Technical Overview: EURUSD, USDJPY, AUDUSD and USDCHF

September 29, 2015 14:01

EURUSD

Having failed to break its 1.1450-60 resistance area during mid-September, the EURUSD plunged to its 1.1110 – 1.1100 support-zone during last week; however, the pair couldn't manage to close below its 50-day and 100-day SMA confluence, presently at 1.1150-60 region. A pullback from the said SMAs seems currently favoring the pair's 1.1330-40 area re-test prior to again targeting 1.1450-60 resistance-zone. Should the pair manage to break 1.1460 on a closing basis, it can gather enough of strength to aim 1.1680, encompassing 50% Fibo of its October 2014 – March 2015 decline; though, 1.1530 can become intermediate resistance. Meanwhile, a break of 1.1150 can trigger the pair's decline to 1.1110 – 1.1100 support before testing the 23.6% Fibo level, near 1.1030. Moreover, a sustained trading below 1.1030 can give rise to the pair's plunge to 1.0800 important horizontal support.

USDJPY

Even if the 200-day SMA and 50% Fibo of its December 2014 – June 2015 advance, near 120.70-80 restricts the USDJPY's near-term up-move, short-term ascending trend-line support, presently near 119.20, becomes an important support to limit the immediate downside of the pair. Should it manage to close below 119.20, chances of its quick decline to 118.50 and 118.00 round figure mark can't be denied. Moreover, break of 76.4% Fibo, near 118.00, may make the pair vulnerable to plunge towards 117.00 level. On the upside break of 120.80, the 121.50 is likely an intermediate resistance for the pair before it could re-test the 121.80 – 122.00 important horizontal resistance, including 50-day SMA and 38.2% Fibo. Given the pair's ability to successfully surpass 122.00, it becomes strong contestant to surpass 123.00 psychological mark.

AUDUSD

Following its failure to break 0.7250-60 horizontal resistance and 50-day SMA, the AUDUSD currently aims to re-test 0.6920 – 0.6900 broad support area. Should the pair manage to close below its 0.6900 round figure mark, chances of its plunge to 0.6750, including 61.8% FE of its July – September decline, can't be denied; however, 0.6800 and the 0.6850 area likely intermediate supports during its downturn. Alternatively, 0.7040, 0.7115 and the 50-day SMA, presently near 0.7200, are likely immediate resistances that the pair needs to tackle in order to re-test 0.7250-60 horizontal resistance-zone. Further, successful break of 0.7260 can quickly fuel the pair's up-move towards 0.7350 and the 100-day SMA, near 0.7440-50 resistance area.

USDCHF

A bounce from 0.9530 fueled the USDCHF towards testing the highest level in a month; however, nine-month old descending trend-line continue to provide strong resistance to the pair that currently rests near its 50-day SMA, 0.9690, immediate support. A closing break of 0.9690 can recall the pair's quick decline to 0.9530, which if broken, can make the pair test 61.8% Fibo of its January plunge, near 0.9450, before targeting 0.9300 round figure mark. Should the pair trades above the said SMA, 76.4% Fibo, near 0.9750, is likely an immediate resistance for the pair before it could re-test the 0.9835 trend-line resistance. On an extended advance beyond 0.9835, the pair becomes strong enough to target 0.9900 and the 1.000 psychological magnet.

Follow me on twitter to discuss latest markets events @Fx_Anil

Admirals An all-in-one solution for spending, investing, and managing your money

More than a broker, Admirals is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money.