Technical Update For EUR/USD, GBP/USD, USD/JPY & AUD/USD: 25.07.2017

EUR/USD

Although four-month old ascending trend-line, at 1.1690 now, restricted the EURUSD’s upside, the pair continues trading above 1.1615 horizontal-line and is indicating brighter chances to challenge the 1.1690 resistance again. Should the pair manage to surpass 1.1690 on a daily closing basis, the August 2015 high around 1.1715, followed by the 1.1750 and the 1.1875-80, might please Buyers before offering them the 1.2000 psychological magnet. In case if the quote drops below 1.1615 support-line, the 1.1580 and the 1.1500 are likely immediate rests that it can avail, breaking which 1.1475 and the 1.1430 can entertain traders. Given the pair’s extended declines below 1.1430, an upward slanting trend-line stretched since April, at 1.1385, and the 50-day SMA level of 1.1300 seem crucial to watch.

GBP/USD

GBPUSD’s failure to clear 1.3050 reignites the importance of adjacent ascending trend-line support of 1.2995, breaking which another TL support, at 1.2945, should be given proper attention. In case of the pair’s break of 1.2945, the 1.2890 and the 1.2860 may offer intermediate halts to the price-drop towards 1.2815-10 horizontal-line. On the contrary, pair’s break of 1.3050 could help it accelerate the recovery to 1.3100 and then to the recent high of 1.3125, which if broken enables the Bulls to aim for 61.8% FE level of 1.3200. Moreover, successful trading of the pair beyond 1.3200 could flash 1.3280 and the 1.3345-50 resistances on the chart.

USD/JPY

Having bounced from 110.60-70 support-zone, the USDJPY is presently aiming to conquer the 111.60-70 resistance-confluence which comprises 50-day & 100-day SMA, together with a fortnight long downward slanting trend-line. Given the pair’s sustained break of 111.70, the 112.10 and the 112.50 are likely following upside numbers to observe, clearing which 112.80 and the 113.50 gains importance. Alternatively, pair’s break of 110.60 highlights the three-month old ascending trend-line figure of 110.00, break of which can open the doors for the quote’s south-run to 109.30 and then to 109.00. In case if Bears dominate the trading momentum after 109.00, the April low of 108.15 and the 107.80 can make them happy.

AUD/USD

With an immediate symmetrical triangle restricting the AUDUSD moves, the pair needs to clear the 0.7960 upper-line before claiming the recent high of 0.7990 and the 0.8000 round-figure. However, pair’s extended up-move above 0.8000 could strengthen buyers to demand 0.8050 resistance, encompassing 61.8% FE level. Meanwhile, pair’s dip below 0.7900 formation support can trigger its pullback towards 0.7835-30 horizontal-line, breaking which 0.7785-80 and the 0.7750 should be watched carefully. During the pair’s further downside after 0.7750, the 0.7710 and the 0.7685 can come-back as price.

Cheers and Safe Trading,
Anil Panchal