Technical Checks For EUR/USD, GBP/USD, AUD/USD & USD/CAD: 21.03.2017

EUR/USD

Following its upward trajectory from 1.0500 TL support, the EURUSD is now capable of claiming 1.0800 round-figure; however, 1.0815-20 resistance-confluence, comprising short-term ascending trend-line and a horizontal-region including 50% Fibonacci Retracement Level, might restrict the pair’s additional advances. Given the prices manage to surpass 1.0820, chances of witnessing 1.0870, 1.0900 and 1.0950 consecutive north-side numbers can’t be denied. During the pair’s reversal, 1.0770 and the 1.0715 are likely adjacent supports to be observed while its following downside below 1.0715 could be restricted by an upward slanting trend-line, around 1.0675-70. In case if the quote neglects 1.0670 support, the 1.0630 and 1.0590 might offer intermediate halts before another TL figure of 1.0540 comes into play.

GBP/USD

With the UK CPI flashing highest number since October 2013, the GBPUSD surpassed nine-month old descending trend-line and is presently running towards 1.2500 round figure resistance. Should latest optimism surrounding British economy propel the pair beyond 1.2500, the 1.2565-70 and the 1.2660 may entertain short-term buyers before offering them 1.2715-30 crucial resistance-region. Given the pair’s inability to sustain present strength, with a daily closing below 100-day SMA figure of 1.2410, it becomes wise to expect a pullback towards 1.2340 and 1.2300 support-levels. If Bears continue ruling prices after breaking 1.2300 round figure, the 1.2220 and 1.2200 should grab traders’ attention.

AUD/USD

AUDUSD presently confronts eleven-month old descending trend-line resistance, around 0.7740, breaking which it can quickly rise to 0.7780 and the 0.7800 figures towards north. Though, April 2016 high near 0.7835-40 might restrict the pair’s additional up-moves after 0.7800, which if broken could trigger its extended rally towards 0.7860 & 0.7900 resistances. On the downside, a daily closing below 0.7690 may recall the pair towards testing 0.7660 and the 0.7630 supports before reigniting the importance of 50-day SMA figure of 0.7610. Should the quote become sellers’ favorite and drops below 0.7610, the 0.7555-50 and 0.7525 may come-back on the chart.

USD/CAD

Even after bouncing-off from 1.3285-80 horizontal-line during last-week, the USDCAD failed to extend the recovery beyond 1.3380 and is presently signaling 1.3280 re-test. Given the pair’s further downside below 1.3280, it can quickly drop to 1.3210 and the 1.3165-60 support-levels. Meanwhile, pair’s capacity to clear 1.3380 enables it to claim 1.3400 and the 1.3420 resistances but a downward slanting trend-line, at 1.3440 now, could restrict its additional advances. If prices surpass 1.3440 TL, the 1.3460, 1.3480 and the 1.3510 are likely consecutive upside numbers to please buyers.

Cheers and Safe Trading,
Anil Panchal