Weekly Technical Perspective on USD/CHF, AUD/USD and AUD/JPY

In this array we scale-back and take a demeanour during a broader technical design to benefit a bit some-more viewpoint on where we are in trend. Here are a pivotal levels that matter on a weekly charts streamer into Mar trade. Review this week’s Strategy Webinar for an in-depth relapse of these setups and more.

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USD/CHF Weekly Price Chart

USD/CHF Price Chart - Weekly Timeframe

Notes: The Swiss Franc has continued to trade within a proportions of a well-defined descending pitchfork formation fluctuating off a 2015 high with a Jan decrease holding prices next simple trendline support fluctuating off a 2011 low. Last week saw prices miscarry off a Aug 2015 low / 50-line of this slope with a successive allege contrast insurgency during a median-line. Key near-term insurgency stands during 9444/73 with a mangle next 9258 indispensable to symbol resumption of a downtrend- such a unfolding would have us eyeing successive Fibonacci support during a 9092-9123 corroborated closely by a reduce median-line parallel.

Bottom Line: The evident concentration is on a mangle of a 9258-9473 operation for superintendence with a risk weighted to a downside while next connection resistance. From a trade standpoint, I’ll preference vanishing strength while next monthly open insurgency during 9445, though eventually we’ll need to countenance a mangle of this near-term operation to offer conviction.

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AUD/USD Weekly Price Chart

AUD/USD Price Chart - Weekly Timeframe

Notes: Aussie has been trade within a proportions of these forward parallels fluctuating off a 2016 low with a new decrease holding prices into connection support here around 7735/50– a segment tangible by a 52-week relocating normal and a 2017 Mar high. Key support and bullish cancellation rests reduce during 7636/37 where a 38.2% 61.8% retracements converges on slope support (area of seductiveness for probable depletion / long-entries IF reached). Weekly insurgency stays solid during 8125/68 with a crack / tighten above this segment indispensable to symbol resumption of a broader uptrend.

Bottom line: The evident concentration is on this support confluence- I’ll be looking for a probable depletion low early this week OR on a pierce into 7630s. Look for a convene by a 200-week relocating normal / yearly open during 7800 to assuage serve downside vigour near-term.

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AUD/JPY Weekly Price Chart

AUD/JPY Price Chart - Weekly Timeframe

Notes: AUD/JPY pennyless next connection support during 84.25 final month with a decrease now contrast a vicious rhythm section to start a week during 81.58. The decrease has hold within a proportions of a forward pitchfork arrangement fluctuating off a 2017 highs with a sell-off now contrast those yearly lows. Initial insurgency stands with a median-line (currently ~83.20s) corroborated by 84.25 with bearish cancellation now eyed during a top 50-line / 52-week relocating normal during ~85.80s.

Bottom line: AUD/JPY is contrast support into a weekly open and IF cost is going to rebound, this would be a good spot. That said, a mangle next this vicious threshold would keep a near-term concentration reduce targeting a reduce 50-line (currently ~80.50s) corroborated by a 1.618% prolongation of a decrease off final year’s high during 79.45. From a trade standpoint, a evident short-bias is during risk while above this support separator with a miscarry eventually to offer some-more auspicious short-entries.

Previous Weekly Technical Perspectives

— Written by Michael Boutros, Technical Currency Strategist with DailyFX

To accept Michael’s research directly, please sign-up to his email placement list Follow Michael on Twitter @MBForex or hit him during mboutros@dailyfx.com

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