While three-week long descending trend-line continue restricting AUDUSD’s near-term upside, the pair has to close beneath 0.7020 in order to please sellers with fresh lows. In doing so, the quote can drop to 0.7000 round-figure and then to the 0.6930-25 support-zone ahead of aiming 61.8% FE level of 0.6900. Alternatively, the 0.7085 is likely immediate resistances for the pair prior to confronting the 0.7115 TL barrier, breaking which 0.7160 and 50-day SMA level of 0.7190 may come back on the chart. Moreover, pair’s sustained trading beyond 0.7190 could flash 0.7235-40 and the 0.7300 resistances on buyers’ radar.
Failure to surpass 1.8050-60 resistance-region may well drag the GBPAUD to adjacent support-line, around 1.7790, which if broken highlights the importance of 1.7730 and the 1.7650 rest-points. In case prices refrain to respect 1.7650 mark, the 1.7550, the 1.7470 and the 1.7370 could become Bear’s favorites. On the contrary, successful clearance of 1.8060 can trigger the pair’s rise towards the 1.8150 and the 1.8250 numbers to north. During the pair’s extended recovery past-1.8250, the 1.8360, the 1.8420 and the 1.8460 might entertain the Bulls.
AUDNZD still finds it hard to conquer eight-week old downward slanting resistance-line that gradually fetches it to the 1.0450-45 support-area that holds the gate for the pair’s further downturn to 1.0430 and then to the 61.8% FE level of 1.0380. Assuming the pair’s weakness under 1.0380, the 1.0365 and the 1.0320 can play their roles of crucial support-levels. If at all the pair manages to cross 1.0510 trend-line resistance, the 1.0530 and the 1.0580-90 may quickly mark their presence. However, the 1.0620 and the 1.0690-1.0700 might confine the pair’s advances after 1.0590, if not then 1.0765 seem critical if holding long positions.
Even after taking a U-turn from 0.6950-45, the 0.7000 and the 100-day SMA level of 0.7120 could challenge the AUDCHF’s recent pullback, which if surpassed can escalate the up-moves to 0.7190 and the 0.7250 resistances. Should the quote remain strong after 0.7250, the 0.7270, comprising 200-day SMA, followed by eleven-month long resistance-line at 0.7355, may lure the optimists. Meanwhile, a downside break of 0.6945 can have 0.6900 and the 0.6870 as rests before diverting market attention to 61.8% FE level of 0.6800 and the 0.6750 supports.
This article was originally posted on FX Empire
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