With its sustained trading below 1.1660-65 horizontal-region, the EURUSD now indicates further downside to 1.1490 before testing the 1.1445-40 area; however, the 1.1550 seems immediate support for the pair to clear. Given the pair maintain the south-run even after conquering 1.1440 on a daily closing basis, the 1.1375 and the 1.1330 might offer intermediate halts during its plunge towards 1.1280-70 region that also comprises 200-day SMA figure. On the contrary, a daily close beyond 1.1625 could help it again challenge the 1.1660-65 zone, which if broken might escalate the recovery to 100-day SMA level of 1.1710. Though, pair’s additional advances above 1.1710 may find it hard to surpass the two-month-old TL resistance, at 1.1775 now, which if broken can enable buyers to aim for the 1.1860 north-side number.
Even after repeatedly failing to clear the 114.40-50 horizontal-area, the USDJPY didn’t respect the Bears and is now likely to confront the same resistance. Should the pair manage to surpass the 114.50 at a day’s close, it becomes capable enough to quickly meet the 115.00 round-figure ahead of looking at the 115.40 and the 116.00 resistance levels. Meanwhile, a short-term upward slanting trend-line figure of 113.50 becomes an expected nearby rest for the pair, breaking which it can drop to 113.30 and then to the 112.80 supports. In case of the quote’s additional downturn beneath 112.80, the 112.20, the 200-day SMA level of 111.70 and the 100-day SMA number of 111.60 should be closely observed.
Having taken a U-turn from 1.2915-20 resistance-zone, the USDCAD recently dropped below the 1.2770-80 horizontal-area which now becomes immediate support-turned-resistance for the pair traders to watch. If the pair closes above 1.2780, it’s another attempt to clear the 1.2915-20, with 1.2860 being intermediate stop, can’t be denied but the 1.3005-15 region, encompassing 200-day SMA, channel-resistance, and a horizontal-line, could limit following price-run. Alternatively, the 1.2650 and the 1.2610 channel-support are likely adjacent levels that can come alive on the chart if the pair declines. In case if sellers dominate after 1.2610, also clears the 1.2600 round-figure, the 1.2535 and the 1.2420 may flash in their radar to target.
Although May 2017 low around 0.6815 offered the much-required upside trigger to the NZDUSD, the pair has to close beyond 0.6950 in order to extend its latest recovery in the direction to the 0.7000 round-figure and then to the 0.7015 trend-line. Should the quote surpasses 0.7015, it’s rally to 0.7055 becomes imminent whereas 50-day SMA level of 0.7125 might hinder the subsequent advances. During the pair’s pullback, the 0.6910 and the 0.6870 can act as buffers prior to fetching the prices to 0.6835 and then to the 0.6815. Moreover, pair’s break of 0.6815 could magnify its weakness that may drag it to 0.6775 and then to the 0.6740 while 0.6700 and the 0.6675 seem important if it declines more.
Cheers and Safe Trading,
This article was originally posted on FX Empire