Technical Checks For USD/JPY, AUD/USD & AUD/JPY: 31.03.2017

Technical Checks For USD/JPY, AUD/USD & AUD/JPY: 31.03.2017


While USDJPY’s U-turn from 110.00 – 110.10 horizontal-region presently signal the pair’s extended recovery towards 112.50-55, 50-day SMA level of 113.10 might restrict its further upside. Given the pair continue rising beyond 113.10, 113.60, 113.95 and the descending trend-line mark of 114.15 are likely consecutive resistances to appear on the chart. If at all prices surpass 114.15 on a daily closing basis, chances of witnessing 115.00 and the 115.50 can’t be denied. Meanwhile, 111.35 and the 110.40 can entertain short-term sellers before the 110.10 – 110.00 comes into play. In case of the pair’s sustained trading below 110.00, the 109.30, 50% Fibonacci Retracement level of 108.80 and the 200-day SMA figure of 108.30 may please Bears.



Following its failure to extend early-week pullback beyond 0.7680, the AUDUSD now rests around 50-day SMA figure of 0.7630, breaking which 0.7610 and the 0.7590 can quickly be flashed on the chart. During the pair’s additional weakness below 0.7590, the 0.7545, 100-day SMA figure of 0.7510 and the 0.7490-95 horizontal-line should be watched by traders, clearing which chances of the pair’s drop to 0.7455 and the 0.7420 can’t be denied. Alternatively, 0.7680 and the 0.7715 are likely immediate resistances to observe, breaking which downward slanting trend-line of 0.7740, adjacent to latest high around 0.7750, become important. If at all Bulls propel the quote beyond 0.7750, the 0.7780, 0.7830 and the 61.8% FE level of 0.7850 can be targeted while buying the pair.



With comparative strength of the JPY, AUDJPY recently reversed from 85.75-85 horizontal-region and is currently breaking immediate ascending trend-line support of 85.50. If the pair successful breaks 85.50, the 85.00 and the 84.80 might offer intermediate halts before the 84.55 and the 84.30 grabs attention. Should prices continue declining below 84.30, the current-month low of 83.80 becomes crucial, which if broken could trigger pair’s fresh south-run towards 61.8% FE level of 83.10. On the upside, a clear break of 85.85 enables the pair to aim for 86.20 and 86.60 nearby resistances, surpassing which 87.00, 87.20 and the 87.50 can be witnessed. However, pair’s successful trading beyond 87.50 opens the door for its rally to surpass 88.20 resistance-mark.

Cheers and Safe Trading,
Anil Panchal