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Technical Plays of EURUSD, GBPUSD, USDJPY And NZDUSD

EURUSD

After majority of British voters favored Brexit, the EUR and GBP crashed during Friday and maintained the south-run on Monday. The EURUSD, not being an exception, also dropped to three-month lows on Friday, but failed to provide a closing break of downward slanting trend-line support, stretched since March. During its bounce on Tuesday, the pair now confronts with the 200-day SMA level around 1.1100 round figure mark, clearing which 1.1150 and the 38.2% Fibonacci Retracement of its December 2015 – May 2016 upside, near 1.1200. Given the pair manage to sustain the 1.1200 break, chances of its additional up-moves to 1.1300 and the 1.1350 can't be denied. Alternatively, 1.1030, closely followed by the trend-line support of 1.1000, could restrict the pair's immediate decline, which if broken might trigger its fresh downside towards 61.8% Fibo level of 1.0940 and the 1.0900. Additionally, pair's continued south-run below 1.0900 can drag it to 1.0820 – 1.0800 multiple support-zone.

GBPUSD

Even if the bounce from 1.3145-50 horizontal area, propelled the GBPUSD to break the immediate descending trend-line resistance, the 1.3350-45 line resistance presently restricts its up-side attempts, indicating renewed downside to Friday's low of 1.3227 and then to 1.3145-50. If the pair drops below 1.3145, 1.3000 psychological magnet is likely next big support to consider for the pair traders, which if broken can portray 1.2870 mark on the chart, including 61.8% FE of its recent slide. Meanwhile, pair's clearance of 1.3350 can quickly fuel it to 1.3450-55 before challenging the 1.3550-60 region. Given the pair's ability to surpass 1.3550 mark, it becomes capable enough to aim for 1.3760-70 resistance-zone.

USDJPY

Alike EURUSD, the USDJPY also failed to provide a closing break of more than four-month old descending trend-line support, comprising 61.8% FE of its January – May downside, indicating brighter chances of bounce towards 103.50 resistance, if it surpasses the 102.50 immediate hurdle. Should the pair manage to clear the 103.50, the 104.80 and the 105.50 are likely consecutive upside levels that can be seen on the chart. On the downside, 61.8% FE level of 101.40, adjacent to 101.30 trend-line support, offers strong support to the pair, breaking which probability of its another south-run to 101.00 and the 100.00 psychological magnet are more likely. Moreover, pair's sustained decline below 100.00 can drag it to below recent lows of 98.80 and can mark 98.00 and the 97.70 numbers.

NZDUSD

NZDUSD's break of six-month old ascending trend-line and 61.8% FE of its September 2015 – April 2016 upside was capped by another upward slanting line resistance, stretched from early January. However, the pair's bounce from 0.6980 again propels it to challenge the 0.7100, clearing which 61.8% FE level of 0.7180 and the 0.7250-55 can confine its further upside. Given the pair surpasses 0.7255, the mentioned trend-line resistance of 0.7290, just ahead of 0.7300 round figure mark, becomes crucial, which if broken, chances of its further upside to 0.7400 can't be denied. However, a dip below 0.6980 can drag the pair to 0.6940 and then to the 50-day SMA support of 0.6900, breaking which 0.6880 and the 0.6850-45 are likely consecutive support to observe. If the pair maintains south-run below 0.6845, the 0.6800 and the 0.6770 become its following rest-points.

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Wednesday, 29 Jun, 2016 / 2:46

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-plays-of-eurusd-gbpusd-usdjpy-and-nzdusd

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