Technical Update For EUR/USD, USD/JPY, AUD/USD & NZD/USD: 12.12.2017

EUR/USD

Considering the EURUSD’s another bounce from 1.1730-20 horizontal-region, it seems that the pair is all set to confirm a short-term “Falling-Wedge” bullish pattern with a break of 1.1795, which in-turn could open the door for its north-run to 1.1875-80; however, 1.1840 might act as a buffer during the rally. Given the pair manages to sustain the strength beyond 1.1880, it becomes capable to challenge the 1.1900, the 1.1930 and the 1.1960 consecutive resistances. In case if the quote fails to extend latest recovery above 1.1795 mark, the 1.1750, the 1.1730-20 and the descending TL support of 1.1700 might entertain sellers. Moreover, Bears’ rule beneath 1.1720 ignites the chances of witnessing the price plunge to 1.1670 and then to the 1.1635 rest-points.

USD/JPY

Even if the USDJPY failed to extend its horizontal-line break beyond 113.70, chances of its up-moves can’t be denied unless it closes below 113.10–113.00 support-zone. As a result, the pair’s break of 113.70 can quickly trigger its rise to downward slanting TL figure of 114.00, which if broken could further escalate the advances to 114.40 and to the November high around 114.75. Assuming the pair’s capacity to conquer the 114.75 resistance, the 61.8% FE level of 115.40 could please the Buyers. Meanwhile, pair’s daily close below 113.00 can have 50-day SMA level of 112.85 as a following support, breaking which 112.10 may offer an intermediate halt before pushing traders to observe the 111.65-70 support-confluence, comprising 100-day & 200-day SMA. Additionally, break of 111.65 could weaken the pair towards testing the 111.05–111.00 horizontal-region.

AUD/USD

AUDUSD’s recent bounce from a longer-term TL support of 0.7495 favors its up-moves indirection to the immediate trend-line resistance of 0.7625. Should the pair surpasses the 0.7625 resistance-mark, the 50-day SMA level of 0.7675 and the 200-day SMA level of 0.7690 might try restricting its consequent advances, failing to which can register 0.7745 as a quote. Alternatively, pair’s close below 0.7495 on a D1 time-frame can extend its downturn to the 0.7445, the 0.7410 and then to the 0.7365 support-levels.

NZD/USD

Having repeatedly failed to clear a three-week long descending trend-line resistance, the NZDUSD finally cleared the same barrier on Tuesday and it seems rising towards 0.6975 resistance-mark. Though, overbought RSI can trigger the pair’s pullback around then, if not then the Bulls may aim for 0.7000, the 0.7035 and the 0.7055 numbers to north. On the contrary, a dip below 0.6920 TL resistance-turned-support could again fetch the pair to 0.6900 and to the 0.6865 while 0.6820 horizontal-line is likely holding its declines captive then after. If at all the pair drops beneath 0.6820, the November low, around 0.6780 might appear on the chart.

Cheers and Safe Trading,
Anil Panchal