Having registered another failure to surpass the 50-day SMA, the AUDUSD is likely declining towards the 0.7350 and the 0.7310 supports; though, 61.8% FE level of its recent dip, around 0.7255, can limit the pair’s following downside. Should Bears refrain to respect the 0.7255 mark, the medium-term descending trend-line, at 0.7145, and the 100% FE level of 0.7115 might not hesitate to appear on the chart. Alternatively, the 0.7440 figure may offer immediate resistance to the pair before highlighting 50-day SMA, at 0.7470, and the downward slanting TL, at 0.7500, for one more time. In case if prices rally beyond 0.7500 on a daily closing basis, the 0.7590 and the 0.7665, comprising 200-day SMA, could be targeted while holding long position.
AUDJPY presently struggles with three-week old ascending trend-line, at 81.95, break of which can further drag the quote to 81.60 and the 81.25 supports. Given the pair continue trading southwards past-81.25, the 81.00, the 80.70-60 and the 80.00 may please the sellers. Meanwhile, the 82.20, the 82.55 and the 82.80 can confine the pair’s nearby upside, which if cleared may escalate the recovery in direction to the 83.00 horizontal-line, the 83.20 and the 83.55 number that accompanies more than a month long descending trend-line. Assuming that buyers dominate after 83.55, the 84.00, the 84.25 and the 84.55 may gain market attention.
With the AUDNZD’s U-turn from month-old symmetrical triangle support, the pair is expected to revisit the 1.0900, the 1.0920 and the 1.0935 resistances. However, formation’s upper-line figure of 1.0955 may restrict the pair’s up-moves post-1.0935, failing to which can fuel prices to the 1.0970, the 1.0990 and the 61.8% FE level of 1.1025. On the downside, the 1.0840 horizontal-line can challenge the pair’s downturn below 1.0860 mark, comprising pattern-support. If at all the quote declines beneath the 1.0840, it’s plunge to the 1.0790 and the 1.0760 can’t be negated.
This article was originally posted on FX Empire
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