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Technical Overview Of EURUSD, GBPUSD, AUDUSD And NZDUSD: 10.01.2017


Even after breaking two-month old descending trend-line resistance, the EURUSD failed to extend its upside beyond 1.0620-25 area, which presently confine the quote's advances and indicate brighter chances of a pullback towards 1.0540. Given the pair dips below 1.0540, the 1.0505 – 1.0500 horizontal-line becomes important for traders to watch, which if broken could fetch prices to 1.0450 and the 1.0390 supports. In case if Bears keep dominating the pair below 1.0390, recent low, around 1.0340, may only act as intermediate halt prior to flashing sub-1.0300 on the chart. Alternatively, 1.0625 is followed by 1.0660-65 horizontal-region and can restrict the pair's near-term rise, breaking which 38.2% Fibonacci Retracement Level of 1.0705 and 1.0730 can entertain buyers. On successful trading beyond 1.0730, the pair becomes capable enough to aim for 1.0800 resistance-figure.


Following its failure to surpass 50-day SMA, backed by pessimism concerning UK's future during Article 50 negotiation, the GBPUSD presently aims to re-test 1.2090-80 horizontal-line which becomes the only obstacle to break in order for the Sellers to witness 1.1915, comprising October low. Should there be continuous downside by the pair below 1.1915, the 61.8% FE level of 1.1830 and the 1.1800 round figure can please Bears ahead of offering them 1.1650-60 support-zone. If prices reverse from present levels, 1.2200 seems an immediate resistance to break before aiming 1.2265 and the 1.2310 marks. During the quote's additional advances beyond 1.2310, the 1.2380 and 50-day SMA figure of 1.2435 are likely upside numbers to gain importance.


AUDUSD presently confronts with 0.7360-65 resistance-confluence, including horizontal and descending trend-lines wherein a daily closing below 0.7360 becomes more likely, which in-turn indicates the pair's pullback to 0.7330 and then to the 0.7300 round figure, near to 23.6% Fibonacci Retracement of its April – May dip. If the pullback stretches the quote below 0.7300, the 0.7265 and the 0.7220 may come-back. Meanwhile, the pair's daily closing above 0.7365 enables buyers to demand 0.7400 and the 0.7440 resistance ahead of looking for 200-day SMA level of 0.7505. Given the Bulls fuel prices beyond 0.7505, chances of sustained northward trajectory towards 0.7580 & 0.7610 can't be denied.


Considering the NZDUSD's U-turn from 0.7040-45 horizontal-line, the pair becomes more likely to revisit 0.6965 TL support, breaking which 0.6940 & 0.6920 are likely following downside figures to appear on the chart prior to looking at 0.6900 round figure. During the pair's further declines below 0.6900, the 0.6880 and December month low around 0.6860 may act as buffer ahead of luring sellers with 0.6815. On the upside, a clear break of 0.7045 enables traders to aim for 0.7065 and the 0.7100 north-side numbers, surpassing which two-month old descending trend-line figure of 0.7115 becomes important to observe. Should prices manage to surpass 0.7115, the 0.7165 and the 0.7220 are likely crucial resistances that can come alive.

Cheers and Safe Trading,
Anil Panchal

Tuesday, 10 Jan, 2017 / 12:18

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