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Technical Checks: EURUSD, GBPUSD, AUDUSD And NZDUSD

EURUSD



Ever since the US Federal Reserve disappointed the greenback traders by refraining to provide clues for its much awaited rate-hike, the EURUSD observes a short-term ascending trend-channel. The pair presently aims to visit the 1.1360 nearby resistance, breaking which channel's upper-line of 1.1395 becomes important, which if cleared can quickly propel its upward trajectory beyond the 1.1425 June highs towards testing 1.1450 resistance mark. Should the pair successfully trades above 1.1450, chances of its rally towards 1.1500 and the 1.1530-35 can't be denied. On the downside, an immediate upward slanting TL mark of 1.1290 and the 1.1250 can confine the pair's decline for the time being, failing to which can drag the quote to channel support of 1.1180. Given the pair declines below 1.1180, it's fresh downside towards 1.1080-70 becomes imminent.

GBPUSD



Although nearby ascending trend-channel favors the GBPUSD upside, the pair might find it difficult to clear the 1.3215-20 resistance confluence, comprising a month old descending trend-line and 38.2% Fibonacci Retracement of its July month surge. If the pair rallies beyond 1.3220, it becomes capable enough to challenge the channel resistance of 1.3290, a break of which can propel it to 1.3365-70 resistance-zone. However, pair's inability to break the 1.3215-20 area ignites chances of its reversal to 1.3130-25 support region, breaking which 1.3100 – 1.3090 and the channel support level of 1.3065 are crucial levels to watch. In case if the pair continue its south-run below 1.3090, the 1.3030 and the 1.2970 are likely consecutive downside number that it could rest at.

AUDUSD



AUDUSD's U-turn from nearly three-month old ascending TL and 23.6% Fibonacci Retracement of its January – April upside presently struggles to break the 0.7650-55 resistance-area, clearing which it can quickly print 0.7690 and the 0.7730 resistance ahead of targeting the recent highs of 0.7755. Though, pair's additional upside beyond 0.7755 needs to defeat the "Rising-Wedge", bearish technical pattern, resistance of 0.7785 before challenging the April highs of 0.7835. Alternatively, the 0.7600 – 0.7595 region, including the pattern support and 23.6% Fibo, becomes key area for the pair traders to stare, clearing which the bearish formation gets confirmed and the pair can plunge to 0.7500 mark, with 50-day SMA of 0.7545 being an intermediate halt. Given the pair keep nurturing Bears and dip below 0.7500, 38.2% Fibo level of 0.7450 is the next stop for the quote, which if not respected can flash 0.7365-60 on the chart.

NZDUSD



Unlike other majors, which are yet to clear the crucial resistances, the NZDUSD recently surpassed the 0.7320-25 horizontal mark, signaling further advances to 61.8% FE of its late-July – August upside, at 0.7385. Though, overbought RSI on H4 might drag the pair around then and could re-print the 0.7320-25 on the face of it, if not, than its additional rise beyond 0.7385 can surpass the 0.7400 round figure and run towards 0.7460-65 resistance-area. Meanwhile, pair's failure to sustain the recent break needs to dip below 0.7320 in order to mark 0.7290 and the 0.7250 supports while further decline below 0.7250 can flash 0.7200 number. Should the pair continue trading down below 0.7200, 38.2% Fibonacci Retracement level at 0.7170 and the 0.7120 are likely following downside figures to come-up ahead of its plunge to 61.8% Fibo level of 0.7085.

Cheers and Safe Trading,

Anil Panchal

Wednesday, 24 Aug, 2016 / 2:24

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

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