EURUSD
Recently upbeat US data-points, coupled with hawkish statements from some of the FOMC members have been dragging the EURUSD down since the week-start. The pair presently confronts with 1.1165-60 support-zone, comprising 200-day SMA, lower-line of a medium-term symmetrical triangle and 50% Fibonacci Retracement level of January – May upside, indicating more room for downside if 1.1160 is broke on a closing basis. During its downturn below 1.1160, the pair can quickly test the 1.1120-25 horizontal support before declining to 61.8% Fibo level of 1.1050. In case if the pair keep coming down after crossing 1.1050, chances of its plunge to 1.0950-45 area can't be denied. However, pair's daily close above 1.1165 can reprint 1.1220 ahead of propelling the quote towards triangle resistance-line of 1.1260, closely followed by the 38.2% Fibo mark of 1.1275. Given the pair surpasses 1.1275, it becomes capable enough to flash 1.1300 and the 1.1360-65 upside figures on the chart.
GBPUSD
Alike EUR, the British Pound also dipped against the US Dollar, resulting into a plunge of GBPUSD towards breaking three-month old ascending trend-channel, acquiring 500-pips area. Though, support-line of the nearby descending channel and oversold RSI levels indicate brighter chances of the pair's pullback to 1.2815-20 immediate resistance before printing 1.2910 and the channel support-turned-resistance-line mark of 1.2950. If the pair surpasses 1.2950, the adjacent channel resistance of 1.2980 comes into play, which if broken can trigger its short-term upward trajectory towards 50-day SMA level of 1.3120. Alternatively, pair's extended south-run below channel-support figure of 1.2700 could clearly favor theoretical channel-break target-point of 1.2450 with 1.2600 and 1.2500 round figures acting as intermediate halts.
USDJPY
Following its bounce from an ascending trend-line support, connecting lows marked in June, August and September, the USDJPY now broke above nearly four-month old triangle formation on the upside, indicating its further advances to 103.00 nearby resistance ahead of confronting the 100-day SMA mark of 103.90. Should the pair surpasses 103.90, also clears 104.00, it becomes capable enough to call for 104.80 and the 105.50 resistance levels during its further north-run. Meanwhile, pair's inability to sustain the recent break can again flash the importance of 101.80-70 area, including formation resistance-turned-support and the 50-day SMA, which if broken can drag the quote to 101.15-10 and then to 100.60 support. However, aforementioned trend-line support of 100.00 might confine its extended drop below 100.60, failing to which can make traders expect 99.50 and the June lows of 98.80.
NZDUSD
Contrast to aforementioned majors, the NZD seems stronger as the NZDUSD failed to clear the 50-day SMA even after breaking three-month old ascending trend-line support. Though, its upside have been repeatedly restricted by the support-turned-resistance-line of 0.7335, indicating brighter chances of the pair's decline to 0.7215 in case of clearing the 0.7260 SMA level on a closing basis. Given the pair stretch its downturn below 0.7215, the 38.2% Fibonacci Retracement of its May – September upside, near 0.7175, and the 0.7145 are likely stats to observe. On the upside, clear break of 0.7335-40 can trigger the pair's upside towards 0.7370 and to the 0.7420 prior to challenging the September high of 0.7485. Moreover, the pair's continued northward trajectory beyond 0.7485 might take a rest around 0.7500 round figure ahead of printing the 0.7530 and the 0.7560-65 resistances.
Cheers and Safe Trading,
Anil Panchal