Forex Technical Analysis by FXOpen

[FXOpen]

GBP/USD and EUR/GBP: British Pound Struggling To Recover

GBP/USD failed to stay above the 1.2800 support and declined heavily. EUR/GBP is rising steadily and it remains well supported on the downside above 0.8900.

GBP/USD Technical Analysis
This past week, the British Pound started a major decline from well above the 1.2750 pivot area against the US Dollar. As a result, the GBP/USD pair broke many key supports near the 1.2720 and 1.2650 levels.

The decline was such that the pair even broke the 1.2500 support area and settled well below the 50 hourly simple moving average. Finally, the pair declined below the 1.2400 area and traded as low as 1.2238 on FXOpen.

It is currently correcting higher and trading above the 1.2320 level. It broke the 23.6% Fib retracement level of the recent drop from the 1.2624 high to 1.2238 low.

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

 

[FXOpen]

EUR/USD Turns Red And USD/CHF Remains Supported

EUR/USD failed to hold a few key supports and declined below the 1.1140 zone. Conversely, USD/CHF is trading in a positive zone and it remains well supported above 0.9550.

EUR/USD Technical Analysis
This week, the Euro extended its decline after it broke the key 1.1200 support area against the US Dollar. The EUR/USD pair broke a few important supports near the 1.1140 level to enter a bearish zone.

Moreover, there was a close below the 1.1100 support and the 50 hourly simple moving average. The pair extended its decline below the 1.1040 and traded as low as 1.0953 on FXOpen.

The pair is currently correcting higher and trading above the 1.1000 level. There was a break above the 23.6% Fib retracement level of the recent decline from the 1.1188 high to 1.0953 low.

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

 

[FXOpen]

Gold Price Is Facing Hurdles While Crude Oil Price Is Recovering

Gold price found support near the $1,455 level and it is currently consolidating losses. Conversely, crude oil price is recovering and it is now trading above the $25.00 resistance.

Gold Price Technical Analysis
In the past few days, gold price followed a bearish path from well above the $1,580 level against the US Dollar. It broke a couple of key supports near the $1,550 to move further into a bearish zone.

Moreover, there was a close below the $1,500 level and the 50 hourly simple moving average. Finally, it traded as low as $1,455 on FXOpen and it is now consolidating losses.

It seems like there is likely a double bottom pattern forming near the $1,455 level. The price is trading above the 23.6% Fib retracement level of the recent decline from the $1,553 high to $1,455 low.

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

 

[FXOpen]

GBP/USD And GBP/JPY Could Struggle To Continue Higher

GBP/USD declined heavily and broke many key supports near the 1.2200 and 1.2000 levels. GBP/JPY is currently recovering, but it is likely to face sellers near 131.30.

GBP/USD Technical Analysis
This past week, the British Pound started a major decline from well above the 1.2200 support against the US Dollar. The GBP/USD pair broke a few important supports near 1.2000 to move into a negative zone.

Moreover, the pair traded below the 1.1800 support area and settled well below the 50 hourly simple moving average. Finally, it traded close to the 1.1400 level a new 2020 low is formed near the 1.1415 zone on FXOpen.

The pair is currently correcting higher above the 1.1550 level. It broke the 23.6% Fib retracement level of the recent decline from the 1.1933 high to 1.1531 swing low.

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

 

[FXOpen]

EUR/USD Could Recover And USD/JPY Is Facing Key Hurdle

EUR/USD started an upside correction after a strong decline below the 1.1800 area. USD/JPY is rising, but it is facing a major hurdle near the 111.70 level.

EUR/USD Technical Analysis
In the past few days, the Euro started a nasty decline from well above the 1.1000 area against the US Dollar. The EUR/USD pair broke many supports near the 1.0800 level and the 50 hourly simple moving average to move further into a bearish zone.

The decline gained pace below the 1.0700 level and the pair traded as low as 1.0635 on FXOpen. It is currently correcting higher and trading above the 1.0750 level.

A high is formed near 1.0886 and the pair recently corrected gains. It traded below the 1.0820 level, plus the 23.6% Fib retracement level of the recent upward move from the 1.0635 low to 1.0886 high.

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

 

[FXOpen]

Gold Price Is Rising While Crude Oil Price Is Consolidating

Gold price is trading in a positive zone above the $1,585 resistance area and it could rise further. Conversely, crude oil price is trading in a range and it could correct above $25.00.

Gold Price Technical Analysis
In the past few days, gold price remained in a positive zone above the $1,550 zone against the US Dollar. It traded above the $1,565 and $1,580 resistance levels to start a decent upward move.

Moreover, there was a close above the $1,585 resistance and the 50 hourly simple moving average. Finally, the price climbed above the $1,600 resistance area and traded as high as $1,629 on FXOpen.

The price is currently correcting lower below $1,620. There was a break below the 23.6% Fib retracement level of the recent rise from the $1,570 low to $1,629 high.

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

 

[FXOpen]

GBP/USD and EUR/GBP: British Pound Gaining Traction

GBP/USD is gaining pace and it recovered above the 1.2300 resistance area. EUR/GBP is sliding and it is likely to face hurdles near the 0.9050 area.

GBP/USD Technical Analysis
This past week, the British Pound started a decent recovery wave above the 1.1850 resistance against the US Dollar. As a result, the GBP/USD pair broke many key hurdles near the 1.2020 and 1.2100 resistance levels.

The upward move gained pace and the pair rallied above the 1.2200 barrier and the 50 hourly simple moving average. Finally, the pair broke the 1.2400 barrier and it traded as high as 1.2485 on FXOpen.

It is currently correcting lower and trading below the 1.2400 level. It broke the 23.6% Fib retracement level of the recent wave from the 1.2144 low to 1.2485 high.

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

 

[FXOpen]

EUR/USD And EUR/JPY At Risk of More Downsides

EUR/USD is currently correcting lower and facing a strong resistance near the 1.1040 level. EUR/JPY is also showing a few bearish signs and it could decline further as long as it is below 119.00.

EUR/USD Technical Analysis
This past week, the Euro started a solid recovery wave above the 1.1000 resistance area against the US Dollar. The EUR/USD pair broke the 1.1040 resistance area to move into a positive zone.

Moreover, there was a break above the 1.1080 level and the 50 hourly simple moving average. The pair traded as high as 1.1147 and it recently started a downside correction.

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

 

[FXOpen]

Gold Price Approaching Resistance While Crude Oil Price Correcting Gains

Gold price is rising steadily and it is trading above the $1,600 resistance. Conversely, crude oil price rallied towards $28.00 and recently corrected more than 40% gains.

Gold Price Technical Analysis
Earlier this week, gold price declined from well above the $1,600 level against the US Dollar. It traded below the $1,580 support area, but the $1,570 zone acted as a strong support.

A swing low is formed near $1,567 on FXOpen and the price formed a decent base above the $1,570 level. As a result, the price started a fresh increase above the $1,580 and $1,600 resistance levels.

The bulls remained in action and the price even climbed above the $1,610 level and the 50 hourly simple moving average. Finally, the price climbed towards $1,620 and traded as high as $1,619.

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

 

[FXOpen]

GBP/USD and EUR/GBP: British Pound Correcting Gains

GBP/USD is currently correcting gains from the 1.2475 resistance area. Similarly, EUR/GBP is correcting higher and it could recover towards the 0.8950 level.

GBP/USD Technical Analysis
This past week, the British Pound started a decent upward move wave above the 1.2250 resistance against the US Dollar. The GBP/USD pair even broke the 1.2350 resistance to move into a positive zone.

Finally, there was a break above the 1.2420 resistance and the pair settled above the 50 hourly simple moving average. The pair traded towards the 1.2500 level, but it failed to continue higher.

A swing high is formed near the 1.2474 on FXOpen and the pair is currently correcting lower. Recently, there was a break below a key bullish trend line with support near 1.2370 on the hourly chart of GBP/USD.

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

 

[FXOpen]

EUR/USD Could Correct Higher While USD/CHF Shows Bearish Signs

EUR/USD started an upside correction from 1.0768, but it is struggling to clear 1.0925. Conversely, USD/CHF is showing a few bearish signs and it could decline below 0.9700.

EUR/USD Technical Analysis
This past week, the Euro remained in a bearish zone below the 1.1000 support against the US Dollar. The EUR/USD pair the 1.0850 support area to move further into a bearish zone.

The pair traded as low as 1.0768 on FXOpen and recently started an upside correction. There was a break above the 1.0800 resistance area and the 50 hourly simple moving average.

Moreover, there a break above a major bearish trend line with resistance near 1.0825 on the hourly chart of EUR/USD. The pair traded above the 1.0900 level, bit it struggled to continue higher above 1.0925.

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

 

[FXOpen]

AUD/USD And NZD/USD Gaining Bullish Momentum

AUD/USD rallied recently and climbed above the key 0.6200 resistance area. Similarly, NZD/USD is gaining bullish momentum and trading nicely above the 0.6000 area.

AUD/USD Technical Analysis
The Aussie Dollar formed a strong support base above the 0.6000 level and recently started a solid upward move against the US Dollar. The AUD/USD pair broke the key 0.6200 resistance to move into a positive zone.

Moreover, there was a close above the 0.6250 level and the 50 hourly simple moving average. It opened the doors for more gains above the 0.6300 level.

The pair traded as high as 0.6362 on FXOpen and it is currently consolidating gains. It tested the 23.6% Fib retracement level of the recent wave from the 0.6195 low to 0.6362 high.

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

 

[FXOpen]

GBP/USD Could Rise Further While GBP/JPY Is Sliding

GBP/USD started a decent increase and climbed above the 1.2450 resistance. Conversely, GBP/JPY is currently correcting lower and it could decline towards 134.00.

GBP/USD Technical Analysis
This past week, the British Pound started a steady rise from the 1.2250 support area against the US Dollar. The GBP/USD pair broke a few important hurdles near the 1.2350 level to move into a positive zone.

Moreover, the pair traded above the 1.2400 resistance area and the 50 hourly simple moving average. It even surged above the 1.2450 resistance and traded as high as 1.2486 on FXOpen.

Recently, there was a minor downside correction from the 1.2486 high. The pair traded below the 23.6% Fib retracement level of the upward move from the 1.2360 low to 1.2486 high.

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

 

[FXOpen]

EUR/USD Signaling More Upsides While USD/JPY Is Declining

EUR/USD is showing a few positive signs above the 1.0920 and 1.0955 support levels. Conversely, USD/JPY is declining and it remains at a risk of more losses below 107.00.

EUR/USD Technical Analysis
In the past few days, the Euro started a decent recovery above the 1.0800 barrier against the US Dollar. The EUR/USD pair broke many key hurdles near the 1.0855 and 1.0860 levels to move into a positive zone.

The bulls remained in action, leading the pair above the 1.0920 resistance and the 50 hourly simple moving average. Finally, the pair broke the 1.0950 resistance and traded as high as 1.0989 on FXOpen.

It is currently correcting lower and trading near the 1.0980 level. An initial support is near the 1.0965 level. It is close to the 23.6% Fib retracement level of the recent rise from the 1.0892 low to 1.0989 high.

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

 

[FXOpen]

Gold Price Correcting Gains While Crude Oil Price Approaching Breakout

Gold price rallied recently to a new 8-year high above $1,740 and it is currently correcting lower. Conversely, crude oil price is now showing signs of a bullish breakout above $27.00.

Gold Price Technical Analysis
Earlier this week, gold price extended its rise above the $1,700 resistance area against the US Dollar. It even broke the $1,720 resistance area to continue higher.

Finally, the price traded close to the $1,750 resistance and formed a new 8-year high at $1,747 on FXOpen. The price is currently correcting lower and trading below the $1,725 support level and the 50 hourly simple moving average.

There was a break below the 38.2% Fib retracement level of the recent rally from the $1,643 low to $1,747 high. Moreover, there was a break below a key contracting triangle with support near $1,720 on the hourly chart of gold.

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

 

[FXOpen]

GBP/USD and EUR/GBP: British Pound Could Extend Losses

GBP/USD is currently struggling to clear the 1.2500-1.2520 resistance area and it could extend its decline. EUR/GBP might correct higher towards 0.8720 or 0.8750.

GBP/USD Technical Analysis
This past week, the British Pound gained bullish momentum above the 1.2550 resistance area against the US Dollar. The GBP/USD pair even broke the 1.2600 resistance before it faced sellers near 1.2650.

A high was formed near 1.2647 on FXOpen before the pair started a fresh decline. It broke the 1.2520 support level and tested the 1.2400 area. A low was formed near 1.2406 before it recovered to 1.2516.

It is currently declining and trading below the 1.2500 level and the 50 hourly simple moving average. It is testing the 38.2% Fib retracement level of the recent upward move from the 1.2406 low to 1.2516 high.

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

 

[FXOpen]

EUR/USD Remains In Downtrend While USD/CHF Is Rising

EUR/USD is under pressure and showing bearish signs below the 1.0880 resistance area. Conversely, USD/CHF is likely to continue higher above the 0.9720 resistance.

EUR/USD Technical Analysis
In the past few days, the Euro declined steadily from well above the 1.0950 level against the US Dollar. The EUR/USD pair broke the key 1.0900 pivot level to move into a bearish zone.

Moreover, there was a break below the 1.0880 support and the 50 hourly simple moving average. The pair traded as low as 1.0816 on FXOpen and it is currently attempting a decent recovery.

The pair recovered above 1.0850, but the 1.0880 level is acting as a resistance. Besides, there is a major bearish trend line forming with resistance near 1.0865 on the hourly chart of EUR/USD.

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

 

[FXOpen]

AUD/USD And NZD/USD Eyeing Upside Break

AUD/USD is following a bullish path and eyeing an upside break above the 0.6400 resistance zone. Similarly, NZD/USD must break 0.6020-0.6040 for upside continuation.

AUD/USD Technical Analysis
The Aussie Dollar remained well bid above the 0.6250 and 0.6260 levels against the US Dollar. As a result, the AUD/USD pair started a fresh increase and climbed above the 0.6320 resistance.

The upward move gained pace above the 0.6350 level and the 50 hourly simple moving average. It opened the doors for more gains above the 0.6380 level.

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

 

[FXOpen]

EUR/USD Could Recover Above 1.0900 While EUR/JPY Is Diving

EUR/USD is currently correcting higher and trading above the 1.0820 resistance. Conversely, EUR/JPY is diving and it could continue to decline towards 115.00.

EUR/USD Technical Analysis
This past week, the Euro extended its decline below the 1.0820 support against the US Dollar. The EUR/USD pair even broke the 1.0760 level before it found support near the 1.0730 level.

Recently, the pair started a decent recovery above the 1.0800 resistance level and the 50 hourly simple moving average. The pair even broke the 1.0850 resistance and traded as high as 1.0888 on FXOpen.

It failed to continue higher and corrected below 1.0840. A low is formed near 1.0817 and the pair is currently rising. It tested the 50% Fib retracement level of the recent decline from the 1.0888 high to 1.0817 low.

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

 

[FXOpen]

Gold Price Struggling While Crude Oil Price Is Recovering Nicely

Gold price started a downside correction below the $1,720 support and even declined below $1,700. Conversely, crude oil price is recovering nicely and trading above $20.00 (spot price).

Gold Price Technical Analysis
Gold price faced a strong resistance near the $1,740 level and started a fresh decline against the US Dollar. There was a break below the $1,720 support and the price moved into a short term bearish zone.

Besides, there was a break below the $1,700 level and the price settled well below the 50 hourly simple moving average. A low is formed near $1,680 on FXOpen and the price is currently consolidating losses.

An initial resistance is near the $1,690 level. It is close to the 23.6% Fib retracement level of the recent decline from the $1,721 high to $1,680 low.

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