Technical Overview – EURAUD, GBPAUD, AUDCHF

EURAUD

The pair remains within a well-established up-trend, as depicted by formation of an ascending trend-channel on daily chart. Moreover, reversal from the upper trend-line resistance of the channel and a subsequent rebound from 1.4950-60 intermediate horizontal support, now seems to confirm extension of the near-term upward trajectory, possibly beyond recent daily closing highs resistance near 1.5250 level and 1.5300 round figure mark, towards retesting the upper trend-line resistance of the channel, currently near 1.5340-50 region. On the downside, 1.5100-1.5080 zone now seems to provide immediate support, which if broken might drag the pair back towards testing 1.4960-50 horizontal support area. Further, failure to hold 1.4950 support now seems to open room for continuing the near-term corrective move towards testing the lower trend-line support of the channel, currently near 1.4700 level.

GBPAUD

Following a break-through an important resistance near 2.1300 area, representing the upper trend-line resistance (Blue line) of an ascending trend-channel held since Sept. 2014, the pair on Friday climbed to a fresh 2015 highs, also marking the highest level touched since March 2009. On 4-hourly chart, the pair is nearing an ascending trend-line (Magenta) resistance near 2.1540 level, which if conquered seems to provide a further boost towards testing 2.1600-20 area, marking the upper trend-line (DeepSkyBlue) resistance of another short-term ascending trend-channel formation on 4-hourly chart. Considering that the pair has decisively strengthened above a medium-term ascending trend-channel, it could possibly continue with the break-out momentum in the near-term towards testing its next resistance near 2.1730-50 region. Meanwhile, a reversal from the current 2.1540 resistance level now seems to find immediate support near 2.1420-2.1400 level, which is closely followed by the medium-term ascending trend-channel resistance (Blue) break-out point now turned support near 2.1360-50 area, also coinciding with a short-term ascending trend-line (Magenta)support. A decisive break below 1.1350 support area has the potential to further drag the pair towards testing the lower trend-line support (DeepSkyBlue) of the short-term ascending trend-channel support, currently near 1.1060-50 zone.

AUDCHF

The formation of a short-term descending trend-channel on 4-hourly chart suggests the near-term trajectory for the pair remains on the downside. Further, after failing to decisively conquer 0.7100-20 resistance, the pair is once again headed back towards testing a strong support near 0.6950-40 zone. Hence, a break below this immediate strong support now seems to accelerate the fall back towards testing 0.6860-50 region, marking all-time low level earlier tested on 15th Jan. this year and also coinciding with the lower trend-line support of the descending channel. However, should the pair manages to hold 0.6950-40 support area and attempt a recovery, it is now seems to confront immediate resistance near 0.7000 round figure mark. On a decisive strength above 0.7000 mark, the pair seems be headed back towards a major resistance near 0.7100-20 area, also nearing the upper trend-line resistance of the channel.

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