Daily Technical Analysis FXOpen

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EURJPY TECHNICAL ANALYSIS

EURJPY pair moved significantly in bullish condition at the end of the trading session last Friday.

During the week journey, the pair tended to be in an uptrend, after the price had gone to the support level of 120,139 where it was marked by the price is in the lower band, and bounced back up so that it headed to the middle band that functioned as resistance.

However, it seems that the middle band is not a valid resistance where a broken line has occurred.

Meanwhile, the Bollinger band line has begun to narrow or squeeze, which could be an indication of weakening volatility.

We know that Bollinger bands measure volatility, the wider the distance between bands, the higher the volatility.

While the RSI gives a clue that the price is above the 50 points, meaning that the trend is likely to rise, but it has not yet reached the overbought zone.

Based on the RSI indicator, the overbought area if the indicator has shown is above 70, while the RSI currently shows 55

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USD/CAD Technical Analysis


The US Dollar remained in a strong uptrend above the 1.3000 pivot level against the Canadian Dollar. As a result, the USD/CAD pair even broke the 1.3050 resistance and climbed towards the 1.3100 level.

A high was formed near 1.3104 and recently the pair started a downside correction. There was a break below the 1.3050 support, but the pair found support near the 1.3030 level.

A low was formed near 1.3028 and the pair bounced back above 1.3050 and the 50 hourly simple moving average. Moreover, there was a break above the 23.6% Fib retracement level of the latest decline from the 1.3104 high to 1.3028 low.

However, the upward move was capped by 1.3065, plus the 50% Fib retracement level of the latest decline from the 1.3104 high to 1.3028 low.

It is currently declining and approaching a major bullish trend line with support near 1.3045 on the hourly chart. If there is a downside break below the trend line, the pair could test the 1.3030 support area.

As long as USD/CAD is trading above 1.3030 and 1.3000, it is likely to bounce back and climb above 1.3000 in the coming sessions.

Read more https://www.fxopen.blog/gbp-usd-sliding-while-usd-cad-is-approaching-support/

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Trading Hour Schedule - US Martin Luther King Day on 20th January 2020

Dear Traders,

Please note that due to the celebration of US Martin Luther King Day on Monday, January 20th, 2020 in the US trading hours for some financial instruments will be changed as follows:

• Forex pairs & Crypto: normal trading hours;
• Metals: trading session ends at 20:00;
• US Crude, US Natural Gas: trading session ends at 19:45;
• UK Brent: normal trading hours;
• Indices:
  • Japan 225: until 20:00;
  • US SPX 500: until 20:00;
  • US SPX 500 (Mini): until 20:00;
  • US Tech 100: until 20:00;
  • US Tech 100 (Mini): until 20:00;
  • Wall Street 30: until 20:00;
  • Wall Street 30 (Mini): until 20:00.
    
  
  

Other indices will be traded without changes.

Please consider this information when planning your trading for the upcoming week.

Follow the updates on Facebook, Twitter dan Telegram.

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E-mail: [email protected]
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Read more https://www.fxopen.com/en/about-us/news/trading-hours-on-us-martin-luther-king-day-2020

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EUR/JPY Technical Analysis


The Euro started a strong rise from the 120.00 support area against the Japanese Yen. The EUR/JPY pair climbed above the 121.00 and 121.50 resistance levels.

Moreover, there was a close above the 121.80 level and the 50 hourly simple moving average. The pair even surged above the 122.00 level and a new weekly high is formed near the 122.75 level.

The pair is currently correcting lower below 122.50. It is now trading near the 122.30 support and the 50 hourly simple moving average. Moreover, there is a key bullish trend line in place with support near 122.27 on the hourly chart.

The 23.6% Fib retracement level of the upward move from the 120.16 low to 122.75 high is also near the 122.14 level. Therefore, a bearish break below the 122.20 and 122.14 levels might start a substantial downside correction.

The next major support is near the 121.80, below which the EUR/JPY pair could test the 121.50 level or the 50% Fib retracement level of the upward move from the 120.16 low to 122.75 high.

On the other hand, EUR/JPY could find support near 122.20 and 122.14. On the upside, an initial hurdle is near the 122.55 level, above which the bulls are likely to aim more gains above 122.75 and 123.00.

Read more https://www.fxopen.blog/eur-usd-and-eur-jpy-signaling-downsides/

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EOS/USD technical analysis


On the EOS chart, you can see a similar picture as in the case of Litecoin, as this cryptocurrency also experienced an exponential increase from the start of the year. From the 3rd of January when the price was sitting at $2.44 we have seen an increase of 65.82% measured to the highest point the price has been which is at around $4 made Tuesday this week.

On the hourly chart, you can see that the price is currently being traded at $3.6 and is retesting the 0 Fib level for support which is the significant ending point of the upper range and serves as a pivot point. As the price spiked inside the territory of the upper range and managed to stay above the 0 Fibonacci line it could mean that further increase is highly probable but if the price falls below the mentioned level further decrease would look more likely.

If the price is to continue increasing from here the next significant level would be at around $4.16 but if it continues decreasing from here I could fall back below $3 mark again.

Read more https://www.fxopen.blog/ltc-and-eos-exponential-growth-coming-to-an-end/

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NZD/USD Technical Analysis


The New Zealand Dollar started a nice upward move from the 0.6580 support area against the US Dollar. The NZD/USD pair broke a few key resistances near 0.6600 and 0.6620 to move into a positive zone.

Moreover, the pair settled above the 0.6620 level and the 50 hourly simple moving average. More importantly, there was a break above a key bearish trend line with resistance near 0.6630 on the hourly chart of NZD/USD.

Finally, the pair spiked above the 0.6650 level and a high was formed near 0.6665. It corrected lower below the 23.6% Fib retracement level of the recent upward move from the 0.6583 low to 0.6665 high.

However, the decline was protected by the 0.6620 support area. Besides, the pair remained well above the 50 hourly SMA, plus the 50% Fib retracement level of the recent upward move from the 0.6583 low to 0.6665 high.

It is currently rising and gaining strength above the 0.6640 level. However, the bulls need to push the pair above the 0.6650 and 0.6660 resistance levels for a sustained upward move.

The next key resistance could be near the 0.6700 level. Conversely, the NZD/USD pair could decline below the 0.6620 support area and revisit the 0.6600 support in the near term.

Read more https://www.fxopen.blog/aud-usd-and-nzd-usd-facing-key-hurdles/

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EUR/USD Technical Analysis


The calendar's economic schedule this week which is the main concern is the central bank meeting, Trump at Davos, Netflix earnings, economic data, and the IMF to update global economic forecasts

While from a technical analysis, the EURUSD pair was experiencing a very strong downtrend rally in the trading session at the end of last week.

After a few days the pair showed significant bullish pressure, at the weekend the seller's dominance was higher so that the pair was pressured to the level of 1.10876.

The RSI indicator has shown that the bearish trend is clearly visible, with the RSI value below the 50 level.

The next move still allows a retracement for this pair, so waiting for a lower momentum risk becomes an option this week.

And following the development of the news schedule provides useful information to traders in determining their decisions


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EUR/GBP Technical Analysis


The Euro declined heavily after it found resistance near the 0.8600 area against the British Pound. The EUR/GBP pair broke a few important support near 0.8550 level before it found support near the 0.8500 area.

A low was formed near 0.8486 before the pair started an upside correction. It broke the 0.8515 resistance level, plus the 23.6% Fib retracement level of the downward move from the 0.8595 high to 0.8486 low.

Moreover, there was a break above a major bearish trend line with resistance near 0.8530 on the hourly chart. The pair is now trading above the 0.8530 level and the 50 hourly simple moving average.

An initial resistance is near the 0.8540 level since it coincides with the 50% Fib retracement level of the downward move from the 0.8595 high to 0.8486 low.

Any further gains could lead the EUR/GBP pair towards the main 0.8580 resistance area in the near term. If the pair fails to continue above the 0.8540 resistance area, there could be a downside correction.

On the downside, the key supports are near 0.8530 and 0.8515, below which EUR/GBP may perhaps retest the 0.8485 support.

Read more https://www.fxopen.blog/gbp-usd-and-eur-gbp-british-pound-could-decline-further-2/

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XRP/USD analysis


From Sundays high at $0.2514 the price of Ripple has depreciated by 10.67% measured to the lowest point the price has been so far which is at $0.2246. At the moment the price being traded slightly higher at around $0.2365 and is in an upward trajectory

On the hourly chart, you can see the since the interaction with the $0.18939 horizontal support level we have seen an exponential increase in a parabolic manner for the price of Ripple of around 34%. Considering the amount of the price increase we could have seen the completion of the five-wave move to the upside but it is still unclear which structure it belongs to.

If we incorporate the previous move to the upside which was a minor ascending triangle we could be seeing the ABC to the upside which is corrective in nature. If this is true then the price is immediately heading for further lows and the ascending structure should be broken any time soon.

If however, the price hasn’t ended the development of its 5th wave the currently seen upside move should push the price to surpassing the previous high.


Read more https://www.fxopen.blog/btc-and-xrp-have-we-seen-the-end-of-the-increase//

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USD/CHF Technical Analysis


The US Dollar started a steady rise from the 0.9620 support area against the Swiss franc. The USD/CHF pair followed a bullish path and traded above the 0.9650 and 0.9660 resistance levels.

Moreover, there was a close above the 0.9660 level and the 50 hourly simple moving average. The recent rise was such that the pair even broke the 76.4% Fib retracement level of the latest decline from the 0.9698 high to 0.9660 low.

Therefore, there are high chances of more gains above the 0.9690 and 0.9700 levels in the near term. In the mentioned case, the pair could even test the 0.9725 area.

The 1.618 Fib extension level of the latest decline from the 0.9698 high to 0.9660 low at 0.9722 might act as a resistance in the short term. Any further gains might lead the pair towards the 0.9750 resistance.

On the downside, there are many supports near 0.9680 and 0.9660. Additionally, there is a key bullish trend line forming with support near the 0.9680 level on the hourly chart.

Therefore, USD/CHF is likely to remain in an uptrend unless there is a close below the 0.9680 and 0.9660 support levels in the near term. The next key support is near the 0.9620 level.


Read more https://www.fxopen.blog/eur-usd-struggling-while-usd-chf-could-continue-higher/

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