Technical Check – EUR/GBP, EUR/AUD, EUR/NZD

EURGBP

Extending its rebound from a short-term ascending trend-line support, the pair on Thursday rose sharply to move back above 50-day SMA. The pair tested 50% Fib. retracement level of its Oct.-Nov. downfall and is currently trading below 0.7200 mark important Pivot, representing 50-day SMA. Should the pair continue trading below 50-day SMA and weakens below 38.2% Fib. retracement level support near 0.7175 it seems to be headed back towards retesting 0.7100 mark, representing 23.6% Fib. retracement level, with 0.7150 acting as intermediate horizontal support. Alternatively, should the pair move back above 0.7200 mark and subsequently sustains its strength above 50% Fib. retracement level resistance near 0.7240, it clearly seems to be headed towards its next major resistance near 0.7300 mark, also coinciding with 61.8% Fib. retracement level. Momentum above 0.7300 mark, might now negate any near-term bearish expectation for the pair, thus paving way for continuation of the near-term upward trajectory back towards reclaiming 0.7400 mark.

EURAUD

On Thursday, the pair rebounded sharply from the lower trend-line support of a short-term descending trend-channel formation. The momentum, however, failed to lift the pair beyond the upper trend-line resistance of the channel, currently near 1.4950-60 area. Pull-back from the upper trend-line resistance now seems to find immediate support at 200-day SMA region, currently near 1.4800 mark. Until the pair continues holding above 200-day SMA, it could possibly make another attempt to retest the upper trend-line resistance of the channel. Should the momentum help the pair in conquering the trend-channel resistance, it seems more likely to extend its near-term recovery towards its next major resistance near 1.5200 mark, coinciding with 38.2% Fib. retracement level of August highs to over 5-month lows tested on Thursday. Meanwhile, weakness back below 200-day SMA is likely to drag the pair back towards 1.4750-40 horizontal support, which is closely followed by support near 1.4670-75 zone. Failure to move above the ascending channel and subsequent breaks below immediate support levels now seems to increase the pair vulnerability to resume its near-term downward trajectory and aim towards testing the lower trend-line support of the channel, currently near 1.4360-50 area, with recent daily closing low, near 1.4520 level, acting as intermediate support.

EURNZD

Even as the pair dropped below 200-day SMA, it managed to rebound sharply from 1.5800 mark support, nearing 61.8% Fib. retracement level of April to August up-move. The pair has now moved back above 50% Fib. retracement level and is currently hovering around 1.6300 mark. Should the pair want to follow-up on its sharp up-move yesterday, it need to clear its immediate strong resistance near 1.6500 horizontal zone. Above 1.6500 mark resistance, the pair could easily continue with its appreciating move towards its next major resistance confluence near 1.6900 mark, comprising of 38.2% Fib. retracement level and 100-day SMA. Meanwhile on the downside, 1.6200 mark is likely to act as immediate support, which if broken is likely to drag the pair back towards retesting 200-day SMA, currently near 1.6050-40 region. Further, sustained weakness below 200-day SMA strong support now seems to open room for continuation of the pair’s near-term downward trajectory towards testing sub-1.5800 mark, representing 61.8% Fib. retracement level.

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