Irrespective of the EURUSD’s recent break of near-term ascending trend-line, the pair needs to remain below 1.2415 mark in order to visit the 1.2300–1.2295 support-zone, if not then it can again rise to 1.2460 and the 1.2500 resistance-mark. Should prices successfully trade beyond 1.2500 round-figure, chances of witnessing 1.2540 can’t be denied; however, the quote’s following advances can be confined by the upward slanting TL level of 1.2615. On the downside, break of 1.2295 reignites the importance of 1.2215 and the 1.2165-55 rest-area. In case if the pair continue declining after 1.2155, the 1.2080 and the 1.2000 may appear in Bears’ radars to target.
Unlike EURUSD, which is still trading beneath the TL break, the GBPUSD just spiked above one such trend-line support but the 1.4095 resistance could limit the pair’s immediate upside. Given the pair’s break of 1.4090, it can rise to 1.4180 and then to the 1.4230 north-side numbers. Meanwhile, the 1.4000 mark seems nearby support for the pair, breaking which the 1.3940, the 1.3880 and the 1.3840 can entertain sellers. Assuming the pair’s extended south-run below 1.3840, the 1.3750 and the 1.3700 are likely numbers that can be targeted while being short.
Ever since the USDCAD dropped below 1.2390-95 horizontal-region, it has been trading in the small range between 1.2395 and the 1.2315. Looking at comparative strength of the CAD, the pair is more likely to test the 1.2280 support after it clears the 1.2315 but it’s further declines might be challenged by the downward slanting trend-line figure of 1.2260, which if broken could drag the quote to 61.8% FE level of 1.2240 and then to the 1.2200 round-figure. Alternatively, pair’s break of 1.2395 has to confront with the 1.2430 trend-line resistance, breaking which it can escalate the recovery in direction to 1.2480 and the 1.2500 north-side numbers. Moreover, pair’s successful trading above 1.2500 enables it to claim the 1.2555 and the 1.2585 resistance-levels.
NZDUSD is another major which dropped below support-line and just took a U-turn. In this case, the 0.7350 and the 0.7360-70 region are immediate resistances for traders to watch before they aim for 0.7400 and the 0.7430 levels. Though, 0.7455 horizontal-line can disappoint buyers after 0.7430, failing to which can register 0.7480 and the 0.7530 as land-marks for Bulls. Given the pair refrains to respect latest up-moves, the 0.7270 and the 0.7230 can reappear as supports, clearing which 0.7200, the 0.7150 and the 200-day SMA level of 0.7130 may gain market attention.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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