Technical Traits: AUDCAD, AUDJPY and AUDNZD

September 18, 2015 13:48

AUDCAD

Although, short-term ascending trend-channel favors the AUDCAD up-move, more than a month old descending trend-line resistance, presently near 0.9510-15 area, that also encompasses 61.8% Fibo of its August – September decline, could continue restricting the pair's near-term advance. On the downside, 50% Fibo, near 0.9450, followed by the 0.9430 channel support, are likely immediate rests for the pair, breaking which the 0.9410 – 0.9400 horizontal region becomes crucial to determine the pair's further trend. Should the pair breaks the 0.9400 on a closing basis, chances of its plunge to 0.9250, with 0.9330 being intermediate support, can't be denied. Alternatively, a close above 0.9515 can fuel the pair's rally to 0.9580, breaking which 0.9675-80 is likely acting as buffer for its extended up-move towards 0.9745-50 important resistance-zone.

AUDJPY

Following its bounce from August lows, during last week, the AUDJPY seems observing short-term ascending trend-channel; however, 87.15 – 87.30 horizontal resistance, including 50% Fibo of its August decline, could limit the pair's immediate advance. Should the pair manages to break 87.30, the channel resistance, near 88.20, is likely another obstacle that it has to clear in order to test 89.20-25 crucial horizontal-zone, breaking which chances of its rally towards 90.50 and 92.00 can't be ruled out. Meanwhile, a break of channel support, near 85.50, can act as a nearby stop for the pair's decline, surpassing which 84.50, the 23.6% Fibo, and the 83.50 are likely consecutive rests that the pair could witness during its downtrend. Moreover, a sustained trade below 83.50 can make the pair vulnerable to plunge towards testing August lows, re-tested during early September, near 82.00 round figure mark, and ultimately test the 61.8% FE of its said move near 80.70 mark.

AUDNZD

Even after a sustained break of two-month old descending trend-line resistance, the AUDNZD seems finding difficult to break 1.1315-30 horizontal resistance, indicating a pullback to re-test the resistance-turned-support line near 1.1200 round figure mark. Should the pair fails to bounce from the 1.1200 area, and drifts lower, it can quickly plunge to 1.1100 – 1.1090 support prior to testing the 38.2% Fibo of its May – July advance, near 1.1000 psychological magnet. On an extended decline below 1.1000, the 50% Fibo, also encompassing May highs, near 1.0900 mark, becomes an important support to limit the pair's further declines. However, on the upside break of 1.1330, the pair becomes strong enough to target its July highs, near 1.1430 prior to testing the 61.8% FE of the said move, near 1.1550 and the August spike near 1.1700 mark.

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