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Technical Overview: EURUSD, USDJPY, AUDUSD And NZDUSD

EURUSD



EURUSD's bounce from 1.1120-18 horizontal support again failed to propel the pair beyond a month-old descending trend-line resistance, which together with RSI pullback from overbought region, favors chances for its visit to 1.1200 round figure mark. Given the pair declines further below 1.1200, the 1.1190 and 1.1150 are likely intermediate rests that it could avail before testing the 1.1120-18 support, breaking which a fresh downturn towards 1.1070 and to the 1.1000 can be expected. Alternatively, pair's break above 1.1265-70 area, comprising aforementioned TL and 23.6% Fibonacci Retracement of its July – August upside, can trigger its north-run towards 1.1320 before surpassing the August high of 1.1367. In case the pair manages to successfully trade beyond 1.1370, it becomes capable enough to print 1.1400 on the chart.

USDJPY



With near-term descending trend-line successfully restricting the USDJPY up-moves, the pair presently struggles to clear three-month old upward slanting TL support, at 100.00 psychological magnet. Considering present weakness of the pair greenback and sustained strength of the JPY, the pair is more likely to test 99.50 support on the break of 100.00 ahead of revisiting the June low of 98.80, breaking which it becomes vulnerable to plunge towards 61.8% FE level of June – July advances, at 97.80, before flashing 97.00 mark. Meanwhile, 101.20 is likely immediate resistance for the pair traders to watch, clearing which it can challenge 102.40 TL mark. Should the pair surpass 102.40, the 50% Fibonacci Retracement level of 103.15 and the 103.50 are expected north-side numbers to appear.

AUDUSD



Even if near-term ascending TL confined AUDUSD downside, the broader "Rising-Wedge" bearish formation indicates brighter chances of its plunge to 0.7530 on pattern confirmation. However, the pair currently aims to test the support-line, also including 38.2% Fibonacci Retracement of its July – August up-move, around 0.7630-25, a break of which is necessary to confirm the formation and drag the price to 0.7565 before showing it the 0.7530-25 mark. If the pair continues declining below 0.7525, the 0.7495 and 0.7440 are expected consecutive supports to look at. In case if the pair reverses from present levels, 0.7700 mark and the 0.7715-20 resistance confluence, including pattern upper-line and another downward slanting TL, might limit its near-term advances. Though, pair's successful break above 0.7720 opens the door for its rise towards 0.7755 and then to 0.7830-35 resistance levels.

NZDUSD



Alike EURUSD, the NZDUSD also reversed from immediate trend-line resistance and is indicating pullbacks to 0.7250 and to the 50% Fibonacci Retracement of its July – September up-move at 0.7217, closely followed by 0.7200 round figure. Should the pair drops below 0.7200, the 0.7150-45 and the 0.7085 might entertain short-term bears prior to dragging the quote to 0.6950. On the upside, pair's sustained break above 0.7330 TL mark can quickly flash 0.7365 and 0.7400 resistances while its additional advances might please pair bulls to visit 0.7440 and the current month high of 0.7485. Given the pair continue on its north-run beyond 0.7485, the 61.8% FE level of 0.7550 becomes its next stop to observe.

Cheers and Safe Trading,

Anil Panchal

Wednesday, 12 Oct, 2016 / 2:15

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

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