Thread: FXOpen Technical Analysis

GBP/USD and EUR/GBP: British Pound Losing Strength
GBP/USD is declining and it is now trading well below the 1.3150 level. EUR/GBP is recovering and it could continue to rise towards the 0.8560 resistance.
GBP/USD Technical Analysis

The British Pound started a strong decline after a massive rally towards 1.3500 against the US Dollar. The GBP/USD pair trimmed most its gains and traded below the 1.3320 and 1.3200 support levels.
Moreover, there was a close below the 1.3200 level and the 50 hourly simple moving average. Finally, there was a break below the 1.3100 support area and the pair traded as low as 1.2978 on FXOpen.


The pair is currently correcting higher above the 1.3000 level. It is testing the 23.6% Fib retracement level of the recent decline from the 1.3132 high to 1.2978 low.
On the upside, there are many hurdles near 1.3030, 1.3040 and 1.3050. Besides, there is a key bearish trend line forming with resistance near 1.3040 on the hourly chart of GBP/USD.
The 50% Fib retracement level of the recent decline from the 1.3132 high to 1.2978 low is also near the 1.3050 level. Therefore, GBP/USD must break the 1.3040 and 1.3050 resistance levels to start a decent recovery.
The next major resistance is near the 1.3100 and 1.3120 levels, above which the pair could continue to rise in the near term.
On the downside, an initial support is near the 1.2980 level, below which GBP/USD sellers could gain momentum. The next major support could be 1.2950, followed by the 1.2920 pivot level.

See more on: https://www.fxopen.blog/gbp-usd-and-...sing-strength/

EUR/JPY and GBP/JPY Showing Positive Signs

The Euro and British Pound are slowly rising against the Japanese Yen. Both EUR/JPY and GBP/JPY are likely to gain further in the near term.
EUR/JPY Technical Analysis

After a steady decline, the Euro found support near the 121.00 area against the Japanese Yen. The EUR/JPY pair started a decent increase and traded above the 121.50 resistance area.
Moreover, there was a break above a major bearish trend line with resistance near 121.30 on the hourly chart of EUR/JPY. The pair settled nicely above the 121.50 level and the 50 hourly simple moving average.




Besides, there was a break above the 50% Fib retracement level of the downward move from the 122.45 high to 121.05 low (formed on FXOpen). The pair is now trading above the 121.70 level.
An immediate resistance is seen near the 121.92 level. It represents the 61.8% Fib retracement level of the downward move from the 122.45 high to 121.05 low.
A clear break above the 121.90 and $122.00 resistance levels could start a strong rise in the near term. In the mentioned case, EUR/JPY might continue to rise towards the 122.50 resistance.
On the downside, the 121.50 level is a decent support. If the pair fails to stay above the 121.50 support, there is a risk of another decline towards the 121.00 area. An intermediate support is seen near the 121.20 level.

See more on: https://www.fxopen.blog/eur-jpy-and-...ositive-signs/

GBP/USD Recovering While USD/CAD Diving


GBP/USD found support near 1.2900 and it is currently recovering above 1.3000. Conversely, USD/CAD is diving and it could continue to slide below 1.3060.
GBP/USD Technical Analysis

This past week, the British Pound declined heavily from well above the 1.3200 level against the US Dollar. The GBP/USD pair even broke the 1.3000 support area to trim most its gains.
Finally, the pair found support near the 1.2900 area and recently started an upside correction. A low was formed near 1.2905 on FXOpen and there was a break above a major bearish trend line with resistance near 1.2980 on the hourly chart of GBP/USD.




The pair climbed above the 1.3000 resistance and the 50 hourly simple moving average. It opened the doors for more gains above the 1.3050 level.
The pair even climbed above the previous swing high near the 1.3080 level. It is now trading near the 1.236 Fib extension level of the last major decline from the 1.3079 high to 1.2905 low.
It seems like the pair is struggling to clear the 1.3110-1.3120 resistance area. If there is a clear break above 1.3120, GBP/USD could rise further.
The next resistance could be 1.3185 or the 1.618 Fib extension level of the last major decline from the 1.3079 high to 1.2905 low. Conversely, if there is a downward move, the pair could test the 1.3040 and 1.3030 support levels.
Besides, the 50 hourly simple moving average is also near the 1.3030 area to provide support along with a bullish trend line on the same chart. If the pair settles below 1.3000, it could start another decline towards 1.2900.

See more on: https://www.fxopen.blog/gbp-usd-reco...sd-cad-diving/

EUR/USD And USD/JPY Facing Key Hurdles

EUR/USD is currently correcting higher, but it is facing hurdles near the 1.1175 and 1.1180 levels. Similarly, USD/JPY is moving towards a major breakout resistance at 108.50.

EUR/USD Technical Analysis

Recently, the Euro extended its decline below the 1.1200 support area against the US Dollar. The EUR/USD pair broke the 1.1175 support level and tested the next support near 1.1135.
A low is formed near 1.1134 on FXOpen and the pair settled below the 50 hourly simple moving average. It is currently correcting higher and trading above the 1.1150 level.




Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the 1.1205 high to 1.1134 low. However, there are many hurdles on the upside near the 1.1175 level.
Moreover, there is a key bearish trend line forming with resistance near 1.1175 on the hourly chart of EUR/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.1205 high to 1.1134 low.
Therefore, a clear break above the 1.1175, the 50 hourly simple moving average, and 1.1180 resistance levels is must for more gains in the near term.
Conversely, the pair might struggle to move above the 1.1175 resistance area. In the mentioned case, it could decline back towards the 1.1135 support area.
If there is a downside break below the 1.1135 support, the pair may even struggle to stay above 1.1120. The next stop for the bears could be near the 1.1105 level, where the bulls could protect further losses.

See more on: https://www.fxopen.blog/eur-usd-and-...g-key-hurdles/

Gold And Crude Oil Price Trimming Gains After US-Iran Tension Ease

Gold price started a downside correction after a massive upward move above $1,600. Crude oil price also declined and trimmed most gains below the $62.20 support area.

Gold Price Technical Analysis

Earlier this month, gold price started a strong rise above the $1,555 and $1,575 resistance levels against the US Dollar, due to tensions between the USA and Iran. Recently, tension eased which resulted in a sharp downside correction from well above $1,600.
A high was formed near $1,611 on FXOpen before the price declined heavily. There a clear break below the $1,580 support area and the 50 hourly simple moving average.




Moreover, there was a break below a major bullish trend line with support near $1,575 on the hourly chart of gold. The price even broke the $1,550 support and tested the $1,540 area.
It is currently consolidating and trading near $1,547. On the upside, the first resistance is near the $1,555 level or the 23.6% Fib retracement level of the recent decline from the $1,611 high to $1,540 low.
The main hurdle is near the $1,560 area and the 50 hourly simple moving average. If there is a clear break above $1,560, the price could rise towards the $1,575 level.
The 50% Fib retracement level of the recent decline from the $1,611 high to $1,540 low is at $1,575 to protect gains. Any further upside may perhaps lead the price towards the $1,600 area.
Conversely, a downside break below the $1,545 and $1,540 support levels might push gold price towards the $1,520 support.

See more on: https://www.fxopen.blog/gold-and-cru...-tension-ease/.

GBP/USD Sliding While USD/CAD Is Approaching Support

GBP/USD failed to gain strength above 1.3200 and recently started a fresh decline below 1.3100. USD/CAD is also declining, but it is approaching a key support near the 1.3030 area.

GBP/USD Technical Analysis


This past week, the British Pound made another attempt to settle above the 1.3200 area against the US Dollar. However, the GBP/USD pair failed to gain traction and later started a fresh decline below 1.3150.
It broke a couple of important supports near the 1.3100 area to enter a bearish zone. Moreover, there was a close below the 1.3100 level and the 50 hourly simple moving average.




The pair traded close to the 1.3000 area and a low was formed at 1.3013 on FXOpen. Recently, there was a minor upside correction, but the 1.3100 area acted as a hurdle along with the 50 hourly simple moving average.
A high is formed and the pair traded below the 50% Fib retracement level of the upward move from the 1.3013 low to 1.3096 high.
The current price action indicates more losses below the 1.3050 level. The pair is now trading near the 1.3030 area, plus the 76.4% Fib retracement level of the upward move from the 1.3013 low to 1.3096 high.
Therefore, a downside break below the 1.3030 area could open the doors for more losses below the 1.3010 and 1.3000 levels.
On the upside, there are many hurdles for the bulls near the 1.3060 and 1.3070 levels. Moreover, there is a key bearish trend line forming with resistance near 1.3065 on the hourly chart of GBP/USD.
A successful break above the trend line and a follow through above the 1.3100 resistance area is needed for a fresh increase towards the 1.3200 area in the near term.

See more on: https://www.fxopen.blog/gbp-usd-slid...ching-support/

EUR/USD Struggling While USD/CHF Could Continue Higher

EUR/USD is currently under a lot of pressure and trading below the 1.1100 area. Conversely. USD/CHF is rising and it is likely to continue towards the 0.9725 resistance.

EUR/USD Technical Analysis

In the past few days, the Euro started a steady decline from well above the 1.1150 level against the US Dollar. The EUR/USD pair broke a couple of important supports near 1.1140 and 1.1120 to enter a bearish zone.
Moreover, there was a close below the 1.1120 level and the 50 hourly simple moving average. During the decline, there was a break below a couple of bullish trend lines at 1.1134 and 1.1090 on the hourly chart of EUR/USD.




The pair even broke the 1.1080 support and traded as low as 1.1077 on FXOpen. It is currently consolidating losses near the 1.1080 level.
An initial resistance is near the 1.1088 level and the 23.6% Fib retracement level of the recent decline from the 1.1117 high to 1.1077 low. The first key resistance is near the 1.1100 area and the 50 hourly simple moving average.
Besides, the 50% Fib retracement level of the recent decline from the 1.1117 high to 1.1077 low is also near 1.1100. Therefore, EUR/USD must climb above the 1.1100 resistance area to start a decent recovering in the near term.
If there is a downside break below the 1.1077 low and 1.1075, the pair is likely to accelerate its decline. The next key support is near the 1.1040 level, where the bulls are likely to emerge.

See more on: https://www.fxopen.blog/eur-usd-stru...ntinue-higher/

Gold Price Recovering While Crude Oil Price Plunging


Gold price managed to recover and settled above the $1,550 support area. However, crude oil price declined heavily and it recently broke the $56.00 support area.
Gold Price Technical Analysis


After a steady decline, gold price found support near the $1,532 and $1,535 levels against the US Dollar. As a result, the price started a decent upward move and settled above the $1,550 resistance area.
It even surpassed the $1,560 resistance and the 50 hourly simple moving average. However, the bulls struggled to clear the $1,565 and $1,568 resistance levels.




The price was rejected on two occasions near $1,568 and the recent high was formed near $1,567 on FXOpen. It is currently correcting lower and trading below the $1,562 support.
Besides, there was a break below the 23.6% Fib retracement level of the recent wave from the $1,551 low to $1,567 high. On the downside, the first key support is near the $1,558 level.
Furthermore, the 50% Fib retracement level of the recent wave from the $1,551 low to $1,567 high is also near the $1,559 level and the 50 hourly simple moving average.
More importantly, there is a major bullish trend line forming with support near $1,555 on the hourly chart of gold. Therefore, dips remain well supported on the downside near the $1,558 and $1,555 levels.
The main support is near the $1,550 level, below which gold price might turn bearish and decline towards $1,535. On the upside, there is a strong resistance near $1,567 and $1,568, above which the bulls are likely to aim $1,575 in the near term.

See more on: https://www.fxopen.blog/gold-price-r...rice-plunging/

GBP/USD and GBP/JPY: British Pound Remains At Risk

GBP/USD failed to continue above 1.3150 and started a fresh decline below the 1.3100 support. GBP/JPY is also under pressure and it is likely to continue lower below 142.00.
GBP/USD Technical Analysis

This past week, there was a decent rise in the British Pound above the 1.3060 and 1.3100 resistance levels against the US Dollar. However, the GBP/USD pair struggled to stay above the 1.3150 resistance area.
A high was formed near 1.3172 on FXOpen and recently there was a fresh decline. The pair declined below the 1.3120 and 1.3100 support levels.



Moreover, there was a break below a major bullish trend line with support near 1.3085 on the hourly chart of GBP/USD. The pair even broke the 50% Fib retracement level of the upward move from the 1.3034 low to 1.3172 high.
It is now trading below the 1.3080 level and the 50 hourly simple moving average. Besides, it is currently below the 76.4% Fib retracement level of the upward move from the 1.3034 low to 1.3172 high.
Therefore, there is a risk of more downsides below the 1.3050 level in the near term. An initial support is near the 1.3035 level, below which the pair could even test the 1.3000 support area.
On the upside, an initial resistance is near the 1.3080 level. However, the GBP/USD pair must surpass the 1.3100 resistance area and the 50 hourly SMA to move into a positive zone.
A successful close above 1.3100 could lead the pair towards the 1.3150 resistance. If not, the pair is likely to revisit the 1.3000 zone.

See more on: https://www.fxopen.blog/gbp-usd-and-...mains-at-risk/

EUR/USD And USD/JPY Could Start Decent Recovery

EUR/USD is currently attempting an upside correction from the 1.0998 low, but it is facing hurdles near 1.1020. Similarly, USD/JPY must surpass 109.25 to start a decent recovery in the near term.

EUR/USD Technical Analysis

In the past few days, the Euro declined heavily below the 1.1085 and 1.1050 support levels against the US Dollar. The EUR/USD pair broke the 1.1040 support level to enter a bearish zone.
Moreover, there was a close below the 1.1040 level and the 50 hourly simple moving average. A low is formed at 1.0998 on FXOpen and the pair is currently correcting higher.




It broke the 1.1010 level, plus the 23.6% Fib retracement level of the recent decline from the 1.1061 high to 1.0998 low. Moreover, there was a break above a key bearish trend line with resistance near 1.1018 on the hourly chart of EUR/USD.
However, the pair is currently struggling to clear the 1.1020 and 1.1025 resistance levels. Besides, the 50 hourly SMA is protecting gains. Therefore, a clear break above the 1.1025 level is needed for more upsides.
The next major resistance is near the 1.1040 level. An intermediate resistance is the 50% Fib retracement level of the recent decline from the 1.1061 high to 1.0998 low.
If the bulls are able to push the pair above the 1.1040 level, there are chances of decent gains towards the 1.1060 and 1.1080 levels.
On the downside, the 1.0000 support area holds the key. If there is a daily close below 1.1000, EUR/USD is likely to continue lower towards the 1.0960 support level in the near term.

See more here: https://www.fxopen.blog/eur-usd-and-...cent-recovery/