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EURGBP & AUDNZD Outlook

Greatest Financial Trades Ever Made

The EURGBP pair made gains on Friday breaking above 0.8900 and coming within pips of 0.9000. The chart shows that price has pulled back to the 0.8935 level, which has now formed support at yesterday’s low. A loss of this area may see price finding support at the 100 period moving average around 0.8890 or the 0.8900 level. Further losses might see price interact with the supporting trend line at 0.8848 which was last week’s low. The 200 DMA is rising close to that level at 0.8840 adding some strength to the area. Below this point 0.8800 is followed by 0.8700.

Resistance can be seen at the high from Friday close to 0.9000. A break above this level might find resistance at the lower high, which is also the September high, at 0.9051. The 0.9100 level was used as resistance in August and traders may use this level to consider their positions against. If this level is breached then the 0.9180 level may become resistive.

 

The AUDNZD chart is showing price consolidating around 1.0950. Price action is creating lower highs and higher lows, and the moving averages are flat lining and moving sideways. Support for the pair can be seen at the lower trend line at 1.0883, with a loss of this area setting up a push lower to test the 200 DMA at 1.0815. The 1.0782 level offers the next area of support under 1.0800. Should price action push under these areas then the 1.0700 level may come into focus followed by the 1.0659 level as the recent low.

Resistance at the 50 DMA is positioned just above 1.0950 followed by the falling support trend line at 1.0990. The 1.1000 level has a large zone of control around it that is now resistance. Looking left on the chart shows many interactions with this area as both support and resistance.  Break higher may encounter resistance around 1.1050 or the 1.1061 level. These levels are followed by the 1.1100 round number and the high at 1.1177.

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