AUDUSD’s pullback moves from 0.7540 could be challenged by the 0.7565-70 horizontal-line, which in-turn might trigger the pair’s fresh drop towards 0.7540 re-test, breaking which 0.7520-15 area becomes crucial for traders to watch. Should sellers refrain from respecting the 0.7515 support, the 0.7500 may act as an intermediate halt during the quote’s south-run to 0.7475 and then to the 0.7450 rest-points. In case if the pair surpasses 0.7570, the 0.7585, the 0.7600 and the 0.7615 may offer consecutive resistances prior to propelling prices to early-month high around 0.7635. Moreover, pair’s successful trading above 0.7635 could give rise to expectations of witnessing 0.7685 and the 0.7700 resistances.
With the 1.4800 – 1.4810 horizontal-line seems restricting the EURAUD’s immediate advances, pair’s pullback to 1.4750 and then to the 1.4700 become wise to expect; however, 1.4635-30 could restrict its additional downside. If prices continue trading southwards after 1.4630 break, the 1.4570, the 1.4520 and the 1.4440-35 may come-back in Bears’ radar. Meanwhile, an extended up-move beyond 1.4810 could enable the buyers to aim for 1.4840 and the 1.4900 round-figure while 1.4925-30 is likely a strong barrier for them to conquer during following rise. Should there be additional optimism, which fuels the pair’s run-up beyond 1.4930, the 1.5000 psychological magnet and the 1.5070 may get popularity.
Ever since the GBPAUD registered a gap-down opening around UK election results, the pair continued following a short-term descending trend-channel which restricts its moves. At present, the quote might rise to the channel-resistance of 1.6810, which if broken could stretch its recovery to 1.6870 and then to the 1.6985 ahead of flashing 1.7000 mark on the chart. Though, pair’s further advances above 1.7000 needs to justify their strength by clearing 1.7050-60 horizontal-line. Alternatively, the 1.6720, the 1.6675 and the 1.6625 are likely immediate supports for traders to observe during the pair’s U-turn ahead of checking the channel-support figure of 1.6560. Should the pair defy channel formation by declining below 1.6560, the 1.6530 and the 1.6500 may entertain sellers before pleasing them with 1.6420 support.
AUDCAD is one more AUD pair which indicates near-term decline. The pair signals immediate test to 1.0025 ahead of printing 1.0000 as a quote. During the pair’s additional south-run below 1.0000 and the 0.9980, 0.9960 and the current month low of 0.9945 could be considered as consecutive rests, which if broken strengthen bears to demand 0.9930 support. On the upside, 1.0075, 1.0090 and the 1.0110 can be expected a nearby resistances for the pair. In case of the pair’s sustained trading above 1.0110, seven-week old descending trend-line, at 1.0155, might try to limit the pair’s up-move, clearing which chances of witnessing 1.0200 can’t be denied.
Cheers and Safe Trading,