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Technical Overview Of EUR/USD, GBP/USD, AUD/USD & USD/CHF: 03.05.2017

By:
Anil Panchal
Updated: May 3, 2017, 12:25 UTC

While first round of French election triggered EURUSD’s rally beyond 200-day SMA, the pair has been struggling to clear an upward slanting trend-line

Technical Overview Of EUR/USD, GBP/USD, AUD/USD & USD/CHF: 03.05.2017

EUR/USD

While first round of French election triggered EURUSD’s rally beyond 200-day SMA, the pair has been struggling to clear an upward slanting trend-line connecting February and March high, around 1.0955-60 now. However, near over-bought RSI and expected hawkish statement from today’s FOMC may again drag the quote to 1.0880 and the 1.0850 before the 200-day SMA number of 1.0835 comes into play. In case if the pair’s profit-booking extends with a closing break of 1.0835, the 1.0810, the 1.0780 and the 1.0735-30 are likely consecutive supports to appear on the chart. On the contrary, disappointment from Fed meeting can quickly propel prices to break 1.0955-60 resistance-line prior to aiming 1.1000. During the pair’s additional up-moves beyond 1.1000, the 1.1030 and the 1.1070 may offer intermediate halts ahead of pleasing buyers with 1.1120 and the 1.1150 resistance-marks.

GBP/USD

gbpusd

Unlike EURUSD, the GBPUSD has already cleared an important resistance-line of 1.2860-70 and has been trading beyond the same since last one week, which in-turn favors its further upside towards 1.2970 prior to expecting 1.3000 psychological magnet. Given the pair’s capacity to surpass 1.3000 mark, the 1.3020, the 1.3060 and the 1.3125 may entertain buyers before the 1.3170 could try to activate a pullback. Meanwhile, a daily closing below 1.2860 needs to conquer 1.2830 ahead of fetching prices to 1.2770 re-test, which if broken can further weaken them to meet 1.2710 and the 1.2650 supports. Should Bears dominate trade-sentiment after 1.2650, the 1.2610 – 1.2600 support-confluence, comprising 200-day SMA & two-month old ascending trend-line, becomes crucial to watch.

AUD/USD

audusd

With a month-old descending trend-line successfully restricting AUDUSD’s advances on Tuesday, the pair seems all set to re-test 0.7440 support, breaking which 61.8% FE level around 0.7405, quickly followed by 0.7400 mark, can offer follow-on rests to it. If sellers refrain to respect 0.7400, the 0.7385 and the 0.7360-55 are likely important supports that could gain popularity. Alternatively, a clear break of 0.7510 can again fuel the quote to challenge 0.7545-50 trend-line that holds the door for the pair’s upward trajectory towards 0.7570 & 0.7585. Further, pair’s successful trading above 0.7585 needs to clear 0.7600 round-figure in order to aim for 0.7630 and 0.7650 numbers towards north.

USD/CHF

usdchf

USDCHF recently bounced-off from a short-term descending trend-line support of 0.9885 and might look for 0.9920 resistance; however, 0.9950 resistance-line, also forming part of falling-wedge bullish pattern, could aptly confine its following advances. Should prices manage to clear 0.9950, the Bullish formation gets confirmed and can portray an upward trajectory towards 0.9975 and the 1.0000 resistance-levels. During the course of pair’s increase beyond 1.0000, the 1.0025 and the 1.0060 are likely north-side figures that can please Bulls. If at all the pair fails to sustain its latest bounce and dips below 0.9885, the 0.9860 & 0.9845 may act as intermediate halts prior to fetching it to March lows near 0.9810. Given the continuous downside below 0.9810, also clearing 0.9800 round-figure, it becomes wise to expect the 0.9755-50 to comeback on the chart.

Cheers and Safe Trading,
Anil Panchal

About the Author

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.

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