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Technical Update: EURUSD, USDJPY, AUDUSD And NZDUSD

EURUSD


Following its reversal from 1.0665-70 horizontal resistance, the EURUSD dipped to 1.0565-60 support and bounced from there; though, failure to surpass 1.0620 again drags the quote to an upward slanting trend-line support of 1.0580 which connects its nearby lows. Considering the strength of US GDP release, coupled with recent lower-highs, chances of the pair's break of 1.0580 and subsequent test to 1.0565-60 horizontal support are higher. If prices continue declining below 1.0560, the 1.0545 and the 1.0525 might entertain near-term sellers before flashing 1.0500 mark on the chart. Moreover, pair's additional south-run below 1.0500 increases the importance of March 2015 lows of 1.0460. On the upside, 1.0620 and the 1.0650 are expected adjacent resistance for the pair traders to watch, breaking which 1.0665-70 again comes into play. Given the pair's successful trading beyond 1.0670, it becomes capable enough to aim for 1.0715 and the 1.0750 north-side figures.

USDJPY


During its U-turn from 111.60, the USDJPY managed to clear short-term descending triangle formation, indicating its further upside to 112.80 & 113.20 resistance levels. However, 113.70 and the 113.90, adjacent to 114.00 round figure, may restrict the quote's additional north-run, which if broken could propel its upward trajectory towards 61.8% FE level of 114.65. In case if prices fail to sustain recent breakout, the 112.20 and the 111.60 are expected downside figures to reappear. Given the pair dips below 111.60, the 111.30 horizontal-line and the 110.80 should be given proper deliberation, breaking which chances of witnessing 110.30 & 109.70 can't be denied.

AUDUSD


Even if 0.7495-90 has been successfully restricting AUDUSD's immediate upside, a short-term ascending trend-channel signal fewer chances for the pair's drop below 0.7410 pattern support; though, 0.7440 may offer an intermediate halt. Should the pair declines below 0.7410, the 0.7380, 0.7360 and the 0.7335 are likely consecutive support to please sellers prior to dragging the quote towards 0.7310 mark. In case if the pair continues trading south below 0.7310, it becomes vulnerable to plunge towards 0.7250-55 region. Alternatively, price break above 0.7495, also surpassing 0.7500, need to confront with channel resistance-line of 0.7510, which if cleared give rise to expectations of seeing 0.7525 and the 0.7570 on the chart. Additionally, pair's sustained trading beyond 0.7570 enables it to aim for 0.7610 and the 0.7650 resistance levels..

NZDUSD


NZDUSD's bounce from 0.6970-50 horizontal-region presently aims to challenge the 0.7105 – 0.7110 resistance-line, clearing which 0.7145 may act as buffer prior to fueling the pair towards 0.7170-75 resistance-confluence, comprising 38.2% Fibonacci Retracement of its May – September north-run and 50-day SMA. Should the Bulls command prices beyond 0.7175, the 0.7230 and the 0.7290 mark, including 23.6% Fibo, could please buyers. Meanwhile, 200-day SMA level of 0.7040 may offer nearby support to the pair, breaking which 0.7000 psychological magnet and the 0.6970-50 can again become important for traders. If pair traders lose confidence and fetch prices below 0.6950, the 0.6885 and the 0.6850 are expected downside figures to entertain sellers..

Cheers and Safe Trading,
Anil Panchal

Tuesday, 29 Nov, 2016 / 12:00

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

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