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Forex Technical Analysis by FXOpen

Discussion in 'Market Forecasts and Analysis' started by FXOpen, Sep 28, 2018.

  1. FXOpen

    FXOpen

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    EUR/JPY Technical Analysis

    The Euro remained in an uptrend and traded above the 132.00 and 132.50 resistances against the Japanese Yen. However, the EUR/JPY pair faced a strong resistance near the 133.00 and 133.10 levels.

    The pair failed to hold gains above 133.00 and started a downside move. It declined, broke the 132.50 support area, and also settled below the 50 hourly simple moving average.

    [​IMG]

    The decline was strong as the pair traded below 132.00, but buyers protected losses near a major support area at 131.70. The pair formed a base above 131.70 and later started a fresh upward move. It traded above the 50% Fib retracement level of the last decline from the 133.11 high to 131.57 low.

    However, the pair failed to move above the 132.50 level and the 50 SMA. There is also a major bearish trend line in place with resistance at 132.40 on the hourly chart of EUR/JPY. Moreover, the 61.8% Fib retracement level of the last decline from the 133.11 high to 131.57 low acted as a resistance.

    Therefore, the pair seems to be facing a major hurdle near the 132.40-50 zone. A break above 132.50 is needed for an acceleration towards the 133.00 resistance. On the downside, the 132.00 and 131.70 levels are strong supports. Below the last, the pair may trade towards the 131.20 support.

    Read also GBP/JPY technical analysis here.
     
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  3. FXOpen

    FXOpen

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    GBP/USD Technical Analysis

    The British Pound failed to hold gains above the 1.3200-1.3210 zone against the US Dollar. The GBP/USD pair started a downside move and broke a few important supports like 1.3150 and 1.3100.

    The decline was strong as the pair even broke the 1.3060 support and settled below the 50 hourly simple moving average. It traded close to the 1.3000 level and formed a low at 1.3001. Later, the pair corrected higher and tested the 1.3060 resistance.

    [​IMG]

    The pair also tested the 23.6% Fib retracement level of the last decline from the 1.3217 high to 1.3001 low, which acted as a major resistance. More importantly, there is a key bearish trend line in place with resistance at 1.3055 on the hourly chart.

    Above the trend line, the next key hurdle for buyers is near the 1.3080 level and the 50 hourly SMA. The most important resistance is the 50% Fib retracement level of the last decline from the 1.3217 high to 1.3001 low at 1.3109.

    Above 1.3109, the pair could gain traction towards the 1.3200 and 1.3220 resistance levels. On the other hand, a downside break below the 1.3000 support zone will most likely accelerate losses in the near term.

    Overall, the pair remains at a risk of more losses as long as it is trading below the 1.3100 resistance and the 50 hourly SMA.

    Read also EUR/GBP technical analysis here.
     
  4. FXOpen

    FXOpen

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    EUR/USD Technical Analysis

    The Euro started a nasty downside move from the 1.1780-1.1800 resistance area against the US Dollar. The EUR/USD pair declined and broke the 1.1650, 1.1580 and 1.1560 support levels.

    The pair traded towards the 1.1500 handle and settled below the 50 hourly simple moving average. A low was formed at 1.1508 and later the pair started an upside correction. It corrected above the 1.1550 level and the 50 hourly SMA.

    [​IMG]

    Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the 1.1797 high to 1.1508 low. At present, the pair is testing a connecting bearish trend line with resistance at 1.1590 on the hourly chart.

    If the pair breaks the 1.1590-1.1600 zone, there could be more upsides towards the 1.1650 level, which is a strong resistance. It coincides with the 50% Fib retracement level of the last decline from the 1.1797 high to 1.1508 low.

    More importantly, there is a major bearish trend line in place with resistance at 1.1650 on the hourly chart of EUR/USD. Therefore, if the pair continues to correct higher, it is likely to face sellers near the 1.1630 and 1.1650 resistance levels.

    On the downside, the 1.1550 level is an initial support, below which the price may well revisit the 1.1508 low in the near term.

    Read also USD/JPY technical analysis here.
     
  5. FXOpen

    FXOpen

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    GBP/USD Technical Analysis

    The British Pound was under pressure this past week as it declined below the 1.3000 support against the US Dollar. The GBP/USD pair even broke the 1.2950 support and it almost tested the 1.2900 support.

    The pair traded as low as 1.2922 and later formed a support base for a recovery. Buyers took control and pushed the price above the 1.2950 and 1.3000 resistance levels. The recovery was solid as the pair traded above the 1.3080 resistance and the 50 hourly simple moving average.

    [​IMG]

    During the rise, the pair broke a key bearish trend line with resistance at 1.3025 on the hourly chart. There was also a spike above the 1.3100 level and the pair traded as high as 1.3132.

    Later, the pair started a downside correction and traded below the 1.3110 level. At the outset, it is testing the 23.6% Fib retracement level of the last leg from the 1.3003 low to 1.3132 high.

    On the downside, there is a decent support formed near the 1.3080 level and a connecting bullish trend line. Below the trend line, the next support is the 50% Fib retracement level of the last leg from the 1.3003 low to 1.3132 high at 1.3067.

    The key supports below 1.3067 are at 1.3055 and 1.3050. As long as GBP/USD is trading above 1.3050, it could continue to move higher towards the 1.3150 and 1.3180 resistance levels in the near term.

    Read also USD/JPY technical analysis here.
     
  6. FXOpen

    FXOpen

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    EUR/USD Technical Analysis

    The Euro was under a lot of pressure this past week as it broke the 1.1560 support level against the US Dollar. The EUR/USD pair declined sharply and even broke the 1.1500 and 1.1480 support levels.

    Later, buyers took a stand near the 1.1440 and 1.1430 support levels. As a result, the pair started a decent recovery and moved above the 1.1480 resistance. There was a break above the 50% Fib retracement level of the last decline from the 1.1549 high to 1.1432 low.

    [​IMG]

    The pair succeeded in settling above the 1.1500 level and the 50 hourly simple moving average. More importantly, there was a break above a key bearish trend line with resistance at 1.1500 on the hourly chart.

    It has opened the doors for more gains above the 1.1520 level in the near term. An immediate resistance for buyers is near the 1.1520 and the 76.4% Fib retracement level of the last decline from the 1.1549 high to 1.1432 low.

    Above 1.1520, the pair is likely to visit the 1.1550 and 1.1580 levels in the near term. On the other hand, if there is a downside correction, the broken resistance at 1.1480 and the 50 hourly SMA are likely to act as key supports for buyers.

    Overall, the recent break in EUR/USD is positive and it could help the pair is moving higher towards the 1.1550 and 1.1580 levels.

    Read also USD/CHF technical analysis on FXOpen blog.
     
  7. FXOpen

    FXOpen

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    Gold Price Technical Analysis

    Gold price started a nice upside move after forming a base near the $1,184-1,185 zone against the US Dollar. The price traded higher and broke the $1,200, $1,205 and $1,220 resistance levels.

    The upside move was strong as the price even traded above the $1,224 resistance and settled above the 50 hourly simple moving average. The price formed a high at $1,226 and later started consolidating in a range.

    [​IMG]

    At the moment, it seems like there is a short-term bullish flag pattern forming with resistance at $1,222 on the hourly chart of gold. The price recently tested the 23.6% Fib retracement level of the last wave from the $1,191 low to $1,226 high.

    In the short term, there could be a couple of swing moves below $1,225, but the overall price action is positive. On the upside, a break above the $1,225 and $1,226 resistance levels could open the doors for more gains towards the $1,230 level.

    On the downside, below $1,218, the next major support is near the $1,210 level. It also coincides with the 50% Fib retracement level of the last wave from the $1,191 low to $1,226 high.

    Overall, the price remains well positioned for more gains as long as the price is above the $1,210 support area.

    Read also XTI/USD technical analysis on FXOpen blog.
     
  8. FXOpen

    FXOpen

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    GBP/USD Technical Analysis

    The British Pound climbed higher this past week above the 1.3200 resistance against the US Dollar. The GBP/USD pair even broke the 1.3240 resistance, but it failed to settle above the 1.3250 resistance.

    The pair started a downside move after forming a top near the 1.3257 level. It declined below the 1.3200 support area and broke the 50 hourly simple moving average.

    [​IMG]

    During the decline, there was a break below two bullish trend lines with support at 1.3215 and 1.3145 on the hourly chart. The pair tested the 1.3080 support and it is currently correcting higher. An initial resistance is near the 23.6% Fib retracement level of the last decline from the 1.3257 high to 1.3081 low.

    However, the most important resistance on the upside is near the 1.3130-40 zone. Above this, the pair could test the 50% Fib retracement level of the last decline from the 1.3257 high to 1.3081 low at 1.3169, which is likely to act as a strong resistance.

    On the downside, an initial support is near the 1.3080 level, below which the pair may continue to decline towards the 1.3030 support area.

    Overall, the pair has likely moved into a bearish zone below 1.3145. If there is a break below 1.3080, the GBP/USD pair may possibly accelerate losses in the near term.

    Read also EUR/GBP technical analysis on FXOpen blog.
     
  9. FXOpen

    FXOpen

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    EUR/USD Technical Analysis

    The Euro traded with a positive bias above the 1.1550 support area against the US Dollar. However, the EUR/USD pair failed to hold gains above the 1.1600 support area.

    The pair failed on multiple occasions to clear the 1.1610 and 1.1620 resistance levels, which resulted in a downside reaction. Sellers took control and pushed the pair below the 1.1590 support level and the 50 hourly simple moving average.

    [​IMG]

    During the decline, the pair broke the 23.6% Fib retracement level of the last wave from the 1.1434 low to 1.1620 high. More importantly, there was a break below a major bullish trend line with support at 1.1575 on the hourly chart of EUR/USD.

    The pair is currently trading with a bearish angle below the 1.1580 level and it may continue to move down towards the 1.1550 support. However, the most important support on the downside is near the 1.1525 since it is close to the 50% Fib retracement level of the last wave from the 1.1434 low to 1.1620 high.

    If there is an upside correction, the broken support near 1.1580 and the 50 hourly SMA are likely to act as hurdles for buyers. Overall, it seems like EUR/USD is currently at a risk of more losses as long as it is below 1.1580 and 1.1610.

    Read USD/JPY technical analysis here.
     
  10. FXOpen

    FXOpen

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    AUD/USD Technical Analysis

    The Aussie Dollar failed on many occasions to break the 0.7150 level against the US Dollar. As a result, the AUD/USD pair started a downside move and broke the 0.7140 and 0.7120 support levels.

    The pair faced an increased selling pressure below the 0.7120 support as it settled below the 50 hourly simple moving average. Moreover, there was a break below a major bullish trend line with support at 0.7115 on the hourly chart, which opened the doors for more losses.

    [​IMG]

    The pair traded below the 0.7100 support as well and formed a low at 0.7088. Later, the pair started an upside correction and moved above the 0.7100 level.

    Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the 0.7150 high to 0.7088 low. However, there are many hurdles on the upside, starting with the 0.7120 level and the 50 hourly SMA.

    An immediate resistance is the 50% Fib retracement level of the recent decline from the 0.7150 high to 0.7088 low at 0.7119. Above, 0.7120, the pair is likely to revisit the 0.7150 resistance area, which may once again prevent upsides.

    On the downside, the 0.7100 support is a decent support. If there is a solid push below the 0.7100 and 0.7088 levels, there could be more losses towards the 0.7060 level in the near term.

    Read also NZD/USD technical analysis on FXOpen blog.
     
  11. FXOpen

    FXOpen

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    GBP/USD Technical Analysis

    The British Pound failed on many occasions to clear the 1.3240-1.3250 resistance area against the US Dollar. The GBP/USD pair started a fresh downside move and broke the 1.3120 and 1.3080 support levels.

    There were heavy losses as the pair even closed below the 1.3100 level and the 50 hourly simple moving average. It traded close to the 1.3000 support area and formed a low at 1.3011.

    [​IMG]

    Later, the pair started a decent recovery and traded above the 1.3050 level. There was a break above the 23.6% Fib retracement level of the last decline from the 1.3235 high to 1.3011 low. The pair also traded above the 1.3080 level once and the 50 hourly SMA.

    However, there is a strong resistance formed near the 1.3100 level. Moreover, there is a major bearish trend line in place with resistance near 1.3090 on the hourly chart.

    Besides, the 38.2% Fib retracement level of the last decline from the 1.3235 high to 1.3011 low is also near 1.3095. Therefore, if the pair continues to move higher, it is likely to find a strong selling interest near the 1.3070 or 1.3090 levels.

    Above 1.3090 or 1.3100, the pair is likely to recover further towards the 1.3120 or 1.3140 levels. On the flip side, if the pair breaks down and fails to recover above 1.3100, it could decline back towards the 1.3000 support area.

    Read USD/CAD technical analysis on FXOpen blog.
     
  12. FXOpen

    FXOpen

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    Gold Price Technical Analysis

    Gold price gained traction recently and moved up from the $1,221 support area against the US Dollar. The price traded higher and breached the $1,225, $1,230 and $1,236 resistance levels.

    During the upside move, the price cleared the $1,238 resistance as well along with the 50 hourly simple moving average. However, buyers failed to clear the $1,240 resistance area. There was a downside reaction and the price declined below the $1,235 support level.

    [​IMG]

    There was also a spike below the $1,230 level and the 50 hourly simple moving average. The price traded as low as $1,228 and later started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $1,239 high to $1,228 low.

    On the upside, the next resistance is near the $1,233 level, which is the 50% Fib retracement level of the last decline from the $1,239 high to $1,228 low.

    A successful close above the $1,233 and $1,235 resistance levels could open the doors for a push towards the $1,240 level in the near term. On the downside, there is a decent support near the $1,229 and $1,228 levels.

    Moreover, there is a major bullish trend line formed with support at $1,228 on the hourly chart of gold. If the price fails to stay above the trend line and the $1,228 support, there could be a downside extension towards the $1,222 level.

    Read also Oil price technical analysis on FXOpen blog.
     
  13. FXOpen

    FXOpen

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    GBP/USD Technical Analysis

    The British Pound started a major downside move from well above 1.3080 against the US Dollar. The GBP/USD broke the 1.3000 and 1.2950 support levels to move into a bearish zone.

    The recent decline was such that the pair even broke the 1.2840 support area and settled below the 50 hourly simple moving average. It even traded below the 1.2800 level and formed a low at 1.2770.

    [​IMG]

    Later, the pair started an upside correction and traded above the 1.2800 level. There was a break above a bearish trend line with resistance at 1.2820 on the hourly chart of GBP/USD. At the moment, the pair is testing the 23.6% Fib retracement level of the last decline from the 1.3044 high to 1.2777 low.

    If there is a break above the 1.2845 level and the 50 hourly simple moving average, there could be more gains towards the 1.2880 level, which is a strong resistance.

    On the upside, the 38.2% Fib retracement level of the last decline from the 1.3044 high to 1.2777 low near 1.2880 may act as a strong resistance. Moreover, there is a major bearish trend line in place with resistance at 1.2900 on the same chart.

    Therefore, if the pair continues to correct higher, sellers are likely to take a stand near the 1.2880 or 1.2900 resistances in the near term.

    Read EUR/GBP technical analysis on FXOpen blog.
     
  14. FXOpen

    FXOpen

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    EUR/USD AND USD/CHF REMAIN SUPPORTED ON DIPS

    EUR/USD is trading nicely above the 1.1280 support and it could continue to move higher. USD/CHF is currently correcting lower, but it remains supported on dips near 1.0050.


    Important Takeaways for EUR/USD and USD/CHF
    • The Euro traded higher recently and tested the 1.1320 resistance area against the US Dollar.
    • There is a major contracting triangle in place with resistance near 1.1305 on the hourly chart of EUR/USD.
    • USD/CHF climbed higher recently above the 1.0000 and 1.0050 resistance levels.
    • There is a crucial bullish trend line formed with support at 1.0050 on the hourly chart.
    EUR/USD Technical Analysis
    [​IMG]

    The Euro started a solid rebound after forming a support base above the 1.1200 and 1.1220 levels against the US Dollar. The EUR/USD pair climbed above the 1.1250 and 1.1280 resistance levels to move into a positive zone.

    Continue reading on FXOpen blog.
     
  15. FXOpen

    FXOpen

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    GBP/USD Recovering While USD/CAD Correcting Lower

    GBP/USD declined close to 1.2860 and recently started an upside correction. USD/CAD climbed towards the 1.3500 level and it is currently correcting lower.

    GBP/USD Technical Analysis
    The British Pound remained in a bearish zone and declined sharply from the 1.3020 resistance against the US Dollar. The GBP/USD pair broke the 1.3000 and 1.2920 support levels to move into a bearish zone.

    [​IMG]

    The decline was such that the pair even broke the 1.2900 level and the 50 hourly simple moving average. It traded close to the 1.2850 level and formed a swing low at 1.2867 on FXOpen.

    Continue reading technical analysis and important takeaways for GBP/USD and USD/CAD on FXOpen blog.
     
  16. FXOpen

    FXOpen

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    Gold Price And Crude Oil Price Turned Short Term Bearish

    Gold price topped near the $1,290 level recently and declined below the $1,278 support area. Crude oil price also declined below the $63.00 support and it could extend losses.

    Gold Price Technical Analysis

    Gold price faced a strong resistance near the $1,290 level against the US Dollar. As a result, the price started a downward move and broke the $1,285 and $1,280 support levels to move into a bearish zone.

    [​IMG]

    There were a couple of swing moves, but the price extended losses below the $1,278 pivot level. To start the drop, there was a break below a major bullish trend line with support at $1,282 on the hourly chart of gold.

    Continue reading about Gold and Oil Price technical analysis and important takeaways...
     
  17. FXOpen

    FXOpen

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    AUD/USD and NZD/USD could rebound futher

    AUD/USD found a strong support near the 0.6960 level and recovered recently. NZD/USD is trading nicely and it could recover towards the 0.6650 level in the near term.

    AUD/USD Technical Analysis

    After a strong decline, the Aussie Dollar found support near the 0.6960 area against the US Dollar. The AUD/USD pair started a strong upward move and traded above the 0.6985 and 0.6700 resistance levels.

    [​IMG]

    The hourly chart suggests that the pair traded as low as 0.6964 on FXOpen and recently climbed sharply above the 0.7000 level and the 50 hourly simple moving average.

    Continue reading AUD/USD and NZD/USD technical analysis and important takeaways...
     
  18. FXOpen

    FXOpen

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    GBP/USD and USD/CAD Facing Crucial Hurdles

    GBP/USD declined recently below the 1.3080 and 1.3050 support levels. USD/CAD tested the 1.3380 level and recently started a fresh increase above the 1.3410 level.

    GBP/USD Technical Analysis

    The British Pound started a fresh decline after it failed to break the 1.3180 resistance area against the US Dollar. The GBP/USD pair traded below the 1.3120 and 1.3080 support levels to move into a bearish zone.

    [​IMG]

    The pair even broke the 1.3050 support level and the 50 hourly simple moving average. Finally, there was a spike below the 1.3000 support area and the pair traded as low as 1.2967 on FXOpen.

    Continue reading about GBP/USD and USD/CAD technical analysis and important takeaways...
     
  19. FXOpen

    FXOpen

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    EUR/USD and USD/CHF Remains At Risk Of More Loss

    EUR/USD failed to stay above the 1.1260 level and recently declined below 1.1220. USD/CHF declined heavily towards 1.0050 and it is currently correcting towards key resistances.

    EUR/USD Technical Analysis

    The Euro formed a decent support near the 1.1170 and 1.1175 levels against the US Dollar. The EUR/USD pair traded higher above the 1.1240 level, but it struggled to hold gains above the 1.1260 level.

    [​IMG]

    A swing high was formed at 1.1263 on FXOpen and the pair recently started a downside correction. It broke the 1.1240 and 1.1220 levels to enter a bearish zone.

    Continue reading about EUR/USD and USD/CHF Technical Analysis and Important Takeaways....
     
  20. FXOpen

    FXOpen

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    Gold price could decline further while Crude Oil is rising

    Gold price failed to break the $1,302 and $1,304 resistances, and recently declined below $1,292. Crude oil price is gaining momentum and it could trade above the $63.80 resistance.

    Gold Price Technical Analysis

    Gold price started a decent recovery earlier this week from the $1,280 and $1,282 support levels against the US Dollar. The price surged above the $1,290 resistance level and climbed above the $1,300 level.

    [​IMG]

    The price traded as high as $1,303 on FXOpen and later declined. It seems like the price struggled to stay above the $1,300 and $1,302 levels. As a result, there was a sharp decline below the $1,295 and $1,290 support levels.

    Continue reading Gold and Crude oil price technical analysis and important takeaways...
     
  21. FXOpen

    FXOpen

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    GBP/USD and EUR/GBP: British Pound Sell-Off Continues

    GBP/USD declined heavily below the 1.2900 and 1.2800 support levels to enter a bearish zone. EUR/GBP surged higher and settled above the 0.8680 and 0.8700 resistance levels.

    GBP/USD Technical Analysis

    The British Pound started a significant downward move from well above the 1.3000 level against the US Dollar. The GBP/USD pair declined below a few important supports such as 1.2950 and 1.2900.

    [​IMG]

    The pair even broke the 1.2800 support and settled below the 50 hourly simple moving average. The decline was such that the pair traded close to the 1.2700 level and a new monthly low was formed near 1.2711 on FXOpen.

    Continue reading GBP/USD and EUR/GBP technical analysis and important takeaways...