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Technical Checks For EURUSD, USDJPY, NZDUSD & USDCHF: 21.02.2017



The EUR has been a victim of on-going pessimism surrounding French and German elections in such a way that even stronger than forecast EU & German PMIs fail to stop the regional currency's downside. The EURUSD, not being an exception, recently dropped below short-term ascending trend-line and is aiming to re-test 1.0520-15 horizontal-support, breaking which 61.8% FE level of its latest dip and pullback, around 1.0490, might give rise to chances of the pair's U-turn. Should the quote continue declining below 1.0490, it becomes vulnerable enough to visit the 1.0445 and the 1.0370 southward figures. In case if oversold RSI activate the pair's bounce beyond 1.0545 TL support-turned-resistance, the 1.0590 – 1.0600 region might continue restricting its immediate advances, breaking which 1.0630 and a downward slanting trend-line, at 1.0645, become important to watch. Given prices manage to surpass 1.0645, buyers can be pleased with 1.0680 & 1.0715 resistance-marks.


USDJPY is presently running towards challenging the 113.85-90 resistance, which if broken could open the door for the pair's advances to 114.35-40. However, a descending trend-line resistance, at 114.70-75, could limit the pair's additional upside beyond 114.40, failing to which can help Bulls to flash 115.40 & 115.75-80 on the chart. On the contrary, 113.40, 113.20 and the 113.00 round figure may keep entertaining short-term sellers before giving importance to 112.60-55 horizontal-line. If sellers dominate the quote and fetch it below 112.55, it becomes wise to expect 111.55 and then to the 61.8% FE level of 110.60.


Alike EURUSD, the NZDUSD also broke near-term important support-line of 0.7145-40, indicating its additional weakness towards 0.7110 and then to 0.7085. Though, another horizontal support-line around 0.7070 could restrict the pair's extended south-run below 0.7080, breaking which 0.7040 and 0.7000 comebacks can't be denied. Meanwhile, pair's bounce beyond 0.7145 may negate the recent drop and can help it revisit 0.7165 before confronting with 0.7190 TL. If prices manage to surpass 0.7190, buyers can aim for 0.7240 & 0.7280 resistances.

<img style="margin: 10px;" src="https://s3.postimg.org/4ach0hpir/USDCHF.png

" alt="" width="650" height="297" />
Following its successful reversal from 0.9965-60 support-zone, the USDCHF is again heading to challenge the 1.0115-20 horizontal-line, break of which can open the door for its extended up-move towards 1.0140 & 1.0160 resistances. Should buyers dominate prices beyond 1.0160, the 1.0215 and the 1.0245 are likely stops that could be availed during sustained upward trajectory. On the downside, 1.0050 & 1.0035 might act as immediate supports before reigniting 1.0000 psychological magnet and the 0.9980 TL on the chart. If the pair declines below 0.9980, the 0.9960, 0.9925 and the 0.9900 are expected figures that should be observed closely.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Source: https://mtrading.com/analytics/technical-analysis/technical-checks-for-eurusd-usdjpy-nzdusd-usdchf-21-02-2017
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