Daily Market Analysis By FXOpen

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  1. #331
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    Daily Market Analysis By FXOpen
    EUR/USD and EUR/JPY Show Bearish Signs


    EUR/USD started a fresh decline below the 1.1420 support. EUR/JPY is declining and could accelerate lower below 129.70.

    Important Takeaways for EUR/USD and EUR/JPY

    • The Euro started a fresh decline after it faced sellers near the 1.1480 level.
    • There was a break below a key bullish trend line with support near 1.1405 on the hourly chart.
    • EUR/JPY gained bearish momentum below the 130.50 and 130.20 support levels.
    • There is a major bearish trend line forming with resistance near 130.90 on the hourly chart.


    EUR/USD Technical Analysis

    The Euro gained pace above the 1.1400 and 1.1450 resistance levels against the US Dollar. However, the EUR/USD pair struggled to gain pace above 1.1480 and started a fresh decline.

    The pair traded below the 1.1420 support and settled below the 50 hourly simple moving average. There was a clear break below the 50% Fib retracement level of the upward move from the 1.1284 swing low to 1.1482 high (formed on FXOpen).

    EUR/USD Hourly Chart


    Besides, there was a break below a key bullish trend line with support near 1.1405 on the hourly chart. The pair is now trading below the 1.1350 level and the 50 hourly simple moving average.

    It is now trading near the 76.4% Fib retracement level of the upward move from the 1.1284 swing low to 1.1482 high. Any more losses might send the pair towards the 1.1280 support zone. On the upside, the pair is facing resistance near the 1.1350 level.

    The next major resistance is near the 1.1380 level. The main resistance is forming near the 1.1400 level. A clear break above the 1.1400 resistance could push EUR/USD towards 1.1450. If the bulls remain in action, the pair could rise above the 1.1480 resistance zone in the near term.

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    ETHUSD and LTCUSD Technical Analysis – 20th JAN, 2022


    ETHUSD: Double Bottom Pattern Above $3,000

    Ethereum was unable to sustain its bullish momentum this week, and after touching a high of $3,409 on 12th January, started declining against the US dollar.

    ETHUSD touched an intraday low of $3,080 in the Asian trading session today, after which we can see some consolidation in its prices above the $3,000 handle.

    We can clearly see a double-bottom pattern above the $3,000 handle which is a bullish reversal pattern and signifies the end of a downtrend and a shift towards an uptrend.

    ETH is now trading just below its pivot levels of $3,131 and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance levels of $3,138 and Fibonacci resistance level of $3,146, after which the path towards $3,300 will get cleared.

    The relative strength index is at 49, indicating a NEUTRAL market and a move towards the consolidation phase after the decline.

    We have detected an MA 20 crossover pattern above the $3,124 level which signifies a bullish trend reversal in the short-term.

    Some of the technical indicators are giving a BUY signal.

    ETH is now trading below the 100 hourly and 200 hourly simple moving averages.

    • Ethereum consolidation is seen above the $3,000 mark
    • Short-term range appears to be NEUTRAL
    • Ultimate oscillator is indicating a NEUTRAL market
    • Average true range is indicating LESSER market volatility


    Ether Consolidation Channel Seen Above $3,000


    ETHUSD continues to move into a consolidation channel above the $3l000 handle in the European trading session today.

    Most of investors are not entering the markets and are waiting for a bullish momentum.

    The commodity channel index is indicating a NEUTRAL market, and the overall sentiment is also neutral at these levels.

    We are also due for a major upwards correction in the ETHUSD which could manifest in the form of a rally taking its prices close to the $4,000 handle.

    We can see a mildly bullish channel in progression today which is expected to push the prices of ETHUSD towards the $3,300 level.

    ETH has gained 1.47% with a price change of 45.44$ in the past 24hrs, and has a trading volume of 11.474 billion USD.

    We can see a decrease of 16.90% in the total trading volume in the last 24 hrs., which appears to be normal.

    The Week Ahead

    Ethereum is now approaching its important support level of $3,000 which will decide whether we will see a bullish reversal in the markets.

    If the price of ETHUSD continues to remain above the $3,000 handle, as we can see today, it will signify a bullish reversal with an upside target of $3,300 to $3,500 in the next week.

    The immediate short-term outlook for Ether has turned NEUTRAL, the medium-term outlook is MILDLY BULLISH, and the long-term outlook for Ether is BULLISH with a RALLY formation towards $4,000.

    MACD has indicated a bullish crossover which is also giving a BUY signal at the current market levels.

    This week, we can expect to see $3,300 to $3,400, and in the next week Ether is expected to trade at levels above $3,500.

    Technical Indicators:

    Williams percent range: at -37.39 indicating a BUY

    Stoch (9,6): at 71.39 indicating a BUY

    Moving averages convergence divergence (12,26): at 1.75 indicating a BUY

    StochRSI (14): at 58.95 indicating a BUY

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    AUD/USD and NZD/USD Remain At Risk


    AUD/USD started a fresh decline from the 0.7275 zone. NZD/USD is also declining and there is a risk of a move below the 0.6720 support.

    Important Takeaways for AUD/USD and NZD/USD

    • The Aussie Dollar started another decline from well above the 0.7250 level against the US Dollar.
    • There was a break below a key bullish trend line with support near 0.7200 on the hourly chart of AUD/USD.
    • NZD/USD also declined sharply below the 0.6750 support zone.
    • There is a connecting bearish trend line forming with resistance near 0.6790 on the hourly chart of NZD/USD.


    AUD/USD Technical Analysis

    The Aussie Dollar struggled to clear the 0.7275 level against the US Dollar. The AUD/USD pair started a fresh decline below the 0.7250 support level to move into a bearish zone.

    The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 0.7170 swing low to 0.7275 high (formed on FXOpen). Besides, there was a break below a key bullish trend line with support near 0.7200 on the hourly chart of AUD/USD.

    AUD/USD Hourly Chart


    The pair settled below the 0.7220 support level and the 50 hourly simple moving average. It is now consolidating near the 0.7185 level.

    The 76.4% Fib retracement level of the upward move from the 0.7170 swing low to 0.7275 high is also protecting losses. On the downside, an initial support is near the 0.7170 level. If there is a downside break below the 0.7170 support, the pair could extend its decline towards the 0.7125 level.

    Any more downsides might send the pair toward the 0.7100 level. On the upside, the pair is facing resistance near the 0.7210 level.

    The next major resistance is near the 0.7240 level. A close above the 0.7240 level could start a steady increase in the near term. The next major resistance could be 0.7300.

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    GBP/USD Starts Fresh Decline, EUR/GBP Remains Supported


    GBP/USD started a fresh decline from well above the 1.3700 level. EUR/GBP is showing positive signs, with a strong support near the 0.8340 level.

    Important Takeaways for GBP/USD and EUR/GBP

    • The British Pound started a fresh decline from well above 1.3700 against the US Dollar.
    • There was a break below a key bullish trend line with support near 1.3620 on the hourly chart of GBP/USD.
    • EUR/GBP found support near 0.8300 and started a fresh increase.
    • There was a break above a major bearish trend line with resistance near 0.8330 on the hourly chart.


    GBP/USD Technical Analysis

    The British Pound struggled to settle above the 1.3750 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3620 support zone.

    There was a clear move below the 1.3600 level and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near 1.3620 on the hourly chart of GBP/USD.

    GBP/USD Hourly Chart


    A low is formed near 1.3545 on FXOpen and the pair is now consolidating losses. On the upside, an initial resistance is near the 1.3575 level. It is near the 23.6% Fib retracement level of the downward move from the 1.3661 swing high to 1.3545 low.

    The next main resistance is near the 1.3600 zone. It is near the 50% Fib retracement level of the downward move from the 1.3661 swing high to 1.3545 low.

    If there is an upside break above the 1.3600 resistance, the price could surpass 1.3625 or even 1.3650. If there is no upside break, the pair could start a fresh decline below 1.3540. An immediate support is near the 1.3520 level.

    The first key support is near the 1.3500 level. Any more losses could lead the pair towards the 1.3450 support zone. The next major support sits near the 1.3420 level.

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    Australian and Canadian Dollars fall against Pound as China's policy costs dear


    As this week begins, yet another strengthening is very apparent for the British Pound against two major currencies, those being the Canadian Dollar and the Australian Dollar.

    The Pound has been doing very well against all of its peers recently, largely because of the inability of the British government to do what the public and investing community expected it to do this winter, and lock down the nation again.

    There is a theory among many people across Europe that Britain would have followed the actions of its mainland European neighbours and inflicted a lockdown on its population and that it was possibly already being planned for months in advance, however the wheels came off when the revelations about a number of government officials having had one or more informal gatherings during the period in which they were insisting on compliance with lockdowns.

    This has angered a large proportion of citizens and business owners who had not been allowed to operate during that particular period, whereas the government officials having the alleged parties were not afraid of anything, nor were abiding by the strict rules they doled out.

    As a result, it would have been impossible to implement any further restrictions on anyone in Britain, therefore the pleasant surprise came when Prime Minister Boris Johnson announced that there would be a complete removal of all remaining restrictions, and Britain is now open and free.

    The same cannot be said for many other parts of the world, and whilst the British Pound continues to climb against all other major currencies, it is the Canadian Dollar and Australian Dollar that are falling against the currency of the most free nation in the West at the moment.

    This is because not only do restrictions still exist in Canada and are in full swing in Australia, but the two currencies are commodity-reliant, whereas the British Pound is not.

    Why is that important?

    It is important because the already heavily restricted nations of Canada and Australia are dependent on the large commodity trading centers of Toronto and Sydney, and both of those commodity centers are part of a massive trade union with China.

    China at the moment is instigating a 'zero-Covid' policy across its mainland, which is a media-friendly term for total control over every activity and draconian restrictions on movement and business.

    In Canada, the analysts are stating their case for the reason why the Canadian Dollar has dipped, with Bank of Montreal Capital Markets' European Head of FX Strategy Stephen Gallo having told CNBC that ripple effects from China could be feeding into the performance of developed market commodity-based currencies.

    Yes, consumable commodities such as oil and gas have risen in price during recent months, but there are other areas of the commodity market that have had an effect on commodity-dependent currencies.

    The very same bank's Head of FX Strategy Greg Anderson stated that the two-year swap rates for Australian and New Zealand dollars had underperformed the U.S. dollar, which would perhaps indicate toward a theory that central bank policy divergence is a factor.

    However, the Canadian swap rate has performed very similarly to the U.S., so this does not explain why CAD has not rallied alongside oil, according to the analyst.

    In China, there were closures of factories along with electricity power cuts last year as part of the strict restrictions on people's movement in China, and it is known that the country is operating a 'zero-Covid' policy and such a policy is likely to have severe implications for both supply and demand and in particular it could conceivably be affecting China’s demand for certain raw materials.

    By contrast, the British economy is more reliant on international investment, its own diversified industry base and the financial markets center in London which also has a vast equities trading contingent on the London Stock Exchange and is not so dependent on raw materials or commodities.

    The British Pound starts the trading week at a five-day high against the Australian Dollar, at a value of 1.89 Australian Dollars to the Pound, and it had held a high point against the Canadian Dollar during the off-market hours at the weekend at 1.7 Canadian Dollars to the Pound, before dropping slightly this morning.

    There is a crossroads in the currency market at the moment, that being the buoyancy of the majors that are sovereign currencies of nations with no lockdowns or restrictions and a diversified local industry base, compared to the flagging values of those reliant on trade with China, have high commodities dependency and have a myriad of restrictions still in force.

    It's certainly a different world this January to that of even one year ago.

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    BTCUSD and XRPUSD Technical Analysis – 25th JAN 2022


    BTCUSD – Double Bottom Pattern Above $32000

    Bitcoin had a major bearish correction after touching a high of 43296 on 20th January, the prices continued to decline touching a low of 33053 yesterday.

    This sharp drop in the levels of Bitcoin was due to heavy selling in the markets coupled with the fears of a Russian attack on Ukraine.

    Today BTCUSD has entered into a mild bullish momentum and continues to remain above the $36000 handle in the European Trading session.

    We can clearly see a Double Bottom Pattern above the $32000 handle which is a Bullish reversal pattern because it signifies the end of a downtrend and a shift towards an Uptrend.

    STOCH and Williams Percent Range are indicating OVERBOUGHT levels which means that in the immediate short term a decline in the prices is expected.

    Relative Strength Index is at 55 indicating a STRONG demand for the Bitcoin at the current market levels.

    Bitcoin is now moving Above its 100 hourly Simple Moving average and below its 200 hourly Exponential Moving averages.

    Average True Range is indicating Less Market Volatility with a Bullish zone formation.

    • Bitcoin Trend Reversal is seen Above $32000.
    • STOCHRSI is Indicating OVERSOLD Levels.
    • The price is now trading just Above its Pivot Levels of $36246.
    • Most of the Moving Averages are giving a BUY market signal.


    Bitcoin Bullish Reversal Above $32000 Confirmed


    Bitcoin is forming a Bullish Reversal pattern as the prices continue to Uptick in the European Trading session today.

    The immediate short-term outlook for Bitcoin is Bullish, Medium-term outlook is Neutral, and the long-term outlook remains Strong Bullish.

    All of the Major Technical Indicators are giving a BUY Signal, which means that in the immediate short term we are expecting targets of 38000 and 40000.

    The price of BTCUSD is now facing its Classic resistance levels of 36426 and Fibonacci resistance levels of 36735 after which the path towards 38000 will get cleared.

    In the last 24hrs BTCUSD is UP by 4.67% by 1619$ and has a 24hr trading volume of USD 41.650 Billion. We can see an Increase of 61.22% in the Trading volume as compared to yesterday.

    This increase in the Trading volume of BTC is due to the increased Buying pressure after the recent decline, which saw many new investors coming into the markets.

    The Week Ahead

    The prices of Bitcoin entered into the consolidation phase after touching the $33000 handle and is now moving into a Mild Bullish momentum towards the $37000 levels.

    We can expect more Upsides in the range of $38000 to $40000 in this week. The most important factor that is facing the Global investors is the news of a Russian attack on the Ukraine and its effects on the Crypto markets.

    Since the liquidity fear is the most in the Cryptocurrencies, we saw a major drop in the levels of Bitcoin, which now appears to have stabilized.

    The Crypto Winter

    The prices of Bitcoin have declined from its November 2021 highs of $69000 by more than 50% which has resulted in the mass erosion of the investors wealth globally.

    At present the Total market capitalization of Bitcoin stands at 685 Billion USD.

    Many of the analysts have coined this Major decline as the Crypto Winter, which appears to be a difficult and challenging time for the Crypto Investors.


    Technical Indicators:

    Relative Strength Index (14days): It is at 55.72 indicating a BUY.

    Average Directional Change (14days): It is at 22.27 indicating a BUY.

    Rate of Price Change: It is at 0.432 indicating a BUY.

    Moving Averages Convergence Divergence (12,26): It is at 161.80 indicating a BUY.

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    EUR/USD Faces Hurdles, USD/JPY Could Recover


    EUR/USD started a fresh decline from well above 1.1380. USD/JPY remained in a bearish zone and settled below the 114.50 pivot level.

    Important Takeaways for EUR/USD and USD/JPY

    • The Euro started a fresh decline after there was no close above the 1.1420 level.
    • There is a key bearish trend line forming with resistance near 1.1308 on the hourly chart of EUR/USD.
    • USD/JPY started a fresh decline from well above the 114.50 pivot zone.
    • There is a short-term rising channel forming with resistance near 114.20 on the hourly chart.


    EUR/USD Technical Analysis


    Recently, the Euro failed to clear the 1.1420 zone against the US Dollar. The EUR/USD pair started a fresh decline and traded below the 1.1350 support zone.

    The pair even broke the 1.1320 level and settled below the 50 hourly simple moving average. A low was formed near 1.1263 on FXOpen and the pair is now correcting higher. There was a move above the 50% Fib retracement level of the recent decline from the 1.1334 swing high to 1.1263 low.

    EUR/USD Hourly Chart

    An immediate resistance on the upside is near the 1.1305 level. There is also a key bearish trend line forming with resistance near 1.1308 on the hourly chart of EUR/USD.

    The trend line is near the 61.8% Fib retracement level of the recent decline from the 1.1334 swing high to 1.1263 low. The next major resistance is near the 1.1320 level. The main resistance is near the 1.1350 level and the 50 hourly simple moving average.

    If there is no break above 1.1308, the pair might start a fresh decline. An immediate support is near the 1.1288. The next major support is near 1.1265, below which the pair could drop to 1.1220 in the near term.

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    ETHUSD and LTCUSD Technical Analysis – 27th JAN, 2022


    ETHUSD – Bearish Engulfing Pattern Below $2700

    Ethereum started a major bearish correction from its highs of 3268 reached on 20th January. We can see that after a mild bullish correction wave, the bearish trend is back which continues to push down the prices of Ethereum below the $2500 handle in the European Trading session today.

    ETHUSD touched an intraday low of 2355 in the Asian trading session today after which we can see some consolidation in its prices above the $2300 handle.

    We can clearly see a Bearish Engulfing Pattern below the $2700 handle which is a bearish pattern and signifies a potential shift in the market direction towards a Downtrend.

    ETH is now trading just above its Pivot levels of 2403 and is moving in a Consolidation Channel. The price of ETHUSD is now testing its Classic support levels of 2358 and Fibonacci support levels of 2392 after which the path towards 2200 will get cleared.

    Relative Strength Index is at 41 indicating a WEAK demand for the Ethereum and the continuation of the Selling pressure in the markets.

    Most of the of the Technical indicators are giving a STRONG SELL Signal.

    ETH is now trading Below its both the 100 Hourly and 200 Hourly Simple Moving Averages.

    • Ether Bearish momentum is seen below the $2700 mark.
    • Short-term range appears to be BEARISH.
    • Ultimate Oscillator is indicating a NEUTRAL market.
    • Average True Range is indicating LESS Market Volatility.


    Ether Bearish Momentum seen Below $2700


    ETHUSD continues to move into a Mild Bearish channel below the $2700 handle in the European Trading session today.

    Average Directional Change is indicating a NEUTRAL market, and the overall sentiment is shifted towards the Bearish market.

    The heavy selling pressure in Ethereum and its subsequent liquidation by the long-term investors is due to the fear of a Russian Attack on Ukraine and its broader implications on the Crypto markets.

    We are now looking at the key support levels of $2300 which if broken would push down the prices of Ethereum towards the $2200 handle.

    ETH has lost -2.71% with a price change of -66.95$ in the past 24hrs and has a trading volume of 22.749 Billion USD.

    We can see an Increase of 42.78% in the total trading volume in last 24 hrs. which is due to the heavy selling seen after the bullish momentum failed.

    The Week Ahead

    Ethereum is now approaching its important support levels of $2300 which will decide whether we will see a Bullish reversal in the markets.

    If the prices of ETHUSD continue to remain above the $2300 handle as we can see today, it will signify a Bullish reversal with an Upside target of $2500 to $2800 in the next week.

    The immediate short-term outlook for the Ether has turned as BEARISH, the Medium term outlook is NEUTRAL, and the Long term outlook for Ether is BULLISH towards the $3000 handle.

    We have detected an MA 5 crossover pattern above 2398 levels which signifies a Bullish Trend reversal in the short term.

    In this week Ether is expected to move in a range between the $2300 and $2600 and in the next week Ether is expected to trade at levels above $2600.

    Technical Indicators:

    Rate of Price Change: It is at -7.782 indicating a SELL.

    STOCH (9,6): It is at 23.42 indicating a SELL.

    Moving Averages Convergence Divergence (12,26): It is at -24.08 indicating a SELL.

    STOCHRSI (14): It is at 25.04 indicating a SELL.

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    Gold Price Nosedives While Crude Oil Price Extends Rally


    Gold price started a fresh decline from the $1,850 resistance zone. Crude oil price is rising and might continue to gain momentum above $87.00.

    Important Takeaways for Gold and Oil

    • Gold price started a major decline from the $1,850 against the US Dollar.
    • There was a break below a key contracting triangle with support near $1,840 on the hourly chart of gold.
    • Crude oil price started a steady increase after it cleared the $85.00 resistance.
    • There is a major bullish trend line forming with support near $86.20 on the hourly chart of XTI/USD.


    Gold Price Technical Analysis

    Gold price attempted a key upside break above $1,850 against the US Dollar. However, the price failed to gain strength above $1,850 and started a major decline.

    There was a clear move below the $1,820 level and the 50 hourly simple moving average. Besides, there was a break below a key contracting triangle with support near $1,840 on the hourly chart of gold.

    Gold Price Hourly Chart


    The price even declined below the $1,800 level and settled below the 50 hourly simple moving average. A low is formed near $1,791 and is currently consolidating losses. On the upside, the price is facing resistance near the $1,800 level.

    The first major resistance is near the $1,805 level. It is near the 23.6% Fib retracement level of the downward move from the $1,853 swing high to $1,791 low.

    The main resistance is now forming near the $1,820 level. The 50% Fib retracement level of the downward move from the $1,853 swing high to $1,791 low is also near the $1,820 level. A close above the $1,820 level could open the doors for a steady increase towards $1,840.

    The next major resistance sits near the $1,850 level. On the downside, an initial support is near the $1,790 level. The first major support is near the $1,780 level.

    A downside break below the $1,780 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,750 support.

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    in ro ham eslah kon:
    GBP/USD and USD/CAD: Dollar Gains Traction


    GBP/USD started a major decline below the 1.3500 support. USD/CAD gained bullish momentum for a move above the 1.2700 level.

    Important Takeaways for GBP/USD and USD/CAD

    • The British Pound started a fresh decline from the 1.3650 resistance zone.
    • There is a key bearish trend line forming with resistance near 1.3430 on the hourly chart of GBP/USD.
    • USD/CAD started a fresh increase from well below the 1.2500 zone.
    • There is a major bullish trend line forming with support near 1.2660 on the hourly chart.


    GBP/USD Technical Analysis

    After struggling to clear the 1.3660 resistance zone, the British Pound found started a fresh decline against the US Dollar. GBP/USD traded below the 1.3550 support level to move into a bearish zone.

    The bears gained strength for a move below the 1.3500 level and the 50 hourly simple moving average. The pair even spiked below the 1.3400 level and traded as low as 1.3357 on FXOpen. It is now consolidating above the 1.3380 level.

    GBP/USD Hourly Chart


    An immediate resistance is near the 1.3420 level. It is near the 38.2% Fib retracement level of the downward move from the 1.3524 swing high to 1.3357 low.

    The first major resistance is near the 1.3440 level. There is also a key bearish trend line forming with resistance near 1.3430 on the hourly chart of GBP/USD. The trend line is near the 50% Fib retracement level of the downward move from the 1.3524 swing high to 1.3357 low.

    If there is an upside break above the 1.3440 zone, the pair could rise towards 1.3500. The next key resistance could be 1.3550, above which the pair could gain strength.

    On the downside, the first support is near the 1.3380 area. The first major support is near the 1.3350 level. If there is a break below 1.3350, the pair could extend its decline. The next key support is near the 1.3250 level. Any more losses might call for a test of the 1.3200 support.

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