EURAUD, EURCAD And EURNZD: Technical Check

February 26, 2016 12:22

EURAUD

While break of two month ascending trend-line support fetched the EURAUD towards testing the lowest levels since early January, the pair presently seems struggling between the 100-day and 200-day SMA area of 1.5300 – 1.5200 with a comparative strength of the AUD indicating the pair's further downside towards 50% Fibonacci Retracement of the pair's April – August 2015 up-move, near 1.5130. If the pair continues declining below 1.5130, the 1.4970 and the 1.4850 are likely support levels that it could test before aiming the 1.4760 and the December lows of 1.4350. However, pair's capacity to surpass the 1.5300 mark can propel it to 1.5480 level encompassing the 38.2% Fibo, breaking which the trend-line support-turned-resistance, near 1.5600 round figure mark, might limit its further upside. Given the successful break of 1.5600, the 1.5655-60 could act as an intermediate resistance for the pair prior to clearing the 1.5800 mark. Moreover, pair's sustained up-move beyond 1.5800 can enable the pair to stretch its northward trajectory beyond 1.6000 psychological magnet.

EURCAD

EURCAD currently trades around the 1.4910-20 technical confluence of 100-day SMA and the 38.2% Fibonacci Retracement of the pair's April 2015 – January 2016 upside. Should the pair closes below 1.4910, also clearing the 1.4900 round figure mark, it can quickly drop to 1.4700 and the 1.4660-70 support-area, clearing which 50% Fibo level of 1.4550 and the 1.4400 are likely expected downside numbers that it might test. If the bears force the pair to drop below 1.4400, the 61.8% Fibo, near 1.4200 is likely holding its intermediate downside before it could plunge to 1.4000 psychological magnet. On the upside, a daily close above 1.4920 can favor its profit booking moves towards 1.5100 and the 1.5280 prior to targeting the 1.5430-40 resistance-zone. If at all the pair manages to extend it rise beyond 1.5440, chances of its rally to 1.5600 mark can't be denied.

EURNZD

Although EURNZD continue sustaining the break below 200-day SMA, the pair currently counters the 1.6280-60 support-zone, including 50% Fibonacci Retracement of its April – August 2015 upside and the ten month old ascending trend-line support, which if broken can drag the price to 1.6140 and then to the 1.6000 mark. Given the pair's continued downside below 1.6000, the 1.5850 and the 61.8% Fibo, near 1.5700, are expected support numbers that could restrict its further decline. Alternatively, pair's bounce from the current level needs to clear the 1.6400 immediate resistance prior to aiming the 200-day SMA level of 1.6615. Should the pair manages to close above 1.6615, it can propel the north-run to 38.2% Fibo level of 1.6850. Moreover, sustained up-move beyond 1.6850 opens the door for the pair's revisit to the 1.7240-50 horizontal resistance area, while 1.7050-55 can hold the pair's intermediate advance.

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