Technical Update For EUR/USD, AUD/USD, USD/CAD & USD/CHF: 27.11.2018
With the five-week long descending trend-line aptly restricting the EURUSD’s advances, the pair is re-testing 1.1310-1.1300 support-zone, breaking which 1.1260 & 1.1215 may regain market attention. Should prices continue trading southwards past-1.1215, the 61.8% FE level of 1.1100 and the 1.1080 could please the sellers. On the contrary, immediate downward slanting TL figure of 1.1390 and the aforementioned resistance-line, at 1.1445, may restrict the pair’s near-term advances, breaking which 1.1490 & 1.1540 can appear on the chart. However, the 1.1600-1.1600 area might challenge the buyers after 1.1540, which if not respected can propel the quote towards 1.1670.
Failure to sustain 0.7300 break signal brighter chances for the AUDUSD’s decline to 0.7190 but the 0.7165-55 region may limit the pair’s following downside. If at all the pair keep running down beneath 0.7155, the 0.7100, the 0.7055 and the 0.7040 can offer halts during its plunge to 0.7000 round-figure. Meanwhile, the 0.7275 may become nearby resistance for the pair before highlighting 0.7300 for one more time. Though, successful clearance of 0.7300 might not hesitate questioning the strength of 0.7340 and the 0.7370, including 61.8% FE, as resistances.
Having reversed from nearly two-month old support-line, the USDCAD seems all set to confront the 1.3310-20 resistance-area that holds the gate for its rally to 1.3385 and the 1.3400. In case 1.3400 fall short of satisfying Bulls, the 61.8% FE level of 1.3490 may flash on their radars to target. Alternatively, a D1 close below 1.3180 support-line can fetch the quote to 1.3130 & then to 1.3100 whereas 50-day & 100-day SMA confluence, around 1.3075-70, could confine the pair’s further weakness. Should the pair drops beneath 1.3070, the 1.3000 and the 1.2970 can become Bears’ favorites.
USDCHF is likely another major that’s heading to its near-term important resistance, namely 1.0000 psychological magnet, which if broken could escalate the pair’s rise in direction to 1.0055 & 1.0085. Assuming the pair’s ability to conquer 1.0085, the 1.0130 and the 61.8% FE level of 1.0220 may be looked if having long position. Given the pair’s failure to cross 1.0000 mark, the 50-day SMA level of 0.9915 and the 100-day SMA level of 0.9890 can comeback as supports whereas 200-day SMA level of 0.9815, followed by 0.9785, could grab the limelight then after. During the pair’s downturn past-0.9785, the 0.9755 & the 0.9700 might lure the pessimists.