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Technical Update Of EURUSD, USDJPY, AUDUSD And USDCHF: 14.02.2017


Although 1.0590-85 horizontal-support recently triggered EURUSD's bounce, a downward slanting trend-line stretched since early February, at 1.0635, may confine the pair's pullback recovery and can again drag it towards 1.0590-85. Adding to this, today being the first-day of Fed Chair's testimony, upbeat statements from the central-banker might provide additional damages to the quote, which in-turn could flash 1.0550 & 1.0520-15 on the chart after breaking 1.0585. In case if the Bears gain command over prices and clear 1.0515, chances to witness 1.0450 & 1.0380 can't be denied. On the contrary, neutral or pessimistic words from Yellen can become a trigger for the pair to break 1.0635 and meet 1.0715 resistance-mark. Should prices remain strong beyond 1.0715, it becomes wise to expect 1.0775 & 1.0800 to comeback.


USDJPY failed to sustain immediate TL break and is re-testing the 113.30 support, which if not become a point to reverse the move, can fetch prices to 112.50 and then towards 111.85-80 horizontal-line area. Given the quote drops below 111.80 on a daily closing basis, 111.40 & 100-day SMA figure of 110.70 are likely rests that it might avail before 109.30 can come into traders' radar. Meanwhile, pair's pullback from 113.30 enables it to approach 114.40 & 114.80 ahead of touching 50-day SMA number of 115.00. Moreover, pair's capacity to successfully surpass 115.00 makes it strong enough to flash 116.10 & 117.30 resistance figures on the chart.


AUDUSD is again heading to confront 0.7695 – 0.7700 horizontal-line which confined the pair's up-move during early-month. Given the present strength of AUD, backed by latest data-points from AU & China, it becomes wise to favor a 0.7700 break and a quick rise towards month-old trend-channel resistance-line of 0.7750. However, the same could become strong halt for the quote and might even initiate its pullback, if not, can accelerate present northward trajectory towards 0.7780 and then to 0.7800 round figure. In case if 0.7700 again prove its worth in limiting the pair's advances, 0.7660 & an immediate TL support of 0.7640 are likely nearby levels to entertain counter-trend traders. Should prices decline below 0.7640, the 0.7600 round figure may act as intermediate halt before the channel support-line of 0.7590 comes into play, which if broken can swiftly fetch the pair towards 0.7510 – 0.7500 region.


Following its failure to clear near-term ascending trend-channel resistance, the USDCHF's up-move seems now confined by downward slanting TL which signals its drop to 1.0020 and then to 1.0000 horizontal-line. Should prices break 1.0000 psychological magnet, channel support mark of 0.9975 becomes important to observe, breaking which can reignite possibilities to witness 0.9925-20 on the chart. Alternatively, break of 1.0050 TL enables the pair to challenge recent high around 1.0070, surpassing which channel-resistance of 1.0080 grabs attention. If USD strength propel the pair beyond 1.0080, 61.8% FE, around 1.0090, followed by 1.0100 mark, are likely barriers that it could witness prior to meeting 1.0140-50 resistance-area.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Tuesday, 14 Feb, 2017 / 12:14

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