With its sustained trading beneath 200-day SMA, the NZDUSD is likely to extend recent drop towards 0.7140 and then to the 100-day SMA level of 0.7120 unless it trades below the 0.7185 SMA figure. If prices continue declining after 0.7120, the 0.7070, the 0.7055 and the 0.7030-35 may become sellers’ follow-on targets. On the contrary, a daily closing beyond 0.7185 could help the pair to revisit the 0.7215 and the 0.7250 resistances ahead of confronting the 50-day SMA level of 0.7290. During the pair’s additional upside past 0.7290, a downward slanting TL figure of 0.7335 and the 0.7375 could become important to watch.
Alike NZDUSD, the EURNZD is also near to important resistance, i.e. the 1.7130-40 horizontal-line, which may confine the pair’s up-moves and signal chances of it pullback to 0.7040 and then to the 1.6970 immediate supports. Should the pair witness increased selling pressure after 1.6970, the 50-day SMA level of 1.6890 and an ascending TL support mark of 1.6845 may grab market attention. Given the pair’s ability to provide a D1 close above 1.7140, the 1.7220, the 1.7250 and the 1.7330 are likely consecutive resistances to appear on the chart. Assuming Bulls dominance over the quote beyond 1.7330, the 1.7400 and the 1.7480 could come-back as levels prior to highlighting 61.8% FE level of 1.7720.
Even if the AUDNZD took a U-turn from 1.0630, it can’t be termed strong even for short-term unless it clears the nearby TL resistance-mark of 1.0770 and the 50-day SMA level of 1.0810. Let’s say the pair manages to conquer the 1.0810 on a daily closing basis, the 1.0860 and the 1.0920 might please the optimists. Alternatively, the 1.0690, the 1.0655 and the 1.0630 could serve as adjacent rests during the pair’s pullback, which if broken could push the Bears to target 1.0605–1.0595 horizontal-area. In case of the pair’s extended south-run beneath 1.0595, the 1.0530 and the 1.0490 can be aimed while being short.
Ever since the NZDCAD broke 0.9435-40 horizontal-region, it kept declining and is presently struggling around the lowest point in nearly two-weeks. While oversold RSI indicates the pair’s pullback, expected dovish outcome of the RBNZ and comparative strength of the CAD favors the downward trajectory. Currently, the 0.9330 and the 0.9300 can offer immediate support to the pair before the 0.9290-85 zone comes into play. If the pair refrains to respect the 0.9285 support, the 0.9265, the 0.9240 and the 0.9200 can be considered as important levels to observe. Meanwhile, the 0.9360, the 0.9385 and the 0.9410 can act as nearby barriers for the pair to clear in order to confront the 0.9435-40 resistance-region. Should the pair surpass the 0.9440 resistance, the 0.9480, the 0.9500 and the 0.9520 could be traders’ favorites.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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