Having reversed from nearly two-month old ascending trend-line support, the EURUSD seems heading towards the 1.2360 and the 1.2400 nearby resistances, which if broken could further escalate the pair’s recovery in direction to the 1.2430 and then to the 1.2475 numbers. However, the 1.2525 and the 1.2540 might try to confine the pair’s following advances failing to which can please the Bulls with 61.8% FE level of 1.2590. Alternatively, the 1.2280 and the 1.2230 TL support become important for sellers to watch during the pair’s pullback. Should the pair closes below 1.2230 on a D1 basis, the 1.2160 is likely intermediate halt that it can avail prior to resting on the 1.2085-90 horizontal-area comprising 50-day SMA.
Alike EURUSD, the GBPUSD also witnessed a pullback and is rising in direction to the 1.4000 round-figure but it’s further upside may be confined by the 1.4080-85 resistance-zone. Given the pair’s ability to surpass the 1.4085, the 1.4160 and the 1.4280 might entertain the buyers before challenging their optimism by the January-month high, around 1.4345-50. If the quote fails to sustain its latest up-moves, the 1.3830 and the 1.3750 might act as immediate rests for the pair ahead of reigniting the importance of 1.3685-80 support-confluence, including 50-day SMA and three-month old upward slanting trend-line. In case of the pair’s daily close below 1.3680, it becomes vulnerable to plunge towards 1.3620–1.3600 region and then to the 1.3550-45 support-level.
NZDUSD’s break of immediate TL indicates the pair’s strength in targeting 0.7350 resistance-mark, which if conquered could boost its advances to 0.7380 and then to the 0.7400 resistances. Should the pair successfully trades beyond 0.7400, the 0.7420, the 0.7435 and the 61.8% FE level of 0.7475 may appear in the optimists’ radar to target. Meanwhile, 0.7260 and the 0.7215 can offer adjacent support to the pair prior to highlighting the 0.7180-75 horizontal-line. Given the pair’s dip below 0.7175, the 0.7140, the 0.7125 and the 0.7070 may become sellers’ favorite.
Failure to surpass the 1.2625-20 horizontal-resistance seems dragging the USDCAD to the short-term ascending trend-line support of 1.2570, breaking which it can revisit the 1.2530 and the 1.2500 rest-points. If prices continue declining after 1.2500, the 1.2480, the 1.2450 and the 1.2400 might entertain the Bears. On the upside, a clear break of 1.2625 could help the pair to target the 1.2660 before confronting with 1.2700–1.2705 area. If the quote manages to conquer the 1.2705, the 1.2730, the 1.2750 and the 1.2800 are likely consecutive resistances to come back on the chart.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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