Technical Update For NZD/USD, AUD/NZD, NZD/CAD & NZD/CHF: 08.02.2018

NZD/USD

Notwithstanding the RBNZ’s dovish outcome, the NZDUSD is still left to close below the 0.7205–0.7195 horizontal-region, which if remains unbroken could trigger the pair’s U-turn towards 0.7235 and then to the 0.7280 nearby resistances. In case the pair manages to extend its recovery beyond 0.7280, the 0.7330, the 0.7380 and the 0.7400 are likely consecutive upside numbers that it should conquer in order to confront the 0.7430-35 resistance-line. Meanwhile, D1 break of 0.7195 could quickly fetch the quote to 200-day SMA level of 0.7140 prior to reigniting the importance of 0.7100 and the 0.7055 support-levels. During the pair’s additional weakness below 0.7055, the 0.7025, the 0.7000 and the 0.6970 might entertain the sellers.

AUD/NZD

Alike NZDUSD, the AUDNZD also struggles with 200-day SMA, which is around 1.0845 in this case. If the pair fails to surpass the 1.0845 on a daily closing basis, it can come back to 1.0745 and the 1.0700 ahead of pushing Bears to target 1.0660 and the 1.0640. However, the pair’s further downside might be challenged by the 1.0605–1.0595 area, which if cleared could drag prices to the 1.0530 and to the 1.0485. Given the pair prints a D1 close beyond 1.0845 and sustains the up-move then after, the 1.0910 and the 50-day SMA level of 1.0950 are expected immediate resistances to watch. Moreover, pair’s successful trading above 1.0950 enables it to claim the 1.1000 and the question the strength of three-month old descending TL figure of 1.1050.

NZD/CAD

Unless closing below more than two-month old ascending trend-channel support, at 0.9050, chances of the NZDCAD’s pullback to 200-day SMA level of 0.9120 can’t be denied. Also, if the pair keeps rising after 0.9120, it can very well run in direction to 0.9180 and then to the 0.9250 resistances but the channel’s upper-line, near 0.9330, may confine its additional north-run. On the downside, 0.9000 and the 50-day SMA level of 0.8965 could please the counter-trend traders while 0.8930 and the 0.8860 may challenge their outlook afterwards. Should the pair continue declining below 0.8860, the 0.8760, the 0.8730 and the 0.8700 needs to be observed closely.

NZD/CHF

Even after bouncing-off the 0.6775-80 support-zone, the NZDCHF’s latest recovery may find it hard to surpass a fortnight long descending trend-line resistance of 0.6870, which if broken could escalate the pair’s advances to 0.6900 and the 0.6920 numbers. If prices continue rising after 0.6920, the 0.6950, the 0.6970 and the 0.7000 might appear in buyers’ radar to target. Alternatively, 0.6800 and the 0.6780-75 can limit the pair’s nearby downside, clearing which 0.6750 and the 61.8% FE level of 0.6715, adjacent to 0.6700 round-figure, may become crucial.

Cheers and Safe Trading,
Anil Panchal

Technical Outlook of Important NZD Pairs: 24.01.2018

NZD/USD

During its nearly seven-week old upward trajectory, the NZDUSD just surpassed 0.7360-70 horizontal-region, which in-turn could open the gates for the pair’s rally towards 0.7400 and then to the 0.7455-60 area. However, in achieving that status, the quote needs to post a daily closing beyond 0.7370 otherwise it can come-back to 0.7330 prior to testing the upward slanting TL support, at 0.7285 now. Should the pair drops beneath the 0.7285 mark, it can quickly test the 0.7240 and the 0.7195 rest-points before availing the 200-day SMA level of 0.7120 as a halt to its south-run. Meanwhile, pair’s successful trading above 0.7460 enables it to challenge the 0.7480, the 0.7525 and the July 2017 high near 0.7560.

EUR/NZD

With the short-term descending trend-channel portraying the EURNZD’s downturn, the pair is likely declining to 1.6660 and the 1.6620 support-levels; though, the 1.6550 and the 1.6500 round-figure might try giving push-ups to the prices, failing to which could highlight the channel-support number of 1.6380. In case if sellers drag the pair below 1.6380 on a daily closing basis, the 200-day SMA level of 1.6300 become important to watch. Alternatively, the 1.6820, comprising channel-resistance, may confine the pair’s immediate advances, breaking which 1.6880, the 50-day SMA level of 1.6980 and the 1.7000 could please the Bulls. Moreover, pair’s sustained trading above 1.7000 enables it to confront the 1.7100–1.7115 zone, with 1.7030 being intermediate halt.

NZD/JPY

Even if an upward slanting trend-channel signals NZDJPY’s strength, pair’s recent U-turn from 81.55-65 horizontal-region could fetch it back to channel-support line of 80.55. Given the pair’s break of 80.55, the 80.00 and the 200-day SMA level of 79.55 can trigger its upswing, if not, then chances of witnessing 79.20 and the 78.50 on the chart can’t be denied. On the upside, the 81.30 may offer nearby resistance to the pair, breaking which 81.55-65 area again comes into play. Should prices rise above 81.65, the 81.90, the 82.30 and the channel-resistance mark of 82.75 can entertain the buyers.

NZD/CAD

Irrespective of the NZDCAD’s break of 0.9110-20 resistance-area, it still struggles with the 200-day SMA level of 0.9140 in order to meet the 0.9180 and the 0.9210 north-side numbers, breaking which resistance-line of the adjacent ascending trend-channel, at 0.9250, might gain traders’ attention. If the quote surpasses 0.9250, it can easily escalate the upward trajectory to 0.9300 and the 0.9330 resistances. Assuming the pair’s inability to conquer 200-day SMA, it can re-test the 0.9110-20 resistance-turned-support zone, which if broken could further weaken it to avail 0.9080 and the 0.9020 as rest-points.  During the pair’s additional downside below 0.9020, the 0.9000 round-figure and the channel-support of 0.8960 can offer strong supports, which if broken may highlight 50-day SMA level of 0.8900 as Bears’ favorite.

Cheers and Safe Trading,
Anil Panchal

Important CAD Pair’s Technical Overview: 17.01.2018

USD/CAD

It has been more than two days that the USDCAD is still clubbed in a small range between 1.2470 and the 1.2395 as Loonie traders are waiting for the Bank of Canada’s much anticipated rate-hike and the Governor’s press conference. Given the 0.25% rate increase being a well known fact, the central-bank signal for future such actions and Mr. Governor’s optimism relating the economy will be closely observed. Should the BoC manage to please CAD buyers with upbeat statement and Federal Reserve-like three rate-lifts a year promise, the USDCAD can plunge beneath the 1.2395 and quickly test the recent low of 1.2355. However, increased optimism of the central bank could drag the pair beneath the 1.2355 towards 61.8% FE level of 1.2240 with 1.2300 being intermediate halt. In case of the disappointment-driven rally by the pair, a short-term descending trend-line figure of 1.2500 becomes important to watch, breaking which 1.2555 and the 1.2585-90 horizontal-line can appear on the chart. If the quote surpasses the 1.2590 mark, the 1.2630 and the 1.2700 may favor the pair buyers.

CAD/JPY

Alike USDCAD, the CADJPY moves are also confined in a range between 100-day and 50-day SMA levels of the 89.15 and the 88.60 respectively. If the BoC’s outcome drags the pair to south, the 88.00 and an upward slanting TL support of 87.20 gain traders’ attention while 86.70 and the 85.60 may entertain sellers then after. Alternatively, a clear break of 100-day SMA level of 89.15 can propel the pair to 89.60 and then to the 90.00; though, it’s following advances might find it hard to surpass the 90.75 and the 91.55-65 region. Given the pair’s ability to conquer 91.65, it can extend the northward trajectory in direction to 61.8% FE level of 93.55.

AUD/CAD

Contrast to the aforementioned pairs, AUDCAD has already surpassed the 200-day SMA level of 0.9905 and is currently staying above the 0.9915-25 area but the pair’s daily closing beyond 0.9925 is required for it to justify the strength in targeting 0.9960 and the 1.0000 round-figure. Moreover, pair’s successful trading above 1.0000 may help it to aim for the 1.0040 and the 1.0100 resistances. Meanwhile, the 0.9880 is likely nearby rest for the pair if it closes below 0.9905, breaking which 0.9840 and the 0.9770 can come-back; though, 50-day SMA and an adjacent trend-line support zone of 0.9755-50 might restrict the pair’s additional downturn.

NZD/CAD

For NZDCAD, the 0.9000 and the 0.9110-15 horizontal-line are immediate technical levels that become important. If the pair closes below 0.9000, the 0.8950 and the 0.8925 mark, including near-term ascending trend-line, may try challenging its south-run, failing to which can reignite possibilities to witness 50-day SMA level of 0.8860 as the quote. Should the prices decline beneath 0.8860, chances of its plunge to 0.8770 can’t be denied. On upside, pair’s sustained trading above 0.9115 must surpass the 200-day SMA level of 0.9145 if it is to meet the 0.9220 and the 0.9260 consecutive resistances. Further, pair’s extended north-run above 0.9260 can please the Bulls with 0.9300 and the 0.9350 numbers.

Cheers and Safe Trading,
Anil Panchal

Technical Outlook of Important NZD Pairs: 10.01.2018

NZD/USD

If we observe the NZDUSD’s recent up-moves, it can be known that the five-month old descending TL, at 0.7185 now, isn’t the only barrier that the pair has to clear in order to justify its strength as the 0.7205-10 horizontal-region is another resistance that may confine its north-run. As a result, the quote has to offer a daily closing beyond 0.7210 should it aim to mark 0.7250 on the chart else chances of its comeback to short-term ascending trend-line support of 0.7130 can’t be denied. In case if the pair declines below 0.7130, the 0.7100, the 100-day SMA level of 0.7055 and the 0.7025 are likely following rests that it may avail. Alternatively, pair’s up-moves beyond 0.7210 can target 0.7250 and the 0.7300 round-figure ahead of pushing buyers to aim for 0.7340, the 0.7370 and the 0.7400 consecutive resistances.

GBP/NZD

With the GBPNZD’s recent break of 1.8800–1.8785 support-confluence, comprising 100-day SMA, the pair seems more inclined towards testing 1.8690 and then the 1.8560 support-levels. However, pair’s further downside below 1.8560 might find it hard to conquer the 200-day SMA level of 1.8390, which if broken could fetch prices to the 1.8300 and the 1.8170 supports. Should the pair defies latest breakdown by closing above 1.8800, the 1.8950, the 1.9000 and the 1.9070 could be recalled but the 50-day SMA level of 1.9185 and the 1.9245-65 region might try to restrict its up-moves then after.

AUD/NZD

Even if failure to surpass two-month old descending trend-line resistance dragged the AUDNZD to the lowest in a month, the 1.0855-65 horizontal-area might limit the pair’s further downside. With this, the pair’s pullback to the 1.0910 and then to the 1.0970 become more expected, breaking which the 1.1000, the 1.1025 and the 1.1045 trend-line may gain investor attention. Meanwhile, break of 1.0855 may not take much time to register 1.0820 and the 61.8% FE level of 1.0785 as supports. Moreover, pair’s extended south-run below 1.0785 can please sellers with 1.0740 and the 1.0700 numbers.

NZD/CAD

NZDCAD’s reversal from 0.8855-60 horizontal-line presently helps the pair to run towards 0.9000 psychological magnet but the 0.9020 and the 0.9035 may restrict its follow-on advances. Given the pair’s ability to surpass the 0.9035, it becomes capable enough to challenge the 61.8% FE level of 0.9100. On the downside, the 0.8930 and the 0.8900 can act as immediate supports for the pair, breaking which it can re-test the 0.8860-55 support-zone. If Bears refrain to respect the 0.8855 mark, the 0.8810 and the upward slanting TL figure of 0.8760 seem important to watch.

Cheers and Safe Trading,
Anil Panchal

Important CAD Pairs’ Technical Update: 04.01.2018

USD/CAD

Having failed to sustain its bounce from more than three-month old ascending trend-line, the USDCAD seems declining to re-test the 1.2500 TL support, break of which could trigger the pair’s fresh south-run towards 1.2460 but the 1.2415-10 horizontal-line might confine its following downside. Should the quote refrains to respect the 1.2410 and drops beneath the 1.2400 round-figure, the 1.2350, the 1.2300 and the 1.2240 are likely rests that it could avail. On the contrary, the 1.2560 and the 100-day SMA level of 1.2600 can act as immediate resistances to cap the pair’s advances, breaking which it can rise to 1.2620 and then to the 1.2665 north-side numbers. Moreover, pair’s sustained trading beyond 1.2665 enables it to aim for 1.2700 and the 50-day SMA level of 1.2760.

EUR/CAD

EURCAD seems clubbed in a small range of 1.5050 and the 1.5100 with comparative strength of the EUR indicating the pair’s up-moves to 1.5140 on the break of 1.5100; though, a month-long downward slanting trend-line, at 1.5195 now, may restrict its advances then after. In case if prices surpass the 1.5195 barrier, also clear the 1.5200 mark, the 1.5270, the 1.5310 and the 1.5330 are likely consecutive resistances to appear on the chart. Meanwhile, a downside break of 1.5050 can have the 1.5015 as intermediate halt prior to resting on the 1.4990 horizontal-line, which if broken could further drag the pair to 1.4950 and then to the 1.4920-15 area. If at all sellers continue dominating the momentum after 1.4915 breaks, the 1.4840 can come alive on their radar to target.

GBP/CAD

Alike EURCAD, the GBPCAD moves are also range-bound but the difference is larger in this case with 1.7125 trend-line number likely limiting the pair’s upside and the 1.6830-40 region seem restricting its declines. However, the 1.7030 and the 1.7080 may offer intermediate stops during the pair’s up-move before making it confront the 1.7125 TL, breaking which it can rise to the 1.7165, the 1.7240 and then to the 1.7295. With the same pattern, the 1.6900 and the 1.6870 may try curb the pair’s immediate downside prior to fetching it to the 1.6830-40 support-zone. Additionally, successful break of the 1.6830 should magnify the pair’s weakness and make it visit the 1.6775, the 1.6725 and the 1.6700 consequent support-levels.

NZD/CAD

Even after reversing from 0.8860, the NZDCAD can’t be termed strong even for short-term unless it clears the 0.8950 resistance on a daily closing basis, which in-turn could help the pair to run up for 0.9000 round-figure; though, a descending trend-line stretched since late August, at 0.9030, can limit the pair’s advances then after. Given the pair’s ability to successfully conquer the 0.9030 mark, the 0.9060, the 0.9115 and the 200-day SMA level of 0.9160 can please the buyers. Alternatively, pair’s downturn below 0.8860 can have 50-day SMA level of 0.8835 as follow-on support, breaking which it can drop to 0.8800 and the 0.8750 rest-points while 0.8715 and the 0.8685-80 could entertain the Bears afterwards.

Cheers and Safe Trading,
Anil Panchal

Kiwi Gets a Boost

Earlier today the Reserve Bank of New Zealand (RBNZ) left their Official Cash Rate (OCR) unchanged at a record low of 1.75% – as the markets had forecast. More importantly was the RBNZ revising inflation forecasts upwards, which is likely to signal an increase in interest rates earlier than previously predicted. RBNZ acting Governor Spencer stated after the announcement “Monetary policy will remain accommodative for a considerable period,” & “the exchange rate has eased since the August statement and, if sustained, will increase tradables inflation and promote more balanced growth.” The RBNZ had set an inflation target of between 1% and 3% and now expects inflation to reach 2% in Q2 of 2018, full 3 quarters earlier than previously expected. Because of inflationary pressure, the markets are forecasting a rate hike by the end of next year. Following the announcement, NZDUSD rose from around 0.6922 to just above 0.6970. NZDUSD has suffered in the second half of this year, after reaching a high in July of around 0.7550 the Kiwi slumped to lows around 0.6830 earlier this month. Today’s announcement gives a much needed “boost” to the Kiwi.

Wednesday’s EIA report surprised the markets with an unexpected increase in oil inventories. The markets had been expecting another drawdown around -2.8M that continues a trend seen over the past few releases. For the week ending November 3rd US Crude Oil inventories rose 2.2M as supplies increased, while production jumped to a record all-time high. The major focus is the fact that US production increased 67,000 bpd to 9.62 Million bpd – the highest since data was readily available in 1983. The increase in US production can only undermine OPEC’s supply cuts to boost the price of crude.

EURUSD is unchanged in early Thursday trading at around 1.1600.

USDJPY is -0.25% lower, currently trading around 113.55.

GBPUSD is 0.15% higher in early trading at around 1.3135.

NZDUSD is currently trading around 0.6970.

Gold is 0.30% higher, currently trading around $1,285.

WTI is currently trading -0.20% lower at around $56.95.

Major data releases for today:

At 09:00 GMT, the European Central Bank launches a new publication, the Economic Bulletin, to replace the ECB Monthly Bulletin. It will be published two weeks after each Governing Council meeting.

At 10:00 GMT, the European Commission will release Economic Growth forecasts as compiled by the Directorate General for Economic and Financial Affairs (DG ECFIN).

At 13:30 GMT, the US Department of Labour will release Initial Jobless Claims for the week ended November 3rd and Continuing Claims for the period ended October 27th. The previous release of Initial Claims of 229K is expected to be bettered, with forecasts calling for a release of 232K. Continuing Claims are expected to come in at 1885K, a minor increase on the previous release of 1884K. Any significant deviation from forecast will see USD volatility.

At 15:00 GMT, the UK National Institute of Economic and Social Research will release an estimate of UK GDP. This release occurs 1 month before the official GDP release and could result in GBP volatility.

At 16:30 GMT, Swiss National Bank Chairman Thomas Jordan is scheduled to speak at the CFS Presidential Lectures in Frankfurt, Germany on the subject: “Independence of Central Banks after the Financial Crisis: The Swiss Perspective”.

This article is written by FxPro

Technical Update For USD/CAD, GBP/CAD, CAD/JPY & NZD/CAD: 26.10.2017

USD/CAD

USDCAD’s sustained break of 1.2770-80 horizontal-line signals brighter chances for the pair’s additional up-moves to 1.2855 and then to the 1.2945-50 region; however, its following advances might be challenged by the 1.3000–1.3015 area which comprises of the 200-day SMA. Given the pair’s ability to surpass the 1.3015 on a daily closing basis, it becomes capable enough to aim for 1.3185-90 resistance-zone with 1.3060 and the 1.3100 acting as intermediate halts during the north-run. On the contrary, pair’s break of 1.2770 may trigger a pullback towards 1.2710 and the 100-day SMA level of 1.2645. Should the profit-booking stretches beneath 1.2645, the 1.2600 and an upward slanting TL figure of 1.2510 can become important for traders to watch, which if broken may again drag prices to 1.2410 and the 1.2330 supports.

GBP/CAD

gbpcad

Even after successfully clearing the 200-day SMA barrier, the GBPCAD failed to extend its north-run as the 1.6970-90 horizontal-region confined the pair’s advances, which in-turn indicates the quote’s U-turn to 1.6800 round-figure before re-testing the 200-day SMA level of 1.6690. If the pair continues declining below 1.6690, the 1.6560, the 1.6455 trend-line and the 50-day SMA level of 1.6400 gain investors’ attention. In case if the pair conquers the 1.7000 psychological magnets, it can escalate the rally in the direction to 1.7170, the 1.7280 and the 1.7315-20 consecutive resistances. Moreover, Bulls’ dominance over 1.7320 may flash the 1.7520 resistance-mark on the chart.

CAD/JPY

cadjpy

With a break of more than two-month-old ascending trend-line, the CADJPY seems all set to test 100-day SMA level of 88.00 with 88.40 being a buffer. Should sellers refrain to respect the 88.00 SMA figure, the 87.70, the 87.30 and the 86.65-70 may appear on their radar. Meanwhile, the support-turned-resistance line, at 89.60 now, can limit the pair’s near-term advances, breaking which it can rise to the 90.20, the 90.50 and the 90.70 adjacent-levels. During the pair’s additional upside beyond 90.70, the 91.30 and the September high around 91.65 gain higher probability to please buyers.

NZD/CAD

nzdcad

While 0.8685 provided much needed upside push to NZDCAD, the pair couldn’t break 0.8815-20 horizontal-line in the course of its recovery and is again declining towards 0.8755 support-mark. Given the pair’s drop below 0.8755, the 0.8715 and the recent low of 0.8685 may offer intermediate halts to it ahead of fetching the quote to 61.8% FE level of 0.8650. Alternatively, break of 0.8820 could open the door for the pair’s advances towards 0.8870 and then to the 0.8900 ahead of confronting the 0.8925-30 multiple resistance-zone. In case if upside momentum breaches 0.8930, chances of witnessing the 0.8970 and the 0.9020 as levels can’t be denied.

Cheers and Safe Trading,
Anil Panchal

Pound Struggles, NAFTA weighed on the Loonie and Catalonia Still Hanging over the Euro

  • Following a rise in UK inflation, the GBP struggled against the dollar, How would you sum up Sterling’s week and where do you see it going next?

It’s been a dire week for the Pound, with inflation’s rise to 3% doing little in terms of support with the new BoE Deputy Governor stating that he would not be voting for a rate hike next month.

Following the uptick in inflation, September wage growth figures disappointed with wage growth continuing to lag behind inflation, weighing on consumer spending.

The BoE is in a precarious position, with rising household debt and soft wage growth raising concerns over the BoE being able to lift rates next month.

The outlook for the Pound certainly doesn’t look positive, particularly following September retail sales figures on Thursday, which were a clear reflection of the issues that the BoE and the UK economy are facing at present.

We could see some support for the Pound next month, should UK Chancellor of the Exchequer Hammond surprise the markets with the November budget, particularly should there be any tax benefits and more for the youth to boost confidence and spending.

For now, however, the direction will likely be hinged on sentiment towards Brexit with the EU Brexit Summit concluding today, though as we have seen on multiple occasions, we can expect the EU to look to strong arm the British government in negotiations which will likely be a negative for the Pound.

  • CAD gained against the USD this week, following positive manufacturing data. However, with a NAFTA set-back, what do you predict will be the effect on this pair?

We’ve seen the market be particularly sensitive to noise over NAFTA, which has weighed on the Loonie, especially with the continued delays, with talks now scheduled to resume next month and are not expected to end until the 1st quarter of next year.

While the markets continue to respond negatively to progress on NAFTA, one does also need to consider that some of the negativity may be more to do with Mexico than Canada and I would expect much of the issues with NAFTA to be priced in for now.

On the positive side, macroeconomic data out of Canada has been impressive as we saw with the latest PMI numbers released this week, with today’s retail sales and inflation figures also of particular importance ahead of the BoC monetary policy decision next week.

We’ve seen oil prices on the rise, with Brent sitting at around $58 levels which is Loonie positive and a hawkish BoC will certainly continue to provide support for the Canadian Dollar over the near-term.
So we can expect the markets to continue buying in on the dips as talks on NAFTA progress, with further gains in the Loonie likely based on the macroeconomic outlook and sentiment towards monetary policy.

  • With troubles in Catalonia still hanging over the Euro, it reached a three day high yesterday, do you see this trend continuing?

There were a number of factors that have provided support for the EUR this week, including concerns over China and growth prospects which led to an easing in risk appetite. With the EUR being a funding currency bouts of risk aversion tends to lead to gains in the EUR.

That being said, market sentiment towards the issues in Spain remain mixed, particularly when considering the fact that the issues are isolated to Spain and not beyond the Spanish borders. Granted that Catalonia accounts for 20% of Spain’s GDP and with Spain being the Eurozone’s 4th largest economy, that’s a sizeable piece of the Eurozone’s economic outlook when considering that the Spanish government had revised down growth projections for next year.

A further negative for the EUR would be if the Spanish government goes ahead and invokes Article 155 this weekend, which would remove certain powers of the Catalonian government. Thereafter it will depend on whether there is unrest and whether it spreads beyond Spain’s borders.

We’ve got the ECB monetary policy decision next week and with the markets have already responded to the disappointing plans for the asset purchasing program for next year, Draghi could surprise with a bigger cut in monthly purchases.

On the flip side, progress on U.S tax reforms could return appetite for the Dollar should the U.S President finally be able to deliver on one of his campaign promises.

Technical Checks For USD/CAD, AUD/CAD & NZD/CAD: 13.10.2017

USD/CAD

With the break of month-old ascending trend-channel joining hands with immediate downward slanting TL, the USDCAD is more likely to revisit the 1.2415-25 horizontal-region. However, near to oversold level of RSI questions the pair’s following downturn, which if happens could quickly drag it to 1.2360 and the 1.2330 support-marks. Moreover, pair’s additional declines below 1.2330 can avail 1.2300 and the 1.2240 as rest-points. In case if the quote witnesses buyers’ favor after US CPI release and clears the 1.2485 TL, the 1.2525 and the 1.2560 can act as immediate resistances, breaking which two-month old descending trend-line figure of 1.2585 becomes crucial to watch. Moving on, during the pair’s further upside beyond 1.2585, the 1.2600 and the 1.2665-70 could be targeted while being long.

AUD/CAD

Having breached an adjacent TL resistance, the AUDCAD seem all set to meet the six-week old descending trend-line, at 0.9800 now, break of which could accelerate its advances in direction to 0.9840 and the 0.9850 north-side numbers. Should the pair sustain trading beyond 0.9850, the 0.9875 and the 0.9900 might become Bulls’ favorite. Meanwhile, 0.9755 and the 0.9715 are likely immediate supports that prices can meet ahead of resting on 0.9700 and the 0.9680 levels. Given the pair continues trading southwards after 0.9680, it becomes vulnerable to plunge towards 0.9640 and then to the 0.9600 round-figure.

NZD/CAD

nzdcad

Considering more than four-month old descending trend-line’s sustained compression of NZDCAD moves, the pair’s latest recovery is likely to be challenged around 0.8930, which in-turn reignites the importance of 0.8815 and the 0.8765 supports. If the pair extends its decline below 0.8765, the 0.8740 and the 61.8% FE level of 0.8660 should be watched closely. On the contrary, pair’s ability to provide a daily closing beyond 0.8930 needs to conquer 50-day SMA level of 0.9010 in order to justify its strength in targeting 0.9055 and the 0.9100 round-figure. Should the pair successfully trades above 0.9100, it becomes capable to aim for 0.9180 and the 0.9210 resistance-levels.

Cheers and Safe Trading,
Anil Panchal

Important NZD Pairs’ Technical Outlook: 13.09.2017

NZD/USD

Even if a fortnight long ascending trend-line favors the NZDUSD’s upside, the pair needs to surpass the 0.7335-40 horizontal-line in order to aim for the 0.7370 and the 0.7390 resistances. Should the quote clears 0.7390, the 0.7415 and the 0.7455-60 might hinder its follow-on recovery, breaking which prices may advance to 0.7500 and the 0.7530 numbers. In case if the pair witnesses pullback moves from present levels, which is more likely, the 0.7250 can act as immediate support ahead of reigniting the importance of 0.7220 TL figure. Given the sellers’ ability to fetch the pair below 0.7220 trend-line, the 0.7180, the 0.7150 and the 0.7130 might comeback on the chart. Moreover, pair’s sustained trading beneath 0.7130 could extend its south-run to 61.8% FE level of 0.7070.

EUR/NZD

eurnzd

Following the EURNZD’s bounce from 1.6320-30 horizontal-region, the pair might challenge the short-term descending trend-line resistance of 1.6515, breaking which 1.6555, the 1.6615 and the 1.6670 could act as barriers during its northward trajectory to re-claim the recent high around 1.6690. Given the pair’s successful trading beyond 1.6690, it could aim for 61.8% FE level of 1.6770 resistance-mark. Alternatively, the 1.6390 may offer an adjacent rest to the pair, if it reverses from current levels, ahead of dragging it towards 1.6330-20 re-test. However, break of 1.6320 could quickly trigger the pair’s drop in direction to 1.6250, 1.6190 and the 1.6150 consecutive supports.

NZD/JPY

nzdjpy

Although NZDJPY’s break of 79.90 failed to surpass 80.30, the pair can’t be termed weak unless it again dips below the support-line. As a result, the pair continues being an aspirant to confront with 80.60 line, which in-turn could escalate its up-moves to the 81.00, the 81.40 and the 81.60 resistance-levels. Meanwhile, pair’s break of 79.90 may further pressure it to visit 79.40 and the 79.00 round-figure prior to witnessing the 78.70-65 multiple support-zone. During the course of pair’s additional downside below 78.65, recent low around 78.20 and the 78.00 round-figure could please the sellers.

NZD/CAD

nzdcad

NZDCAD’s inability to clear 0.8880 indicates brighter chances of its pullback to the 0.8800, the 0.8750 and the 0.8740 immediate supports; however, its follow-on declines below 0.8740 seems questionable, which if happens could make the quote vulnerable enough to plunge towards 61.8% FE level of 0.8660. On the upside, pair’s break of 0.8880 isn’t a guaranteed trigger for its advances as a month-old downward slanting trend-line, at 0.8900 now, could provide a tough resistance; hence, clearance of that might enable the buyers to look for the 0.8940, the 0.8980 and the 0.9000 resistances. Should the pair successfully conquer the 0.9000 mark, the 0.9055 and the 0.9155 might entertain the traders.

Cheers and Safe Trading,
Anil Panchal

Important NZD Pairs’ Technical Overview: 17.08.2017

NZD/USD

While the two-month old ascending trend-line has been restricting the NZDUSD’s downside, 50-day SMA confines the pair’s up-moves off-late. At the moment, inability to surpass the 0.7325 SMA figure during early-morning might fetch the pair to 0.7260 and then to the 0.7230 TL support. In case if the quote closes below 0.7230, the 0.7170 and the 100-day SMA level of 0.7150 become important for traders to watch, breaking which 0.7100 and the 0.7040 should be observed afterwards. On the contrary, a daily close above 0.7325 enables prices to aim 0.7350, 0.7370 and the 0.7400 consecutive resistances. Moreover, pair’s sustained trading above 0.7400 can help Buyers target 0.7460 and the 0.7525 ahead of propelling them to wish for July high around 0.7560.

GBP/NZD

gbpnzd

With the GBPNZD’s latest failure to extend pullbacks from 1.7600–1.7590 horizontal-line, chances of the pair’s 1.7590 re-test are high, breaking which 1.7540 and the 1.7500 can appear on the chart. Should the pair drops below 1.7500, the 1.7450 and the 1.7415 can offer intermediate halts to it ahead of fetching it to 1.7390-85 area, which holds the gate for the pair’s downturn to June low, around 1.7415. If at all the pair manages to sustain its recovery, the 1.7690, the 1.7715 and the 1.7750 are likely adjacent resistance to take care of. However, pair’s upside beyond 1.7750 may only have 1.7815 to clear before the month-old descending trend-line, at 1.7875, comes into play.

NZD/CAD

nzdcad

NZDCAD is presently trading around July lows and might drop further considering the CAD strength; though, the pair has very limited downside, till 61.8% FE level of 0.9180 before three-week long channel-support, at 0.9170, could give rise to its pullback. Given the quote’s additional weakness below 0.9170, chances of its plunge to 0.9130 and the 0.9100 can’t be denied. Alternatively, the 0.9245, the 0.9270 and the channel-resistance number of 0.9300 are likely immediate resistances that can limit the pair’s recovery. Should prices rally beyond 0.9300, it seems wise to target 0.9385 and the 0.9415 numbers towards north.

NZD/CHF

nzdchf

Following its U-turn from an immediate upward slanting trend-line, the NZDCHF seems all set to meet 0.7085 resistance-mark before confronting the 0.7115 horizontal-line and the 0.7130 descending TL. If the quote clears 0.7130, the 0.7150 and the 0.7165 may act as barriers during its rally to 0.7190 and the 0.7220. Meanwhile, a downside break of 0.7040 TL support can fetch the pair to the 0.7000 psychological magnet prior to fetching it towards 0.6970 and the July low around 0.6950-45. Further, pair’s additional south-run after 0.6945 can rejuvenate the hopes to witness 0.6920 and the 0.6900 on the chart.

Cheers and Safe Trading,
Anil Panchal

Important CAD Pairs’ Technical Outlook: 28.07.2017

AUD/CAD

Even after bouncing off from 0.9870-60 support-zone, the AUDCAD failed to surpass the 1.0020-30 resistance-confluence, comprising 200-day SMA & nearly three-month old descending trend-line. As a result, the pair presently witnesses pullback moves towards retesting the 0.9950 and the 0.9920 supports before challenging the 0.9870-60 area. In case if the quote closes below 0.9860, chances of its extended south-run to the 0.9820, the 0.9760 and then to the 0.9730 can’t be denied. Meanwhile, a daily closing above 1.0030 could help prices to aim 1.0110 and the 1.0160 resistances, breaking which 1.0200 and the 1.0250 should appear on the chart. Moreover, pair’s following advances beyond 1.0250 help Bulls to target May-month high around 1.0340-45.

NZD/CAD

nzdcad

Alike AUDCAD, the NZDCAD’s reversal from immediate trend-channel resistance signals its pullback to 0.9350 and the 0.9300 supports; however, channel support, at 0.9275 now, might limit its additional south-run. Should the pair drops below 0.9275, the 0.9250 and the 0.9200 seem crucial for traders to watch, which if broken may fetch it to 61.8% FE level of 0.9100. On the contrary, break of channel-resistance mark, at 0.9415, could accelerate the pair’s recovery towards 0.9460-70 horizontal-line, breaking which it can rise to 0.9530. During the pair’s further up-moves after clearing 0.9530, the 0.9575 and the 0.9615-20 can entertain buyers.

GBP/CAD

gbpcad

With the break of seven-week old descending trend-line resistance, the GBPCAD seem all set to meet 1.6485-90 resistance before aiming the 1.6580 and the 1.6675-80 horizontal-line. Given the Bulls dominance over prices after 1.6680 clearance, the 1.6760, the 1.6830 and the 1.6855-60 should gain attention. Alternatively, 1.6370 and the 1.6300 are likely immediate supports for the pair, which if broken can fetch it to last-week lows around 1.6235 that is expected to confine the quote’s near-term declines. In case if sellers refrains to respect 1.6235, the 1.6200–1.6190 and the 1.6100 can comeback as levels.

Cheers and Safe Trading,
Anil Panchal

Important NZD Pairs’ Technical Overview: 05.07.2017

NZD/USD

NZDUSD’s latest break of month-old ascending trend-line signals brighter chances for the pair’s drop to 0.7230, 0.7200 and the 0.7185 consecutive support-levels. Given the pair’s sustained downturn after 0.7185, the 0.7145 and the 0.7100 round-figure might offer following rests to the prices. On the upside, the 0.7300, the 0.7330 and the 0.7340-45 can keep limiting the pair’s near-term advances, which if broken opens the door for the quote’s upward trajectory towards 61.8% FE level of 0.7365 and then to the 0.7420. In case of pair’s successful trading beyond 0.7420, it becomes capable enough to challenge 2016 high of 0.7483.

EUR/NZD

eurnzd

Having failed to extend its recovery beyond 1.5710, the EURNZD witnessed repeated bounces from 1.5530-40 horizontal-line; however, a month-old descending trend-line, at 1.5675, now becomes an added boundary for the pair to clear. At present, the pair is aiming to re-test the 1.5540-30 support-zone, breaking which 1.5475 and the 1.5400 are likely following rests that it could avail before visiting the 1.5315 and the June-month low around 1.5230. Should there be further downside by the pair after 1.5230, it becomes vulnerable to plunge towards the 61.8% FE level of 1.5090. Meanwhile, an upside break above 1.5675 enables the quote to challenge the 1.5735-40 and the 1.5800 resistances, surpassing which 1.5850 and 1.5900 could entertain buyers. Given the Bulls’ dominance after 1.5900, the 1.6020 and the 1.6080 become wise to expect while being long.

NZD/CAD

nzdcad

NZDCAD is currently struggling with 1.9410-15 horizontal-support with oversold RSI favoring its pullback; however, an immediate descending trend-line, at 0.9440, could confine the pair’s upside. Should the quote continue extending it’s south-run and breaks 0.9410, an upward slanting TL support of 0.9370 and the 0.9340 can act as buffers prior to dragging it to the April lows of 0.9315. If at all the pair manages break the 0.9440 TL resistance, it’s quick surge to 0.9465 and then to the 0.9500 can’t be denied. During the pair’s additional up-moves after 0.9500, the 0.9530, the 0.9545 and the 0.9590 could become expected barriers ahead of targeting 0.9630-40 multiple resistance-region.

NZD/CHF

nzdchf

Even after bouncing-off from a month-old ascending trend-line, the NZDCHF’s immediate moves are being confined by 0.7040 horizontal-line, which if broken could help traders to watch 0.7090 and the June high around 0.7140. Given the NZD strength propel prices beyond 0.7140, 61.8% FE level of 0.7210 might gain importance. Alternatively, 0.7000 psychological magnet and the mentioned TL support of 0.6975 seems strong adjacent supports for the pair, breaking which 0.6940 horizontal-line becomes crucial. Should Bears push the quote below 0.6940, sellers can witness 0.6900 and the 0.6830 supports’ come-back.

Cheers and Safe Trading,
Anil Panchal

Technical Checks For USD/CAD, EUR/CAD, NZD/CAD & CAD/CHF: 29.06.2017

USD/CAD

Having cleared a year-long upward slanting trend-line, the USDCAD is now struggling with 1.3000 – 1.2995 horizontal-support in order to stretch its south-run towards the 1.2960 and the 1.2900 rest-points. In case of the pair’s additional weakness below 1.2900, the 1.2830 and the 1.2760 might offer intermediate halts prior to flashing 1.2650-55 on the chart. However, oversold RSI and presence of strong support-region indicates brighter chances of the pair’s pullback to 1.3060, 1.3125 and the 1.3150 consecutive resistances. Given the quote’s extended recovery beyond 1.3150, the 1.3200, the 1.3280 and the 200-day SMA level of 1.3340 can entertain follow-on Buyers ahead of pushing them to conquer with 1.3385 resistance-line.

EUR/CAD

eurcad

EURCAD’s failure to extend its recovery beyond 1.4980 signals it’s another drop in direction to 1.4730-25 horizontal-line with 1.4800 and the 1.4755 being nearby supports to avail. Should the pair refrains from respecting the 1.4730-25 region, it can quickly plunge to 1.4660 and the 1.4600 round-figure ahead of meeting 1.4530 and the 1.4490 supports. Alternatively, 1.4900 and the 1.4980 are expected immediate resistances that the pair needs to surpass before aiming the 1.5000 – 1.5010 horizontal-resistance, which if broken could help stretch the advances towards 1.5125 and the 1.5210. If at all Bulls dominate prices after 1.5210 break, the 1.5260 is likely a buffer that can be availed during their rally to 61.8% FE level of 1.5480.

NZD/CAD

nzdcad

NZDCAD recently broke 0.9510-15 support-confluence, comprising 50-day SMA & celeven-week old ascending trend-line, which in-turn favors the pair’s decline to 0.9470 and then to the 100-day SMA level of 0.9445. If Bears aren’t satisfied with 0.9445 break, they can further fetch the quote to 0.9400, 0.9380 and then the 0.9350 support-levels. Meanwhile, a daily closing 0.9515 could negate the latest breakdown and might rejuvenate the pair’s pullback to 0.9550, 0.9590 and the 0.9620 resistances. Moreover, pair’s successful trading above 0.9620, raises hopes to witness 0.9660, 0.9690 and the 0.9710 numbers on the chart.

CAD/CHF

cadchf

Following its successful bounce from 50-day SMA, the CADCHF now confronts more than four-month old descending trend-line, at 0.7360, which if broken on a daily closing basis, can help buyers target 100-day SMA level of 0.7400. During the pair’s further advances beyond 0.7400, the 0.7430 and the 0.7465 can mark their presence while 0.7500 & 0.7530 become eagerly awaited. On the downside, 0.7360 and the 0.7345 can offer adjacent supports to the pair, breaking which 0.7300 and the 50-day SMA level of 0.7265 comes into play. Given the Bears dominance after 0.7265, the 0.7190 and the 0.7120 can be alive in their radar.

Cheers and Safe Trading,
Anil Panchal