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Technical Outlook of EURUSD, GBPUSD, NZDUSD and USDCAD: 03.01.2017


Having failed to sustain its uptick above 1.0600, the EURUSD presently tests an immediate ascending trend-line support, at 1.0380, breaking which it could quickly drop to 1.0350 before challenging the 61.8% FE level of 1.0270. Given the pair manage keep declining below 1.0270, the 1.0200 and the 1.0180 are likely intermediate halts that it could avail prior to signaling chances of seeing 1.0000 magnet on the chart. In case if oversold RSI triggers the pair's pullback, 1.0450 and the 1.0510 may offer nearby resistances, which if broken can extend its recovery towards 1.0550 and the descending trend-line resistance of 1.0580. Should the pair continue trading northwards after surpassing 1.0580, the 1.0670-80 becomes an important area for traders to observe which holds the door for 1.0800 mark.


GBPUSD failed to portray benefits of upbeat UK Manufacturing PMI and seems inclined towards testing 1.2250 and the 1.2220 adjacent support prior to resting at 1.2210 – 1.2200 horizontal support-area. If the quote declines below 1.2200, the 1.2150 and the 1.2130 might entertain short-term sellers ahead of offering them 1.2080 support. Alternatively, 1.2320 and the 1.2350 may please buyers, breaking which 1.2385 and the 1.2400 are likely consecutive upside figures to appear on the chart. Should prices manage to sustain the strength beyond 1.2400, it becomes wise to expect the 1.2440 and the 1.2510 resistances.


NZDUSD's inability to provide a daily closing above 0.6960-65 horizontal resistance triggered the pair's current downturn towards 0.6870, 0.6860 and then to 0.6850-45 support-region. Given the pair keep declining below 0.6845, the 0.6800 and the 0.6760 can act as buffers ahead of reigniting chances to witness 0.6700 support-mark. Meanwhile, pair's daily closing above 0.6965 needs to provide a confirmation by surpassing 61.8% Fibonacci Retracement of its May – September upside, around 0.6985, in order to flash 0.7000 round figure on the chart. Should there be further upside momentum on the part of the pair beyond 0.7000, it becomes capable enough to challenge 0.7075-80 resistance-confluence, comprising 200-day SMA and 50% Fibo.


Even if the USDCAD couldn't confront 1.3600 mark, the 50-day SMA, at 1.3390, seems providing strong support to the pair at present, which in-turn indicates its fresh upside towards 1.3475 and the 1.3535 ahead of again challenging 1.3600. Given the pair's successful encounter of 1.3600, chances of its rally towards 61.8% FE, at 1.3770, can't be negated; though, 1.3700 may offer intermediate halt. On the downside, a clear break below 1.3390 can fetch prices to 23.6% Fibonacci Retracement of its May – November upside, at 1.3325, and then to 1.3260 while sustained downtrend by the pair below 1.3260 might please Bears with 1.3180 and the upward trend-line support of 1.3140. If prices continue declining below 1.3140, 200-day SMA level of 1.3090 becomes crucial for traders to watch, breaking which it becomes wise to expect sub-1.3000 figure for the quote.

Cheers and Safe Trading,
Anil Panchal

Tuesday, 03 Jan, 2017 / 12:33

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