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Technical Outlook: EURNZD, GBPNZD, AUDNZD & NZDCHF

EURNZD



Irrespective of the EURNZD's bounce from 1.5120-10 area, during early July, propelled the pair to print a month's high, a downward slanting trend-line, stretched since May, keep restricting its upside. The pair again failed to clear the mentioned TL on Wednesday and is indicating a dip towards 1.5450-45 immediate support, breaking which 1.5335 and 1.5270 are likely following downside numbers that it can pass by prior to revisiting the 1.5120-10 region, including previous month lows. Given the pair extends its south-run below 1.5110, also clears 1.5100 mark, chances of its plunge to 61.8% FE of May – July decline, at 1.4715, can't be denied. Meanwhile, a daily closing above 1.5610 trend-line resistance can trigger the pair's up-move towards 1.5700 and the 50-day SMA level of 1.5770, closely followed by 38.2% Fibonacci Retracement level of 1.5805. Should the pair successfully trades above 1.5805, the 1.5925 might act as intermediate halts before it could aim for 1.6100 round figure resistance mark.

GBPNZD



A first since 2009 rate-cut from BoE, coupled with QE, dragged the GBP across the board. The GBPNZD, not being an exception, broke the important 1.8330-25 support-region, including short-term ascending and horizontal trend-lines. The pair now seems vulnerable to extend its south-run towards 1.8150 and the 1.8000 mark, which if broken can magnify its decline to 1.7900 ahead of testing the Brexit-day lows of 1.7730. Should the pair continue trading down below 1.7730, chances of its decline towards 61.8% FE of its June – July drop, near 0.7160 can't be denied. Alternatively, a tad high trading above 1.8420, including 23.6% Fibo, can fetch the pair to 1.8500 and the 1.8650 resistance before 38.2% Fibo level of 1.8850 and the 1.9030-40 restricts its advances. Given the pair clears the 1.9040, it becomes capable enough to challenge 1.9300 mark.

AUDNZD



Ever since the RBA's rate-cut failed to weaken the AUD, as it was much expected, the AUDNZD took a U-turn from 1.0430 and is presently struggling to clear the 1.0630 resistance mark. Considering the recent strength of the AUD, coupled with strong reversal, the pair is more likely to clear 1.0630 and can rally towards 1.0660, followed by the 38.2% Fibonacci Retracement of its March – July downside, near 1.0700 round figure. However, 1.0770-80 horizontal-region, followed by 200-day SMA level of 1.0795, might confine the pair's further advances beyond 1.0700, which if broke can print 1.0880 & 1.0930 quotes. If the pair fails to sustain the recent bounce, 23.6% Fibo level of 1.0550 and the 1.0500 – 1.0495 are likely immediate nearby supports that it could witness ahead of re-testing the 1.0430 level. Given the pair continue declining below 1.0430, the 1.0400 and the 1.0380 can entertain intermediate sellers before dragging the pair to July lows of 1.0310.

NZDCHF



Following its break of 50% Fibonacci Retracement of May – July upside, the NZDCHF kept observing rectangle formation with 0.7020 resistance and 0.6920 support. The pair presently confronts the formation upper-line of 0.7020, which if broken can fuel it to 0.7050 and the 23.6% Fibo level of 0.7085. During its additional advances beyond 0.7085, the 0.7145 and the 0.7180 might offer rest-points before the pair could target July highs of 0.7230. On the downside, 0.6960 is an immediate support before the pair knocks the 0.6930-20 important support-zone, comprising 50% Fibo, formation support and an ascending trend-line, which if broken can drag it to 0.6870 and the 0.6820 supports. Moreover, pair's sustained decline below 0.6820 might reprint 0.6750 on the chart.

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Monday, 08 Aug, 2016 / 5:20

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-outlook-eurnzd-gbpnzd-audnzd-nzdchf

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