Technical Outlook For EUR/USD, GBP/USD, AUD/USD & NZD/USD: 28.08.2018

EUR/USD

Break of nearly eleven-week old descending trend-line opens the door for the EURUSD’s north-run towards 100-day SMA level of 1.1760 if the pair manages to sustain the recent recovery. However, pair’s successful trading above 1.1760 might not hesitate challenging the 1.1830 and the 1.1965 mark, comprising 200-day SMA. In case the quote fails to hold the strength beyond D1 close, the 1.1670 and the 50-day SMA level of 1.1610 can come-back on the chart whereas 1.1510-1500 may limit the declines then after. Assuming the pair’s downturn past-1.1500, the 1.1430, the 1.1355 and the 1.1300 may become sellers’ favorites.

GBP/USD

Unlike EURUSD, the GBPUSD still has some room on the upside before confronting short-term important resistance, namely the two-month long downward slanting TL, at 1.2940, followed by the 1.2970-75 horizontal-line. Should prices surpass the 1.2975 barrier, the 1.3000 and the 1.3040-45 can please the Bulls. On the contrary, an ascending trend-line at 1.2840 may restrict the pair’s pullback, breaking which 1.2790 and 1.2730 seem crucial levels to observe. If Bears refrain to respect the 1.2730, the 1.2660 and the 61.8% FE level of 1.2595 could appear in their radar to target.

AUD/USD

AUDUSD’s U-turn on Friday has to conquer 50-day SMA level of 0.7375 and the 0.7390 trend-line in order to aim for the medium-term descending trend-line, at 0.7445. Though, pair’s ability to clear the 0.7445 hurdle on a daily closing basis could open the door for its rise in direction to the 100-day SMA level of 0.7475 and the 0.7500 round-figure. Meanwhile, 0.7300 and the 0.7240 are likely immediate supports to watch during the pair’s decline. Additionally, the pair’s extended south-run beneath 0.7240 may have 0.7200 and the 0.7120, including 61.8% FE, as rest-points.

NZD/USD

Having breached adjacent trend-line resistance, the NZDUSD may target the 50-day SMA level of 0.6750 ahead of looking at the 0.6765, the 0.6800 and the 0.6850 numbers to north. Given the pair stretches the upside above 0.6850, the 100-day SMA level of 0.6895 can lure the buyers. Alternatively, the 0.6665 and an ascending TL, around 0.6635, may question the pessimists, breaking which 0.6600 and the 0.6540 could gain market attention. It should also be noted that the quote’s failure to reverse from 0.6540 might make it vulnerable to visit the 61.8% FE level of 0.6485.