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Technical Update For Important AUD Pairs: 10.08.2017

By:
Anil Panchal
Updated: Aug 10, 2017, 12:50 UTC

AUD/USD With the short-term descending trend-channel restricting AUDUSD’s up-moves since the start of August, the pair becomes more likely to drop towards

Australian Dollar

AUD/USD

With the short-term descending trend-channel restricting AUDUSD’s up-moves since the start of August, the pair becomes more likely to drop towards 0.7835-30 support-confluence, comprising channel-support & horizontal-line. However, its following downside seems questionable, which if happens can quickly fetch prices to 0.7785 and the 0.7740 prior to flashing 0.7710 on the chart. During the pair’s sustained trading below 0.7710, the 0.7680 and the 0.7640 can entertain sellers. On the contrary, pair’s bounce from present levels may have to surpass adjacent TL resistance figure of 0.7905 in order to challenge the channel-resistance, at 0.7935. Should the quote manages to rise beyond 0.7935, the 0.7980, the 0.8015 and the 0.8040 can offer intermediate halts to its north-run in direction to 0.8065, the 0.8100 and the 61.8% FE level of 0.8160.

GBP/AUD

gbpaud

Even after bouncing off from three-week old ascending trend-line, the GBPAUD failed to clear 1.6540 and currently portrays indecision on the part of pair traders. Though, comparative strength of the GBP indicate brighter chances for the pair’s rally towards 1.6610-15 horizontal-line, adjacent to a bit longer TL number of 1.6630. In case if buyers dominate after 1.6630, the 1.6735 and the 1.6775 are likely north-side stats to come alive. Alternatively, break of aforementioned trend-line support of 1.6400 can drag the pair to 1.6360 & then to 1.6300 while the 1.6265 and the 61.8% FE level of 1.6200 may please sellers afterwards.

AUD/CAD

audcad

While a fortnight long upward slanting trend-line signals the AUDCAD’s upside, the pair has been finding it difficult to surpass the six-week old descending TL region, around 1.0035-40. Given the resistance-line again play its role and confine the pair’s upside, it can re-test the 1.0000 psychological-magnet ahead of meeting the 0.9985 trend-line support. In case of the pair’s break of 0.9985, the 0.9960 and the 0.9920 can act as buffers during its dip to 0.9900 round-figure. If at all the quote conquers 1.0035-40 resistance, 1.0075 and the 1.0110 can appear as levels but its following advances need to clear 1.0145 and the 1.0170 to be eligible to target the June high of 1.0210.

AUD/CHF

audchf

AUDCHF’s U-turn from 0.7565 presently struggles with 0.7625-30 horizontal-line, which if broken could again propel prices to 0.7680 and then to 0.7730. If Bulls continue fueling the pair after 0.7730, the 0.7760 and the 0.7800 can comeback in their radar. Meanwhile, daily close below 0.7565 can drag the pair to 0.7540 and then to 0.7500 but the 50-day & 100-day SMA confluence, near 0.7445-50, seems strong enough to limit follow-on declines. Given the pair’s break of 0.7445, the 0.7390 and the 0.7320 can please Bears.

Cheers and Safe Trading,
Anil Panchal

About the Author

An MBA (Finance) degree holder with more than five years of experience in tracking the global Forex market. His expertise lies in fundamental analysis but he does not give up on technical aspects in order to identify profitable trade opportunities.

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