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Technical Overview: EURUSD, USDJPY, AUDUSD And USDCAD

EURUSD



EUSDUSD's bounce from 1.0500 may find it hard to clear resistance-line of a short-term descending trend-channel, around 1.0800 - 1.0805, signaling brighter chances of its pullback towards 1.0685. Even if the pair manages to surpass 1.0805, the 1.0850-60 horizontal-line and the 50-day SMA level of 1.0905 could limit its further upside. Given the quote clears 1.0905 on a daily closing basis, the 1.0960 and the 1.1000 may entertain short-term buyers of the pair before fueling it towards 1.1045-60 resistance-zone, comprising 100-day SMA and 50% Fibonacci Retracement of its downturn from May 2016. In case of the pair's U-turn and a drop below 1.0685, there are multiple supports to be observed within 1.0650-40, breaking which 1.0560 and the 1.0500 can come-back on the chart. However, pair's additional south-run below 1.0500 might take a halt around mentioned channel's support-line mark of 1.0380.

USDJPY



Even after failing to break 114.50-55 horizontal resistance, the USDJPY bounced-off from 61.8% Fibonacci Retracement of its January – June decline, which in-turn favors it's another attempt to clear such an important resistance. Should the pair manage to close beyond 114.55, the 115.20 and the 115.85 are likely nearby upside figures to appear while it's sustained trading beyond 115.85 gives rise to expectations of witnessing 117.50 and the 118.80-85. Alternatively, pair's close below 61.8% Fibo level of 112.90 can quickly drag it to 112.30 and the 111.40-35, breaking which 50% Fibo level of 110.20 becomes crucial to observe. Given the Bears gain control over prices below 110.20, the 108.40 and the 107.50, comprising 38.2% Fibo can please sellers.

AUDUSD



With repeated failures to break 0.7495 – 0.7500 horizontal resistance, the AUDUSD seems forming a short-term ascending triangle pattern. The pair presently indicates downside to pattern support of 0.7385 with 23.6% Fibonacci Retracement of its November downturn, at 0.7420, being immediate rest. If the pair declines further below 0.7385, it becomes vulnerable to flash 0.7360, 0.7340 and the 0.7310 downside figures on the chart. Meanwhile, pair's break of 0.7500 enables it to aim for 0.7525 and the 0.7570 resistance levels, breaking which 61.8% Fibo level, around 0.7600, should be closely watched. In case of the pair's successful trading beyond 0.7600, chances of its rally to 0.7650 and the 0.7690 become brighter..

USDCAD



USDCAD's U-turn from 50% Fibonacci Retracement of its January – May downside is presently struggling to clear three-month old ascending trend-channel support, at 1.3230 now, closely followed by 100-day SMA level of 1.3190. With the comparative strength of USD, chances of the pair's pullback from 1.3230 are higher, which in-turn could quickly print 1.3300 on the face of it, encompassing 38.2% Fibo level. Given the price-move beyond 1.3300, the 1.3370 and the 1.3420 may entertain short-term buyers before offering them 1.3530 and the 50% Fibo level of 1.3570. However, the pair may take another reverse-turn from channel resistance-line of 1.3630 during its upside above 1.3570. On the downside, a daily close below 1.3190 may highlight 1.3140 and the 1.3080 levels for pair traders which if broken could give rise to expectations of witnessing 1.3000 psychological magnet and the 23.6% Fibo level of 1.2980..

Cheers and Safe Trading,
Anil Panchal

Tuesday, 06 Dec, 2016 / 12:22

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

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