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Technical Outlook of EURUSD, GBPUSD, USDJPY And AUDUSD: 18.01.2017



While short-term ascending trend-channel indicates additional upside of the EURUSD, pair's inability to surpass 1.0700 signal brighter chances of its pullback to 1.0630 nearby support. However, 50-day SMA figure of 1.0590 and the 23.6% Fibonacci Retracement of its August 2016 – January 2017 dip, at 1.0580, become important supports for traders to watch if the quote breaks 1.0630. In case if prices fail to respect 1.0580, chances of its plunge to 1.0450 and 1.0420 can't be denied. On the contrary, pair's daily closing above 1.0700 enables the quote to confront with channel resistance-line of 1.0780, breaking which 1.0800 round figure may offer intermediate halt prior to fueling it towards 1.0850 resistance-confluence, comprising 100-day SMA & 50% Fibo. Should the pair manage to clear 1.0850, medium-term descending trend-line figure of 1.0930 again comes into play.

<img style="margin: 10px;" src="https://s30.postimg.org/4v6562dkx/GBPUSD.png
" alt="" width="716" height="430" />
Even after registering a hefty advance on Theresa May's comments during Tuesday, the GBPUSD failed to break 50-day SMA and is presently reversing towards 1.2220 re-test, breaking which 1.2200 and the 1.2150 may entertain cable sellers before offering them 1.2090. Given the pair dips below 1.2090, an upward slanting TL mark around 1.2000 becomes a concern for traders, which if broken opens the door for it's south-run to October low of 1.1915 and then to 61.8% FE mark of 1.1770. If at all prices close beyond 50-day SMA level of 1.2415, four-month old descending trend-line, at 1.2490, followed by 1.2565, including 100-day SMA, can limit the additional upside. Should Bulls manage to propel the pair beyond 1.2565, the 1.2650 may act as buffer ahead of flashing the 1.2785 important resistance on the chart.


USDJPY's bounce from immediate trend-channel support signal brighter chances of its uptick towards 113.65 and then to 114.00 ahead of offering 114.50 to buyers. Though, channel-resistance figure of 115.30 may confine its additional recovery beyond 114.50, which if not respected enable traders to aim for 116.00 and 116.20 resistance-marks. Alternatively, 112.50 and the channel-support figure of 112.30 can keep limiting the pair's immediate decline, clearing which 38.2% Fibo level of 112.00 and the 111.25-30 horizontal-support become important to watch. During the pair's further drops below 111.25, the quote seems liable to meet 110.25 and the 110.00 rest-points.


Although AUDUSD managed to break 0.7515-25 horizontal-line, the 0.7580 still remains untouched and together with overbought RSI it signals pullback towards 0.7530 prior to re-printing 0.7525-15. Given the pair drops below 0.7515, the ascending trend-line and 50% Fibo level confluence around 0.7470 gains popularity, breaking which the quote can extend its south-run towards 0.7420 and then to 0.7400 round figure. Meanwhile, the pair's break of 0.7580 could trigger its quick advance to 0.7630, 0.7670 and then to the 0.7700 mark. If at all the pair manage to enjoy the upside beyond 0.7700, it becomes capable enough to aim for November highs around 0.7780.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Source: https://www.mtrading.com/analytics/technical-analysis/technical-outlook-of-eurusd-gbpusd-usdjpy-and-audusd-18-01-2017
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