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Important AUD Pair’s Technical Overview - 28.12.2016


AUDUSD's bounce from 0.7140-60 horizontal-region seems fading its strength and is likely dragging the pair to re-test the same area. However, a break of which becomes less expected due to oversold RSI, which if not respected, can quickly fetch prices to 0.7100 and the 0.7050-45 support levels. In case if the quote continue declining below 0.7045, the 0.6960, 0.6930 and the 0.6870 may entertain short-term sellers before pleasing them with January lows around 0.6830. On the contrary, 0.7240 and 0.7265 may hinder the pair's immediate advances, breaking which it could challenge 0.7300 – 0.7310 horizontal-resistance. Should the pair manage to surpass 0.7310, 50% Fibonacci Retracement of its January – April advances, at 0.7330, and the 0.7370 are likely following resistances to appear on the chart.


Even if 1.7145-50 horizontal-line keep restricting the GBPAUD upside, 1.6980-75 seems holding the pair's present downturn confined. However, comparative strength of the AUD favors more of the pair's south-run that the otherwise. Given the pair breaks 1.6975, 23.6% Fibonacci Retracement level of 1.6865 and the 1.6805 – 1.6800 horizontal support may offer intermediate halts before dragging the quote to 1.6700 and then to 1.6640 downside levels. If at all Bears fetch prices below 1.6640, chances of witnessing 1.6550-40 can't be denied. Should there be surprise strength of the GBP, the pair could test 1.7085 and the 1.7120 prior to challenging 1.7145-50 and the present-month high around 1.7170. In case of the pair's successful break above 1.7170, 61.8FE level of 1.7210 can please buyers before offering them 1.7300 round figure resistance.


AUDJPY presently trades at the support-line of an immediate ascending trend-channel, at 84.50, breaking which it could quickly drop to 84.20 and the 84.00 levels ahead of re-testing 83.94 low. If prices decline below 83.94, the 83.80 and 83.60-50 may act as buffers before fetching them to 83.20 and to the 83.00 round figure. Meanwhile, pair's bounce from the present level can have 84.65 and the 84.90 channel resistance, breaking which descending trend-line resistance of 85.00 may confine its additional up-move. Should the quote surpass 85.00, the 38.2% Fibonacci Retracement figure of 85.30 and the 50% Fibo level of 85.85 could please Bulls.


Following its failure to surpass 23.6% Fibonacci Retracement of March – September decline, the AUDNZD presently aim to re-test 1.0370-60 horizontal support, breaking which 1.0310 can become an intermediate rest prior to flashing 1.0285 mark, comprising support-line of two-month old descending trend-channel. Given the pair continue dipping below 1.0285, the September lows around 1.0230 and the 1.0200 are likely following support to appear on the chart. Alternatively, 1.0430 can offer immediate resistance to the pair before it could revisit 23.6% Fibo level around 1.0500 mark. However, channel resistance and 50-day SMA confluence, near 1.0515-20, might restrict the pair's additional upside beyond 1.0500, breaking which it becomes capable enough to aim for 1.0580 and the 200-day SMA figure of 1.0625.

Cheers and Safe Trading,
Anil Panchal

Wednesday, 28 Dec, 2016 / 12:11

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