Technical Checks For EUR/USD, GBP/USD, USD/JPY & AUD/USD: 01.08.2017

EUR/USD

With the sustained trading above 200-week SMA level of 1.1800, the EURUSD seems all set to challenge the 1.1875 and the 1.2000 psychological magnet prior to aiming the 1.2020-40 horizontal-region. Given the pair’s additional up-moves beyond 1.2040, the 1.2110 and the 1.2170 might please Bulls. On the contrary, the 1.1800, the 1.1750 and the 1.1710 can keep acting as nearby supports for the pair, breaking which 1.1615-20 becomes crucial for the traders. Should there be a daily closing below 1.1615, also clearing 1.1600 round-figure, the pair can drop to 1.1550 and the 1.1490 supports.

GBP/USD

GBPUSD is another major which portrays the USD weakness in a magnificent way. The pair already trades at ten-month high and shows brighter chances to confront the upward slanting TL resistance-mark of 1.3265. However, overbought RSI may trigger the quote’s pullback around then, failing to which can propel it to the 1.3300, 1.3350 and the 1.3380 consecutive resistances. In case if buyers manage to push the pair beyond 1.3380, it become wise to expect its extended north-run towards 1.3440 and then to the 1.3480 before targeting the 1.3500 resistance-mark. Meanwhile, the 1.3160, the 1.3110 and an upward slanting trend-line, at 1.3015, might perform the duty to restrict the pair’s near-term downside. If “Super Thursday” turns out to be a disappointment and drags prices below the 1.3015, the pair can quickly plunge to 50-day SMA level of 1.2900.

USD/JPY

Even if the 110.00 round-figure triggered USDJPY’s bounce, the pair is less likely to stretch the recovery beyond 110.60-70 horizontal-line, which if broken enable short-term buyers to confront with the descending trend-channel resistance-line of 111.35. Should there be additional optimism for the greenback, which can help escalate the advances beyond 111.35, the 111.70, 112.20 and the 112.80-85 require high attention. Given the pair’s continued downside after 110.00, the channel support of 109.40 and the 109.10 may offer intermediate halts to prices prior to fetching them to re-test July lows, around 108.80. Moreover, break of 108.80 reignites chances of witnessing 108.30 and the 107.85-90 to appear on the chart.

AUD/USD

Dovish RBA meeting outcome drags the AUDUSD towards breaking immediate ascending triangle formation, which in-turn indicates the pair’s downturn towards 0.7960-55 support-zone. During the pair’s further declines after 0.7955, the 0.7900 and the 0.7875 might entertain follow-on sellers before pleasing them with 0.7840 and the 0.7785 supports. Alternatively, a pullback from present levels needs to surpass 0.8015 in order to claim the 0.8045 horizontal-line and then to challenge the recent high of 0.8065. If at all pair Bulls refrain to respect 0.8065, the 61.8% FE level of 0.8100 should appear in their radar.

Cheers and Safe Trading,
Anil Panchal