Major Currency Pairs Technical Update

On Thursday, the US Dollar toughened against most main currencies on the rear of stronger-than-expected June employ news. In the procedure, the US Dollar cleaned off mainly of its losses alongside EUR, JPY, CHF AUD, and NZD, however against GBP continual to stay weak on weekly base.

EUR/USD

The pair overturned from 1.3700 handle in addition to dropped rear under 1.3600 marks, giving up the majority of its gains listed in the preceding week. This 1.3600 height now appears to act as significant Pivot Point for the future week. Should the pair provides a weekly close under 1.3600 mark this seems more possible to keep on weakening in the future week and float lower to test a very significant support close to 1.3500-1.3480 region, convergence of 50% Fib retracement level and an mounting trend-line hold. The rising trend-line furthermore seems to comprise towards creation of a bearish chart outline, increasing Wedge, on every day chart. Otherwise, a move above 1.3600 may persist to meet resistance near 1.3640 plus 1.3700 levels. Simply a move on top of 1.3700 marks could perhaps negate any short-range bearish viewpoint for the pair off and the pair then can easily go up back to 1.3800-1.3820 resistance region, instead of 61.8% Fib. retracement height.

GBP/USD

Though the pair is heading intended for a fifth week of successive gains, this seems to be reverse from the higher trend-line resistance of a short-range rising trend-channel configuration (in Red). Furthermore, daily and weekly RSI (both on top of 70) are suggestive of near-term overbought circumstances and therefore, the present ongoing revenue taking progress is predictable to keep on and the pair can possibly fall to 1.7060-50 flat support region. though, a weekly close up on top of 1.7160 level will indicate continuance of the pair’s new sturdy move and the pair can easily exceed 1.7200 round shape mark and carry on appreciating to 1.7400 region, representing an added trend-line resistance of a medium-term rising trend-channel creation (in Green).

USD/CHF

The pair rebounded penetratingly from 0.8850 significant support height, moreover approaching 100-day SMA hold up, and move back to 200-day SMA confrontation near 0.8950 areas. This 200-day SMA area now seems to proceed as important level for the upcoming course of the pair. Ought to the pair control to hold on to its gain or offer a weekly close next to 200-day SMA, this is likely to expand its sturdy move even outside a very significant psychosomatic resistance close to 0.9000 marks. A move on top of 0.9000 marks might further activate accelerated up-move for the pair, still beyond 0.9100 heights, to 0.9140 areas. In the meantime, a turnaround from 200-day SMA plus a drop rear below 0.8900 instant supports seems to instill added near-term weak point for the pair to 0.8750 support regions. Current low of 0.8850 might possibly operate as intermediary support on the weakness.

USD/JPY

Though, the pair bounced back from 101.20 transitional supports, it keeping on facing sturdy resistance close to 200-day SMA, now near 102.20. Creation of a downward triangle on every day charts recommends that any up-move further than 102.20 resistances is probable to be capped close to a very significant resistance close to 102.70-80 region, representing the downward trend-line of the downward triangular creation.

AUD/USD

The pair off failed to capitalize on its move about above April 2014 high and upturned from a middle resistance close to 0.9510-30 region. The pair dropped rear to re-test a tremendously important hold up near 0.9330 regions. A drop under this sturdy support region would make the pair off vulnerable to more corrective go in the future week to 0.9210-0.9200 support region, 50% Fib. retracement height. Though, must the pair direct to hold this sturdy support and observer a rebound, it might possibly expand the rebound even ahead of 0.9500 mark touch on Wednesday and keep on the short-term up-ward route till 0.9600 height.

NZD/USD

The pair is overturning from its weekly resistance height near 0.8800 levels noticeable by the higher trend-line confrontation of a mounting channel creation on weekly chart. This curative move is expected to continue throughout the future week primarily towards 0.8640 support region. Even an important move on top of 0.8800 resistances is expected to be capped at 0.8840 confrontation level, including of 61.8% Fib expansion highs and level touched in July 2011.