Forex Technical Analysis by FXOpen

[FXOpen]

Gold Price And Crude Oil Price Likely To Rise Further

Gold price is trading nicely in a positive zone above the $1,475 support area. Crude oil price is also showing positive signs and it could continue to rise above $59.00 and $60.00.

Gold Price Technical Analysis

Earlier this week, gold price formed a strong support near the $1,452 and $1,453 levels against the US Dollar. As a result, there was a nice upward move above the $1,460 and $1,470 resistance levels.

Moreover, there was a break below the $1,475 resistance and 50 hourly simple moving average. Finally, there was a break above the $1,480 level and the price traded as high as $1,483 on FXOpen.

Recently, there was a downside correction below the $1,480 and $1,478 levels. The price traded below the 23.6% Fib retracement level of the upward move from the $1,453 low to $1,483 high.

However, the price is holding the $1,472 and $1,470 support levels. Besides, it seems like the 38.2% Fib retracement level of the upward move from the $1,453 low to $1,483 high is providing support.

Read more about Gold and Crude Oil Analysis on FXOpen blog...

 

[FXOpen]

GBP/USD and EUR/GBP: British Pound Surging

GBP/USD is gaining momentum and it recently climbed above the 1.3080 resistance area. EUR/GBP is declining and it seems like it could decline further below 0.8400.

GBP/USD Technical Analysis

The British Pound started a strong rise from the 1.2880 support area against the US Dollar. The GBP/USD pair rallied above many resistances near 1.3000 to move into a solid uptrend zone.

Moreover, there was a break above the 1.3080 resistance and the 50 hourly simple moving average. Finally, there was a break above the 1.3100 level and the pair traded as high as 1.3165 on FXOpen.

Recently, there was a downside correction below the 1.3150 level. Besides, there was a break below the 23.6% Fib retracement level of the upward move from the 1.2983 low to 1.3165 high.

However, the pair remained well bid above the 1.3100 support area. Additionally, there is a key bullish trend line forming with support near 1.3125 on the hourly chart of GBP/USD.

Read more about GBP/USD and EUR/GBP Analysis on FXOpen blog...

 

[FXOpen]

EUR/USD Could Rise Further While USD/CHF Is Sliding

EUR/USD is currently recovering and trading nicely above the 1.1050 support area. Conversely. USD/CHF is declining and it may continue to slide towards 0.9800

EUR/USD Technical Analysis

This week, the Euro found support above the main 1.1025 area (the last swing low was formed near 1.1039 on FXOpen) against the US Dollar. As a result, the EUR/USD pair started a fresh recovery above the 1.1050 resistance.

Moreover, the pair broke the 1.1075 resistance area and the 50 hourly simple moving average. The pair is now trading above the 61.8% Fib retracement level of the downward move from the 1.1109 high to 1.1039 low.

At the moment, the pair is trading near the 1.1095 area, plus the 76.4% Fib retracement level of the downward move from the 1.1109 high to 1.1039 low.

If there is an upside break above 1.1095 and 1.1100, EUR/USD is likely to accelerate higher in the near term. In the mentioned case, the pair could even surpass the 1.1110 and 1.1120 levels.


Read more about EUR/USD and USD/CHF Analysis on FXOpen blog...

 

[FXOpen]

AUD/USD And NZD/USD Primed For More Gains

AUD/USD started a strong increase from the 0.6840 support and it climbed above the 0.6900 resistance. NZD/USD is also climbing higher and it is trading nicely above the 0.6600 resistance area.

AUD/USD Technical Analysis

In the past few days, there was a steady recovery in the Aussie Dollar from well below the 0.6840 level against the US Dollar. The AUD/USD pair broke a couple of important resistances near 0.6850 to enter a positive zone.

The upward move was such that the pair even climbed above the 0.6900 resistance and settled above the 50 hourly simple moving average. Finally, the pair traded as high as 0.6938 and it is currently correcting lower.

It broke the 23.6% Fib retracement level of the recent wave from the 0.6886 low to 0.6938 high. However, the 0.6910 support is acting as a strong buy zone.

Moreover, there is a major bullish trend line forming with support near 0.6910 on the hourly chart of AUD/USD. The 50% Fib retracement level of the recent wave from the 0.6886 low to 0.6938 high is also near the 0.6910 level.

Read more about AUD/USD and NZD/USD Analysis on FXOpen blog...

 

[FXOpen]

GBP/USD Could Continue Higher, USD/CAD Facing Hurdles

GBP/USD rallied in the past few days above the 1.3300 and 1.3400 resistance levels. USD/CAD is currently correcting higher, but it is facing hurdles near 1.3200.

GBP/USD Technical Analysis

This past week, the British Pound started a strong increase above the 1.3200 resistance area against the US Dollar. The GBP/USD pair even surged above the 1.3300 level to move into a positive zone.

Moreover, there was a sharp rally above the 1.3400 level and the 50 hourly simple moving average. It opened the doors for more gains above the 1.3500 level. Finally, the pair traded as high as 1.3513 on FXOpen before starting a downside correction.

The pair corrected lower below the 1.3400 support area. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the 1.3050 low to 1.3513 high.

The correction was such that the pair even corrected below the 1.3350 level. It spiked below the 38.2% Fib retracement level of the last wave from the 1.3050 low to 1.3513 high.

Read more about GBP/USD and USD/CAD Analysis on FXOpen blog...

 

[FXOpen]

EUR/USD And USD/JPY At Risk Of Downsides

EUR/USD is currently struggling to stay above 1.1140 and it could decline in the near term. Similarly, USD/JPY is showing bearish signs below the 109.60 resistance area.

EUR/USD Technical Analysis

This past week, the Euro recovered nicely above 1.1120 resistance area against the US Dollar. As a result, the EUR/USD pair surpassed the 1.1160 resistance, but it struggled to climb above the 1.1200 hurdle.

The pair started a downside correction below 1.1160 and tested the 1.1120 support. Later, it recovered, but struggled near 1.1175. The recent high was formed near 1.1174 on FXOpen and the price is currently declining.

The pair broke the 1.1150 support and the 50 hourly simple moving average. Furthermore, the pair traded below 50% Fib retracement level of the upward move from the 1.1129 low to 1.1174 high.

More importantly, there was a break below a contracting triangle with support near 1.1140 on the hourly chart of EUR/USD. The pair is now trading below the 1.1140 level and the 76.4% Fib retracement level of the upward move from the 1.1129 low to 1.1174 high.


Read more about EUR/USD and USD/JPY Analysis on FXOpen blog...

 

[FXOpen]

Gold Price And Crude Oil Price Could Continue Higher

Gold price is trading with a bullish bias above the $1,472 support area. Crude oil price is trading in a strong uptrend and it could continue to rise above the $61.50 resistance.

Gold Price Technical Analysis

In the past few days, gold price remained in a positive zone above the $1,460 support area against the US Dollar. As a result, there was a slow and steady rise above the $1,470 and $1,475 resistance levels.

There was also a close above the $1,472 level and the 50 hourly simple moving average. However, the price struggled to gain momentum above $1,480 and the recent high was near $1,481 on FXOpen.

The price is currently correcting lower below $1,480, plus the 23.6% Fib retracement level of the upward move from the $1,473 low to $1,481 high.

Read more about Gold and Crude Oil Analysis on FXOpen blog...

 

[FXOpen]

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.


Read more about GBP/USD and EUR/GBP Analysis on FXOpen blog...

 

[FXOpen]

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.

Read more about EUR/JPY and GBP/JPY Analysis on FXOpen blog...

 

[FXOpen]

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.

Read more about GBP/USD and USD/CAD Analysis on FXOpen blog...

 

[FXOpen]

Gold Price And Crude Oil Price Rally Could Extend

Gold price rallied recently above the $1,520 and $1,530 resistance levels. Crude oil price is also rising and it could continue to climb higher towards the $64.00 resistance.

Gold Price Technical Analysis

In the past few days, gold price remained in a strong uptrend above the $1,500 level against the US Dollar. The price even broke the key $1,520 resistance area to continue higher.

Moreover, there was a close above the $1,520 level and the 50 hourly simple moving average. The price recently traded to a new 2020 high at $1,540 on FXOpen and it is still showing a lot of positive signs.

An initial support is near the $1,536 level. It coincides with the 23.6% Fib retracement level of the upward move from the $1,522 low to $1,540 high.


Read more about Gold and Crude Oil Analysis on FXOpen blog...

 

[FXOpen]

GBP/USD and EUR/GBP: British Pound Could Correct Further

GBP/USD is currently correcting lower and trading below the 1.3100 support. EUR/GBP is rising steadily and it might climb towards the 0.8580 resistance area.

GBP/USD Technical Analysis

After a strong upward move, the British Pound faced a strong resistance near the 1.3280-1.3285 area against the US Dollar. As a result, the GBP/USD pair started a fresh decline and broke the 1.3200 support area.

There was a close below the 1.3150 pivot level and the 50 hourly simple moving average. Moreover, there was a break below a major bullish trend line with support near 1.3140 on the hourly chart of GBP/USD.

Finally, there was a break below the 1.3100 support area and the pair traded as low as 1.3053 on FXOpen. It is currently consolidating losses above the 1.3050 support area.

An initial resistance is near the 1.3100 area. Besides, the 23.6% Fib retracement level of the recent decline from the 1.3283 high to 1.3053 low is also near the 1.3100 area.

Read more about GBP/USD and EUR/GBP Analysis on FXOpen blog...

 

[FXOpen]

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.

Read more about Gold and Crude Oil Analysis on FXOpen blog...

 

[FXOpen]

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.

Read more about GBP/USD and USD/CAD Analysis on FXOpen blog...

 

[FXOpen]

EUR/USD And EUR/JPY Signaling Downsides

EUR/USD is currently correcting higher, but it is facing resistance near the 1.1135 area. On the other hand, EUR/JPY is signaling a short term top and it could decline below 122.00.

EUR/USD Technical Analysis

After topping near the 1.1200 area, the Euro started a fresh decline below the 1.1160 support area against the US Dollar. The EUR/USD pair broke the 1.1150 and 1.1135 support levels to move into a bearish zone.

A low was formed near 1.1085 on FXOpen and the pair recently corrected above the 50 hourly simple moving average. However, the upward move was capped by the 1.1140 zone.

The last swing high was formed near 1.1146 and the recent swing low was near 1.1104. The pair is currently correcting higher and trading above the 50% Fib retracement level of the latest decline from the 1.1146 high to 1.1104 low.

Read more about EUR/USD and EUR/JPY Analysis on FXOpen blog...

 

[FXOpen]

AUD/USD And NZD/USD Facing Key Hurdles

AUD/USD was rejected on a couple of occasions above the 0.6920, but it also remained well supported. NZD/USD is currently rising, but there is a major hurdle waiting near 0.6660.

AUD/USD Technical Analysis

In the past few days, there were a few attempts by the Aussie Dollar to gain strength above the 0.6920 resistance area against the US Dollar. However, the AUD/USD pair failed to continue higher and corrected lower from the 0.6933 high.

The pair declined below the 0.6900 support and the 50 hourly simple moving average. However, it found support near the 0.6880 area. A low was formed near 0.6883 and the pair is currently recovering higher.

It broke the 23.6% Fib retracement level of the recent decline from the 0.6933 high to 0.6883 low. An immediate resistance is near the 0.6900 area and the 50 hourly simple moving average.

However, the first key resistance is near the 0.6910 level since it represents the 50% Fib retracement level of the recent decline from the 0.6933 high to 0.6883 low.

Read more about AUD/USD and NZD/USD Analysis on FXOpen blog...

 

[FXOpen]

GBP/USD and EUR/GBP: British Pound Could Decline Further

GBP/USD failed to continue above 1.3120 and declined below the 1.3035 support. On the other hand, EUR/GBP is rising and it is likely to continue higher above the 0.8540 resistance.

GBP/USD Technical Analysis

After a steady rise, the British Pound struggled to stay above the 1.3100 area against the US Dollar. As a result, the GBP/USD pair formed a top near the 1.3118 level on FXOpen and recently started a fresh decline.

There was a break below the 1.3100 and 1.3080 support levels. Moreover, there was a break below a key ascending channel with support near 1.3055 on the hourly chart of GBP/USD.

The pair settled below the 1.3050 level the 50 hourly simple moving average. More importantly, there was a break below the 50% Fib retracement level of the upward move from the 1.2954 low to 1.3118 high.

Read more about GBP/USD and EUR/GBP Analysis on FXOpen blog...

 

[FXOpen]

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.

Read more about EUR/USD and USD/CHF Analysis on FXOpen blog...

 

[FXOpen]

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.

Read more about Gold and Crude Oil Analysis on FXOpen blog...

 

[FXOpen]

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.

Read more about GBP/USD and GBP/JPY Analysis on FXOpen blog...