Thread: FXOpen Technical Analysis

EUR/USD AND EUR/JPY: EURO EYEING UPSIDE BREAK

EUR/USD is holding the 1.2100 support area, but it is also struggling to clear 1.2200. Similarly, EUR/JPY is facing a strong resistance near 126.15, above which it could start a strong increase.

EUR/USD Technical Analysis

This past week, the Euro climbed above the 1.2150 resistance zone against the US Dollar. However, the EUR/USD pair faced a major resistance near the 1.2200 and 1.2210 levels.
There were a couple of attempts to clear 1.2200, but the bulls failed to gain strength. As a result, there was a sharp decline below 1.2150. The pair broke the 1.2120 support, but it found a strong support near 1.2100.

A low was formed near 1.2107 before the pair bounced back to 1.2175. A high is formed near 1.2175 on FXOpen and it is currently correcting lower.
The pair is testing the 23.6% Fib retracement level of the recent wave from the 1.2107 swing low to 1.2175 high. The first major support on the downside is near the 1.2150 level and the 50 hourly simple moving average.
The next major support is near the 1.2140 level. It is close to the 50% Fib retracement level of the recent wave from the 1.2107 swing low to 1.2175 high. On the upside, an immediate resistance is near the 1.2175 level.
There is also a major contracting triangle forming with resistance near 1.2170 on the hourly chart of EUR/USD. A clear break above the triangle resistance could push the pair towards the main 1.2200 resistance zone.
If EUR/USD clears the 1.2200 resistance zone, there could be a strong increase. In the stated case, the pair could easily rise towards 1.2250 or 1.2265.
See more: https://www.fxopen.blog/eur-usd-and-...-upside-break/

GBP/USD FACING KEY RESISTANCE, USD/CAD REMAINS SUPPORTED

GBP/USD gained momentum above the 1.3700 resistance, but it struggled near 1.3745. USD/CAD is holding the 1.2750 support, but it is struggling below 1.2820.

GBP/USD Technical Analysis

After forming a base above the 1.3620 level, the British Pound started a fresh increase against the US Dollar. The GBP/USD pair broke the 1.3700 resistance level to move into a positive zone.
There was also a break above 1.3720 and the 50 hourly simple moving average. However, the pair seems to be facing a strong resistance near the 1.3745 and 1.3750 levels. The recent high was formed near 1.3751 on FXOpen before the pair corrected lower.

A low is formed near 1.3691 and the pair is currently rising. It broke the 50% Fib retracement level of the recent decline from the 1.3751 high to 1.3691 low.
On the upside, an initial resistance is near the 1.3738 level. It is close to the 76.4% Fib retracement level of the recent decline from the 1.3751 high to 1.3691 low. The main resistance is still near the 1.3750 zone.
To start a strong increase, the pair must clear the 1.3745 and 1.3750 resistance levels. If the bulls succeed, the pair could rise towards the 1.3850 level.
On the downside, the first key support is near the 1.3700 area. There is also a connecting bullish trend line forming with support near 1.3690 on the hourly chart of GBP/USD. If there is a break below 1.3700 and 1.3690, the pair could decline towards the 1.3620 support zone in the near term.
See more: https://www.fxopen.blog/gbp-usd-faci...ins-supported/

EUR/USD REMAINS AT RISK, USD/CHF GAINS BULLISH MOMENTUM

EUR/USD failed to continue higher and declined below 1.2100. USD/CHF is gaining bullish momentum and it is trading nicely above 0.8900.

EUR/USD Technical Analysis

The Euro failed on many occasions to clear the 1.2200 resistance zone against the US Dollar. As a result, the EUR/USD pair started a fresh decline below the 1.2150 and 1.2120 support levels.
The pair even broke the 1.2080 support level and the 50 hourly simple moving average. It cleared the key 1.2055 support zone and traded as low as 1.2011 on FXOpen.

EUR/USD is currently correcting higher and trading above 1.2025. It is testing the 50% Fib retracement level of the recent decline from the 1.2086 high to 1.2011 low. On the upside, the first resistance is near the 1.2055 level and the 50 hourly simple moving average.
There is also a key bearish trend line forming with resistance near 1.2065 on the hourly chart of EUR/USD. The trend line is close to the 61.8% Fib retracement level of the recent decline from the 1.2086 high to 1.2011 low.
A successful break above the 1.2065 resistance and the 50 hourly simple moving average is must for a steady recovery in the near term.
Conversely, the pair could start a fresh decline from 1.2055. An initial support is near the 1.2025 level. The next major support is near the 1.2000 zone. Any more losses could lead the pair towards the 1.1950 zone.
See more: https://www.fxopen.blog/eur-usd-rema...lish-momentum/

AUD/USD AND NZD/USD SIGNALING MORE LOSSES

AUD/USD is slowly moving lower and it is now trading well below 0.7650. NZD/USD is also declining and it seems like it could revisit the 0.7100 support zone.

AUD/USD Technical Analysis

After struggling to gain momentum above the 0.7750 level, the Aussie Dollar started a fresh decline against the US Dollar. The AUD/USD pair broke the 0.7700 support level to move into a bearish zone.
The pair even cleared the 0.7650 support level and settled below the 50 hourly simple moving average. A low was formed near 0.7563 on FXOpen before the pair corrected higher. It recovered above the 0.7600 level, but there was no clear break above 0.7650.

As a result, the pair started a fresh decline below the 0.7620 support. The pair even traded below the 50% Fib retracement level of the upward move from the 0.7563 low to 0.7647 high.
There is also a key bearish trend line forming with resistance near 0.7615 on the hourly chart of AUD/USD. It is now testing the 0.7585 support, which is close to the 76.4% Fib retracement level of the upward move from the 0.7563 low to 0.7647 high.
If there is a downside break, the pair could test the 0.7550 support. Any more losses may possibly open the doors for a push towards the 0.7500 level.
On the upside, the 0.7615 level is a major resistance along with the 50 hourly simple moving average. A clear break above the 0.7615 and 0.7620 levels may possibly open the doors for a fresh increase towards 0.7700 in the coming sessions.
See more: https://www.fxopen.blog/aud-usd-and-...g-more-losses/

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

GBP/USD remained strong above 1.3700, but it is facing hurdles near 1.3750. GBP/JPY is gaining momentum and it is trading well above 144.00.

GBP/USD Technical Analysis

This past week, the British Pound corrected lower below 1.3700 and 1.3600 against the US Dollar. However, the GBP/USD pair remained well bid above the 1.3550 level.
Recently, there was a fresh increase above the 1.3600 and 1.3650 resistance levels. There was also a break above a major bearish trend line with resistance near 1.3635 on the hourly chart of GBP/USD.

The pair settled nicely above 1.3700 and the 50 hourly simple moving average. A high was formed near 1.3740 on FXOpen and the pair is currently consolidating gains. An initial support is near the 1.3720 level. There is also a rising channel forming with support near 1.3718 on the same chart.
The channel support is close to the 23.6% Fib retracement level of the upward move from the 1.3651 low to 1.3740 high. If there is a downside break below the channel support could open the doors for a corrective wave towards the 1.3700 and 1.3680 levels.
The 50% Fib retracement level of the upward move from the 1.3651 low to 1.3740 high is also near the 1.3695 level to provide support. The next major support is near the 1.3670 level, below which the pair could decline towards the 1.3650 level.
On the upside, the first key resistance is forming near the 1.3750 level. The next major resistance is near the 1.3800 level, above which the pair could continue to rise towards the 1.3840 and 1.3880 levels. Any more upsides could push the pair towards 1.3920.
See more: https://www.fxopen.blog/gbp-usd-and-...-more-upsides/

GBP/USD AND EUR/GBP: BRITISH POUND GAINS MOMENTUM

GBP/USD is gaining bullish momentum above the 1.3800 and 1.3840 resistance levels. EUR/GBP is declining and it broke a major support at 0.8745.

GBP/USD Technical Analysis

After forming a base above the 1.3750 and 1.3780, there was a fresh increase in the British Pound against the US Dollar. The GBP/USD pair broke the 1.3800 and 1.3840 resistance levels to move further into a positive zone.
Moreover, there was a break above a major contracting triangle with resistance near 1.3790 on the hourly chart of GBP/USD. The pair strength and it was able to clear the 1.3850 resistance level.

There was also a break above the 1.3880 level and the pair settled nicely above the 50 hourly simple moving average. A new multi-month high is formed near 1.3901 on FXOpen and the pair is currently consolidating gains.
An initial support on the downside is near the 1.3880 level. The first key support is near the 1.3870 level. It is close to the 23.6% Fib retracement level of the upward move from the 1.3775 low to 1.3901 high.
The next key support is near the 1.3850 level. Any more losses may possibly lead the pair towards the 1.3840 level. It coincides with the 50% Fib retracement level of the upward move from the 1.3775 low to 1.3901 high.
On the upside, the 1.3900 level is a short-term resistance. A close above the 1.3900 level will most likely set the pace for a move towards the 1.4000 level in the near term.
See more: https://www.fxopen.blog/gbp-usd-and-...ains-momentum/

EUR/USD AND EUR/JPY: EURO HOLDING KEY SUPPORTS

EUR/USD declined from the 1.2170 zone, but it is holding the 1.2080 support. EUR/JPY climbed higher towards 128.50 and it is currently correcting gains.

EUR/USD Technical Analysis

In the past few days, the Euro remained stable above the 1.2050 and 1.2080 support levels against the US Dollar. The EUR/USD pair even made an attempt to gain strength above the 1.2150 resistance level.
The pair spiked above 1.2150 and settled above the 50 hourly simple moving average. However, it failed to continue higher above the 1.2170 level. A high was formed near 1.2169 on FXOpen before the pair started a fresh decline.

There was a break below a connecting bullish trend line with support near 1.2135 on the hourly chart of EUR/USD. The pair even broke the 1.2100 support and the 50 hourly simple moving average.
It found support near the 1.2080 zone and traded as low as 1.2083. It is currently consolidating losses above the 1.2080 support level. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the 1.2169 high to 1.2083 low at 1.2100.
The next major resistance is near the 1.2125 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.2169 high to 1.2083 low. Any more gains could open the doors for a fresh increase above 1.2150.
If EUR/USD fails to recover, it could break the 1.2080 support level. The next major support is near the 1.2050 level, below which the pair could dive towards the 1.2000 support level.
See more: https://www.fxopen.blog/eur-usd-and-...-key-supports/

GBP/USD CLIMBS ABOVE 1.4000, USD/CAD TURNS RED

GBP/USD gained momentum above the 1.3900 resistance and it even broke 1.4000. USD/CAD is declining and it traded below the 1.2650 support zone.

GBP/USD Technical Analysis

After forming a base above the 1.3800 level, the British Pound extended its increase against the US Dollar. The GBP/USD pair broke the 1.3900 resistance level to move further into a positive zone.
The bulls gained pace above the 1.3920 level and the 50 hourly simple moving average. As a result, there was a clear break above the key 1.4000 resistance level. The pair traded to a new yearly high at 1.4051 on FXOpen and it is currently correcting lower.

There was a break below the 1.4020 support level. The pair traded below the 23.6% Fib retracement level of the recent wave from the 1.3952 swing low to 1.4051 high.
On the downside, the first key support is near the 1.4000 area. There is also a key rising channel forming with support near 1.4000 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent wave from the 1.3952 swing low to 1.4051 high.
If there is a break below 1.4010 and 1.4000, the pair could decline towards the 1.3980 support zone or the 50 hourly simple moving average. Any more losses might call for a test of 1.3920.
On the upside, an initial resistance is near the 1.4040 level. The main resistance is now near the 1.4050 zone, above which the pair is likely to accelerate higher towards the 1.4100 and 1.4120 levels.
See more: https://www.fxopen.blog/gbp-usd-clim...cad-turns-red/

EUR/USD AND USD/CHF SHOWING SIGNS OF MORE UPSIDES

EUR/USD settled above 1.2100 and it is now facing hurdles near 1.2200. USD/CHF is rising and it is likely to accelerate higher above 0.9065.

EUR/USD Technical Analysis

The Euro remained stable above the 1.2000 support and it started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.2100 and 1.2120 resistance levels to move into a positive zone.
The pair even broke the 1.2150 resistance and settled above the 50 hourly simple moving average. It traded as high as 1.2179 on FXOpen and it is currently consolidating gains. It corrected below 23.6% Fib retracement level of the recent wave from the 1.2091 low to 1.2179 high.

However, the pair found a strong support near the 1.2135 level. It coincides with the 50% Fib retracement level of the recent wave from the 1.2091 low to 1.2179 high.
There is also a key bullish trend line forming with support near 1.2140 on the hourly chart of EUR/USD. The pair is now trading nicely above 1.2140 and the 50 hourly simple moving average. If there is a downside break below the trend line support, there could be a sharp decline below 1.2120.
The next key support is near the 1.2100 level, below which EUR/USD could decline towards the 1.2040 support. Conversely, the pair could rise further above 1.2180.
A successful break above the 1.2180 and 1.2200 resistance levels could lead the pair towards the 1.2250 and 1.2280 levels in the near term.
See more: https://www.fxopen.blog/eur-usd-and-...-more-upsides/

EUR/JPY AND GBP/JPY APPROACHING IMPORTANT SUPPORTS

The Euro and British Pound started a steady increase in the past few days against the Japanese Yen. Both EUR/JPY and GBP/JPY are correcting gains, but approaching important supports.

EUR/JPY Technical Analysis

After forming a base above the 127.50 level, the Euro started a steady increase against the Japanese Yen. The EUR/JPY pair broke many hurdles near the 128.50 level to move into a positive zone.
There was also a break above a key contracting triangle with resistance near 128.00 on the hourly chart of EUR/JPY. The pair surged above the 129.00 level and the 50 hourly simple moving average. It traded to a new monthly high at 129.97 on FXOpen and it is currently correcting gains.

There was a break below the 129.50 support. The pair broke the 38.2% Fib retracement level of the upward move from the 127.70 swing low to 129.97 high. There was also a break below a connecting bullish trend line with support at 129.10 on the same chart.
The pair is now approaching the 128.80 support level and the 50 hourly simple moving average. The 50% Fib retracement level of the upward move from the 127.70 swing low to 129.97 high is also near the 128.82 level.
If there is a downside break below the 128.80 support, the pair could continue to move down towards the 128.40 support. Conversely, it might start a fresh increase from 128.80.
An initial resistance on the upside is near the 129.20 level. The main resistance sits at 129.50, above which the pair could rise towards the 130.00 level.
See more: https://www.fxopen.blog/eur-jpy-and-...tant-supports/