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Technical Overview: EURUSD, USDCAD, USDCHF And NZDUSD

EURUSD



While five-week old descending trend-line confined EURUSD's upside during last-week, the pair bounced-off from 1.1030-25 on US Election-day. However, 1.1060 – 1.1025 area seems restricting the pair's present trading moves with probable Clinton victory signaling brighter chances of its plunge to 1.0950 and 1.0900. Should it continue trading down below 1.0900, October low of 1.0850 and the 1.0820 might offer intermediate halts to the quote before it could test 1.0800 support-mark. On the contrary, Trump win is likely to disappoint USD traders and could trigger the pair's surge towards 1.1120 resistance-confluence, including 61.8% Fibonacci Retracement of its late-September to October downturn, prior to printing 1.1200 on the chart. In case of the pair's successful trading beyond 1.1200, the 1.1250, 1.1280 and the 1.1310 are expected consecutive resistance-levels to come alive.

USDCAD



Even if the USDCAD reversed from short-term ascending trend-channel resistance on Friday, the channel support, at 1.3345, restricts the pair's current downside and is indicating a bounce to 1.3400 nearby resistance. During the pair's additional upside beyond 1.3400, the 1.3425 and 1.3465 can entertain immediate buyers before it could surpass the channel-resistance of 1.3480 and aim for 1.3510. However, pair's break of 1.3345 channel-lower-line can trigger its fresh downside towards 23.6% Fibonacci Retracement of last two-month up-move, at 1.3315, and to the 1.3270 support-levels. Given the pair neglects taking a break around 1.3270, the 1.3220 and the 1.3145 numbers, representing 38.2% and 50% Fibo levels respectively, are expected rests to observe for traders ahead of looking at the upward slanting TL mark of 1.3085.

USDCHF



USDCHF's unsuccessful attempt to clear 100-day & 200-day SMA confluence, around 0.9775-80 now, isn't fading the pair's strength and signals it's another try to break the same during post-election up-move by aiming 0.9820 resistance-mark. If the pair managed to surpass 0.9820, the 50% Fibonacci Retracement of January – May decline, near 0.9850, and the 0.9915, are likely consecutive resistances that it could avail prior to challenging the 0.9950-55 horizontal resistance-line. Alternatively, 0.9725 and the 0.9690 can offer nearby supports the pair during its reversal, breaking which 23.6% Fibo level of 0.9635 and the ascending trend-line support of 0.9600 could limit its further downside. Should the pair drops below 0.9600 on a closing basis, chances of its plunge to 0.9530 and then to 0.9500 round figure can't be denied.

NZDUSD



With a clear break of two-month old descending trend-line resistance, the NZDUSD seems all set to revisit 0.7360-65 horizontal resistance; however, an upbeat election-result, favoring Hillary Clinton, can quickly drag the quote to 0.7295 and the 0.7220 before flashing 0.7180 on the chart. During the pair's additional weakness below 0.7180, the 0.7150 and the 0.7100 can please sellers. Meanwhile, Donald Trump's victory might pedal the pair up towards 0.7415 and the 0.7440 on the break of 0.7365 with clear indication to witness September high of 0.7485 during its further north-run. Moreover, the quote's successful trading beyond 0.7485 can give rise to expectations of seeing 0.7600 round-figure mark.

Cheers and Safe Trading,

Anil Panchal

Wednesday, 09 Nov, 2016 / 2:03

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

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