Technical Update For EUR/USD, USD/CHF, AUD/USD & NZD/USD: 06.03.2018

EUR/USD

Having bounced off the 1.2155-65 support-zone, the EURUSD presently struggles with the 1.2360-70 horizontal-area in order to justify its strength in targeting the 1.2415 and the 1.2450 resistances. However, overbought RSI signals the pair’s pullback towards re-testing the 1.2300, the 1.2275 and the 1.2260-55 rest-points. Should the pair drops beneath 1.2255, the 1.2200 round-figure might act as an intermediate halt before it can revisit the 1.2165-55 region. Meanwhile, an upside break of 1.2370, followed by successful trading beyond 1.2450, enables the pair to aim for 1.2500, the 1.2520 and then the 1.2555 numbers to north.

USD/CHF

USDCHF’s inability to surpass the 0.9465-70 horizontal-area seems dragging the quote to 0.9320-15 support-zone, which if broken could recall the 0.9250 and the 0.9220 figures on the chart. In case of the pair’s additional downturn below 0.9220, the 0.9185 may play its role as a buffer ahead of fetching prices to 61.8% FE level of 0.9080. Assuming the pair’s recovery, the 0.9465-70 becomes immediate important resistance to watch, breaking which 0.9550 and the 0.9600 can appear on the Bulls’ radars ahead of confronting the 0.9660-65 resistance-region. Moreover, pair’s sustained rise above 0.9665 could help it mark the 0.9740 as a level.

AUD/USD

Even after taking a U-turn from 0.7725-35, the AUDUSD has to close above 200-day SMA level of 0.7785 if it is to meet the 0.7825 and more than a month-long descending TL resistance of 0.7865. Given the 0.7865 trend-line mark’s failure to confine the pair’s advances, the 0.7900 and the 0.7940 may become buyers’ favorites. Alternatively, pair’s D1 close below 0.7725 can pull it back to 0.7695, the 0.7650 and the 0.7600 consecutive supports prior to highlighting the 0.7560 TL. Additionally, pair’s extended declines below 0.7560 may not hesitate in printing 0.7500 and the 0.7470 as quotes.

NZD/USD

Unlike rest of the majors, the NZDUSD’s latest recovery seems conquering the fortnight old descending trend-line resistance, at 0.7245 now, which in-turn could help it escalate the up-moves to 0.7275, the 0.7285 and the 0.7300 resistances. Should prices run above 0.7300, the 0.7330, the 0.7350 and the 0.7375 could entertain the optimists. On the downside, the 0.7220 and an immediate upward slanting TL, at 0.7210, may please counter-trend traders, breaking which 0.7185 and 0.7175 can come-back on the chart. Let’s say sellers fetch the pair below 0.7175, the 61.8% FE level of 0.7155 may gain market attention.

Cheers and Safe Trading,
Anil Panchal