Yahoo Finance Technical Overview of EUR/USD, USD/JPY, AUD/USD & USD/CHF: 05.06.2018
EUR/USD
Even after bouncing off the 1.1510, the EURUSD has multiple resistances to clear in order to justify its strength. The first one will be six-week old descending trend-line figure of 1.1725, followed by the 1.1745-50 horizontal-region and the 1.1830-35 resistance-area. If prices manage to surpass 1.1835, the 1.1900 and the 1.1940 may mark their presence on the chart. Alternatively, the 1.1645-40 can offer immediate support to the pair, breaking which it can drop to 1.1580 and then to the 1.1510. Assuming sellers’ ability to drag the quote beneath 1.1510, chances of witnessing the pair’s plunge to 61.8% FE level of 1.1440 can’t be denied.
USD/JPY
With the 110.00-05 barrier again playing its role, USDJPY can revisit the 109.30 and the 109.00 rest-points; however, its further downside can be challenged by the 108.50-45 support-zone. In case the pair refrains to respect the 108.45, it’s south-run to 107.80 and 107.45 become imminent. Meanwhile, pair’s successful break above 110.05 can have 110.45 and the 110.60 as nearby resistances, which if conquered could help it aim for 111.00 and the 111.40. Should buyers keep dominating trade momentum after 111.40, the 112.25, comprising 61.8% FE, may grab the limelight.
AUD/USD
AUDUSD’s failure to cross the 0.7650-60 resistance-area reignites the importance of 0.7600 round-figure, including 50-day SMA, breaking which 0.7580 and the 0.7540 may reappear on the chart. Given the pair’s sustained weakness below 0.7540, the 0.7500 and the 0.7470 could entertain the Bears ahead of pushing them towards recent low around 0.7410. On the upside, a daily closing beyond 0.7660 could help the pair to confront four-month long downward slanting TL, at 0.7690. Though, pair’s extended recovery post-0.7690 can quickly flash 0.7715 and the 200-day SMA level of 0.7755 as quotes.
USD/CHF
Unlike aforementioned three pairs, which are near to respective resistances, short-term descending trend-channel signals the USDCHF’s further declines to 0.9835 but channel-support line of 0.9795 might trigger its U-turn then after. If the pair negates channel-formation by dipping below 0.9795, the 0.9770 and the 0.9745 are likely numbers to watch carefully. During the pair’s reversal, the 0.9905 seems crucial as being the channel-resistance, breaking which a rise towards 0.9955 and 0.9980 levels can be observed. Additionally, the 1.0030, the 1.0055 and the 61.8% FE Level of 1.0120 might become alive in optimists radars should 0.9980 fall short of restricting the pair’s upside.
Cheers and Safe Trading,
Anil Panchal
This article was originally posted on FX Empire
