AUDUSD’s gradual recovery from 0.7758 recently reversed from 0.7890 horizontal-line, which in-turn signals the pair’s pullback to 0.7850 TL support. Should the pair break 0.7850, the 0.7830 and the 0.7790 are likely intermediate halts that it can avail before re-testing the 0.7760-55 support-zone. Moreover, pair’s declines below 0.7755 can make it vulnerable to rest on the 61.8% FE level of 0.7710. Meanwhile, break of 0.7890 could escalate the pair’s up-moves to 0.7910 and then to the 0.7955-60 horizontal-region. If at all Bulls conquer the 0.7960, the 0.8000 round-figure and 0.8045 may reappear on the chart.
With the AUDJPY’s sustained trading below eight-month old ascending trend-line, it seems wise to expect the pair’s further downside towards 83.70-65 horizontal-line with 84.00 being nearby support to watch. Given the Bears’ refrain to respect the 83.65 support-line, the 83.20, the 82.70 and the 82.30 are likely consecutive rest-points that the pair may avail. In case if the pair takes a U-turn from present levels, the 85.00 may become immediate resistance to observe, breaking which the 85.50 and the 85.90 can entertain short-term buyers before challenging them with 200-day SMA level of 86.55. Though, pair’s ability to surpass 86.55 on a daily closing basis could help it claim the 87.20 resistance-mark.
Considering the AUDNZD’s repeated bounces off the 1.0750-40 horizontal-line, pair’s recent dip towards the same may attract count-trend traders to bet on 1.0805 resistance, breaking which 1.0840 and the 1.0875-80 could please them. Should prices rally beyond 1.0880, the 1.0920, the 1.0945 and the 1.1000 are likely land-marks that can be aimed. Alternatively, break of 1.0740 can quickly fetch the quote to 1.0700 and then to the 61.8% FE level of 1.0690 before pushing the sellers to dream for 1.0665 and the 1.0600 numbers.
As 0.9905-10 horizontal-region continues playing its role in restricting the AUDCAD’s up-moves since early-February, the pair’s pullback to 0.9860 and then to the 0.9815 seems much acceptable. However, an upward slanting TL support of 0.9790, quickly followed by the 0.9770 support-mark, could limit its further south-run. If prices drop beneath the 0.9770, the 0.9710 and the 0.9690 may mark their presence on the chart. On the upside, a clear break of 0.9910 could have multiple resistances around 0.9930 and the 0.9960 before it can target 1.0000 and the 1.0010 north-side figures. Given the pair’s successful trading above 1.0010, the 61.8% FE level of 1.0050 can become buyers’ favorite.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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