Having registered repeated bounces off the 0.6880-85 support-zone, the NZDUSD finally managed to clear the 0.7000 barrier; however, it isn’t a strong signal for the pair’s rally as 0.7030, 0.7055 and the 0.7095-0.7100 hurdles are still to conquer. Should prices surpass 0.7100 resistance-mark, the 0.7130, the 0.7160 and the 0.7200 can please the Kiwi optimists. On the contrary, pullback below 0.7000 can again drag the pair to 0.6960, 0.6935 and 0.6900 supports before highlighting the 0.6885-80 rest-area. Assuming the pair’s trading beneath the 0.6880, it might not hesitate flashing 0.6850 & 0.6815 as quotes.
Sustained break of medium-term ascending trend-channel indicates the EURNZD’s gradual downside towards 1.6520 and the 1.6400 numbers but the 1.6230-40 horizontal-region could confine the pair’s further declines. Given the Bears’ refrain to respect the 1.6230, the 1.6130 and the 1.6000 psychological-magnet could appear on the chart. In case oversold RSI pulls the pair up beyond support-turned-resistance line of 1.6750 on a daily closing basis, it can aim for 1.6850, comprising 200-day SMA. Also, pair’s ability to cross the 1.6850 could please the buyers with the 1.6960, the 1.7000 and the 1.7055 figures.
Even after closing below 200-day SMA for the first time in nine months, the GBPNZD is yet to smash an upward slanting trend-line stretched since October that stands at 1.9000 round-figure, which in-turn could trigger the pair’s pullback to 1.9080 and the 1.9130 nearby resistances. Though, 100-day SMA level of 1.9265 could restrict the pair’s upside past-1.9130, failing to which can recall 1.9340 and the 1.9420 levels. Alternatively, pair’s D1 close beneath the 1.9000 can avail 1.8930 and the 1.8800 supports. It should also be remembered that the pair’s extended south-run below 1.8800 may find it hard to break the 1.8700-1.8690 zone, which if cleared can make the quote vulnerable enough to plunge in direction to 1.8500 mark.
AUDNZD is struggling with the 1.0795-1.0800 support-confluence to confirm its weakness towards 1.0745 and the 1.0725 supports. If the pair continue dipping below 1.0725, the 1.0680, the 1.0660 and the 1.0615 might entertain the sellers. Meanwhile, pair’s reversal from present levels can have 1.0850 TL as immediate barrier to clear in order to visit the 1.0900 and the 1.0940 resistances. Given the pair’s successful trading above 1.0940, the 1.0960 and the 1.1000 could pop in Bulls’ radars to target.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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