Inverted hammer in the AUD/USD might signal another fail retest on its initial resistance.
DESCRIPTION
The AUD/USD is currently trading at 0.79409 after it failed to test the first resistance on 0.7959, the July 21 high. The second resistance is on 0.7989, which is the July 20 high. The last resistance is on 0.8019, the 200 week moving average. If the chart loses its will to push further, we could see a dip to 0.7857, the pivot s1 and the 50 day moving average support. The second support is on 0.7838, the July 17 high whereas the last support is on 0.7778, the Nov 8 high. The price is trading in a consolidation zone now, traders are encouraged to watch the breakouts closely.
Bullish outlook for NZD/USD
DESCRIPTION
The NZD/USD is still in the bullish mode, currently trading at 0.74383. The first resistance is on 0.7482, the September 8 2016 high. If the price goes in the direction that we expected, the second resistance is on 0.7503, the May 15 2015 high and the last touch will be on 0.7564, the May 14 2015 high. The first support is on 0.7388, the July 19 high. If the investors refuse to hold the support line, we expect another support level at 0.7341, the July 19 low and the last support is on 0.7311, the July 17 low.
EUR/USD: 2015 highs still in focus as the euro consolidates after last week’s ECB spike. Now at the price of 1.1640.
DESCRIPTION
The prospects for the 1.17 level still remain hence, if the chart breaks through the 1st resistance level at 1.1679, the 2nd resistance at 1.1699 level could be hit. In case of a breakthrough the price could stretch above the 1.17 level all the way towards the 3rd resistance at 1.1727. The bearish power could result in the 1st support being hit at 1.1583 followed by the 2nd one at 1.1557. If the downslide continues, last week’s gains could be erased hence the price would touch the 3rd support at 1.1510.
GBP/USD: The latest upward momentum keeps the price above 1.30, now trading at 1.3037.
DESCRIPTION
With the increasing potential of reaching the 1.35 level the 1st resistance stands in way at 1.3020 followed by the 2nd one 33 pips higher at 1.3053. The 3rd resistance awaits to be breached at 1.3110. Alternatively, a turnaround could result in the price touching the 1st support at 1.1933 or sliding lower towards the 2nd one at 1.2907. A stronger downside momentum however could lead the price towards the 3rd support level at 1.2886.