Technical Outlook For EUR/USD, GBP/USD, USD/JPY & NZD/USD: 27.06.2017

EUR/USD

With three-week long descending trend-line, together with overbought RSI, raising barrier during near-term EURUSD up-moves, chances of the pair’s pullback to 1.1215 and then to the immediate ascending TL support of 1.1170 are higher. Should the quote drops further below 1.1170, the 1.1140 and the 1.1120-15 horizontal-line may limit its additional downside. In case if sellers fail to refrain 1.1115 support, it becomes wise to expect the 1.1070, the 1.1050 and the 1.1000 as consecutive rests. Meanwhile, pair’s successful break of 1.1265 trend-line resistances enables it to claim 1.1300 before aiming 61.8% FE level of 1.1325. Given the buyers’ dominance over prices after 1.1325 break, the 1.1410 can come into their radar.

GBP/USD

GBPUSD presently struggles to extend its latest up-move towards 1.2810 resistance as it is finding difficult to clear 1.2765-70 adjacent top, which in-turn could trigger fresh profit-booking towards 1.2700 support. If the pair stretches the correction below 1.2700, the 1.2660 and the 1.2635 may offer intermediate halts prior to reigniting the importance of 1.2590-85 and the 61.8% FE level of 1.2520. On the contrary, pair’s capacity to break 1.2810 mark could help it challenge the 1.2830 horizontal-line, which if broken might propel it to a month-old descending TL resistance of 1.2920. Moreover, an extended up-move beyond 1.2920 could rejuvenate Bulls to flash 1.2980 and the 1.3000 psychological magnet as resistances.

USD/JPY

Even if the 112.00 horizontal-line repeatedly limits the USDJPY’s advances, an immediate upward slanting trend-line continue helping buyers to look for 112.45 and the 112.95. If at all the pair surpasses 112.95, also clears 113.00 round-figure, it can stretch the upward trajectory towards 113.20 and the 113.80 resistances. In case if the pair takes a U-turn from present levels, the 111.10 TL support seems important for short-term traders, breaking which 110.80 and the 110.35 can come-back on the chart. Should prices continue declining after 110.35, the 109.65 and the 109.00 support-marks can please sellers.

NZD/USD

Having breached ten-month old descending trend-line, the NZDUSD seems capable enough to challenge the 0.7375-85 horizontal-region with 0.7350 being immediate resistance. However, pair’s extended north-run beyond 0.7385 becomes questionable considering the overbought RSI, which if neglected might help witness the 0.7415, the 0.7455 and the 0.7485 resistances. Alternatively, a daily close below 0.7270 negates the latest breakout and can increase the importance of ascending trend-line support of 0.7255, clearing which may push Bears to demand 0.7200 and the 0.7145 as quotes. Though, 200-day SMA level of 0.7095 might limit the pair’s further declines after 0.7145 break.

Cheers and Safe Trading,
Anil Panchal