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Ever since the GBPJPY broke upward slanting trend-channel on Daily chart, it kept running down and is presently aiming to test 144.50-45 horizontal support. However, oversold RSI may trigger the pair's bounce around then, failing to which can further drag the quote to 143.90 and then to 143.30 prior to flashing 143.00 round figure. Given the prices fail to take a stop around 143.00, the 142.50 and the 141.30 are likely following downside figures to appear on the chart. Alternatively, immediate descending trend-line, at 145.50 now, can keep restricting the pair's near-term advances, breaking which 145.90 and the 38.2% Fibonacci Retracement level of 146.35 can entertain buyers. Should pair's pullback recovery extend beyond 146.35, the 146.70, 147.00 and the 147.30 may act as pass-by levels during its upward trajectory towards 148.50.


Although 1.2665-80 seems an important rest for the GBPCHF, failure to comply with the same can have lower-line of immediate descending trend-channel, at 1.2640, as crucial support, breaking which might fetch prices to 1.2550 and then to 38.2% Fibonacci Retracement level of 1.2520. Should the quote maintain its south-run below 1.2520, chances to witness a plunge towards 1.2400 can't be denied. In case if the pair reverses from 1.2665, the 1.2730 and the 1.2750 are likely nearby resistances to appear on the chart, breaking which 1.2780 and the 1.2830 can be alive on the chart. However, resistance-line of the mentioned channel, at 1.2875, followed by early-month high of 1.2915, could restrict the pair's north-run. Given the Bulls command over momentum beyond 1.2915, the 61.8% FE level around 1.3000 psychological magnet becomes important for traders to observe.


GBPAUD's reversal from 1.7150-55 seems dragging the pair to 1.6970 support at the moment; though, support-line of a month-old ascending trend-channel, at 1.6880, adjacent to 1.6820-15 support-confluence, including 100-day SMA and 23.6% Fibonacci Retracement of its May – October downturn, become crucial for traders. If at all the pair drops below 1.6815, also clears 1.6800 round figure, it becomes vulnerable enough to re-test 1.6580 and the 1.6390 support-levels. On the upside, 1.7080 and the 1.7150-55 acts as immediate resistances for the pair, breaking which 1.7260 may act as intermediate halt before it confronts six-month old downward slanting trend-line, at 1.7330. During its additional advances beyond 1.7330, resistance-line of previously mentioned channel, around 1.7385-90, acts as tough level for the pair, which if broken can fuel it to 38.2% Fibo level of 1.7520.


Even as 1.7950 and the 1.8000 keep offering as strong immediate resistance for the GBPNZD, the pair can't be termed as weak unless it drops below 1.7800, let's say 1.7780 to be safe. Should prices dip below 1.7780, 23.6% Fibonacci Retracement level of 1.7690 and the 1.7625 could entertain sellers before pleasing them with channel-support test of 1.7520. Meanwhile, pair's break above 1.8000 needs to surpass channel-upper-line of 1.8110 in order to depict its strength towards challenging the 61.8% FE level of 1.8275. Given the price surpass 1.8275, chances of its rally towards 1.8310 and then to 1.8400 round figure can't be denied.

Cheers and Safe Trading,
Anil Panchal


Wednesday, 21 Dec, 2016 / 12:01

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