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3 pairs to watch – GBPCAD, NZDUSD, EURUSD

3 pairs to watch - GBPCAD, NZDUSD, EURUSD

GBPCAD

This pair fell lower at the tail end of last week to close at its lowest level in almost 2 months. Price is now testing a rising trendline from the lows seen at the start of the year. This trendline has attracted buyers back in on several occasions so far but a clean break and close below here could be seen as ending the uptrend. Alternatively some bullish price action in this region could present an attractive buying opportunity and see price rise once more.

Possible support: 1.7090, 1.6895, 1.6540

Possible resistance: 175.05, 1.7675, 1.7842

NZDUSD

This market began last week brightly but there were some signs of exhaustion heading into the weekend. The 5% rally seen since April has been fairly steep in its rise and price stalled at a potentially key level after running into falling trendline resistance. A failure to move beyond this would lead to a pullback and see the broader falling wedge pattern remain intact. On the other hand a breakout of this range would be a bullish development and see an extension higher.

Possible support: 0.7135, 0.7050, 0.6840

Possible resistance: 0.7220, 0.7375, 0.7485

EURUSD

After gapping higher in mid-April this pair has been in a strong uptrend and rallied more than 550 pips. Last week saw something of a pullback however and overlaying a fibonacci retracement could provide levels to watch going forward. Fib levels can provide reference points to look for a pullback in a prevailing uptrend with the 23.6% at 1.1144 the first level to keep an eye on if price drops. A failure from buyers to defend this level would open up the possibility of a retest at the 38.2% and 61.8% at 1.1059 and 1.0922 respectively. Should buyers step in then the recent high is a clear resistance zone around 1.1280. A break above there would open up the chance for longs to push towards fresh 2017 highs.

Possible support: 1.1144, 1.1059, 1.0922

Possible resistance: 1.1280, 1.1415, 1.1620

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