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Technical Checks For EUR/USD, USD/JPY, AUD/USD & USD/CAD: 16.10.2018

By:
Anil Panchal
Published: Oct 16, 2018, 11:24 UTC

EUR/USD Even after recovering from 1.1430-25 support-zone, the EURUSD has to surpass 100-day SMA level of 1.1630 in order to justify its strength in

Technical Checks For EUR/USD, USD/JPY, AUD/USD & USD/CAD: 16.10.2018

EUR/USD

Even after recovering from 1.1430-25 support-zone, the EURUSD has to surpass 100-day SMA level of 1.1630 in order to justify its strength in targeting the seven-month long descending resistance-line, around 1.1730. Should prices rally beyond 1.1730 on a daily closing basis, the 1.1810 & 1.1850 are likely intermediate halts that can be availed prior to aiming the 1.1920 level, comprising 200-day SMA. In case the pair witness downside pressure, the 1.1520, the 1.1500 and the 1.1430 may entertain short-term sellers before again highlighting the importance of 1.1430-25 area. Given the pair’s refrain to respect the 1.1425 mark, the 1.1360 and the 1.1300 seem crucial as break of which could open the door for its plunge to 61.8% FE level of 1.1125.

USD/JPY

With an upward slanting trend-line restricting the USDJPY’s declines at the moment, chances of the pair’s pullback to 112.60 can’t be denied. However, the 113.15-20 region could limit the pair’s advances past-112.60, if not then 113.50-60 and the 114.10 might lure the buyers. Assuming the quote’s sustained rally above 114.10, the 114.55 and 61.8% FE level of 115.60 may flash on the Bulls’ radar. Alternatively, a D1 close beneath the 111.60 can fetch the pair to 100-day SMA level of 111.25, breaking which 110.80 could mark its presence on the chart. Additionally, pair’s extended south-run below 110.80 may take rest around 110.00 and 200-day SMA level of 109.75 ahead of aiming the sub-109.00 zone.

AUD/USD

AUDUSD needs to conquer the 0.7140-45 resistance-confluence if it is to revisit the 0.7200 and the 0.7235-40 resistances. Though, pair’s successful break above 0.7240 might not hesitate pleasing optimists with 0.7275 and the 0.7310 numbers to north. Meanwhile, 0.7100-0.7095 can act as adjacent supports for the pair, breaking which 0.7040 could regain market attention. If the pair drops below 0.7040, the 0.7000 round-figure may appear in limelight.

USD/CAD

Having failed to hold its 100-day SMA breakout, needless to mention about inability to clear the 1.3075-85 resistance-region, the USDCAD is likely declining towards the 1.2930 and the 200-day SMA level of 1.2890 but ascending support-line, at 1.2800, may challenge the Bears afterwards. Should prices dip beneath 1.2800, the 1.2740 & 1.2680 can be targeted if holding short positions. On the upside, successful break above 100-day SMA level of 1.3065 should be backed by the pair’s rise beyond 1.3075-85 to portray its capacity to question the 1.3145 resistance-line. In case the quote closes above 1.3145, its rally to 1.3220 & 1.3260 can be expected.

About the Author

An MBA (Finance) degree holder with more than five years of experience in tracking the global Forex market. His expertise lies in fundamental analysis but he does not give up on technical aspects in order to identify profitable trade opportunities.

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