Having failed to clear the 1.1835-50 horizontal region, the EURUSD is likely revisiting the 1.1510-1.1500 support-zone; though, oversold RSI might confine the pair’s following downturn, if not then the 1.1475 and the 1.1440 could quickly appear on the chart. In case if the pair continue trading southwards after 1.1440, the 1.1370, the 1.1330 and the 1.1300 may please the Bears. Assuming that the pair reverses from current levels, the 1.1650 and the 1.1730 can act as immediate resistances before highlighting the 1.1835-50 area for one more time. Should prices manage to surpass the 1.1850 figure on a daily closing basis, the 50-day SMA level of 1.1910 and the 1.1960 may gain market attention.
Alike EURUSD, the NZDUSD is also near to important support-zone, namely the 0.6885-80, but break of which might not trigger the pair’s plunge as an upward slanting trend-line, at 0.6860 now, could still challenge the sellers. If the pair refrains to respect the 0.6860 TL number, the 0.6815, the 0.6780 and the 0.6755, comprising 61.8% FE, may mark their presence as quotes. Alternatively, the 0.6950 and the 0.6975 could offer nearby resistances to the pair ahead of pushing it towards 0.7000 round-figure. During the pair’s additional rise beyond 0.7000, the 0.7040, including 50-day SMA, and the 0.7050-60 area can question the Bulls.
USDCAD’s sustained trading beyond 1.3200-1.3210 presently struggles with an ascending trend-line resistance, at 1.3285, that requires a break on D1 closing basis to extend the north-run in direction to 1.3330 and the 1.3380. Assuming that the pair keep being buyers’ favorite post-1.3380 then the 1.3425 and the 1.3540 numbers can entertain them. Meanwhile, inability to provide a daily closing above 1.3285 could drag the pair to 1.3210-1.3200 region, breaking which 1.3130 and the 1.3045 might lure the counter-trend traders. If at all the profit-booking stretches beneath 1.3045, the 1.3000 and an ascending TL, at 1.2930, seem crucial to watch.
Even after taking a U-turn from 0.9985 upside barrier, the USDCHF isn’t yet dropped, which in-turn signals the pair’s strength in targeting the hurdle again. Should prices surpass the 0.9985 mark on a daily closing basis, the 1.0035-40 and the 1.0055 are expected land-marks that has to be cleared prior to aiming the 1.0100 and the 61.8% FE level of 1.0175. On the downside, the 0.9900 and the 50-day SMA level of 0.9880 can be considered as adjacent rest-points which if broken may flash 0.9820 and the 0.9785-80 as quotes. Given the pair’s drop below 0.9780, the 200-day SMA level of 0.9720 might become pessimists’ choice.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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