While the 1.1830-40 horizontal-region seems crucial for the EURUSD in order to justify its strength in targeting the 1.1900 and the 1.1950 resistances, pair’s upside beyond 1.1950 might have a challenging task to surpass the 200-day SMA level of 1.2010 on a D1 basis. In case if the quote provides a Daily closing above 1.2010, the 1.2100 and the 1.2160, comprising 100-day SMA, could act as intermediate halts before highlighting the 1.2280 TL resistance. On the downside, the 1.1730 and the 1.1675 could entertain the sellers ahead of questioning them with 1.1640-45 support-zone. However, pair’s drop beneath the 1.1640 might not hesitate flashing 1.1510 and the 61.8% FE level of 1.1380 during further declines..
A D1 close above 200-day SMA level of 110.20 is necessary for the USDJPY to aim for the downward slanting trend-line, at 111.20, breaking which the 111.40-50 resistance-area gains popularity amongst buyers. Should prices conquer 111.50, the 112.00 and the 112.50 can please the Bulls. If at all the SMA play its role in limiting the pair’s advances, as it did last-week, the resultant pullback can avail 109.50 as immediate rest but the 109.00-108.90 region, including ascending TL & 50-day SMA, may disappoint sellers then after. Assuming the pair’s extended south-run below 108.90, the 100-day SMA level of 108.05, followed by 107.70, might appear in the Bears’ radars.
With the ascending triangle formation favoring USDCAD’s rise, the 1.3035-40 is likely next barrier for the pair traders to watch, which if broken could reprint 1.3070 as a quote. Should the pair successfully trades above 1.3070, the 1.3100 round-figure and 61.8% FE level of 1.3130 may mark their presence on the chart. Meanwhile, the 1.2970 and the 1.2920 can try limiting the pair’s U-turn prior to pattern-support of 1.2900. Though, pair’s break of 1.2900 could confirm its plunge to 1.2855 and the 1.2810 numbers.
Even after repeatedly failing to clear the 0.7050-55 resistance-region, the NZDUSD is still trading above 0.6995-0.7000 support-zone, which in-turn signals brighter chances of its another attempt to break the upside hurdle. In case if the pair manages to rally beyond 0.7055, the 0.7095-0.7100 and the 0.7135 are likely following levels that should be observed. Alternatively, a downside break of 0.6995 highlights the 0.6960 & 0.6935 numbers, which if broken could fetch prices to the 0.6900 and the 0.6885-80 rest-points. During the pair’s additional declines below 0.6880, the 0.6850 and the 0.6830 may grab limelight.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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