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EURUSD, GBPUSD, AUDUSD And NZDUSD: Technical Overview

EURUSD

EURUSD's drop below two-month old trend-line failed to clear the 50-day SMA, at 1.1300 now, signaling a bounce to 1.1360 immediate resistance, breaking which 1.1430 and the 1.1465 are likely consecutive upside numbers that the pair might aim for. Given the pair's sustained up-move beyond 1.1465, the 1.1500 round figure might act as intermediate halt during its run-up to 1.1530 and the recent highs of 1.1620. However, resistance-line of the broader upward slanting trend-channel, near 1.1665, can trigger the pair's reversal, failing to which can extend the rise towards August 2015 highs of 1.1715. On the contrary, pair's break of 1.1300 can accelerate the downside pressure towards 23.6% Fibonacci Retracement of its August – December 2015 decline, near 1.1255, and then to 1.1215-20. Should the pair continue dipping down below 1.1215, the 100-day SMA level of 1.1140 and the 1.1050 are likely supports that it could rest at before visiting the 1.1030 support number, encompassing channel lower-line.

GBPUSD

While failure to clear the 1.4665-80 resistance-zone fetched the GBPUSD quote towards four-week low, the 100-day & 50-day SMA confluence, around 1.4340-50 now, triggered the pair's present bounce towards 1.4530 immediate resistance, which if clear propels the up-move to 1.4590-95 area, including nine-month old descending trend-line and 38.2% Fibonacci Retracement of August 2015 – February 2016 downturn. Though, pair's capacity to close above 1.4595, also surpassing the 1.4600 mark, can be challenged by the 1.4665-80 horizontal region. Alternatively, 1.4400 and the 1.4340-50 are likely nearby support that the pair might witness during its reversal, breaking which 1.4280 and the 1.4220 could hold its further south-run captive. Given the pair's sustained break of 1.4220, a short-term ascending trend-line support, at 1.4170, becomes an important support, failing to respect the same can fetch the prices towards 1.4050-40 support-zone.

AUDUSD

Having failed to clear the 0.7835-50 horizontal resistance, also backed by a surprise drop in AU inflation and a rate-cut from RBA, the AUDUSD plunged towards testing the lowest levels in more than two months; however, 200-day SMA, at 0.7260 now, triggered its pullback towards 0.7385 resistance. If the pair breaks above 0.7385, the 0.7450 and the 50% Fibonacci Retracement of May 2015 – January 2016 downside, near 0.7500, are likely following upside numbers it cold test. Moreover, pair's sustained upside beyond 0.7500 enables it to visit 0.7600 and the 61.8% Fibo level of 0.7650. Meanwhile, a daily close below 0.7260 SMA level can magnify its recent decline and drag the pair prices to 0.7170 and the 0.7100 round figure support. Should it continue unwilling to reverse and breaks 0.7100 chances of its drop to 0.7000 psychological magnet can't be denied, with 0.7020 being a buffer support.

NZDUSD

Even after breaking medium-term trend-channel on a daily chart, the NZDUSD failed to clear the 0.6715-20 horizontal support and is presently forms a short-term symmetrical triangle formation on H4. Considering the pair's recent reversal from resistance-line, coupled with NZD weakness, it is more likely to visit the 0.6755 support-mark, including the formation support and 61.8% Fibonacci Retracement of its March – April upside. If the pair drops below 0.6755, it can revisit the 0.6715-20 horizontal support, which if broken could help progressing the pair's southward trajectory towards 0.6670 and the 0.6615-20 supports. On the upside, 50% Fibo level of 0.6815, followed by the pattern resistance-line of 0.6840, can hold the pair's bounces, breaking which 38.2% Fibo, at 0.6870 and the 0.6900 are likely consecutive resistance that it could witness. Given the pair's successful trading above 0.6900, 23.6% Fibo level of 0.6940 and the 0.6965-70 become following landmarks for it to clear prior to challenging the 0.7000 round figure resistance.

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Wednesday, 18 May, 2016 / 3:36

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Source : http://www.mtrading.com/analytics/technical-analysis/eurusd-gbpusd-audusd-and-nzdusd-technical-overview

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