Technical Outlook of EUR/USD, GBP/USD, AUD/USD & NZD/USD: 27.02.2018

EUR/USD

With the eleven-week old ascending trend-line’s ability to confine EURUSD’s downturn, chances of the pair’s up-moves to 1.2370 and then to the 1.2410 are brighter; however, it’s following advances might find it difficult to surpass the 1.2450-55 resistance-area, which if broken could further propel the quote to 1.2520 and then to the 1.2555. Moreover, pair’s sustained trading beyond 1.2555 could help it challenge the 61.8% FE level of 1.2715. Should Fed Chair’s testimony drags the pair southwards, aforementioned TL support, around 1.2300, seems important to watch, break of which can fetch prices to an intermediate support-line, at 1.2240 now, prior to making it test the 50-day SMA level of 1.2200. Given the pair’s daily closing beneath the 50-day SMA, the 1.2180 is likely a small barrier that it needs to conquer ahead of targeting 1.2090 during additional downside.

GBP/USD

GBPUSD is another major that’s around immediate TL support, the 1.3930 is the figure in this case, before the much awaited testimony by the Fed Chair; though, uncertainty concerning Theresa May’s Brexit proposal becomes a negative factor for the pair. If prices conquer the 1.3930 mark on a daily closing basis, the 1.3850 may act as buffer prior to reigniting the importance of 50-day SMA level, around 1.3800, while it’s additional south-run can reprint 1.3740 on the chart. Alternatively, the 1.4000 round-figure and descending trend-line resistance-mark of 1.4065 could confine the pair’s near-term advances before fueling it to 1.4100 and then to the 1.4155 levels. Additionally, pair’s successful trading above 1.4155 could recall the 1.4230 and the 1.4285 as resistances.

AUD/USD

AUDUSD’s failure to surpass the 0.7890-95 horizontal-line presently plays the role for the pair’s pullback towards more than fortnight long ascending trend-line, around 0.7800. Should the pair continue declining below 0.7800, the 0.7780 and the 0.7760-55 horizontal-region might limit its further downside, failing to which can flash 0.7720 and the 0.7700 as supports. Meanwhile, 0.7870 can provide immediate resistance to the pair ahead of propelling it to 0.7890-95, clearance of the same still needs to confront the 0.7915 TL in order to justify the pair’s strength in targeting the 0.7935, 0.7955 and the 0.8000 resistances.

NZD/USD

NZDUSD is struggling to break an upward slanting trend-line stretched since early December, at 0.7280 now, which if broken might not hesitate to offer 50-day SMA level of 0.7235 as consequent rest. Should the pair drops below 0.7235, the 0.7200 and the 0.7170, comprising 200-day SMA, may appear in sellers’ radars to target. On the upside, the 0.7315, the 0.7345 and the 0.7375 are likely consecutive resistances to try challenging the buyers, failing to which can register 0.7405 on the chart. However, the 0.7430-40 zone, comprising recent highs, could limit the pair’s further advances, breaking which Bulls can aim for 0.7500 and the 61.8% FE level of 0.7555.

Cheers and Safe Trading,
Anil Panchal

This article was originally posted on FX Empire

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