Technical Update For EUR/USD, GBP/USD, AUD/USD & USD/CHF: 07.08.2018

Technical Update For EUR/USD, GBP/USD, AUD/USD & USD/CHF: 07.08.2018


Notwithstanding the break of six-week long symmetrical triangle support, EURUSD pulled itself back from 1.1530 rest-point to confront the support-turned-resistance, at 1.1615 now. If the pair manage to post a daily closing beyond 1.1615, the 1.1645 and the 50-day SMA level of 1.1670 can try challenging the buyers, failing to which could propel prices towards the descending trend-line figure of 1.1730. In case the pair refrains to surpass the 1.1615 hurdle, the BPC (Break-Pullback-Continuation) pattern may reprint 1.1530 on the chart but the 1.1510-1.1500 horizontal-region might confine its following declines. Assuming the pair’s D1 close beneath the 1.1500, chances of its plunge to the 61.8% FE level of 1.1395 can’t be denied.


While weekly closing under 1.3060-50 horizontal-support portrayed the GBPUSD’s weakness since week-start, pair’s dip below the 1.2930 level seems strengthening the Bears’ position in targeting the 1.2850 mark. However, the 1.2780-70 and oversold RSI may trigger the pair’s short-covering, if not then the 1.2675 and the 1.2530 may gain market attention. Alternatively, the 1.3050-60 can offer immediate resistance to the pair, breaking which it may rise to the 1.3165-70 area; though, three-month old downward slanting TL, at 1.3240, could limit the quote’s further advances. If at all Bulls conquer the 1.3240 barrier, the 1.3310 and the 1.3450 can appear in their radar to target.


AUDUSD again aims to surpass the 50-day SMA level of 0.7445 and rush in direction to the 0.7505 trend-line stretched since mid-February. Given the pair’s ability to clear the 0.7505 stop, the 0.7550, the 0.7585 and the 0.7650-55 can entertain the optimists. Meanwhile, the 0.7365 and the 0.7340 may provide nearby support to the pair during its downturn ahead of highlighting the recent low around 0.7305. Should sellers keep dominating the momentum past-0.7305, the 0.7255 figure, encompassing 61.8% FE, might become investors’ favorite.


Although nearby trend-line resistance triggered the USDCHF’s profit-booking, the 0.9900 and support-line of broader ascending channel, at 0.9870, followed by 100-day SMA level of 0.9850, can restrict the pair’s south-run. In case the 0.9850 number fail to hold the pair’s decline captive, the 0.9790-85 may act as intermediate halt during its plunge to 0.9750 mark, comprising 200-day SMA. On the upside, the 0.9980 TL seem adjacent cap for the pair, breaking which it can rise to 1.0035 and then to the 1.0065 level, including resistance-line of the said channel & latest high. Considering the pair’s extended rally beyond 1.0065, the 61.8% FE level of 1.0110 could be targeted if holding long position.