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Technical Update For Important AUD Pairs: 20.12.2017

Anil Panchal
Updated

AUD/USD

Considering AUDUSD’s pullback from 0.7695–0.7700 horizontal-region, followed by its U-turn from 0.7635, the pair seems less likely to offer much trading opportunities unless clearing either the 0.7635 support or the 0.7700 resistance-mark. However, comparative strength of the USD indicates more downside of the pair, which in-turn indicates brighter chances of its drop to 0.7600 and then to the 0.7580 after conquering the 0.7635 rest-point. During the pair’s additional declines beneath 0.7580, the 0.7530 and the 0.7500 round-figure might please sellers. Alternatively, an upside break of 0.7700 could further escalate the pair’s recovery in direction to 0.7725-30 area, which if surpassed might enable Bulls to target 0.7770 and the 0.7800 resistances. In case of the quote’s sustained trading beyond 0.7800, the 0.7825, the 0.7860 and the 0.7900 may entertain follow-on buyers.

EUR/AUD

Even after bouncing off 50-day SMA level, the EURAUD couldn’t extend its up-moves beyond the 1.5480-85 resistance-zone and is presently witnessing downside pressure towards re-testing the said SMA level of 1.5350. Though, pair’s further south-run might find it hard to break five-month old ascending trend-line, at 1.5315, which if cleared could drag the prices to 1.5230 and then to the 100-day SMA level of 1.5155. Should the pair manage to surpass the 1.5485 on a daily closing basis, a fortnight long downward slanting TL, at 1.5600, seems crucial to watch, breaking which the 1.5685, the 1.5750 and the 1.5770 can reappear on the chart. If at all optimists continue propelling the pair beyond 1.5770, the 61.8% FE level of 1.5930 and the 1.6000 round-figure may gain their attention.

GBP/AUD

GBPAUD becomes another pair which seems failing to stretch it latest recovery and may revisit the important support. In this case, the 1.7350-60 horizontal-line and the 50-day SMA level of 1.7320 are likely immediate supports that could limit the pair’s near-term downside. Given the pair’s refrain to respect the 1.7320, chances of its plunge to 1.7230 and then to the 1.7170 can’t be denied. Meanwhile, the 1.7500 and the 1.7570 might entertain the buyers if prices take a U-turn, breaking which 1.7670 and the 1.7800 are likely following resistances to comeback. Moreover, pair’s successful trading above 1.7800 could help the Bulls aim for the 1.7910 and the 1.8000 mark ahead of looking at the 61.8% FE level of 1.8170.

AUD/CHF

AUDCHF’s recent uptick is less likely to cause a trend-channel unless the pair breaks three-month old descending trend-line resistance of 0.7640 but its visit to 0.7595 and the 100-day SMA level of 0.7610 can be expected. Should the pair closes above 0.7640, it becomes capable enough to challenge the 0.7685 and the 0.7720 resistance-levels. On the downside, 200-day SMA level of 0.7525 could keep restricting the pair’s decline, breaking which 0.7495 and the 0.7460 might act as buffers before dragging it to the 0.7430 horizontal-line. However, pair’s dip beneath 0.7430 can quickly fetch it to 0.7390 and then to the 0.7320 support-levels.

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Cheers and Safe Trading,
Anil Panchal

This article was originally posted on FX Empire

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