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Technical Overview: EURUSD, GBPUSD, AUDUSD And NZDUSD

EURUSD

Although EURUSD's Monday gap-up couldn't enable the pair to surpass a month-old descending trend-line on a closing basis, the pair bounced back from 50-day SMA on Tuesday and is again targeting the 1.1355-60 resistance-zone, comprising mentioned trend-line and 23.6% Fibonacci Retracement of its December 2015 – May 2016 upside. Given the pair manages to clear the 1.1360 on a closing basis, 1.1400 and the 1.1450-55 horizontal resistance are likely consecutive numbers that the pair traders need to observe. Moreover, pair's extended north-run beyond 1.1455 enables it to print the 1.1500 and the May month highs around 1.1620. Alternatively, a daily close below 50-day SMA level of 1.1295 can quickly drag it to 1.1215 and the 1.1180 prior to revisiting the six month old upward slanting trend-line support of 1.1140, followed by 200-day SMA level around 1.1100 mark.

GBPUSD

GBPUSD welcomed the recent swing in Bremain polls by surpassing the nine month old descending trend-line and 200-day SMA. However, 1.4770 – 1.4800 broad resistance region becomes important for the pair, which if broken can trigger its upward trajectory to 1.4950 and the 1.5020 before challenging the 61.8% Fibonacci Retracement of June 2015 – February 2016 downside, at 1.5125-30. If at all the pair manages to break the 1.5130 during its post-Bremain announcement, it becomes capable enough to print 1.5240 on the chart. On the downside, 200-day SMA level of 1.4690 and the 38.2% Fibo level of 1.4630 can continue providing immediate support to the pair. Should the pair drops below 1.4630, the 1.4570 ad the 1.4500 are likely following supports to witness prior to expecting 1.4330 number, comprising 23.6% Fibo.

AUDUSD

Following its sustained reversal from 0.7330, the AUDUSD presently challenges the 0.7500 – 0.7510 horizontal resistance which confined its up-moves previously. Should the present safe-haven help to the AUD fuels the pair beyond 0.7510, it can immediately rise to 0.7550, adjacent to 61.8% Fibonacci Retracement of April – May decline, near 0.7570. Given the pair successfully emerges out of the 0.7570 resistance, the 0.7600 and the 0.7655-60 might offer intermediate pause to its upward trajectory towards challenging 0.7700 round figure. Meanwhile, 0.7460 and the 0.7445 are likely nearby supports that could hold the pair, clearing which 0.7400 mark, including 38.2% Fibo, and the 0.7330 become expected downside levels that it can visit. Additionally, pair's further downside below 0.7330 need to confront with 23.6% Fibo level of 0.7300 before testing the 0.7250-45 support-zone.

NZDUSD

NZDUSD cleared a six-month old upward slanting trend-line and is heading towards 61.8% FE level of its September 2015 – April 2016 upside, around 0.7180. Should the pair maintains its up-move beyond 0.7180, also clears the 0.7200 round figure mark, the 0.7230 and the 0.7300 are likely upside numbers to see on the chart. However, pair's failure to close above 0.7130 trend-line resistance can trigger an immediate pullback to 0.7070 and then to May month highs around 0.7050. If the pair's extends the profit-booking correction below 0.7050, the 0.6970-60 is likely a strong area that could restrict its additional south-run, breaking which the pair may plunge to 50-day SMA level of 0.6890.

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Wednesday, 22 Jun, 2016 / 3:34

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-overview-eurusd-gbpusd-audusd-and-nzdusd-3

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