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MARKETS LIVE BLOG:

S&P 500 SLIPS BELOW 5,000; NASDAQ SINKS ON NETFLIX DRAG

Fed's Goolsbee says 'It makes sense to wait' before cutting rates

Technical Outlook For EUR/USD, GBP/USD, USD/JPY & USD/CAD: 18.12.2018

Anil Panchal
Updated

EUR/USD

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EURUSD’s U-turn from 1.1270-60 support-zone presently struggles with 50-day SMA level of 1.1395, which if broken can escalate the pair’s recovery to near-term descending trend-line resistance, at 1.1430. Should prices rally beyond 1.1430 on a daily closing basis, the 1.1490, comprising 100-day SMA, followed by 1.1530, may act as intermediate halts during the pair’s surge to 1.1620 level. In case the pair fails to surpass the 1.1395 upside barrier, the 1.1300 and the 1.1270-60 could regain market attention. However, sustained downturn beneath 1.1260 might only have 1.1215 as important support to rest as break of which opens the door for the pair’s plunge to 61.8% FE level of 1.1100.

GBP/USD

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Even if immediate support-line favors the GBPUSD’s pullback, the 1.2670-80 confluence-region can restrict the pair’s further advances. Though, successful break of 1.2680 might not hesitate fueling the quote to 1.2730 and 1.2760 resistance-levels whereas the 1.2840 & the 1.2880 could challenge buyers then after. Alternatively, the 1.2570 TL mark and the 1.2500 seem adjacent supports for the pair prior to highlighting the 1.2475. If at all sellers’ refrain to respect 1.2475 figure, the 1.2400 round-figure, also including 61.8% FE, may flash on their radars.

USD/JPY

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Recent profit-booking can’t be considered as a sign of USDJPY’s weakness even for a short-term unless it closes below 112.35-30 support-area, encompassing 100-day SMA & a quarter-old upward slanting TL. Given the pair’s weakness past-112.30, the 111.80 and the 111.30 may entertain Bears before pleasing them with 200-day SMA level of 110.80. Meanwhile, pair’s reversal from important support can avail 113.00 and the 113.55-60 stops to north ahead of confronting the 113.95 resistance-line. Should there be additional rise after 113.95, the 114.55, the 115.00 and the 61.8% FE level of 115.35 could become Bulls’ favorites.

USD/CAD

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Immediate ascending triangle confines USDCAD moves between the 1.3385 and the 1.3425 with brighter chances of its surge to 1.3445 and then to 1.3500 on break of 1.3425. In case prices manage to remain strong above 1.3500, the 1.3540 and the 1.3600 may lure the optimists. On the downside break of 1.3385, the 1.3320 and the 1.3260 can play their roles of nearby rests, which if not respected could fetch the quote to 1.3230 support-line. Assuming the pair’s extended declines below 1.3230, the 1.3160 and the 1.3120 may reappear on the chart.

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This article was originally posted on FX Empire

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