Forex Technical Analysis by FXOpen

[FXOpen]

AUD/USD and NZD/USD Are Gaining Bullish Momentum

AUD/USD is gaining bullish momentum and it recently broke the 0.6800 resistance area. NZD/USD is also showing a lot of positive signs and it recently settled above the 0.6350 hurdle.

AUD/USD Technical Analysis

This week, the Aussie Dollar formed a major support near the 0.6740 area and started a fresh increase against the US Dollar. The AUD/USD pair broke many key resistances near 0.6750 and 0.6760 to move into a positive zone.

There was a close above the key 0.6800 resistance area and the 50 hourly simple moving average. Moreover, there was a break above a major bearish trend line with resistance near 0.6760 on the hourly chart of AUD/USD.

The pair even broke the 0.6820 resistance, traded to a new high near 0.6838 on FXOpen, it is currently consolidating losses. An immediate support is near the 0.6820 level.

Moreover, the 23.6% Fib retracement level of the recent wave from the 0.6775 low to 0.6838 high is also near the 0.6820 level. There is also a rising channel forming with support near the 0.6820 level on the hourly chart.

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[FXOpen]

GBP/USD And USD/CAD: US Dollar Under Pressure

GBP/USD gained bullish momentum above the 1.2700 and 1.2800 resistance levels. Conversely, USD/CAD is under pressure and it could continue to slide below 1.3100.

GBP/USD Technical Analysis

The British Pound started a strong rise above the 1.2500 resistance area against the US Dollar. As a result, the GBP/USD pair broke many hurdles near the 1.2650 and 1.2700 levels to move into an uptrend.

The pair surpassed the key 1.2800 resistance area and the 50 hourly simple moving average. Finally, the pair rallied above the 1.2950 resistance area and traded close to the 1.3000 area.

A high was formed near 1.2983 on FXOpen and the pair is currently consolidating gains. It traded below the 38.2% Fib retracement level of the recent rally from the 1.2757 low to 1.2983 high.

However, the 1.2870-1.2880 area is acting as a support. Moreover, the 50% Fib retracement level of the recent rally from the 1.2757 low to 1.2983 high is acting as a support. It seems like the pair is holding the key 1.2850 support and the 50 hourly simple moving average.

Read more about GBP/USD And USD/CAD on FXOpen blog...

 

[FXOpen]

EUR/USD Could Correct Lower While USD/JPY Is Declining

EUR/USD climbed above the 1.1150 resistance and it is currently correcting lower. Conversely, USD/JPY remained in a bearish zone and it could slide below 108.00.

EUR/USD Technical Analysis

The Euro started a fresh increase after it broke the 1.1080 and 1.1100 resistance levels against the US Dollar. The EUR/USD pair even settled above the 1.1100 level to move into a positive zone.

It opened the doors for more gains above 1.1150 and the pair settled above the 50 hourly simple moving average. Finally, the pair traded as high as 1.1179 on FXOpen. It is currently correcting lower below the 1.1160 and 1.1150 support levels.

Moreover, there was a break below a major bullish trend line with support near 1.1152 on the hourly chart of EUR/USD. The pair is now trading well below the 1.1140 level and the 50 hourly SMA.

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[FXOpen]

Gold and Crude Oil Price Could Continue To Rise

Gold price is trading nicely and is currently positioned above the $1,500 level. Crude oil price is also climbing higher and it could continue to rise towards $58.00.

Gold Price Technical Analysis

Recently, gold price started a strong rise and climbed above the key $1,485 resistance against the US Dollar. It opened the doors for more gains and the price even broke the $1,485 and $1,492 resistance levels.

The recent upward move was such that the price settled above the $1,495 level and the 50 hourly simple moving average. Finally, the price broke the $1,500 resistance and traded as high as $1,504 on FXOpen.

At the moment, the price is consolidating gains above the $1,500 level. An immediate support is near $1,500 and the 23.6% Fib retracement level of the recent wave from the $1,487 low to $1,504 high.

Read more about Gold And Crude oil on FXOpen blog...

 

[FXOpen]

EUR/USD COULD CLIMB HIGHER WHILE USD/CHF MIGHT DECLINE

EUR/USD is showing positive signs above the 1.1080 level and it could rise steadily.

USD/CHF is currently correcting lower and it might start a major downside correction.

Important Takeaways for EUR/USD and USD/CHF

• • The Euro is currently trading nicely above the 1.1065 and 1.1090 support levels against the US Dollar.
  • There is a key bearish trend line forming with resistance near 1.1120 on the hourly chart of EUR/USD.
  • USD/CHF started a downside correction after setting a new weekly high near the 0.9968 level.
  • There was a break below a major bullish trend line with support near 0.9945 on the hourly chart.

EUR/USD Technical Analysis

After a fresh decline, the Euro found support just above the 1.1070 level against the US Dollar. The EUR/USD pair formed a support base near 1.1075 and recently started a decent upward move.

A swing low was formed near 1.1073 on FXOpen and the pair corrected above the 50 hourly simple moving average. Moreover, there was a break above the 1.1080 and 1.1100 resistance levels.

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[FXOpen]

AUD/USD AND NZD/USD CLIMBING STEADILY

AUD/USD started a decent upward move and broke the key 0.6880 resistance area.
NZD/USD is also moving higher and likely to continue its upward move towards the 0.6460 level.

Important Takeaways for AUD/USD and NZD/USD

The Aussie Dollar is trading nicely above the 0.6850 and 0.6880 support levels against the US Dollar.

There is a key bullish trend line forming with support near 0.6890 on the hourly chart of AUD/USD.

NZD/USD is gaining momentum and it is trading nicely above the 0.6420 support.

There was a break above a key contracting triangle with resistance near 0.6430 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

This week, the Aussie Dollar started a strong upward move from the 0.6820 support area against the US Dollar. The AUD/USD pair broke a couple of important hurdles near 0.6850 to move into a positive zone.

The upward move was such that the pair even climbed above the 0.6880 resistance area and the 50 hourly simple moving average. Finally, the pair traded above the 0.6900 level and formed a new weekly high near the 0.6929 level.

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[FXOpen]

GBP/USD Could Continue Higher, USD/CAD Is Correcting Lower

GBP/USD remained well bid above the 1.2800 area and recently started a fresh increase above 1.2875. USD/CAD topped near the 1.3200 area and it is currently correcting lower.

GBP/USD Technical Analysis

After a downside correction, the British Pound found support near the 1.2800 area against the US Dollar. The GBP/USD pair formed a support base near 1.2810 and started a fresh increase.

The pair broke a few important resistances near the 1.2850 level to move into a positive zone. Moreover, there was a break above the 1.2880 barrier and the 50 hourly simple moving average. Finally, the pair climbed above the 1.2900 level and traded as high as 1.2975 on FXOpen.

Recently, there was a minor downside correction below the 1.2950 level. The pair traded below the 23.6% Fib retracement level of the recent wave from the 1.2845 swing low to 1.2975 high.

However, the 1.2925 level is acting as a support and the pair is currently trading near the 50 hourly simple moving average. On the downside, there are many supports near the 1.2925 and 1.2920 levels.

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

 

[FXOpen]

EUR/USD Dives Again, USD/JPY Breaking Down

EUR/USD topped near the 1.1175 level and started a fresh decline below 1.1120. USD/JPY is also showing bearish signs and it could continue to move down towards 108.70.

EUR/USD Technical Analysis

The Euro made a few attempts to break the 1.1175 and 1.1180 resistance levels against the US Dollar. However, the EUR/USD pair failed to continue above 1.11750, resulting in a bearish reaction.

There was a sharp decline below the 1.1150 support area and the 50 hourly simple moving average. It opened the doors for more losses below the 1.1120 and 1.1100 support levels.

Moreover, there was a break below a key bullish trend line with support near 1.1115 on the hourly chart of EUR/USD. The pair even traded below the 1.1080 support area and formed a low near 1.1064 on FXOpen.

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

 

[FXOpen]

Gold Could Correct Higher While Crude Oil Price Might Decline

Gold price declined recently and broke the key $1,485 support area. Crude oil price is also under pressure and it seems like it could decline below the $56.50 support.

Gold Price Technical Analysis

Recently, gold price made a few attempts to surpass the $1,515 resistance area against the US Dollar. It failed to continue higher and started a fresh decline below the $1,505 and $1,500 support levels.

During the decline, the price broke a couple of important supports near the $1485 level and the 50 hourly simple moving average. Finally, the price broke the $1,475 support area and traded as low as $1,460 on FXOpen.

At the moment, the price is correcting higher above $1,465. It is trading near the 23.6% Fib retracement level of the recent decline from the $1,494 high to $1,460 low.

However, there are many hurdles on the upside near the $1,475 and $1,480 levels. Besides, the 50% Fib retracement level of the recent decline from the $1,494 high to $1,460 low is near the $1,477 level to act as a resistance.

Read more about Gold And Crude oil Analysis on FXOpen blog...

 

[FXOpen]

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

GBP/USD faced an increase in selling pressure below the 1.2880 pivot level. EUR/GBP is currently correcting higher and it might trade towards the 0.8650 resistance area.

GBP/USD Technical Analysis

The British Pound started a fresh downward move from well above the 1.2950 level against the US Dollar. The GBP/USD pair declined steadily below the 1.2900 and 1.2840 support levels.

Moreover, there was a close below the 1.2840 level and the 50 hourly simple moving average. It opened the doors for more losses below the 1.2800 level. Finally, the pair traded as low as 1.2768 on FXOpen.

It is currently correcting higher and is trading above the 1.2780 level. At the moment, the pair is testing the 23.6% Fib retracement level of the recent decline from the 1.2876 high to 1.2768 low.

On the upside, there are many resistances near the 1.2800 and 1.2820 levels. Moreover, there is a key bearish trend line forming with resistance near 1.2820 on the hourly chart of GBP/USD.

The trend line resistance is near the 50 hourly simple moving average. More importantly, the 50% Fib retracement level of the recent decline from the 1.2876 high to 1.2768 low is also near the 1.2820 level.

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

 

[FXOpen]

EUR/USD and USD/CHF Are Showing Bearish Signs

EUR/USD is currently under pressure and it recently broke the 1.1065 support area. USD/CHF is also declining and it might move down towards the 0.9900 support area.

EUR/USD Technical Analysis

In the past few days, the Euro followed a bearish path from well above the 1.1100 level against the US Dollar. The EUR/USD pair broke many supports on the way down, including 1.1080.

The pair even broke the 1.1065 support and the 50 hourly simple moving average. Finally, there was a break below 1.1040 and the pair traded as low as 1.1002 low on FXOpen.

At the moment, the pair is consolidating losses above the 1.1000 support area. An immediate resistance is near the 1.1015 since it coincides with the 38.2% Fib retracement level of the recent decline from the 1.1042 high to 1.1002 low.

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

 

[FXOpen]

AUD/USD Is Tumbling While NZD/USD Is Recovering

AUD/USD is under a lot of pressure below the 0.6850 and 0.6820 support levels. Conversely, NZD/USD is climbing higher and it could even surpass the 0.6400 resistance area.

AUD/USD Technical Analysis
In the past few days, there was a steady decline in the Aussie Dollar from well above the 0.6850 support against the US Dollar. The AUD/USD pair broke a couple of important hurdles near 0.6820 to start a downtrend.

The decline was such that the pair settled below the 0.6820 level and the 50 hourly simple moving average. Finally, the pair traded below the 0.6800 level and traded to a new weekly low at 0.6769.

It is currently correcting above the 0.6780 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the 0.6840 high to 0.6769 low.

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

 

[FXOpen]

GBP/USD Rising While USD/CAD Is Correcting Gains

GBP/USD Technical Analysis

This past week, the British Pound found support near the 1.2815 and 1.2820 levels against the US Dollar. As a result, the GBP/USD pair started a fresh upward move and climbed above the key 1.2860 resistance area.

The pair gained pace above the 1.2880 resistance and the 50 hourly simple moving average. Finally, the pair climbed above the 1.2900 resistance level and even climbed above 1.2920 on FXOpen.

During the rise, there was a break above a major bearish trend line with resistance near 1.2885 on the hourly chart of GBP/USD. Moreover, the pair climbed above the 1.236 Fib extension level of the downward move from the 1.2897 high to 1.2815 low.

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

 

[FXOpen]

EUR/USD Could Rise Further, USD/JPY Facing Hurdles

EUR/USD Technical Analysis

The Euro formed a decent support base near the 1.1010 level and started an upward move against the US Dollar. The EUR/USD pair gained bullish momentum after it broke the key 1.1040 resistance area.

The upward move was strong as the pair even broke the 1.1060 resistance and settled above the 50 hourly simple moving average. It opened the doors for more gains and the pair traded towards the 1.1100 level.

A high was formed near 1.1089 on FXOpen and the pair is currently consolidating gains. It traded below the 23.6% Fib retracement level of the upward move from the 1.1048 low to 1.1083 swing high.

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

 

[FXOpen]

Gold Price Under Pressure While Crude Oil Price Is Rising

Gold Price Technical Analysis

Recently, gold price failed the break the $1,478 and $1,480 resistance levels against the US Dollar. It failed to continue higher and started a renewed bearish wave below the $1,470 level.

Moreover, there was a break below the $1,468 support and 50 hourly simple moving average. Finally, there was a break below a major bullish trend line with support near $1,465 on the hourly chart of gold.

The price traded close to the $1,460 support area and a low was formed near $1,462. At the moment, the price is consolidating losses above $1,460. An immediate resistance is near the 23.6% Fib retracement level of the recent decline from the $1,475 high to $1,462 low.

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

 

[FXOpen]

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

GBP/USD is currently correcting higher after a sharp decline towards the 1.2820 support area. EUR/GBP is currently holding supports and it could rise towards 0.8600 in the near term.

GBP/USD Technical Analysis

The British Pound made a couple of attempts to clear the 1.2970 resistance area against the US Dollar. The GBP/USD pair failed to continue higher and started a fresh decline below the 1.2950 support.

The pair declined steadily below the 1.2920 support area and the 50 hourly simple moving average. Moreover, there was a break below a major bullish trend line with support near 1.2920 on the hourly chart of GBP/USD.

It opened the doors for more losses below the 1.2880 level. Finally, the pair traded as low as 1.2823 on FXOpen. It is currently correcting higher and is trading above the 1.2840 level.

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

 

[FXOpen]

EUR/USD Could Extend Decline While USD/CHF Is Rising

EUR/USD is currently trading in a bearish zone below the 1.1035 and 1.1055 resistance levels. USD/CHF is currently consolidating gains above the 0.9965 support and it could continue to rise.

EUR/USD Technical Analysis

This past week, the Euro struggled to continue above the 1.1095 resistance area against the US Dollar. As a result, the EUR/USD pair started a fresh decline and broke the 1.1055 support area.

Moreover, the pair broke the 1.1035 support area and the 50 hourly simple moving average. Finally, the pair traded as low as 1.1003 on FXOpen and it is currently consolidating losses.

On the upside, an initial resistance is near the 1.1020 level and the 50 hourly simple moving average. The first key resistance is near the 1.1025 level. It is also near the 23.6% Fib retracement level of the recent decline from the 1.1096 high to 1.1003 low.

Moreover, there is a key contracting triangle forming with resistance near 1.1025 on the hourly chart of EUR/USD. Above the triangle resistance, the 1.1035 level is a major hurdle.


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

 

[FXOpen]

EUR/JPY and GBP/JPY Primed For More Gains

The Euro and British Pound are gaining bullish momentum against the Japanese Yen. Both EUR/JPY and GBP/JPY are likely to continue higher above 120.50 and 142.00 respectively.

EUR/JPY Technical Analysis

After a bearish reaction, the Euro found support near the 119.70 level against the Japanese Yen. The EUR/JPY pair started a decent upward move and broke the main 120.00 resistance area.

The upward move was strong as the pair surged above the 120.20 and 120.40 resistance levels. Moreover, there was a break above a connecting bearish trend line with resistance near 120.20 on the hourly chart.

Finally, there was a close above the 120.40 level and the 50 hourly simple moving average. A high was formed near 120.66 on FXOpen and the pair is currently correcting lower.

It is testing the 23.6% Fib retracement level of the recent leg from the 120.05 low to 120.66 high. On the downside, there is a strong support forming near the 120.40 level.

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

 

[FXOpen]

GBP/USD And USD/CAD Are Likely To Continue Higher

GBP/USD is holding the 1.2900 support area and it could continue higher. USD/CAD is also climbing higher, but it might struggle to clear the 1.2950 resistance area.

GBP/USD Technical Analysis

This past week, the British Pound declined below the 1.2900 support area against the US Dollar. However, the 1.2830 area acted as a strong buy zone and GBP/USD climbed back above 1.2900.

The pair gained pace above the 1.2900 resistance and the 50 hourly simple moving average. Finally, the pair climbed above the 1.2920 resistance level, traded close to the 1.2960 resistance area.

A high was formed near the 1.2950 level on FXOpen before the pair corrected lower. It declined below 1.2920 and tested the 1.2900 support area. The last swing low was near 1.2878 and the last swing high was near 1.2942.

The pair is currently trading near the 50 hourly simple moving average and above the 50% Fib retracement level of the last wave from the 1.2878 low to 1.2942 high.

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

 

[FXOpen]

EUR/USD Recovering While USD/JPY Tumbling

EUR/USD started a fresh increase and it recently traded above the 1.1035 resistance area. Conversely, USD/JPY is under a lot of selling pressure and it traded below the 109.00 support area.

EUR/USD Technical Analysis

The Euro remained well bid above the 1.0980 support area against the US Dollar. As a result, the EUR/USD pair started a fresh increase above the 1.1000 and 1.1020 resistance levels.

During the recovery, the pair broke a major resistance area near the 1.1035 level. Moreover, there was a close above the 1.1050 level and 50 hourly simple moving average. It opened the doors for more gains and the pair traded towards the 1.1090 level.

A high was formed near 1.1093 on FXOpen and the pair is currently consolidating gains. Recently, it corrected below the 50% Fib retracement level of the upward move from the 1.1065 low to 1.1093 high.

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