Technical Checks For EUR/USD, GBP/USD, USD/CAD & AUD/USD: 16.08.2017

EUR/USD

Having successfully breached seven-week old upward slanting trend-line, the EURUSD seems now declining towards 1.1655 support; however, the 1.1615-10 horizontal-line might restrict the pair’s following downside, which if broken could drag the quote to 1.1570-65 and then to 1.1500 round-figure. In case of the pair’s negligence to respect 1.1500 mark, the 1.1450-45 & 1.1380 can entertain sellers. On the contrary, the 1.1770 and the 1.1810 are likely nearby resistances for the pair traders to watch, clearing which could further propel prices to 1.1850 and the 1.1900 numbers towards north. Should buyers dominate the pair momentum after 1.1900 break, the 61.8% FE level of 1.1950 may act as a barrier during its rally targeting 1.20000 psychological magnet.

GBP/USD

Contrast to EURUSD, the GBPUSD recently bounced-off from a five-month old ascending TL support, which is near to the 100-day SMA, that in-turn signals brighter chances of its pullback to 50-day SMA level of 1.2930. Given the pair’s ability to surpass 1.2930, the 1.2980 and the 1.3045-50 can please buyers before making them confront the 1.3110-15 resistance-zone. If at all the 1.3115 is broken, the pair can head towards challenging the 1.3180 & the early-month high around 1.3265-70. Meanwhile, pair’s inability to sustain the recent bounce-back from 1.2860-50 area can fetch it to 1.2790 & 1.2750 supports, breaking which 1.2690 and the 200-day SMA level of 1.2640 could come-back on the chart. Moreover, an extended downturn below 1.2640 may entertain Bears by offering 1.2550 & 1.2500 rest-points.

USD/CAD

With the USDCAD’s recent pullback from 1.2770-75 horizontal-region, an immediate ascending trend-line support, at 1.2715 now, becomes important to observe, breaking which 1.2690 and the 1.2650 can follow the suit. During the pair’s additional drops after 1.2650, the 1.2600 and the 1.2565 may be flashed in sellers’ radar. If at all the pair surpasses 1.2775 resistance-region, it becomes capable enough to aim for 1.2860 and then to the 1.2900 round-figure resistances. However, the quote needs more buying strength to confront the 1.2945, the 1.3000 psychological magnet and the 1.3010-15 line afterwards.

AUD/USD

Even after taking a U-turn from 0.7800 support, the AUDUSD’s upside continues to be doubtful unless it closes beyond 0.7915; though, 0.7875 and the 0.7900 may provide nearby resistance to the pair. Should it close above 0.7915 on a daily basis, 0.7960, the 0.8010 and the 0.8065 are expected upside levels that buyers may target. Alternatively, break of the 0.7800 round-figure, also encompassing a two-month old ascending TL, can drag the pair to 0.7785 and then to the 50-day SMA level around 0.7755-50. Moreover, the quote’s break of 0.7750 could magnify its weakness towards fetching it to 0.7720 and the 0.7685-80 supports.

Cheers and Safe Trading,
Anil Panchal