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Following its failure to sustain a bounce from 0.8330-10 horizontal-support, the EURGBP again indicates the same region re-test, which includes 200-day SMA this time. However, oversold levels of RSI, coupled with such a strong support-area, favor brighter chances of the pair's pullback towards 50% Fibonacci Retracement of its May – October advance, at 0.8410, and then to 0.8460 resistances. Given the pair manages to stretch its pullback recovery beyond 0.8460, the 0.8560-70, 38.2% Fibo level of 0.8600 and the 100-day SMA level of 0.8640 are likely north-side figures to appear on the chart. In case if the pair fail to respect 0.8310, also declines below 0.8300 round figure, it can quickly test 0.8210 level, comprising 61.8% Fibo, before targeting 0.8115 – 0.8100 multiple support-zone. During the pair's additional weakness below 0.8100, the 0.8000 psychological magnet become crucial for traders to watch, which if broken opens door for its downward trajectory towards 0.7945 and then to the 0.7860-55 supports.


Unlike EURGBP, which is still struggling near support, the GBPJPY recently broke the 147.80 – 148.00 horizontal-resistance, signaling its further upside towards 149.30 and the 150.00 during its sustained advances. Given the pair successfully trades beyond 150.00, the 150.70 may offer an intermediate halt before the month-old ascending trend-channel resistance, at 151.15, restrict its further rise, which if broken enable traders to aim for 152.00. Meanwhile, pair's inability to sustain the breakout can flash 146.80 and 146.20 supports on the chart before indicating channel-support of 145.40. Should the pair breaks 145.40, the 144.80, 144.35 and the 200-day SMA level of 143.10 may please pair sellers.


GBPAUD presently struggles to clear short-term descending triangle resistance, which if broken can quickly trigger its advances to 1.7000 and then to 1.7030 resistance-levels. Should it keep rising beyond 1.7030, the 1.7120 and the early-month high of 1.7173 may entertain short-term buyers prior to offering them 1.7200 resistance figure. If at all the Bulls fuel prices beyond 1.7200, the 1.7360 mark can come-back on the chart. Alternatively, 23.6% Fibo level of 1.6870, followed by 1.6830 and the 1.6800 horizontal figure can keep limiting the pair's immediate downside. Given the quote dips below 1.6800, the 1.6760 and the 1.6650 can come alive on the chart.


GBPNZD's U-turn from 1.7480 confronts with 100-day SMA level of 1.7700 in order to visit 1.7770 and the 1.7810 resistances. During the pair's further advances beyond 1.7810, 50% Fibonacci Retracement of its July – November dip, at 1.7875 and the 1.7975-85 become crucial resistances to watch, which if cleared enables the quote to flash 1.8025 mark. On the downside, 38.2% Fibo level of 1.7600 and the 1.7540 may offer nearby supports to the pair before it could re-test 1.7480. In case of the pair's 1.7480 break, 1.7440 and the 1.7370-80 region, comprising 50-day SMA, should be given proper attention as the closing break of 1.7370 can quickly fetch prices to 1.7280 prior to indicating 1.7200 mark.

Cheers and Safe Trading,
Anil Panchal


Thursday, 15 Dec, 2016 / 12:16

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