Weekly FX Technical Analysis round-up – Tuesday 11th July 2017
SUMMARY OF KEY FX RATES
NZDUSD Daily Chart (3-years)
NZD/USD MACD is now crossing down from the overbought area and a rising Wedge formation is also completed. Hence, we see a dip to .7136-.7187, possibly .7052-.7089 area. Above .7345 is needed to avert downside.
AUDNZD Daily Chart (6-month)
AUDNZD completing a head and shoulders base with neckline around 1.0550 with a break likely to trigger 1.0695, possibly 1.0748. MACD is also entering in to the positive territory from the oversold levels which add to the bullish view. Below 1.0418 is needed to change outlook.
AUDCHF Daily Chart (6-month)
AUDCHF is forming a base with strong support at .7271 the MACD is also looking constructive for a further upside to .7480-.7575 area. Below .7271 is needed to avert.
EURNOK Daily Chart (6 month)
EURNOK is showing initial signs of forming a top with MACD diverging and an inclining wedge pattern forming. This raises risk of a move towards 9.3216 possibly 9.2465. Above 9.6425 to open 9.7445
GBPNOK Daily Chart (6 month)
GBPNOK is moving in a downtrend with decent resistance at 10.882. MACD is also flattening just below the zero line. Hence, we see a further downside to 10.554-10.664 area. Above 10.882 to change outlook
Major Currency Pairs
EURUSD Daily Chart (6-month)
EUR/USD as now found support above 1.1294 and the MACD has also moved up from near the zero line. Hence, we are still bullish with a view to restest 1.1457 downtrend with a break likely to open towards 1.1530-1.1611 (2015/2016 highs), possibly 1.1701 (August 2017 high). Below 1.1294, however, will question a further upside with likelihood of a correction to 1.1110-1.1200
GBPUSD Daily Chart (6-month)
GBP/USD MACD is moving up into the positive territory but key resistance exist at 1.3047. Hence chances are for a dip to 1.2773-1.2815 area where a break will open 1.2591-1.2641 test. Above 1.3047 to open 1.3119-1.3276 area
USDJPY Daily Chart (6-month)
USDJPY broke a key level at 113.35 (triangle top) and the next set of resistance comes in at 115.60. The MACD is still strong and we look for a further upside to 115.60, possibly 116.11, the multi-year downtrend. Below 112.78 needed to avert upside.
AUDUSD Daily Chart (6-month)
AUD/USD still looks constructive and there is plenty of support around the .7517-20. Hence we expect dips to be short lived with .7714 likely to be tested over the coming days above there next target area is .7749-.7831 (2017 / 2016 highs). Below .7517 averts.
EURGBP Daily Chart (6-month)
EURGBP MACD has started to flatten in the positive territory with chances of a move higher. Hence, we expect resumption of an upside to .8880 initially, .9025-.9066 (Nov and Oct 2016 highs) over the coming days. Below .8757 to delay upside
USDCAD Daily chart (6-month)
USD/CAD 1.2765-1.2824 is the next key support area to watch with a bounce not ruled out given that MACD seems overextended in the oversold area. We expect 1.3168-1.3224 area to come under test but while below there chances are for a deeper dip to 1.2597-1.2657 area