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Technical Update: AUDUSD, EURAUD, AUDJPY & AUDCAD

AUDUSD



While a two-month old ascending trend-line helped AUDUSD to print a week's high on Tuesday, not-so-good AU inflation numbers again dragged the pair to retest the 0.7460 TL support, which if broken can quickly fetch the prices at 50% Fibonacci Retracement of its late-May – July upside, around 0.7400 round figure support. Given the pair declines below 0.7400, the 0.7370, the 0.7320 and the 0.7300 could entertain the Bears before flashing 0.7250-45 support-zone on the chart. Alternatively, pair's pullback from current levels needs to confront with 0.7520 and the 0.7545-50, including 23.6% Fibo, prior to targeting 0.7580 resistance. Additionally, pair's further upside beyond 0.7580, might confront with 0.7600 & 0.7645-50 before surpassing the previous high of 0.7676 and rise towards 0.7700 mark.

EURAUD



Unlike AUDUSD, the EURAUD has already broke above a month-old descending trend-channel resistance, but couldn't clear the 1.4770-80 horizontal area; however, the pair also didn't negate the breakout by dipping below the channel and hence keep signaling likeliness of revisiting the mentioned horizontal area. Should the pair clears 1.4780, it can swiftly advance to 1.4930 and the 1.5000 psychological magnet while its sustained trading beyond 1.5000 enables it to show 1.5045 and the 1.5130 resistances. On the downside, a dip below 1.4570 trend-channel resistance-turned-support negates the break and can fetch the quotes to 1.4530 and the 1.4485-95 horizontal area, clearing which 1.4400 and the 1.4320 might offer intermediate halts during its plunge towards channel support-line around 1.4200 round figure.

AUDJPY



Even if the AUDJPY failed to clear 81.50-60 horizontal area, comprising 50% Fibonacci Retracement of its December 2015 – June 2016 downside, a month-old ascending trend-line, coupled with 50-day SMA, around 78.30 presently restricts its further decline. If the pair drops below 78.30 on a closing basis, 77.30 and the 23.6% Fibo level of 76.70, followed by the 75.10 - 75.00 region, might be witnessed during its south-run. Given the pair reverses from the current level and closes above 79.50 immediate resistance, the 80.30 and the 100-day SMA level of 80.90, could confine its nearby upside, breaking which the pair can revisit 81.50-60 resistance-zone. Should the pair surpass 81.60, chances of its run-up to 82.50 and the 83.20 can't be denied.

AUDCAD



Following its bounce from 200-day SMA during last week, the AUDCAD revisited the 0.9970-80 horizontal resistance, but again failed. The pair presently indicates a dip towards 0.9800 support, breaking which 0.9790 and the 200-day SMA level of 0.9740 are likely downside numbers to be observed. Given the pair extend its south-run below 0.9740, it becomes weaker enough to drop towards 0.9690 & the 0.9610 – 0.9600 support-area. Meanwhile, a daily close above 0.9900 nearby resistance, can again propel the pair to challenge the 0.9970-80 region, which if broken can further stretch its up-move towards 1.0030 and the 1.0090. If the pair successfully clears 1.0090, the northwards trajectory can signal 1.0115-20 resistance on the face of the pair prices.

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Thursday, 28 Jul, 2016 / 3:08

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-update-audusd-euraud-audjpy-audcad

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