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Since early November, the EURUSD kept observing descending trend-channel formation that favors the pair's downside. On Wednesday, the pair rose to 1.0630 mark but weaker that expected CPI reading pulled it back, indicating 1.0550 re-test, breaking which the channel support, near 1.0500 round figure mark becomes important for the pair traders.
On the upside,...
Even if the EURUSD maintains its upscale near 1.1400 mark, resistance line of short-term “Rising-Wedge” bearish technical formation on H4 chart, near 1.1425-30 presently, could limit the pair’s immediate advance.
The formation, however, isn’t complete unless the pair decisively break below the lower ascending trend-line support, currently near 1.1370-65 region....
Following its bounce from 0.6250-40 support area, the NZDUSD managed to mark the highest level since late-August; however, 0.6490 - 0.6500 horizontal resistance restricted further advances by the pair on Monday. Should the pair breaks 0.6500 on a closing basis, chances of its rally to 0.6700 important resistance region can't be denied; though, 0.6595 - 0.6600 can...
Having broke the 1.5160-50 horizontal support on Tuesday, the GBPUSD failed to extend its decline and is currently struggling to break the said support-area ahead of Q2 2015 Final reading of UK GDP.
Should the GDP prints weaker than 0.7% expected mark, the pair can break 1.5150, indicating its 1.5090 intermediate support re-test before plunging to 1.5000 - 1.4990...
Failure to break 121.30 descending trend-line resistance pulled back the USDJPY towards its month old trading range (as indicated by symmetrical triangle formation) support, near 119.30. Successful break of which can trigger pair's decline to 118.30 while a bounce can witness 120.60-65 area as intermediate cap prior to targeting upper-line resistance, 121.30....
