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Technical Update: EURNZD, EURAUD And AUDNZD


EURNZD's sustained weakness again drags the pair towards support-line of five-month old descending trend-channel with brighter chances signaling its dip to 61.8% FE of May – July downturn, at 1.4580, on the break of 1.4660. Given the pair continue declining below 1.4580, the 1.4540 may offer an intermediate halt before fetching prices to 1.4250-45 and then to 1.4110 support levels. On the upside, 1.4935 and the 1.5000 psychological magnet can act as immediate resistances for the pair traders to observe, breaking which 1.5070, 1.5160 and the 50-day SMA level of 1.5215 could help please Bulls. In case of the pair's successful break above 1.5215, it becomes capable enough to aim for 1.5250-55 and the 23.6% Fibonacci Retracement of its year-long south-run, around 1.5355-60.


Following the ECB's disappointment on Thursday, the EURAUD again reversed from 1.4515-30 horizontal resistance-region and is presently signaling 1.4140-25 re-test. Should the pair fail to bounce from 1.4125 support, it becomes vulnerable to plunge towards 61.8% FE of its May – October downturn, at 1.3940, while 1.4000 being a buffer rest to notice. Give the Bears rule price movement below 1.3940, the quote can flash 1.3770 and the 1.3700 support-marks. Alternatively, 1.4230 and the 1.4300 are likely nearby resistances that the pair can witness during its bounce, breaking which 1.4350 and the 1.4410 are likely consecutive upside levels to appear. If prices surpass 1.4410, the 1.4450 may offer an intermediate halt prior to again fueling the pair towards 1.4515-30 area.


Considering the AUDNZD's gradual decline since mid-October, the pair is forming "Falling-Wedge" bullish technical pattern. The pair recently took a U-turn from its support-line, signaling extended bounce to 1.0455 before printing 23.6% Fibonacci Retracement of its March – September downturn, at 1.0495. In case if the pair manage to sustain its bounce beyond 1.0495, also clearing 1.0500, the 1.0535 may offer an intermediate halt prior to favoring it to counter 1.0565-70 resistance-confluence, comprising 50-day SMA and formation resistance. If at all prices move above 1.0570 on a daily closing basis, it becomes logical to expect 1.0620 and the 1.0655 on the chart. Meanwhile, pair's dip below 1.0360 formation-support could negate the pattern and should fetch the quote to 1.0340 and the 1.0315 prior ahead of pointing September lows around 1.0235. Given the pair's failure to respect 1.0235, it can quickly drop to 1.0200 and then to 1.0145 supports.

Cheers and Safe Trading,
Anil Panchal

Friday, 09 Dec, 2016 / 12:04

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