Technical Overview Of AUD/USD, EUR/AUD, AUD/JPY & AUD/CAD: 22.08.2017


Having failed to clear 0.7950 horizontal-line, the AUDUSD seems now declining towards an upward slanting TL support of 0.7860. If the pair refrains to respect the trend-line figure, the 0.7840, the 0.7800 and the 0.7780 are likely following rests that it could avail before targeting the 0.7740 and the 0.7710 numbers towards south. In case if the price reverses from current levels, the 0.7930 and the 0.7950 could keep restricting near-term upside momentum, which if broken may accelerate the recovery in direction to 0.7990 and the 0.8000 psychological-mark. Moreover, pair’s successful trading beyond 0.8000 can enable buyers to aim the 0.8040, the 0.8065 and the 61.8% FE level of 0.8115 afterwards.



Unlike AUDUSD, which has been declining since yesterday, the EURAUD just witnessed a pullback from short-term ascending trend-channel resistance. As a result, the pair may further drop to 1.4900 round-figure ahead of looking at the channel-support number of 1.4850. However, a month-long TL, at 1.4795, could offer strong support to the quote if it negates the channel formation by breaking 1.4850. Given the pair’s extended southward trajectory after 1.4795, the 1.4770, the 1.4730 and the 1.4700 can please sellers. Alternatively, the 1.4955-60 and the 1.5000 psychological-magnet may try curbing the pair’s immediate advances, failing to which can fuel its up-moves in direction to 1.5040 and the July high around 1.5075.



AUDJPY is another AUD pair which indicates further downside but two-month old ascending trend-line, at 85.80, followed by 85.45 horizontal-line, may challenge the Bears to re-think for their stand. Should the pair drops below 85.45, the 84.90-85 and the 84.50 may act as barriers during its plunge towards 84.30, the 84.00 and then to the 83.70 support-levels. Meanwhile, 86.70 and the downward slanting TL, at 87.00, are likely nearby resistances for traders to watch, breaking which the 87.45-50 horizontal-line comes into play. If prices clear 87.50, the 88.00 and the 88.30 can flash their radar.



Following its repeated defeats to surpass 100-day SMA, the AUDCAD dipped to nearly a month’s low on Tuesday; though, it still haven’t provided a closing break of 0.9920 support which holds the gate for quote’s additional downside towards 0.9870 and the ascending TL support of 0.9815. In case of the pair’s daily close below 0.9815, chances of witnessing the 0.9770 and the 0.9715-10 supports can’t be denied. On the upside, 0.9960 and the 1.0000 are expected adjacent resistances for the pair before it could again challenge the 100-day SMA level of 1.0035. Moreover, if the pair clears 1.0035 resistance, the 1.0100 and the 1.0160 are likely to gain attention.

Cheers and Safe Trading,
Anil Panchal