Technical Checks For EUR/USD, GBP/USD, USD/JPY & NZD/USD: 11.07.2018

Anil Panchal
Technical Checks For EUR/USD, GBP/USD, USD/JPY & NZD/USD: 11.07.2018


Inability to sustain the break of nearly two-month old descending trend-line seems dragging EURUSD towards 1.1680 re-test, clearing which the 1.1600 and the 1.1540 are likely following numbers to appear on the chart. Given the pair’s refrain to respect the 1.1540 support, the 1.1500 may offer an intermediate halt during its plunge to 61.8% FE level of 1.1390. Alternatively, the 1.1730-40 region, comprising 50-day SMA & aforementioned TL, could keep restricting the pair’s near-term upside, which if broken might trigger its recovery targeting the 1.1840 and the 1.1935-40 resistances. However, 200-day SMA level of 1.1985 could restrict the pair’s advances past-1.1940.


Alike EURUSD, the GBPUSD also couldn’t surpass adjacent trend-line, needless to mention about 50-day SMA. Though, an upward slanting TL, at 1.3225, can confine the pair’s immediate declines, failing to which can fetch the quote to 1.3145 and then to the 1.3110 supports. In case the pair keep trading southwards after 1.3110, recent low around 1.3050 and the 1.3000 mark may act as buffers before highlighting the 1.2900 number, including 61.8% FE level. If at all the pair takes a U-turn from here, the descending TL at 1.3310, near to 50-day SMA level of 1.3345, may entertain buyers prior to challenging them with 1.3385 and the 1.3450 resistances. Moreover, pair’s successful run above 1.3450 could open the doors for its rally in direction to the 1.3500 and the 1.3610 land-marks.


Having bounced off the 50-day SMA, the USDJPY now aims to confront the 111.30-40 resistance-region for one more time, conquering which it can rise to 112.00 and to the 112.30 upside barriers. Should prices rally beyond 112.30, the 112.80, the 113.40 and the 113.80 might please the Bulls. Meanwhile, 110.70 & 110.20 can limit the pair’s nearby downside, breaking which 50-day SMA & ascending TL, at 110.00, seems an important support to watch. Given the pair’s D1 close beneath the 110.00, the 109.30 & the 108.70 may flash in sellers’ radar.


NZDUSD is different from the pairs discussed above in a way that it is testing the 0.6780 support rather than reversing from resistances like others. Hence, chances of its bounce are higher than the contrast, which in-turn gives importance to 0.6830 mark and the 0.6845 trend-line. If the quote crosses the 0.6845 hurdle, the 0.6860, the 0.6885 and the 0.6900 may become optimists’ favorite. On the downside, a clear dip beneath the 0.6780 might not hesitate printing the 0.6750 and the 0.6715 levels. Additionally, pair’s south-run below the 0.6715 can avail 0.6685 as a stop ahead of looking at the 61.8% FE level of 0.6625.

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