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Daily Market Analysis By FXOpen

EUR/USD Could Resume Decline While USD/JPY Aims Higher


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EUR/USD extended its increase before it faced sellers near 1.1910. USD/JPY is rising and it might revisit the 110.40 resistance zone.

Important Takeaways for EUR/USD and USD/JPY



  • The Euro failed to gain pace above 1.1900 and started a downside correction.
  • There was a break below a major bullish trend line with support near 1.1875 on the hourly chart of EUR/USD.
  • USD/JPY started a fresh increase and it cleared the 110.00 resistance zone.
  • There was a break above a key bearish trend line with resistance near 109.95 on the hourly chart.

EUR/USD Technical Analysis

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This past week, the Euro saw a steady increase above the 1.1800 zone against the US Dollar. The EUR/USD pair broke the 1.1850 resistance to move into a positive zone.

The pair even spiked above the 1.1900 level, but it failed to extend gains. A high was formed near 1.1908 on FXOpen before the pair started a fresh decline.

There was also a break below a major bullish trend line with support near 1.1875 on the hourly chart of EUR/USD. The pair traded as low as 1.1837 and it is now consolidating losses.

An immediate resistance is near the 1.1855 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1908 swing high to 1.1837 low. The first key resistance is near the 1.1865 level and the 50 hourly simple moving average.

The 50% Fib retracement level of the recent decline from the 1.1908 swing high to 1.1837 low is also near 1.1865. A close above 1.1865 could open the doors for a steady increase towards 1.1900.

If there is no break above 1.1865, the pair might continue to move down. An immediate support is near the 1.1840. The next major support is near 1.1820, below which the pair could drop towards the 1.1750 support in the near term.




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AUD/USD and NZD/USD Could Start Fresh Increase


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AUD/USD is forming a base above 0.7345 and it could start a fresh increase. NZD/USD might also start a steady increase above the 0.7135 resistance zone.

Important Takeaways for AUD/USD and NZD/USD



  • The Aussie Dollar is forming a decent support base near the 0.7350 zone against the US Dollar.
  • There was a break above a key bearish trend line with resistance near 0.7375 on the hourly chart of AUD/USD.
  • NZD/USD is also forming a base above the 0.7075 pivot level.
  • There was a break above a major bearish trend line with resistance near 0.7100 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

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After struggling to clear the 0.7470 resistance, the Aussie Dollar started a downside correction against the US Dollar. The AUD/USD pair broke the 0.7400 and 0.7375 support levels to move into a short-term bearish zone.

The pair even broke the 0.7360 support and the 50 hourly simple moving average. A low was formed near 0.7345 on FXOpen before the pair started a recovery wave. There was a break above the 0.7375 zone and the 50 hourly simple moving average.

There was also a break above a key bearish trend line with resistance near 0.7375 on the hourly chart of AUD/USD. The pair cleared the 23.6% Fib retracement level of the recent decline from the 0.7468 swing high to 0.7345 low.

An immediate resistance is near the 0.7390 level. The next major resistance is near the 0.7400 level. It is close to the 50% Fib retracement level of the recent decline from the 0.7468 swing high to 0.7345 low.

A close above the 0.7400 level could start a steady increase in the near term. The next major resistance could be 0.7450. An initial support on the downside is near the 0.7370 level. The next major support is near the 0.7345 level. If there is a downside break below the 0.7345 support, the pair could extend its decline towards the 0.7300 level.




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GBP/USD Eyes More Upsides While GBP/JPY Remains At Risk


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GBP/USD started a fresh increase above the 1.3800 resistance. GBP/JPY seems to be facing a major resistance near the 152.20 and 152.30 levels.

Important Takeaways for GBP/USD and GBP/JPY



  • The British Pound traded as low as 1.3727 before it started a fresh increase against the US Dollar.
  • There was a break above a major bearish trend line with resistance near 1.3800 on the hourly chart of GBP/USD.
  • GBP/JPY topped near 152.65 and started a downside correction.
  • There is a short-term bullish trend line forming with support near 152.00 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound saw a drop below the 1.3820 level against the US Dollar. The GBP/USD pair even broke the 1.3800 and 1.3750 support levels.

It traded as low as 1.3727 on FXOpen before it started a fresh increase. There was a steady increase above the 1.3750 resistance level. The price surpassed the 1.3800 resistance level and the 50 hourly simple moving average.

GBP/USD Hourly Chart
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There was also a break above a major bearish trend line with resistance near 1.3800 on the hourly chart of GBP/USD. The pair even climbed above 1.3850 and retested the 1.3880 resistance.

A high is formed near 1.3888 and the pair is now correcting gains. It traded below the 23.6% Fib retracement level of the recent wave from the 1.3727 low to 1.3887 high. An immediate support is near the 1.3825 level and the 50 hourly simple moving average.

The next major support is near the 1.3810 level. The 50% Fib retracement level of the recent wave from the 1.3727 low to 1.3887 high is also near 1.3807. If there is a break below the 1.3800 support, the pair could test the 1.3278 support.

If there are additional losses, the pair could decline towards the 1.3720 level. On the upside, the pair is facing a major resistance near the 1.3880 and 1.3900 levels. A clear break above the 1.3900 resistance could increase the chances of a move towards the 1.4000 resistance.




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Dax Index Adds 10 New Companies Ahead of the German Federal Elections

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September 2021 will remain in history as the month when the German Dax index undergoes the biggest reform in its existence. Starting with September 20th, ten new companies will be added to the Dax index, and so the number of its constituents increases from 30 to 40.

One of the reasons cited for the change in the Dax is the need to add new companies that reflect the new economy. Truth be said, the Dax had underperformed its peers for some time now. For example, the S&P 500 index outperformed the German Dax index, and so did other indices in the United States.
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The ten companies to be added to the Dax index are “promoted” from the MDAX. MDAX is an index tracking middle-sized businesses in Germany, and by adding the new companies, the number of constituents in the Dax increases, while the one in the MDAX decreases.

Puma, Zalando, or Airbus, are some of the names known by the general public that will be added to the Dax. Some other ones, not so popular, are equally important – Symrise, Sartorius, Qiagen.

Will the changes make the Dax index more attractive to investors? It remains to be seen.

Euro Traders Prepare for the German Federal Elections

The federal elections in the United States are scheduled on September 26th, and the market participants are aware that this is the main event in the Euro area for the rest of the year. The importance of it cannot be understated – Angela Merkel, the German Chancellor, will not be candidate, as she ends a long-lasting political career.
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With only two weeks until the elections, the SPD, or the socialists, are rising in polls. Olaf Scholz, their leader, is now viewed as the one with the biggest chances to win the German Chancellor position. If the socialists do win, it will mark a change in the German leadership, and the markets embrace for changes in the fiscal space too.

All in all, an interesting September lies ahead for traders monitoring events in Germany. Because the German economy is the largest in the Eurozone, what happens in Germany will affect the common currency, the euro.
 
EUR/USD and EUR/JPY: Euro Remains At Risk
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EUR/USD started another decline below 1.1820. EUR/JPY is also declining and it broke the 129.80 support zone.

Important Takeaways for EUR/USD and EUR/JPY


  • The Euro failed to clear the 1.1880 resistance and started a fresh decline.
  • There is a key bearish trend line forming with resistance near 1.1820 on the hourly chart.
  • EUR/JPY also started a fresh decline from well above the 130.00 level.
  • There was a break below a declining channel with support near 129.50 on the hourly chart.

EUR/USD Technical Analysis

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The Euro started a major decline after it struggled to clear the 1.1880 resistance against the US Dollar. The EUR/USD pair broke the 1.1820 support zone to move into a bearish zone.

The pair even traded below the 1.1800 support and settled below the 50 hourly simple moving average. A low was formed near 1.1769 on FXOpen and the pair is now correcting losses. There was a break above the 1.1800 level.

The pair even spiked above the 1.1820 resistance level and a key bearish trend line with current resistance near 1.1820 on the hourly chart.

However, the bulls failed to remain in action above 1.1835. A high was formed near 1.1845 and the pair declined once again. It traded below the 50% Fib retracement level of the upward move from the 1.1769 swing low to 1.1845 high.

It is now consolidating near the 1.1800 level and the 50 hourly simple moving average. An immediate resistance is near the 1.1820 level. The main resistance is still forming near the 1.1840 and 1.1850 levels. A clear break above the 1.1850 resistance could push EUR/USD towards 1.1900.

On the downside, the 1.1800 level is a major support. Any more losses might lead EUR/USD towards the 1.1750 support zone in the near term. The next major support sits near the 1.1720 level.
 
Gold Price Nosedives While Crude Oil Price Extends Rally

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Gold price started a major decline and traded below the $1,785 support. Crude oil price is rising and it is broke the $72.00 resistance zone.

Important Takeaways for Gold and Oil


  • Gold price started a major decline from the $1,800 resistance zone against the US Dollar.
  • There was a break below a short-term bullish trend line with support near $1,793 on the hourly chart of gold.
  • Crude oil price started a fresh increase from the $70.00 support zone.
  • There is a major bullish trend line forming with support near $72.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price failed to stay above the $1,800 support zone against the US Dollar. As a result, the price started a fresh decline below the $1,800 and $1,790 levels.

The price gained pace after it broke the $1,785 support and the 50 hourly simple moving average. There was also a break below a short-term bullish trend line with support near $1,793 on the hourly chart of gold.

Gold Price Hourly Chart
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The price declined below the $1,750 level and traded as low as $1,745 on FXOpen. It is now correcting higher and trading above $1,750.

An immediate resistance is near the $1,760 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,808 high to $1,745 swing low. The first major resistance is near the $1,775 level.

The main resistance is near the $1,785 level and the 50 hourly simple moving average. A close above the $1,785 levels could open the doors for a steady increase towards $1,800. The next major resistance sits near the $1,810 level.

Conversely, the price might resume its decline below the $1,750 level. The first major support is near the $1,745 level. A downside break below the $1,745 support zone may possibly spark a sharp decline. In the stated case, the price could test the $1,720 support.
 
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