Thread: FXOpen Technical Analysis

GBP/USD and EUR/GBP: British Pound Extending Losses


GBP/USD remained in a significant downtrend and declined below the 1.2100 support. EUR/GBP is trading with a bullish bias with a strong support near 0.9250.


GBP/USD Technical Analysis


The British Pound faced a solid rise in selling pressure after it failed to climb above the 1.2320 resistance against the US Dollar. As a result, the GBP/USD pair started a strong decline and broke the key 1.2200 support area.





The recent decline was such that the pair even broke the 1.2100 support level and the 50 hourly simple moving average. Finally, the pair traded below 1.2050 on FXOpen and formed a new multi-month low near 1.2015.


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EUR/USD Could Decline While USD/JPY Is Climbing

EUR/USD is struggling to gain momentum above the 1.1220 and 1.1240 resistance levels. USD/JPY climbed higher recently and it remains supported on dips above 106.00.

EUR/USD Technical Analysis

The Euro formed a decent support base near the 1.1080 level against the US Dollar. The EUR/USD pair started a solid upward move and climbed above the 1.1180 and 1.1200 resistance levels.



Moreover, there was a break above the 1.1220 level and the 50 hourly simple moving average. Finally, the pair traded close to the 1.1250 resistance on FXOpen, where sellers took a stand.

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Gold price and Crude Oil price could rise further


Gold price is trading in a strong uptrend above the $1,500 support area. Crude oil price is also likely to gain bullish momentum once it clears the key $55.50 resistance area.


Gold Price Technical Analysis


Earlier this week, gold price surged above the $1,500 and $1,510 resistance levels against the US Dollar. The price even broke the $1,520 resistance level and traded to a new yearly high at $1,535.





Recently, it corrected lower below $1,520 and $1,510. Moreover, there was a break below the $1,500 support and the 50 hourly simple moving average. A swing low was formed near $1,479 on FXOpen and the price started a fresh increase.


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GBP/USD and USD/CAD Holding Important Supports

GBP/USD started a decent upside correction from the 1.2020 swing low and climbed above 1.2100. USD/CAD is currently correcting gains, but it is still above the key 1.3250 support area.

GBP/USD Technical Analysis

The British Pound traded close to the 1.2000 support area this month against the US Dollar. The GBP/USD pair formed a swing low near 1.2020 and recently started an upside correction.





The pair recovered above the key 1.2080 and 1.2100 resistance levels. Moreover, there was a close above the 1.2100 level and the 50 hourly simple moving average. Finally, the pair climbed above the 1.2150 level and traded as high as 1.2175 on FXOpen.

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EUR/JPY and GBP/JPY Monthly Outlook


The Euro and British Pound declined heavily in the past few months against the Japanese Yen. Both EUR/JPY and GBP/JPY are correcting higher, but upsides are likely to remain capped.


EUR/JPY Technical Analysis


In May 2019, the Euro started a major decline from well above the 125.00 support against the Japanese Yen. The EUR/JPY pair broke many key supports near 124.00 and 122.00 to move into a bearish zone.





Moreover, there was a close below the main 120.00 support and the 50-day simple moving average. It opened the doors for more downsides below the 118.00 support level. Finally, the pair traded below 116.50 and a new multi-month low was formed at 115.85 on FXOpen.


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EUR/USD and USD/JPY Monthly Outlook


EUR/USD declined heavily in July and August 2019 before it found support near 1.0925. USD/JPY is also trading in a bearish zone below the main 107.50 and 108.00 resistance levels on the daily chart.


EUR/USD Technical Analysis


In the past few months, the Euro failed to gain bullish momentum and declined below the 1.1200 support level against the US Dollar. The EUR/USD pair declined heavily and broke the key 1.1150 support area.





Finally, there was a close below 1.1150 and the 50-day simple moving average. The pair declined to a new multi-month low at 1.0925 on FXOpen and recently started an upside correction.


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AUD/USD and NZD/USD Monthly Outlook


AUD/USD declined heavily in July 2019 and found support near 0.6680 in August 2019. Similarly, NZD/USD remained in a bearish zone below 0.6500. Both pairs might correct higher, but upsides are likely to remain capped.


AUD/USD Technical Analysis


In July 2019, the Aussie Dollar broke a major support area near the 0.6860 level against the US Dollar. The AUD/USD pair declined heavily and settled below the 0.6900 and 0.6860 support levels.





Moreover, there was a break below the 0.6800 level and the pair settled well below the 50-day simple moving average. A new multi-month low was formed near 0.6677 on FXOpen and the pair started forming a decent support base in August 2019.


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GBP/USD and EUR/GBP: British Pound Back In Action


GBP/USD started a solid upward move from the 1.2150 support area and climbed above 1.2500. EUR/GBP is currently declining and it might continue to struggle below 0.8900.


GBP/USD Technical Analysis


The British Pound started a strong rise after it broke the 1.2300 resistance area against the US Dollar. The GBP/USD pair climbed above the 1.2400 resistance level to continue higher and post a new monthly high.





The pair even settled above the 1.2400 level and the 50 hourly simple moving average. Moreover, there was a break above a major bearish trend line with resistance near 1.2350 on the hourly chart of GBP/USD.


Read more on FXOpen blog...

EUR/USD And USD/CHF Eyeing Upside Break

EUR/USD recovered recently above the 1.1025 resistance level and it might continue to rise. USD/CHF is currently consolidating and it seems like it is sighting an upside break above 0.9940.

EUR/USD Technical Analysis

After a sharp decline, the Euro found support near the 1.1000 area support against the US Dollar. The EUR/USD pair traded as low as 1.0990 on FXOpen and recently started a solid recovery.



The pair broke the 1.1025 and 1.1040 resistance levels to start a decent recovery. Moreover, there was a break above the 1.1050 resistance and the 50 hourly simple moving average.

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Gold Price and Crude Oil Price Approaching Resistance


Gold price recovered nicely from the $1,480 support area and climbed above $1,500. Crude oil price is correcting gains and it is facing hurdles near $60.00.


Gold Price Technical Analysis


Earlier this week, gold price declined sharply below the $1,500 support area against the US Dollar. The price even traded below the $1,490 support level and traded close to the $1,480 support area.





A swing low was formed near $1,483 on FXOpen and the price recently started a fresh increase. It broke the $1,490 and $1,495 resistance levels to move into a positive zone.


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