Australia Markets close in 5 hrs 28 mins

Technical Outlook of AUD/USD, EUR/AUD, GBP/AUD & AUD/CHF: 12.04.2018

Anil Panchal


AUDUSD’s another reversal from 0.7635-45 horizontal support-zone can’t be considered as a strong signal for the pair’s rally as 50-day & 100-day SMA confluence, around 0.7785-90, followed by the descending trend-line, at 0.7835 now, still remain untouched. Should the pair surpasses the 0.7835 on a daily closing basis, it can quickly rise to 0.7875 and the 0.7900 mark. On the downside, the 0.7720 can become immediate support for the pair during its pullback, breaking which 0.7680 and the 0.7645-35 again comes into play. In case if the prices continue declining after 0.7635, the 0.7580, the 0.7530 and the 0.7500 are likely numbers that can please the sellers.


Having failed to sustain its pullback from 1.5890-95 horizontal-area, the EURAUD seems again coming down to re-test the same support-zone, breaking which the 1.5855 and the 1.5825 might not take too long to appear on the chart. Moreover, pair’s extended south-run below the 1.5825 can drag it to 1.5790 and then to the 1.5730 levels. Meanwhile, the 1.6000 round-figure may limit the pair’s short-term advances before highlighting the downward slanting TL, at 1.6040. If buyers manage to stretch recovery beyond 1.6040, the 1.6115, the 1.6160 and the 1.6190 could entertain them prior to emphasizing 61.8% FE level of 1.6240.


Alike EURAUD, the GBPAUD also took a U-turn from near-term horizontal-region, the 1.8175-85 is the case here, but couldn’t rise much then after. As a result, the pair’s moves can be termed sideways unless breaking either the 1.8425 trend-line or the 1.8175 support. However, 1.8230 and the 1.8200 can offer rests to the pair during its profit-booking whereas 1.8370 may act as adjacent cap if the quote increases. Given the pair’s break of 1.8175, the 1.8090, the 1.8045 and the 1.8000 may entertain the Bears while the 1.8450, the 1.8500 and the 1.8575, including 61.8% FE, could gain optimists’ attention post-1.8425 break.


AUDCHF’s fortnight old upward trajectory is likely to be questioned by the 100-day SMA level of 0.7465, which if fails to restrict the pair’s upside then 0.7480-90 zone should gain market attention. If the pair successfully conquers the 0.7490, the 0.7515 and the 200-day SMA level of 0.7540 can mark their presence. Alternatively, the 0.7415, the 0.7375 and the aforementioned TL, at 0.7360, may provide immediate supports to the pair, breaking which there are multiple supports near 0.7340-35. Assuming the price-drop beneath 0.7335, the 0.7260 and the 0.7240 can be targeted while being short.

Cheers and Safe Trading,
Anil Panchal

This article was originally posted on FX Empire