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Technical Outlook For EUR/USD, GBP/USD, NZD/USD & USD/CAD: 24.10.2018

Anil Panchal

EUR/USD

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Break of 1.1430 horizontal-support seems dragging the EURUSD towards 1.1390 but oversold RSI & the 1.1350-45 rest-zone might confine the pair’s downside afterwards. In case Bears refrain to respect the 1.1345 mark, chances of the quote’s plunge to the 1.1300 and to the 1.1280 can’t be denied. Given the prices take a U-turn from present levels, the 1.1430 may continue limiting near-term upside, breaking which 1.1480 and the downward slanting TL, at 1.1515, could challenge buyers. Let’s say the pair successfully trades beyond 1.1515, then the 1.1610 & the 1.1650 might gain market attention.

GBP/USD

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GBPUSD broke more than two-month old support-line and is likely declining further to 1.2860 before testing the 1.2800 horizontal-line. Should the pair drops below 1.2800, the 1.2730 & the 1.2680 can entertain sellers prior to pleasing them with 1.2660 rest-point. Alternatively, immediate descending trend-line may limit the pair’s recovery around 1.3010, breaking which 1.3070 & 1.3130 could play their roles of resistances. Assuming the pair’s sustained break of 1.3130, the 1.3180, the 1.3240 and the 1.3300 might flash in the Bulls’ radar to target.

NZD/USD

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Unlike previous two pairs, the NZDUSD is still left to broke nearby support-line, at 0.6540, in order to register its weakness to test the 0.6500-0.6495 support-area. If the pair fails to hold 0.6495 as a support, the 0.6450 & the 0.6420 can be looked while having short positions. On the upside, 0.6580 & 0.6610 may mark their presence on the chart during the pair’s reversal, which if broken highlights the 0.6630 & 0.6670 resistances. Additionally, pair’s extended rise above 0.6670 can help it aim for 0.6700 & 0.6730 numbers to north.

USD/CAD

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With four-month long resistance-line limiting the USDCAD’s advances near 1.3130, the pair can revisit the 1.3070 rest-point but break of which may not hesitate fetching the pair to 1.3000 support-level. However, an upward slanting trend-line around 1.2980 could disappoint the pessimists past-1.3000, if not then 1.2930 & 1.2880 might become their favorites. Meanwhile, pair’s rise beyond 1.3130 can avail 1.3180 & 1.3200 as stops ahead of giving importance to 1.3260 & 1.3290 resistances. In case the quote rallies above 1.3290, then the 1.3335-40 and the 1.3385-90 could grab the limelight.

This article was originally posted on FX Empire

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