Technical Outlook: EUR/NZD, AUD/NZD and NZD/CAD

EUR/NZD

Even as the EURNZD dropped below 1.6285 – 1.6300 important-support-turned-resistance-zone, comprising eleven month old ascending trend-line and 50% Fibonacci Retracement of its April – August 2015 upside, the pair’s closing below the same area becomes prerequisite for it to extend prevailing south-run till 1.6000 psychological magnet. Should the pair bounces back from the present levels and closes above 1.6300 mark, it can quickly rise to 1.6500 and then to the 200-day SMA level of 1.6640 now. Moreover, pair’s sustained recovery beyond the longer-term SMA can further propel its up-move towards 38.2% Fibo level of 1.6850 and to the 1.7050 resistances level; though, 1.7250-70 horizontal resistance might restrict its upside above 1.7050 mark. Alternatively, pair’s drop below 1.6000 support level can fetch the prices towards 1.5860-50 region, followed by the 61.8% Fibo level of 1.5700 mark. Given the pair’s consecutive decline below 1.5700, it becomes weaker enough test the 1.5500 and the 1.5400 support numbers.

AUD/NZD

AUDNZD’s break of six month old descending trend-line resistance presently struggles around the 200-day SMA, failing to close above the same might negate breakout and can drag the pair prices to 1.0880-70 support-zone, including 38.2% Fibonacci Retracement of its April – August 2015 upside. If the pair further declines below 1.0870, 1.0750 and the 50% Fibo level of 1.0720 are likely consecutive downside numbers that it could witness prior to challenging the 1.0680 and the medium-term ascending trend-line support of 1.0580, adjacent to 61.8% Fibo level of 1.0560. Given the pair’s failure to hold 1.0560 mark, it becomes vulnerable enough to plunge towards 1.0330-40 support-area; though, 1.0500 can offer an intermediate support. On the upside, a daily close above 1.0975-80 can propel the pair towards 1.1100 mark, near to the 23.6% Fibo level. Moreover, pair’s successful up-move beyond 1.1100 round figure enables it to clear the 1.1170 and the 1.1300 resistances, clearing which can fuel the pair’s rally towards August highs, near 1.1430.

NZD/CAD

Following the NZDCAD’s bounce from two month old descending trend-channel support, the pair currently confronts with the 100-day SMA level of 0.9065 which is immediately followed by the 0.9090 – 0.9100 resistance-zone, encompassing 38.2% Fibonacci Retracement of its September – December 2015 upside. Given the pair’s ability to close above 0.9100, the mentioned channel resistance, near 0.9180-85, becomes a strong resistance for the pair to clear, breaking which it could rally to 0.9270, including 23.6% Fibo, and then to the 0.9380-85 region. If at all the pair manages to clear 0.9385, its northward trajectory towards December highs of 0.9575 can’t be denied. Meanwhile, pair’s inability to close above 0.9065 can immediately fetch the pair prices to 0.9000 psychological magnet before testing the 50% Fibo level of 0.8940; however, further downside below 0.8940 might find it difficult to clear the channel support around 0.8830-25. Should the pair continue dipping down below 0.8825, it becomes weaker enough to test 0.8700 and the 0.8580 support numbers during its consecutive south-run.

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