses. An initial resistance on the upside is near the 1.3600 zone. It is close to the 23.6% Fib retracement level of the recent decline from the 1.3710 high to 1.3565 low.
The first key resistance is forming near the 1.3620 level. The next major resistance is near the 1.3640 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.3710 high to 1.3565 low.
If there is an upside break above 1.3620 and 1.3640, GBP/USD could easily drift towards the 1.3700 zone. On the downside, the 1.3565 level is a decent support. If there is a downside break below the recent low, the pair could continue to move down towards the 1.3500 support level in the near term.
See more: https://www.fxopen.blog/gbp-usd-and-...correct-lower/

EUR/USD RECOVERING LOSSES, USD/JPY REMAINS AT RISK

EUR/USD started a downside correction from well above 1.2300 and recently found support near 1.2055. USD/JPY is showing bearish signs and it could decline heavily below 103.50.

EUR/USD Technical Analysis

In the past few days, there was a steady decline in the Euro from well above 1.2200 against the US Dollar. The EUR/USD pair even broke the 1.2120 support level, but it remained well bid above 1.2050.
A low was formed near 1.2053 on FXOpen before the pair is currently recovering losses. There was a break above the 1.2100 resistance level and the 50 hourly simple moving average, opening the doors for a steady increase.

There was also a break above a major bearish trend line with resistance near 1.2120 on the hourly chart of EUR/USD. The pair even broke the 50% Fib retracement level of the downward move from the 1.2222 swing high to 1.2053 low.
An immediate resistance is near the 1.2058 level. It is close to the 61.8% Fib retracement level of the downward move from the 1.2222 swing high to 1.2053 low. The main resistance is near the 1.2175, above which EUR/USD is likely to accelerate higher.
Conversely, the pair could start a fresh decline below the 1.2135 support. The first major support is near the 1.2115 zone. If there is a downside break below the 1.2115 support zone, the pair could continue to move down. In the stated case, there are high chances of a retest of the 1.2053 swing low in the near term.
See more: https://www.fxopen.blog/eur-usd-reco...mains-at-risk/

AUD/USD AND NZD/USD APPROACHING NEXT KEY BREAK

AUD/USD is trading well above 0.7700, but is facing hurdles near 0.7780 and 0.7800. NZD/USD is also showing positive signs, but there is a crucial resistance forming near 0.7225-0.7240.

AUD/USD Technical Analysis

After forming a support base near 0.7660, the Aussie Dollar started a fresh increase against the US Dollar. The AUD/USD pair broke the 0.7700 resistance level to move into a positive zone.
The pair even broke the 0.7720 resistance and settled above the 50 hourly simple moving average. A high is formed near 0.7782 on FXOpen and the pair is currently correcting lower.

There was a break below the 0.7760 support level. The pair even traded below the 50% Fib retracement level of the upward move from the 0.7720 swing low to 0.7782 high. It is now testing the 0.7745 support level and the 50 hourly simple moving average.
There is also a major contracting triangle forming with support near 0.7740 on the hourly chart of AUD/USD. The triangle support is close to the 61.8% Fib retracement level of the upward move from the 0.7720 swing low to 0.7782 high.
If there is a downside break below the triangle support, there is a risk of more losses. The next major support on the downside is near the 0.7720 level.
On the upside, the 0.7770 level is an immediate resistance. A clear break above the 0.7770 and 0.7780 levels may possibly open the doors for a larger increase towards 0.7800 and 0.7840 in the coming sessions.
See more: https://www.fxopen.blog/aud-usd-and-...ext-key-break/

GBP/USD AND EUR/GBP: BRITISH POUND REMAINS STRONG

GBP/USD extended its rise above the 1.3680 and 1.3700 resistance levels. EUR/GBP is correcting lower and it is approaching a major support near 0.8875.

GBP/USD Technical Analysis

After forming a base above the 1.3500 and 1.3520, there was a fresh increase in the British Pound against the US Dollar. The GBP/USD pair broke the 1.3580 and 1.3600 resistance levels to move into a positive zone.
The pair gained momentum above 1.3600 and it even spiked above the 1.3680 resistance. There was also a break above the 1.3700 zone and the pair settled above the 50 hourly simple moving average.

A new multi-month high was formed near 1.3746 on FXOpen before the pair started a downside correction. It traded below the 1.3680 support level and the 50 hourly simple moving average, but the bulls protected the 1.3640 level.
A low is formed near 1.3636 and the pair is currently rising. It is trading above the 1.3680 level, the 50 hourly simple moving average, and the 50% Fib retracement level of the downward move from the 1.3746 high to 1.3636 low.
It seems like there is a key contracting triangle forming with resistance near 1.3715 on the hourly chart of GBP/USD. An immediate resistance is near the 1.3700 zone or the 61.8% Fib retracement level of the downward move from the 1.3746 high to 1.3636 low.
A successful break above the 1.3700 and 1.3715 levels could open the doors for a new high above the 1.3746 in the near term. Conversely, the pair could break the triangle support and continue lower towards the main 1.3620 support level.
See more: https://www.fxopen.blog/gbp-usd-and-...emains-strong/