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Technical Overview: EURUSD, GBPUSD, NZDUSD And USDCAD

EURUSD

EURUSD's reversal from 1.1616, comprising resistance-line of a broad ascending channel, witnessed a bounce from 200-day SMA on Monday. The pair stretched the pullback during today's early trading hours and it seems inclined to head towards 1.1180 immediate resistance, clearing which 38.2% Fibonacci Retracement of its December 2015 – May 2016 upside, at 1.1200 round figure, quickly followed by 1.1220, might challenge the pair's attempts to advance further. Given the pair successfully breaks 1.1220, the 1.1280, 1.1330 and the 23.6% Fibo level of 1.1360 are likely consecutive barriers that it needs to conquer in order to aim for 1.1450 resistance-mark. On the downside, 1.1130 and the 200-day SMA level near 1.1100 could offer nearby supports to the pair, breaking which the 1.1080-70 area, encompassing support-line of the broad channel and the 50% Fibo, become important for the pair traders to watch. Should the pair drops below 1.1070, it can prevailing southward trajectory towards 1.0980 and the 1.0940 supports.

GBPUSD

Having failed to clear the eight-month old trend-line and 50% Fibonacci Retracement of its September 2015 – February 2016 downside during last week, the GBPUSD again conquered with the mentioned trend-line resistance, at 1.4735 now, on Tuesday; Though, falling short of courage to break the same seems presently dragging the pair down towards 38.2% Fibo level of 1.4530. If the pair weakens below 1.4530, the 1.4440 and the 1.4400 could act as intermediate halts before it can visit the 1.4340-30 support-zone, including 100-day SMA and an upward slanting trend-line connecting lows marked since February. Alternatively, pair's break above 1.4735 trend-line resistance needs to clear the 50% Fibo level of 1.4750 and the 200-day SMA mark of 1.4770 to mark the 1.4800 number on the chart. Should the pair successfully trades above 1.4800, the 1.4900 and the 61.8% Fibo level of 1.4960 might disturb its following north-run.

NZDUSD

Even if the NZDUSD's bounce from 0.6670-65 horizontal support seems fueling the pair towards registering largest daily gain during the month of May, short-term descending trend-line resistance of 0.6775 might limit its further up-moves. If the pair fails to respect 0.6775 mark, 38.2% Fibonacci Retracement level of April – September 2015 downturn, near 0.6810, becomes next landmark for it to chase, clearing which 0.6880 and the 0.6940 are resistance numbers worth looking for. Meanwhile, the pair's incapacity to clears the 0.6775 might again drag it down to 0.6700 and the 0.6670-65 horizontal support, followed by 0.6650 200-day SMA level. Given the pair dips below 0.6650, the 23.6% Fibo mark of 0.6590 and the 0.6550 are likely following downside levels that it could rest at.

USDCAD

On Tuesday, the USDCAD again tried to defeat the short-term trend-line resistance, at 1.3070 now, but failed. The pair now seems witnessing a pullback decline towards 1.3000 psychological magnet, breaking which 1.2960 may provide a buffer during its south-run to ascending trend-line support of 1.2945. If the pair dips below 1.2945, the 1.2900, 1.2830 and the 1.2780 are likely barrier for its decline towards 1.2750-45 horizontal support. However, pair's ability to surpass the 1.3070 resistance can trigger its quick up-move to 1.3130 and the 1.3175-80 horizontal area. Given the pair's successful trading above 1.3180, the 1.3225 becomes a small hurdle for its to crack before challenging the March highs around 1.3300.

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Wednesday, 01 Jun, 2016 / 1:24

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

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