Technical Overview of EURUSD, GBP, AUD & CHF: 29.01.2019

Anil Panchal
Technical Overview of EURUSD, GBP, AUD & CHF: 29.01.2019


A second consecutive daily positive closing by the EURUSD still fall short of clearing the 100-day SMA barrier, which in-turn highlights the importance of 1.1340 and the 1.1300 supports. Should the pair drops beneath 1.1300, the 1.1260 and the 1.1215 are likely following numbers to gain sellers attention as break of which can drag the quote to 61.8% FE level of 1.1080. In case the pair manage to cross the 1.1450 SMA hurdle on a daily closing basis then a downward sloping trend-line, at 1.1530, near to 200-day SMA level of 1.1580, may flash on the chart. Additionally, pair’s sustained trading beyond the 1.1580 could pop-up 1.1610-20 and the 1.1650 on buyers’ radar.


Unlike EURUSD, the GBPUSD is trading beyond resistance-turned-support confluence and may aim for the 1.3290-1.3300 resistance-zone; however, overbought RSI & the 1.3215 barrier could challenge the pair’s upside. Given the pair surpasses the 1.3300 region, the 1.3365 and the 1.3440 could become Bulls’ favorites. On the downside, a D1 close under 1.3065-60 support-confluence can reprint 1.3000 as levels whereas 100-day SMA level of 1.2900 and the 1.2810 may entertain the Bears afterwards. During the pair’s extended downturn past-1.2810, an ascending support-line, at 1.2740, seem tough support as break of which can diver market to 1.2700 and the 1.2610 rest-points.


Failure to conquer the 0.7200 mark seems fetching the AUDUSD to 0.7070 support but its further downside might be confined by the 0.7015-10 and the 0.7000 round-figure. If the pair refrains to respect the 0.7000 support, the 0.6975, the 0.6910 and the 0.6800 might offer intermediate halts during the plunge to early-month lows near 0.6730. Alternatively, break of 0.7200 can accelerate the pair towards 0.7240 but the 0.7300-10 area, including 200-day SMA and seven-month old resistance-line, could restrict further rise. Assuming the pair’s ability to cross 0.7310, the 0.7400 and the 0.7445-50 can be targeted if holding long positions.


USDCHF bounced off the 0.9910-05 horizontal-support but is yet to cross the 0.9935 resistance that holds the gate for its rise to 0.9965 and then to the 0.9990 resistance-line. In case the pair rally above 0.9990, the 1.0005 and the 61.8% FE level of 1.0025 may come back on the chart. Meanwhile, pair dip below 0.9905 can have 0.9870 and the 0.9845 as nearby rests before highlighting the 0.9800 support-figure. Should prices continue slipping under 0.9800, the 0.9785, the 0.9730 and the 0.9700 might try activating a U-turn.

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