EUR/USD technical analysis
As expected, the Fed made a rate hike in their last FOMC the meeting. After interest rate hike decision, euro market fell down against mighty U.S. dollar. The market fell for two days in a row. It dropped down more than three hundred pips after the Fed declared the rate hike. Last week's high is 1.0670 and it makes low at 1.0366. After the FOMC meeting, the market broke down the key technical support zone at 1.0520 -1.5000.The price broke the double bottom on the daily chart.
The pair gets some support in this zone, but selling pressure on this pair pushed the market lower. The pair got the next support at 1.0450. But EUR/USD also broke this level and the market created a 14 year low. However, the pair made some recovery in last Friday. The pair made a new high at 1.0474. The pair broke the key resistance level in 1.0450. If there was a buyer in this market then they would take that chance and take the price to a higher level. But buyer failed in that situation.
Next week there might be a chance of rebound in the EUR/USD pair. But the pair will face very strong resistance in 1.0470 level. Buyer needs to do a lot of work to break that key resistance level. If the buyer cannot break that key resistance level then the market might fall down again. Next key support is at 1.4000 level. If the seller wants to remain in the control then they should have to break that support level.
If 1.4000 level fails to hold the market price then we might see a sharp drop in the EUR/USD pair. The next key support level is at 1.4063 which is also the lowest price in last decade. The overall bias in this pair remains bearish. So look for selling opportunity if the pair can't break key resistance levels.
USD/JPY technical analysis
FOMC rate diction caused the USD/JPY pair to rally higher in last week. The pair gain almost 340 pips. In the last week, the pair touched the weekly hundred moving average but the pair didn’t manage to break that key support level. After getting support on the weekly moving average the pair made its ride for a higher level. The current high of this pair is at 118.40 but in last Friday the price falls down and created a lower low at 117.48 and eventually it closed at 117.90 level. For next week price have to do some work to go in the direction of the trend.
The next key resistance zone for this currency pair is at 118.00-118.50. We might see some sideway market in next week. The pair might find some difficulty to break that key resistance zone. In that resistance zone, the formed a significantly lower low in last year. Last time it broke this level in February but after that, we didn’t see this pair in that level for a long time. So this is the key zone for this pair. Buyer needs to do a lot of work to break this level. If the buyer fails to break this key level, the price might fall down in the next week. Overall, the trend is bullish for this currency pair but we are most likely to see sideways movement in the next week.
USD/CAD technical analysis
This week, USD/CAD fell down because of the oil cap decision implemented by OPEC. OPEC production cut in oil made the Canadian dollar stronger against its all major rivals. However, the USD/CAD failed to create significant low due to the strong bullish sentiment of USD. The pair found strong support in 1.3092 level. The two hundred days moving average acted as the support level and push this currency pair higher. But there was some selling pressure in this pair earlier in last week. But the market can’t break the key support area.
After the decision of FOMC rate hike, loonie also gets weaker. The seller's pressure was fading out from the market and more buyer came into the market. That’s why the pair jumped from that 200 daily average. The pair breaks the 100 days SMA and the key resistance level at 1.3192 in a single attempt.
The price makes a new higher high in 1.3414 level, which is the highest price in this week. There was a key resistance level at 1.3400. The market test that level but cannot break that level. The price falls down from this level which is not a good sign for the buyer. Next week, buyer might take a chance to break this key resistance level at 1.3400. If the buyer manages to push the price higher above 1.34000 level than we might see more buying pressure in this pair.
There is a minor resistance level at 1.3440 level. If price breaks this level in the next week then we will see a decent bullish rally. The overall bias for this currency pair is bullish. The pair broke both 100 day SMA and also the 200 days SMA. If the price stays above this area then buyer are more in control. But look for a clear break. If price takes down those key support areas at 1.3200 and 1.3100 level then the price might fall in the next week.
NZD/USD technical analysis
In the last trading week, the NZD/USD lose almost 300 pips from its pick point. The price fell down sharply in daily chart frame. The pair broke all the key resistance level. The price faced key resistance at 0.7200 level and fall down below the moving average. The pair got its next key support zone at .7060 level. But the interest rate decision from Fed helped NZD/USD to break the key support level. The price fell below the moving average and also broke the bullish trend line. The price is now trading bellowed the trend line. Overall bias for this pair is bearish but we might see sideway trading for this pair in next week.