Technical analysis plays a crucial role in forex trading, providing traders with valuable insights into market trends and potential price movements. In the case of EUR/USD, the pair recently failed to surpass the 1.0765 resistance level, leading to a subsequent decline in value. This failure to break resistance indicates a lack of bullish momentum and
Technical Analysis
The recent increase in gold prices above the $2,335 resistance level is a promising sign for investors. The hourly chart of Gold at FXOpen shows a positive trend, with the price finding support near the $2,300 zone and forming a base for further increase. The bulls successfully pushed the price above key resistance levels, including
The USD/JPY pair has shown significant strength as it broke through the resistance level of 158.20. This movement was supported by a bullish trend line forming with a key support level at 158.20 on the 4-hour chart. The pair is currently approaching the 159.20 resistance zone, with potential for further gains towards the 160.00 level.
The geopolitical landscape has once again taken center stage as worries mount over the situation in the Middle East and Asia. Safe haven assets like gold (XAU/USD) are seeing a surge in demand, with prices edging towards the 2350 resistance level. Similarly, silver (XAG/USD) is also experiencing gains, pointing towards the potential for further upside.
AUD/USD has recently shown signs of a recovery wave after finding support near 0.6590. The pair experienced a break above a key bearish trend line with resistance at 0.6630. This movement indicates that the Aussie Dollar is now attempting to recover against the US Dollar. On the hourly chart of AUD/USD, there was a dip
The recent price behavior of the Nasdaq 100 (US Tech 100 mini on FXOpen) has shown some interesting patterns. Initially, there was uncertainty near the resistance level of 18,840, followed by a decline and a test of the former resistance at 18,250. The long lower shadow on the candle indicated aggressive demand, giving the bulls
Gold prices took a dive following a failure to sustain Friday’s gains, with a retest of the $2300 mark becoming a possibility. The US Dollar Index (DXY) showed strength, but encountered strong resistance at 105.63. Despite geopolitical tensions taking a backseat for the time being, risks still linger on the horizon. The beginning of the
Gold recently experienced a significant pullback from its all-time high of 2,450, resulting in a break below the 50-day simple moving average (SMA). This led to a dip in price, with gold hitting a fresh one-month low on June 7. However, since then, there has been a slight recovery as the bulls focus on the
The recent movements in the Japanese yen exchange rate in relation to the US dollar have left many investors unimpressed. Following the Bank of Japan’s June meeting, where the interest rate remained unchanged, the USD/JPY pair saw a brief surge to nearly 158.00. While this outcome was in line with expectations, it did little to
When looking at the NZDUSD pair, it is evident that it has faced resistance around the 0.6220 level. Despite attempts to break through, the pair settled at 0.6170. The Relative Strength Index (RSI) showed a slight drop in buying pressure, while the Moving Average Convergence Divergence (MACD) displayed flat red bars, indicating a consolidation pattern.
The recent days have brought a glimmer of hope for crude oil prices as they embarked on a strong recovery journey, breaching the $75.00 resistance zone. The upward momentum was further solidified by the breaking of a key bearish trend line with resistance at $74.90 on the 4-hour chart. This surge in prices saw the
As the financial markets eagerly await the Federal Open Market Committee (FOMC) interest rate decision, the focus is also on key economic indicators such as the Consumer Price Index (CPI) and Producer Price Index (PPI). The recent rate cuts by the European Central Bank (ECB) and the Bank of Canada (BOC) have set the stage