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EURUSD, GBPUSD, USDJPY And AUDUSD’s Technical Overview: 07.02.2017


After EURUSD Bulls failed to clear 1.0800 mark, the pair witnessed gradual downside pressure and finally broke a month-old ascending trend-channel on Tuesday. Considering the political uncertainty at EU and break of short-term important support, the quote is more likely to extend its latest south-run towards testing 1.0620-15 horizontal-support, breaking which 1.0580 & 1.0550 might entertain sellers. Given the prices continue favoring Bears, 1.0500 and 1.0480 could come-back on the chart. On the upside, 1.0700 becomes an immediate resistance for traders to watch before 1.0740 and 1.0800 may regain their importance. In case of the pair's successful break above 1.0800, the 1.0830 and December high around 1.0875 could be flashed on the chart.


Alike EURUSD, the GBPUSD also suffers from weakness and broke 1.2430-15 important short-term horizontal-support on Tuesday, which in-turn signals its additional downside to 1.2330 prior to targeting 1.2255-50 horizontal-line. Moreover, the pair's sustained decline below 1.2250 can take a halt at 1.2200, clearing which opens the door for its southward trajectory towards 1.2120 & 1.2080 support-levels. Should oversold RSI trigger the pair's bounce-back, the 1.2415-30 can keep limiting its upside and if broken might again help pair Bulls to aim for 1.2465 & 1.2515-20 resistances. Given the quote manage to extend its advances beyond 1.2520, it becomes capable enough to meet 1.2600 mark.


USDJPY is a different breed than that of the previous two pairs even if it bounced-off from 61.8% FE level as short-term descending trend-line, at 112.55, still remains untouched. Hence, unless the pair breaks 112.55 TL, the pair continue being weaker and can revisit 112.00 and 61.8% FE level of 111.60; however, its additional downside below 111.60 might find it hard to break 111.40-35 horizontal-support which comprises May 2016 high. If prices drop below 111.35 on a daily closing basis, chances of its fresh drop towards 110.20 & 109.40 become imminent. Meanwhile, pair's capacity to stretch its recent recovery beyond 112.55 enables it to flash 113.00, 113.45 and 114.00 resistance-levels. Though, another descending TL, stretched since early-January, might curb the pair's further upside at 114.10, which if broken could trigger its rally towards 114.80 & 115.40 consecutive resistances.


AUDUSD is another example of the USD's strength. Following the pair's failure to surpass 0.7685-90 horizontal-line, it presently struggles to break a month-old ascending trend-line, at 0.7615, which if broken on a daily closing basis could open doors for the pair's fresh south-run towards 100-day SMA figure of 0.7510 with 0.7590 being a small barrier to clear. Given the 0.7510 fail to heal the pair's downside pressure, it becomes wise to expect 0.7430 on the chart. Alternatively, pair's daily closing above 0.7615 can again help it to challenge 0.7685-90, breaking which 0.7735 & November high of 0.7780 may please Buyers. Further, the quote's sustained trading above 0.7780 enables it to aim for 2016 high around 0.7835.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Tuesday, 07 Feb, 2017 / 12:41

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