Technical Checks For EUR/USD, NZD/USD, USD/CAD & USD/CHF: 02.05.2018

EUR/USD

EURUSD’s recent recovery is yet to provide a daily closing beyond 200-day SMA level of 1.2015 if it needs to aim for 1.2080 and the 1.2135 resistances; however, the 1.2155-60 horizontal-area could limit the pair’s further advances, if not then the 1.2225, comprising 100-day SMA, may gain buyers’ attention. Alternatively, 1.1960 is likely immediate support for the pair to avail in case of its D1 close below 1.2015 whereas 1.1920-10 might give rise to the quote’s another pullback. Given the 1.1920-10 region’s failure to disappoint sellers, the 1.1880 & 1.1845 can appear in their radars to target.

NZD/USD

Alike EURUSD, the NZDUSD is also struggling to clear the support-turned-resistance, around 0.7035-40, which if not broken can fetch the pair to 0.6975 and the 0.6955-45 rest-zone. Should Bears rule the price momentum below 0.6945, the 0.6915 and the 0.6890 can become their favorites. Assuming the pair’s ability to surpass 0.7040 on daily closing basis, the 0.7055 and the 0.7100 can try challenging the short-covering while 0.7145-50 may please the Bulls afterwards. Moreover, pair’s sustained trading beyond 0.7150 might not hesitate flashing 0.7200 and the 100-day SMA level of 0.7230 as levels.

USD/CAD

While 50-day SMA seems restricting the USDCAD’s immediate dip, the pair has limited room on the north, with only 1.2860 and 1.2900 to happily reach, prior to confronting the 1.2940-50 horizontal-resistance. Hence, chances of witnessing any big moves are less expected till the pair trades between the 1.2820 SMA mark and the 1.2950 upside barrier. Though, comparative strength of the USD favors the pair’s rise that highlights 1.3000 and the 1.3045 once the 1.2950 is conquered. On the downside, pair’s break of 1.2820 may signal its fresh drop to 1.2760 and the 1.2680, including 100-day SMA, whereas 200-day SMA level of 1.2630 and more than three-month old ascending TL, at 1.2580 now, can entertain the pessimists then after.

USD/CHF

Even after clearing medium-term trend-line resistance, the USDCHF couldn’t cross the year-long TL stop, at 0.9975, which in-turn favors the pair’s pullback to 0.9920 and to the 0.9900 round-figure but the resistance-turned-support line of 0.9855 can again push the quote upwards. Should the pair continue declining past-0.9855, the 0.9820, the 0.9780 and the 0.9755 may come-back on the chart. Meanwhile, break of 0.9975 can target 1.000 psychological magnet ahead of aiming the 1.0030 and the 1.0100 resistances. Additionally, the 1.0145, the 1.0170 and the 1.0200 could become land-marks for buyers to achieve above 1.0100.

Cheers and Safe Trading,
Anil Panchal