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Technical Update - AUDUSD, AUDNZD, AUDJPY & EURAUD
AUDUSD reached 1.618 projection of the Shoulder-Head-Shoulder pattern and despite there still being downside potential to the 2.00 projection and strong support at around 0.6640 the pair could have run its course. If AUDUSD moves back above the 200 daily Moving Average (SMA) there is a great likelihood it will move back above the Neckline and the 55 SMA. If that scenario plays out AUDUSD has resumed uptrend and could move back in the 0.70-0.71 area.
AUDNZD broke its rising trendline retracing 0.50 of the December-February uptrend. At the time of writing the pair is trying to move back above the 55 and 100 daily Moving Averages (SMA) which can gibe AUDNZD energy to push towards the 1.10 level and the 200 daily Moving Average.
However, the short-term trend is down supported by negative RSI sentiment and the pair could be hit by another vawe of selling down to the 0.618 retracement at around 1.0696, possibly dipping down to support at around 1.06.
However, the short-term trend is down supported by negative RSI sentiment and the pair could be hit by another vawe of selling down to the 0.618 retracement at around 1.0696, possibly dipping down to support at around 1.06.
AUDJPY has been rejected at the 0.93 level multiple times now. That level seems to be too strong for AUDJPY to penetrate. However, AUDJPY seems to have found support at the lower rising trendline and at 0.9125 and might have another go at the 0.93 resistance. A move above could fuel a rally to 0.95-0.9550. Although not massively convincing RSI is showing positive sentiment suggesting AUDJPY will have a new push higher.
However, a break below 0.9125 could fuel a sell-off down to 0.90.
EURAUD after breaking bullish out of falling channel it has established a new uptrend. Hovering around the 1.5740 resistance level a minor correction down to around 1.53 could be seen. 21, 55 and 100 daily SMA’s will provide support.
But the trend is up supported by the bullish RSI. A trend that is likely to take EURAUD towards the 1.60 level.
But the trend is up supported by the bullish RSI. A trend that is likely to take EURAUD towards the 1.60 level.