EURUSD is considered to be a most traded pair in the forex industry. Last week the pair fall heavily from the critical resistance level at 1.11988 and eventually closed at 1.09565 levels. The recent week is very important for the EURUSD pair since ECB press conference is going to play the significant role, in the next move of this pair. The near-term support for this pair is situated at 1.09105 levels. Professional traders are overly cautious in selling this pair since the U.S economy is struggling very hard at this moment. The recent interest rate hike decision is delayed to a great extent and there is very little hope for the investors to see a raise in the interest rate before the month of December. If the near-term support level holds then we might see a decent bullish move in this pair towards the next critical resistance level at 1.11088.A valid break above that level will bring strong bullish rally in this pair towards the next critical resistance level at 1.13647 levels. From that level traders are expecting significant selling pressure since the long-term trend is strongly bearish in the EURUSD pair. Most importantly if the U.S economy starts to improve in the upcoming month then we are sure to see resumption in the bearish trend. The market sentiment will remain strongly bearish until the market breaches the key resistance level at 1.16078 levels. To be precise traders are having very difficult times in trading forex this pair since lots of fundamental chaos is prevailing at the current moment. In the eyes of trained professional selling, the pair with the clear decisive break of the near-term support level at 1.09206 would be the first priority. A valid break below that important support level will lead the pair towards the next critical support level at 1.05076.Considering all the parameters trading this pair at the current moment are bit risky. We will stay on the sideline until more lucrative trading opportunity present itself in the market.
Last week the NZDUSD pair has started its correction after hitting the high of 0.74810 .The long bullish run for the last couple of month has been facing bearish pressure for the first time. The price has dropped below the 100 days SMA in the last week which is clear indication of fresh selling pressure in the market. Near-term support now lies at 0.7044 levels. If the pair manages to hold this support level then we will another nice bullish run in the market. On the contrary, if the pair manages to break the 0.7044 level then we will see a decent drop in the price towards the next critical support level at 0.6914 levels. This level is going to provide a significant amount of buying pressure in the market since the 200 days SMA and 50% retracement level of the pair lies there. The bullish Fibonacci retracement for this pair has been drawn by using the low of 21st January 2016 to the high of 7th September 2016.A clear decisive break below the 50% retracement level will bring the 61.8% retracement level into action. If the major support levels at 0.6770 level fails restrict the bearish run then we might see a sharp fall in the NZDUSD pair. The first initial bearish run for this pair would be the next critical support level at 0.63440 levels. Professional traders are waiting cautiously to buy this pair at the key support level. The New Zealand economy is doing pretty well compared to U.S economy which gives the buyers some advantage in this market. Considering all the parameters the overall bias remains strongly bullish for the NZDUSD pair for the upcoming week. Professional traders will enter long into this pair near the key support level with proper bullish price action confirmation signal.
The daily bullish trend in the AUDUSD pair still intact and the price is making nice higher highs associated with higher lows. Last week the price strongly rejected the 100 day SMA in the daily chart forming nice bullish pin bar in the chart. The validity of the pin bar was also confirmed by the strong bullish candle after the strong rejection. The first initial bullish target for this pair would be the critical resistance level at 0.76905 levels. If the pair manages to breach that level then we will strong bullish move in the AUDUSD pair towards the critical resistance at 0.7820 levels. A valid break of the price above that level will confirm the firm establishment of the bullish move in the AUDUSD pair. In case the recent bullish price action scenario fails to achieve its goal then we will see a decent drop in the price towards the next critical support level at 0.74420 levels. Traders are overly cautious about this level since the price has respected the 200 day SMA significantly in the past. A valid break below of the support level 0.74420 level will bring further fall in the pair towards the next critical support level at 0.7220 levels. Professional traders are considering this support zone as potential trend reversal zone. A valid break of the support 0.7220 level will confirm the end of the bullish run in the AUDUSD pair. Considering all the fact the overall bias remains strongly bullish in the AUDUSD pair. Professional traders are looking to buy this pair at critical support level with proper bullish price action confirmation signal. But before going long in the AUDUSD pair, it highly recommended using tight stop-loss and price action confirmation signal in the longer time frame.