Technical Outlook For EUR/USD, AUD/USD, USD/CAD & USD/CHF: 04.04.2017

EUR/USD

EURUSD’s reversal from 1.0865-75 horizontal-line presently drags the pair towards 100-day SMA level of 1.0625; however, 1.0590-80 support-zone, comprising three-month old ascending TL and 23.6% Fibonacci Retracement level, might restrict its following downside after clearing 1.0625. In case if the quote keeps declining below 1.0580, the 1.0550 and the 1.0490 should carefully be watched by sellers. On the upside, 1.0680 and the 1.0715-20 are likely immediate resistances that can limit the pair’s near-term advances, breaking which 1.0780 and the 1.0810 gain importance. If at all prices continue rallying beyond 1.0810, the 1.0830 can be considered as an intermediate halt before 1.0865-75 area again comes into play.

AUD/USD

With a short-term descending trend-channel signaling AUDUSD’s further downside, the pair seem curious enough to re-test 0.7530 support, which if broken can extend its latest south-run towards 0.7515 and the 0.7490 horizontal-line. Should the pair fail to respect 0.7490, it can plunge to 0.7440 and the 0.7390 downside figures. Given the pair’s reversal from 0.7530, the 0.7590 is likely immediate resistance which can entertain short-term buyers while 0.7620 and the channel-resistance of 0.7650 may become crucial afterwards. However, the pair’s clear break of 0.7650 may trigger its upward trajectory towards 0.7680 and the 0.7720 resistance-levels.

USD/CAD

Break of 1.3410 resistance-mark favors USDCAD’s chances of up-move towards 1.3480 and then to 1.3510 trend-line if it manages to provide a daily closing above 1.3435-40. Though, 1.3510 becomes crucial for traders to watch, which if broken enables the quote to aim for 1.3560 and the 1.3600 round-figure. Meanwhile, the pair’s inability to sustain the break with a close around 1.3410 may again fetch it to 1.3350 and 1.3315 supports before 100-day SMA level of 1.3290 and the 1.3270-80 horizontal-region grab traders’ eye. Additionally, Bears’ capacity to drag prices below 1.3270 might portray a plunge to 1.3210 and then to 1.3165 numbers towards south.

USD/CHF

USDCHF presently struggles with 50-day SMA level of 1.0010 during its short-term upward trajectory that aims to meet 100-day SMA figure of 1.0080 and then the 1.0100 TL mark. Should there be additional buying support to the pair which enables it to surpass 1.0100, it becomes capable enough to target 1.0140 and the 1.0170 resistances. Alternatively, a daily close below 1.0010 SMA mark may fetch prices to 0.9985 and the 0.9960 supports before 0.9940 and the 0.9900 gains importance. If the quote continue being sellers’ favorite and drops below 0.9900, the 0.9880 might offer intermediate halt before 0.9815-10 horizontal-line comes into analysts’ radar.

Cheers and Safe Trading,
Anil Panchal