Technical Checks For EUR/USD, USD/CAD, AUD/USD & NZD/USD: 03.04.2018

EUR/USD

Having failed to extend its pullback from a month-long ascending trend-line, the EURUSD re-tests the same TL support, at 1.2300, break of which can quickly fetch the pair to 1.2260 and then to the 1.2240 rest-points. Given the sustained price-drop below 1.2240, the 1.2210, the 1.2180 and the 1.2155 are likely following numbers that can reappear on the chart. In case if the trend-line triggers the pair’s U-turn, the 1.2350, the 1.2375 and the 1.2415 may confine its immediate advances ahead of highlighting the 1.2445-50 resistance region. Should buyers conquer the 1.2450, chances of witnessing the 1.2500 and the 1.2555 as quotes can’t be denied.

USD/CAD

While 1.2805-15 support-area has repeatedly limited the USDCAD’s downside, the pair seems finding it hard to rise beyond 1.2945 off-late. As a result, pair’s latest dip from the range-resistance signal its another confrontation with 1.2815-05 zone. If at all sellers’ dominate and break the 1.2805 mark, also clear the 1.2800 round-figure, the 1.2760 and the 1.2720 may well flash in their radars to target. Alternatively, the 1.2900 and the 1.2945 can keep restricting the pair’s near-term upside, breaking which 1.2985 and the 1.3000–1.3010 could gain market attention. Moreover, pair’s ability to surpass 1.3010 can escalate its recovery in direction to 1.3050, the 1.3085 and the 1.3125 consecutive resistances.

AUD/USD

Even after bouncing off the lower-line of two-month old “Falling-Wedge”, the AUDUSD couldn’t break nearby downward slanting TL, at 0.7705 now, which in-turn favors the pair’s revisit to 0.7670 and to the 0.7650; however, its further south-run can again be challenged by the formation support of 0.7630. Should the pair drops below 0.7630, an upward slanting trend-line of Daily chart, around 0.7580, can become Bears’ favorite. Meanwhile, break of 0.7705 may propel the pair to 0.7760 and to the 0.7785 before making it confront the pattern resistance of 0.7815. On the pair’s successful encounter of 0.7815, the Bullish formation gets confirmed and may quickly fuel it to 0.7900 resistance-level.

NZD/USD

Alike USDCAD, the NZDUSD is also clubbed in a range that comprises of 100-day SMA level of 0.7180 as support with 0.7285-90 being important resistance-confluence, including 50-day SMA & six-week old descending trend-line. Considering the pair’s present rise, it is likely heading to the 0.7285-90 resistance-area, which if broken could help it aim for 0.7315 and the 0.7350 north-side levels. If prices rally above 0.7350, the 0.7365, the 0.7400 and the 0.7435 may lure the Kiwi optimists. On the downside, a daily close down the 0.7180 might not hesitate registering the 0.7155 and the 0.7135 as supports whereas the 0.7070, the 0.7025 and the 0.7000 can entertain the traders then after.

Cheers and Safe Trading,
Anil Panchal