Having taken a U-turn from 0.6720-25 resistance-confluence, NZDUSD highlights the importance of a week-long ascending trend-line, at 0.6655, which if broken can further fetch the quote to the 0.6640 and the 0.6610 supports. Given the pair’s additional downturn beneath 0.6610, the 0.6570 and the 0.6545 can entertain sellers. Alternatively, an upside break of 0.6725 can quickly propel the pair to 0.6765 and then to the 0.6800 resistance-mark. Also, pair’s successful advances past-0.6800 can confront the 0.6830 and the 0.6860 north-side barriers.
Alike NZDUSD, the NZDJPY also reversed from immediate resistance, namely the 74.05-10 horizontal-region, which in-turn signal brighter chances for the pair’s drop to the 73.55 and to the 73.20 TL figure. Should prices continue trading southwards after 73.20, the 72.80 and the 72.30 may please the Bears. In case the pair surpasses 74.10 resistance, its rise to 74.50 and 74.75 could well be expected. However, a month-long downward slanting trend-line, around 75.45-50, might challenge the buyers beyond 74.75.
AUDNZD is likely clubbed in a symmetrical triangle between the 1.0940 support and the 1.1030 resistance but oversold RSI levels indicate the pair’s strength to come. Hence, the 1.1070 and the 1.1125 to gain investor attention once 1.1030 is broken. If Bulls refrain to respect 1.1125 hurdle, the 1.1175 and the 61.8% FE level of 1.1230 may receive optimists’ eye-share. Meanwhile, break of 1.0940 can flash 1.0900 and the 1.0845-40 as quotes whereas 1.0775 and the 1.0710 could become important to observe afterwards.
Even after failing to clear the two-month old descending trend-line, the NZDCAD’s near-term declines can be restricted by the 0.8685 TL support. Given the pair drops below 0.8685, the 0.8630 and the 0.8600 may offer intermediate halts during its plunge to 0.8560 and the 61.8% FE level of 0.8500. On the upside, the 0.8745 seems crucial for short-term buyers as break of the same could escalate the pair moves to the 0.8785 and then to the 0.8825-35 resistance-zone. Assuming that the pair keeps rising above 0.8835, the 0.8870, the 0.8915 and the 0.8975 are likely following numbers to appear on the chart.
This article was originally posted on FX Empire
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