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Technical Checks For Important AUD Pairs: 14.03.2018

Anil Panchal


Successful break of short-term descending trend-line and an ascending trend-channel favors the AUDUSD’s further upside with 0.7900 being nearby resistance to counter prior to meeting the channel’s upper-line of 0.7930. In case if the pair disobeys channel formation by surpassing 0.7930, the 0.7985-90 horizontal-line seems crucial for buyers to watch, breaking which chances of the quote’s rally to 0.8045-50 can’t be denied. Meanwhile, 0.7840 and the channel-support figure of 0.7820 may entertain counter-trend traders, which if broken could fetch prices to the resistance-turned-support of 0.7800 and then to the 0.7765 rest-points. Moreover, pair’s additional downturn beneath the 0.7765 might not hesitate reprinting the 0.7730 and the 0.7710 numbers on the chart.


GBPAUD’s failure to sustain the bounce from 50-day SMA seems dragging the pair back to the SMA level of 1.7595 with 1.7665 being immediate support to observe. If the pair declines below 1.7595, the 1.7525 and the 1.7495, comprising 100-day SMA, are likely intermediate halts that it can avail prior to reigniting the importance of an upward slanting trend-line, at 1.7385 now. On the contrary, the 1.7800, the 1.7880 and the 1.7920 may please short-term Bulls ahead of making them confront the 1.7995–1.8000 horizontal-area. Assuming the pair’s ability to provide a daily close beyond 1.8000, it’s run-up to 61.8% FE level of 1.8225 gain higher probability.


Irrespective of its inability to extend the TL break during Monday, the AUDNZD again heads to conquer the six-week old descending trend-line, at 1.0780 now. Should the pair manage to stretch its up-moves beyond 1.0800 after clearing the TL, it can challenge the 1.0825-30 horizontal-line, breaking which 1.0870 and the 1.0900 may play their roles as strong resistances. Alternatively, the 1.0735 and the 1.0700 can be considered as nearby supports for the pair, breaking which 1.0675 and the 1.0650 could appear in sellers’ radars to target. Given the pair’s further downside below 1.0650, the 1.0600 round-figure and the 61.8% FE level of 1.0565 may acquire market attention.


Alike AUDNZD, the AUDCHF is also returning back to challenge its near-term resistance. Herein, the 50-day SMA level of 0.7475 is the immediate barrier that the pair has to clear in order to extend its latest recovery towards 0.7510 and then to the 200-day SMA level of 0.7540. If prices close beyond 0.7540 on a D1 basis, the 0.7590 and the 0.7625 could be aimed while being long. Let’s say the pair again fails to conquer the 50-day SMA level of 0.7475 and takes a U-turn, the 0.7420 and the 0.7395 might act as adjacent supports for the pair, breaking which 0.7365 and the 0.7310 could be highlighted; though, 0.7275-70 might confine its following south-run. Given the pair’s refrain to respect the 0.7270 mark, the 0.7230, the 0.7190 and the 0.7145 can become good to look in case of holding short positions.

Cheers and Safe Trading,
Anil Panchal

This article was originally posted on FX Empire