Technical Checks For Important AUD Pairs: 25.10.2017

AUD/USD

Having breached the 0.7750-40 horizontal-line, the AUDUSD seems all set to test the 200-day SMA level of 0.7690 prior to visiting the 0.7630 support-mark. However, the pair’s declines beneath 0.7630 may find it hard to clear nearly eleven-month old ascending trend-line, at 0.7560, which if broken could open the door for its plunge towards 0.7515 and the 0.7470 numbers. In case if the oversold RSI triggers the quote’s pullback from 0.7690, the 0.7740-50 area regains its importance, surpassing which it may rise to 0.7815 and the 0.7840 resistances. Should the pair successfully trades beyond 0.7840, the 0.7865 can act as a buffer before fueling prices to the 50-day SMA level of 0.7900.

EUR/AUD

Even if sluggish AU inflation numbers propelled the EURAUD to post fresh high in sixteen months, the surge is likely to be challenged by resistance-line of three-month-old ascending trend-channel, at 1.5310. As a result, the pair’s profit-booking to 1.5240 and then to 1.5170 become more likely. Given the pair stretches the downturn below 1.5170, the 1.5100, the 1.5070 and the 1.5030 can entertain sellers ahead of making them confront with 50-day SMA level of 1.4980. Alternatively, Bulls’ ability to register a daily close beyond 1.5310 channel-resistance could further strengthen their upward bias to target 61.8% FE level of 1.5420. Moreover, pair’s sustained the rally above 1.5420 might help it conquer the 1.5455-60 multiple resistance-zone, which in-turn could accelerate the upside momentum in a direction to 1.5530-40 region and then to the 1.5600 round-figure.

AUD/JPY

With a two-month long ascending trend-line portraying brighter chances of the AUDJPY’s U-turn, the 88.20 and the 88.30-35 reacquire traders’ eye-share. Though, the pair’s consequent upside may only please buyers with 88.70 resistance-mark ahead of meeting the 88.95 trend-line barriers. Should the pair surpasses the 88.95 mark, also conquers the 89.00 – 89.05 zone, it can progress to 89.35 and the 89.70 resistances. Meanwhile, break of 87.75 TL support can result in additional weakness to the pair that may flash 87.60 and the 87.20 rest-points on the chart. Given the pair’s extended south-run beneath 87.20, it becomes vulnerable to test 86.50 support-mark.

AUD/CAD

While a downward slanting trend-line, stretched since early-May, again confining the AUDCAD’s upside, the pair is expected to re-test the 0.9755 and the 0.9710 supports ahead of resting around September lows of 0.9680. If the market sentiment keeps nurturing bears after 0.9680 breaks on a daily closing basis, the 61.8% FE level of 0.9575 may become a strong level to observe. On the upside, a daily close above 0.9815 can again try to beat the 0.9865 TL and aim for 100-day SMA level of 0.9900. If at all optimists favor the price-run to defeat 0.9900 round-figure, the 0.9960-65 can act as a buffer before shedding lights on 200-day SMA level, also the psychological magnet, of 1.0000.

Cheers and Safe Trading,
Anil Panchal