Thread: FXOpen Technical Analysis

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

GBP/USD rallied above the 1.4200 level before correcting lower. EUR/GBP is declining, but it is might find bids near the 0.8635 zone in the near term.

GBP/USD Technical Analysis

After a successful close above the 1.4000 level, the British Pound started a strong increase against the US Dollar. The GBP/USD pair a few key hurdles near 1.4080 and 1.4100 to move further into a positive zone.
The pair climbed above the 1.4200 level and traded close to 1.4240 on FXOpen. Recently, there was a downside correction, and the pair declined below the 1.4100 support zone and the 50 hourly simple moving average.

There was also a break below a major bullish trend line with support at 1.4140 on the hourly chart of GBP/USD. The pair even broke the 1.4000 support and traded as low as 1.3887. It is currently consolidating and trading above the 1.3950 level.
There was a break above the 23.6% Fib retracement level of the downward move from the 1.4181 high to 1.3887 low. The first major resistance on the upside is near the 1.4040 level and the 50 hourly simple moving average.
The 50% Fib retracement level of the downward move from the 1.4181 high to 1.3887 low is also near the 1.4040 level. A successful break above the 1.4040 level and the 50 hourly SMA could open the doors for a fresh increase. In the stated case, the pair could revisit the 1.4150 level.
On the downside, the 1.3950 level is a decent support. The next major support sits near the 1.3900 level, below which the pair could slide towards the 1.3820 level.
See more: https://www.fxopen.blog/gbp-usd-and-...orrects-gains/

EUR/USD FACING HURDLES, USD/JPY GAINS BULLISH MOMENTUM

EUR/USD declined towards 1.2000 before recovering higher. USD/JPY is following a strong uptrend and it even broke the 106.50 resistance zone.

EUR/USD Technical Analysis

This past week, the Euro topped near the 1.2245 before starting a fresh decline against the US Dollar. The EUR/USD pair broke the 1.2150 and 1.2120 support levels to move into a bearish zone.
The pair even broke the 1.2080 support level and the 50 hourly simple moving average. Finally, there was a spike below the 1.2000 support and the pair traded as low as 1.1991 on FXOpen.

Recently, the pair started an upside correction above 1.2020. There was a break above a steep bearish trend line with resistance near 1.2020 on the hourly chart of EUR/USD. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2245 swing high to 1.1991 low.
It is now trading above the 1.2060 level and the 50 hourly simple moving average. An immediate resistance is near the 1.2100 level.
The first key resistance is near the 1.2120 level. It is close to the 50% Fib retracement level of the downward move from the 1.2245 swing high to 1.1991 low. A clear break above the 1.2100 and 1.2120 levels could open the doors for a move towards the 1.2200 level.
Conversely, the pair could start a fresh decline below the 1.2060 support. The first major support is near the 1.2050 level and the 50 hourly simple moving average.
If there is a downside break below the 50 hourly simple moving average, the pair could dive towards the 1.2000 support in the near term. Any more losses might call for a retest of the 1.1965 support level.

EUR/USD REMAINS AT RISK, USD/CHF CORRECTING GAINS

EUR/USD started a fresh decline below the 1.2000 and 1.1920 support levels. USD/CHF traded towards the 0.9375 level before correcting gains.

EUR/USD Technical Analysis

The Euro failed to extend gains above 1.2120 and started a fresh decline against the US Dollar. The EUR/USD pair broke the key 1.2000 pivot zone to move into a bearish zone.
The pair even broke the 1.1920 support level and settled below the 50 hourly simple moving average. The bears were able to push the pair below 1.1880 and a low is formed near 1.1836 on FXOpen.

It is currently correcting higher and trading above 1.1850. It even tested the 23.6% Fib retracement level of the recent decline from the 1.2112 high to 1.1836 low. There is also a key bearish trend line forming with resistance near 1.1890 on the hourly chart of EUR/USD.
If there is a break above the trend line resistance, the pair could correct higher towards the 1.1940 level. The next major resistance is near the 1.1975 level. It is close to the 50% Fib retracement level of the recent decline from the 1.2112 high to 1.1836 low.
If there is no upside break, the pair might continue to move down below 1.1850. The next key support is near the 1.1835 level, below which EUR/USD could decline towards the 1.1800 support. Any more losses could open the doors for a move towards the 1.1750 level.
See more: https://www.fxopen.blog/eur-usd-rema...recting-gains/

GOLD PRICE BACK ABOVE $1,700, OIL PRICE CORRECTING GAINS

Gold price started a decent recovery and climbed above $1,720. Crude oil price traded to a new yearly high at $67.81 before correcting lower.

Gold Price Technical Analysis

Gold price formed a strong support base above the $1,680 level against the US Dollar. As a result, there was a decent recovery wave above the $1,700 and $1,705 resistance levels.
There was also a break above a major bearish trend line at $1,700 on the hourly chart of gold. It opened the doors for a move above the $1,720 level. The price even cleared the $1,730 level and settled above the 50 hourly simple moving average.

A high is formed near $1,740 on FXOpen and the price is currently correcting lower. There was a break below the $1,730 level. The price is now testing the $1,720 support and the 50 hourly simple moving average.
There is also a connecting bullish trend line with support near $1,721 on the same chart. If there is a downside break below $1,720, the price could revisit $1,700. Any more losses might call for a test of the $1,680 support.
On the upside, an initial resistance is near the $1,730 level. It is close to the 50% Fib retracement level of the recent decline from the $1,740 swing high to $1,719 low.
The first major resistance is near the $1,735 level. The 76.4% Fib retracement level of the recent decline from the $1,740 swing high to $1,719 low is also near $1,735. A convincing break above $1,730 and $1,735 might open the doors for a push above the $1,740 and $1,750 levels.
See more: https://www.fxopen.blog/gold-price-b...recting-gains/

GBP/USD CORRECTING GAINS, EUR/GBP IS FACING KEY RESISTANCE

GBP/USD is facing resistance near 1.4000 and it is correcting gains. EUR/GBP is consolidating above 0.8550 and it could start a decent increase if it clears 0.8600.

GBP/USD Technical Analysis

After a sharp rally, the British Pound failed to stay above 1.4100 against the US Dollar. The GBP/USD pair declined and it even settled below the 1.4000 support zone.
It even dived towards the 1.3800 level and broke the 50 hourly simple moving average. Recently, there was a strong upward move above the 1.3900 level, but the pair struggled to clear the 1.4000 resistance zone.

A high is formed near 1.4004 on FXOpen before the pair dipped again. There was a break below a key bullish trend line with support at 1.3925 on the hourly chart of GBP/USD.
It traded as low as 1.3862 before recovering higher. There was a break above the 50% Fib retracement level of the downward move from the 1.4004 high to 1.3862 low.
However, the pair is facing resistance near the 1.3950 level and the 50 hourly simple moving average. The 61.8% Fib retracement level of the downward move from the 1.4004 high to 1.3862 low is also acting as a resistance.
The main resistance is still near 1.4000, above which the pair could rally again. On the downside, the 1.3900 level is a decent support. The next major support sits near the 1.3850 level, below which the pair could slide towards the 1.3800 level. Any more losses might call for a test of the 1.3720 support zone.
See more: https://www.fxopen.blog/gbp-usd-corr...ey-resistance/

EUR/USD AND EUR/JPY: EURO IS FACING HURDLES

EUR/USD started a fresh decline after it failed to surpass 1.2000. EUR/JPY is correcting gains and it is likely to struggle near the 130.00 zone.

EUR/USD Technical Analysis

Recently, the Euro made an attempt to climb above the 1.2000 resistance against the US Dollar, but it failed. The EUR/USD pair started a fresh decline and broke the 1.1960 support zone.
The pair even broke the 1.1945 support level and the 50 hourly simple moving average. It traded as low as 1.1882 on FXOpen before the pair started consolidating losses. It climbed above 1.1900, but there was no bullish momentum.

An initial resistance is near the 1.1915 level. It is close to the 50% Fib retracement level of the recent decline from the 1.1951 high to 1.1882 low. The next major resistance is near the 1.1925 level and the 50 hourly simple moving average.
There is also a key declining channel forming with resistance near 1.1930 on the hourly chart of EUR/USD. The channel resistance is near the 61.8% Fib retracement level of the recent decline from the 1.1951 high to 1.1882 low.
Therefore, the pair is likely to face a strong resistance near the 1.1925 and 1.1930 levels. A clear break above 1.1930 might start a fresh increase towards the 1.2000 resistance.
If not, there are chances of more losses in EUR/USD below the 1.1880 support zone. The next major support is near the 1.1850 level, below which the pair could dive towards the 1.1800 support level.
See more: https://www.fxopen.blog/eur-usd-and-...acing-hurdles/