Following its failure to surpass short-term descending trend-line, the EURUSD seems now declining towards re-visiting 1.0495-90 horizontal-support
Following its failure to surpass short-term descending trend-line, the EURUSD seems now declining towards re-visiting 1.0495-90 horizontal-support; though, 1.0540 might offer immediate rest. While oversold RSI can help trigger the pair’s pullback around 1.0490, sustained downturn below the same could reignite possibilities to witness 1.0450, 1.0430 and the 1.0390 consecutive supports before signaling January-low of 1.0340 to appear on the chart. On the upside, the 1.0615 TL resistance-break can open the door for the pair’s advances targeting 1.0650 and 1.0685 resistance-levels. Given the prices continue trading beyond 1.0685, chances of its run-up to 1.0730 and the 1.0780 can’t be denied.
Having breached 1.2220 support-mark, the GBPUSD is struggling around 1.2190 to extend its south-run towards 1.2090 and the 1.2030 supports. Should Bears continue dominating the price-moves around 1.2030, the 1.1985 can become an intermediate halt prior to giving another push to the quote in direction to 1.1915 and the 61.8% FE level of 1.1830. However, pair’s daily closing beyond 1.2310 might rejuvenate its pullback favoring 1.2380 resistance-mark but the 50-day & 100-day SMA confluence, between 1.2390 and 1.2410, becomes strong region to limit its further upside. In case if buyers help the pair to clear 1.2410, it becomes wise to expect 1.2480 and the 1.2550 as following levels.
Unlike both the previous majors, which show further downside, the AUDUSD has limited space available before it can meet 0.7525 – 0.7510 support-zone, comprising 100-day & 200-day SMA, which might restrict the pair’s south-run and can help witness a recovery. If sellers fail to respect 0.7510, also break 0.7500 round figure, the pair becomes vulnerable to plunge towards testing 0.7450 and the 0.7410 support-levels. Alternatively, 0.7645 and the 0.7690 are likely nearby resistances to confine the pair’s up-moves, breaking which a broader descending trend-line, around 0.7740, again comes into play. Given the quote manage to surpass 0.7740 on a daily closing basis, it becomes capable enough to aim for 0.7780 and the 0.7835 resistances.
USDCHF has been observing a “Rising-Wedge” formation and is presently heading towards pattern-resistance of 1.0195 but 1.0155 can provide immediate stop to prices. Should the pair negates bearish chart-formation by breaking 1.0195, it can quickly rally to 1.0245 and the 1.0260 resistances prior to targeting 1.0300 round-figure mark. Meanwhile, 1.0100 is likely adjacent support for the pair ahead of meeting the pattern lower-line at 1.0075, immediately followed by 50-day SMA figure of 1.0065. In case of the pair’s sustained trading below 1.0065, it confirms the bearish bias of traders to flash 1.000 and the 0.9955 on the chart.
Cheers and Safe Trading,
Anil Panchal
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.