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Technical Update: NZDCAD, AUDNZD And GBPNZD


Irrespective of the NZDCAD's repeated failures to clear 0.9480-85 resistance-zone, the pair continue remaining strong unless it breaks below 0.9320-15 area, comprising three-month old ascending trend-line and the 50-day SMA. At the moment, a break above 0.9485 can trigger the pair's up-move to 0.9535 and then to the July highs of 0.9550. However, its further up-move depends upon the pair's daily closing beyond 0.9550, which if occurs enables the pair to target 61.8% FE of its April – July rally, at 0.9660. Meanwhile, 0.9380 and the 23.6% Fibonacci Retracement level of 0.9330 can entertain immediate bears before dragging the pair to 0.9320-15 region. Should the pair drops below 0.9315, it can quickly test 0.9215 and the 0.9150-40 support-zone, which if broken might force the pair to visit 50% Fibo level of 0.9080.


Following its break of short-term ascending trend-line support, the AUDNZD kept running down; however, 1.0400 recently triggered the pair's pullback towards indicating 1.0470 and the 1.0500 resistance numbers. Though, pair's further advances beyond 1.0500 might find it hard to break the 50-day SMA and the TL support-turned-resistance, at 1.0540. In case the pair surpasses 1.0540, the 23.6% Fibonacci Retracement of its March – July drop, at 1.0555, is likely following resistance to watch, clearing which it can rally to 1.0620 and to the 100-day SMA level of 1.0675. On the downside, a drop below 1.0400 can re-print July lows of 1.0313. If at all the pair plunges below 1.0310, also clears 1.0300, chances of its revisit to 1.0135-40, including 61.8% FE, become brighter.


A short-term descending trend-line, at 1.8050, restricts the GBPNZD's immediate upside and signals the pair's decline to 1.8000 and the 1.7950 nearby supports. Given the pair continue dipping below 1.7950, the 1.7860 and the 1.7800 can act as intermediate rests for the pair prior to its revisit to the July lows of 1.7700. However, pair's drop below 1.7700 can trigger its fresh south-run towards 61.8% FE of its June – July drop, near 1.7175. Alternatively, a clear break of 1.8050 fuels the pair to show 1.8150 and the 1.8200 resistances ahead of confronting with 1.8280, which if broken magnifies its north-run to 23.6% Fibo level of 1.8420. Should the pair successfully trades above 1.8420, it can mark 1.8525 and the 1.8650 on the chart.

Cheers and Safe Trading,

Anil Panchal

Tuesday, 30 Aug, 2016 / 5:53

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