USD/CHF Technical Analysis ~~ The counter is currently in sideways consolidation mode. ~~ It is currently in its lower end of the range and the short-term indicators show signs of oversold condition. ~~ Further, the wave interpretation deems a wave C move to the upper end of the range. ~~ Hence, we expect the pair to be bullish in the near-term.
EUR/USD Technical Analysis ~~ EUR/USD is currently in a corrective consolidation. ~~ It has completed the waves A and B and is now due for wave C. ~~ Further, the resistance of 1.19 proves to be a tough nut for the bulls and hence we expect the pair to retreat to the support.
AUD/USD Technical Analysis ~~ The counter has formed a gramophone pattern. ~~ It has hit the upper trendline and is coming down with strong momentum. ~~ We advise traders to go short when the pair breaks the support level of 0.71745 and expect a sell-off to lower trendline.
NZD/USD Technical Analysis ~~ The resistance zone of 0.668-0.67 has been a tough nut for NZD/USD. ~~ It failed to cross it despite three valiant efforts and the one time it crossed it was rejected at higher levels. ~~ So, the bulls are running for cover and we expect the pair to head down to lower levels in search of support.
USD/CAD Wave Analysis As suggested earlier in our premium analysis, the counter is currently in a bull cycle. It has completed wave B and is showing exhaustion at the lower level. Hence, we expect the pair to kickstart its wave C from here.
CAD/JPY Technical Analysis ~~ The counter has recovered from the lows with a strong V-shaped rally. ~~ It has now crossed a critical resistance level of 80.162. ~~ The structure resembles a bearish shark pattern and we expect the pair to rally to the completion zone for now.
EUR/USD Technical Analysis ~~ The counter has been rising sharply from the low. ~~ The entire structure looks like a bearish cypher pattern. ~~ We expect the pair to face resistance at the reversal zone marked in the chart and move back to support level.
GBP/USD Technical Analysis ~~ The counter is forming a descending triangle at the high. ~~ It made a fake-out at the resistive trendline and then sold off only to form a bearish flag pattern in the near-term. ~~ We expect the bearish flag to break down and the price to move to the short-term support zone.
AUD/USD Technical Analysis ~~ As we mentioned earlier, AUD/USD has formed a gramophone pattern. ~~It has now formed an inverted head and shoulder pattern the supportive trendline and has broken out. ~~ And the RSI indicator has also replicated the same pattern, which validates the strength in the counter. ~~ Further, the prices are now trading above a strong support level of 0.71727. ~~ Hence, we expect the pair to be bullish from here on.