Technical Outlook For EUR/USD, AUD/USD, NZD/USD & USD/CAD: 19.09.2017

EUR/USD

Following its bounce from 1.1840-35 support-confluence, the EURUSD seems all set to revisit the 1.2000 psychological magnet; however, the 1.2040 and the 1.2070 might confine the pair’s following upside, which if cleared could help it surpass the recent high of 1.2090 and flash 1.2100 on the chart. Given the pair’s successful trading beyond 1.2100, resistance-line of two-month old ascending trend-channel, at 1.2200, quickly followed by the 61.8% FE level of 1.2215, might act as strong barriers to watch during additional north-run. On the downside, break of an immediate ascending TL figure of 1.1950 can fetch the quote to 1.1900 and then to the 1.1865, comprising channel-support, before reigniting the importance of 1.1840-35 horizontal-line. Should Bears drag prices below 1.1835, the 1.1780 and the 1.1730 can entertain traders prior to pleasing them with 1.1685 support-mark.

AUD/USD

Even if the 0.7940-35 support-region, encompassing month-old ascending TL & a horizontal-line, triggered the AUDUSD’s U-turn, the pair might find it difficult to extend its latest recovery as a nearby downward slanting trend-line, at 0.8015, followed by the 0.8040-45 horizontal-line, still remains intact. If the pair clears the 0.8045 resistance, the 0.8065, 0.8080 and the 0.8100 may offer intermediate halts ahead of pushing it to towards early-month high of 0.8125. Meanwhile, 0.7970 seems adjacent support for the pair, breaking which it could re-test 0.7940-35 support-area while a clearance of which may further weaken it in direction to 0.7920 and 0.7900 round-figure. In case of the pair’s extended south-run beneath 0.7900, the 0.7865, the 0.7845 and the 0.7800 can grab market attention.

NZD/USD

Although higher lows indicate NZDUSD’s slow transition to north, 50-day SMA level of 0.7315 and the 0.7345 horizontal-line continue being strong near-term resistances for traders to observe. Should the pair surpasses 0.7345 on a daily closing basis, the 0.7400 and the 0.7460 may appear on buyers’ radar, which if cleared can further push them to demand 0.7530 and the 0.7560 levels. Alternatively, the 0.7240, the 0.7200 and the 0.7180 are likely immediate supports for the pair to break prior to resting around 0.7140-45 region, including 200-day SMA. Given the sellers’ dominance over momentum after 0.7140 break, chances of witnessing the 0.7085, the 0.7055 and the 0.7000 numbers as levels can’t be denied.

USD/CAD

With its inability to surpass the 1.2335-40 horizontal-resistance, the USDCAD is indicating brighter chances of its pullback to 1.2240 support-mark, break of which may further drag it to 1.2170. However, support-line of an adjacent ascending trend-channel, at 1.2140, may limit the pair’s following downside, failing to which could magnify its weakness by registering a decline towards 1.2075, the 1.2060 and then to the 61.8% FE level of 1.1960. If at all the pair manages to clear 1.2340, the 1.2415-20, the 1.2445-50 and the 1.2500 can entertain short-term buyers ahead of challenging them with a downward slanting resistance-line of 1.2540. Moreover, pair’s sustained trading above 1.2540 enables it to meet the 1.2600, the 1.2665 and the 1.2700 resistance-levels.

Cheers and Safe Trading,
Anil Panchal