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Technical Update for EURUSD, GBPUSD, USDJPY And AUDUSD: 31.01.2017


While 1.0620-15 horizontal-line again served as a trigger for EURUSD's bounce, the pair recently broke immediate descending trend-line resistance, at 1.0720, in order to confront 1.0770-75 horizontal-line resistance. In case if the pair manages to surpass 1.0775, an upward slanting trend-line resistance of 1.0825 might restrict its further advances, breaking which it could rally towards December high of 1.0875. However, expected strong prints from US keep flashing brighter chances of the pair's another dip towards 1.0620-15 with 1.0670 & 1.0650 being intermediate halts. In case of the pair's break of 1.0615, 1.0570 and 1.0520 might please sellers before offering them 1.0480 support-mark.


GBPUSD couldn't justify its strength beyond 1.2680 and is now resting around 1.2400 support-confluence, comprising 50-day SMA & resistance-turned-support-line, which might give rise to its U-turn towards 1.2540 and then to 1.2600 round figure prior to challenging 1.2680. Should the pair remains strong enough to defeat 1.2680, it stands ready to meet 1.2770 – 1.2800 broad resistance-region that could limit its follow-on advances. On the downside, pair's break of 1.2400 on a daily closing basis can term it weaker enough to revisit 1.2310, 1.2280 & 1.2220 supports. In case the prices continue on its southward trajectory below 1.2220, the 1.2190 & 1.2080 can come into traders' radar.


Ever since the USDJPY dipped below 115.40-35 horizontal-line, it kept observing 112.50 – 115.40 range. On Monday, the quote failed to surpass 50-day SMA and is now declining towards 112.50 re-test with 113.00 being nearby rest-point. Given the pair breaks 112.50, it can quickly drop to 111.40 and then to 100-day SMA figure of 109.60 before meeting 50% Fibonacci Retracement of its September – December upside, at 109.30. Meanwhile, 23.6% Fibo level of 114.20 and 50-day SMA figure of 115.10 might offer adjacent resistances to traders prior to reigniting importance of 115.40, breaking which 116.15 & 117.00 can come-back. Should Bulls dominate prices beyond 117.00, chances of the pair's north-run towards 118.00 and then to 118.60-70 can't be denied.


Even if a short-term symmetrical triangle continues restricting AUDUSD moves between 0.7530 & 0.7575, a downward slanting RSI might trigger the pair's fresh south-run towards 0.7515 on the break of 0.7530 pattern-support. If the quote remains weaker below 0.7515, the 0.7460 and the 0.7430 become crucial for traders to watch, which if cleared could fetch prices to 0.7380. Alternatively, 0.7575 pattern resistance and 0.7590 should be watched during the pair's reversal, clearing which 0.7610 and the 61.8% FE level of 0.7625 may please buyers. During the pair's additional advances beyond 0.7625, the 0.7660 and the 0.7700 are likely landmarks that should gain priority.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Tuesday, 31 Jan, 2017 / 12:47

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