Technical Update For Important AUD Pairs: 01.08.2018
Notwithstanding the AUDUSD’s sustained trading above a fortnight long ascending trend-line, the pair can’t be termed strong as immediate downward slanting TL, at 0.7455, followed by the 0.7480-85 horizontal-region, still stand tall to challenge the buyers. In case the pair surpasses the 0.7485, the 0.7500 may offer an intermediate halt during its rally to 0.7555 resistance-level. On the contrary, dip below the 0.7395 support-line can drag prices to the 0.7360 and the 0.7320 numbers. Though. pair’s additional weakness past-0.7320 might not respect the July-month low around 0.7310 and could target the 61.8% FE level of 0.7255.
As the short-term symmetrical triangle formation restricts AUDJPY’s moves between the 83.30 resistance and the 81.95 support, traders should wait for either side break before taking any big positions. However, recent weakness of the JPY after BoJ’s disappointment signal brighter chances for the pair’s rally to the 83.60, the 84.00 and the 200-day SMA level of 84.30 ahead of confronting another crucial upside barrier, namely the 84.50-55 horizontal-area. Should the quote conquers 84.55 level on a daily closing basis, the 85.00 and the 85.45-50 may gain market attention. Alternatively, the 82.30 can limit the pair’s adjacent declines prior to highlighting the 81.95 rest-point, which if broken could fetch it to the 81.00 and the 80.45 levels. Additionally, pair’s extended south-run beneath 80.45 may have 80.00 as a buffer stop while aiming for the 79.40 mark, comprising 61.8% FE.
AUDNZD’s bounce off the 50-day & 200-day SMA may help it question the strength of nine-month long descending trend-line, at 1.0965 now, breaking which the 1.1000, the 1.1050 and the 1.1100 might appear on the chart. Given the pair’s successful rise beyond 1.1100, the 1.1140, the 1.1180 and the 1.1225-30 can entertain the Bulls. Meanwhile, a D1 close below the 1.0855-50 support-confluence can trigger the pair’s downturn towards 1.0830, the 1.0770 and the 1.0725 consecutive rest-points. Assuming the 1.0725 level’s inability to turn sellers down, the 1.0660-55 and the 1.0600 may flash in their radar to target.
Repeated failures to surpass the descending trend-line indicates the AUDCHF’s gradual drop to 0.7310 horizontal-line with 0.7335 being immediate support to watch. If prices keep trading southwards post-0.7310 then the 0.7295, the 0.7270 and the 61.8% FE level of 0.7260 may please the Bears. Let’s say the pair manage to cross the 0.7365 TL hurdle, in that case it can quickly advance to the 0.7400, the 0.7420 and the 0.7445 resistances. It should also be noted that the quote’s march above 0.7445 might push the optimists to look for the 0.7490, the 0.7520 and the 0.7550 if holding long positions.