Forex Majors technical analysis EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD, EURGBP, USDJPY
EURUSD
The pair has broken below the wedge 1.07100 level and briefly tested 1.0520 level. Below this level target is 1.0440 short-term. Look for short trades only with SL above 1.06600. Invalidation of the next leg lower only in the case of a daily close above 1.07500. The pair is rejected from the falling trend line 1.06000 level and is testing 1.05000 for the downside extension.
GBPUSD
The pair is rejected from the confluence of trend lines 1.2550-1.2600 zone. Only the daily close above 1.2680 will invalidate sideways range between 1.2000-1.2700. With the clear break of 1.2360 level, the pair is going for a lower range level 1.2000 retest. Only short trades are preferred with SL above 1.2460.
USDCAD
The pair has bounced from the strong support of medium-term upside Pitchfork channel 1.2980. The pair has broken above 1.3180 level and is extending the upside continuation. The daily close above 1.3430 is required for the retest of 1.3600 level. Look only for the long entries with SL below 1.3200.
AUDUSD
The pair briefly broke above 0.7680 level of the long-term downside Pitchfork channel. Invalidation of the long-term downtrend only on a daily close above 0.7720. Short trades are still preferred as long as 0.7700 holds on a daily basis. We have a break of the wedge and the important 0.7650 which is now a downside support.
NZDUSD has broken below the strong upside support 0.7240 level which will now act as a downside support. Targets on the downside are 0.7110 and 0.7057. Look for short trades with SL above 0.7150. The H&S formation with the neckline at 0.7130 is broken and we have a downside continuation.
EURGBP
The pair has briefly broken below 0.8480 and is retesting again falling trend line 0.8550 level. The daily close above this level is required for the upside continuation. Rejection from here would lead to a 0.8450 retest. Staying aside for now.
USDJPY
The pair has formed a range between 112-115.300. It is bouncing from an 112 lower end of the range for a retest of 114.700. If long trades are not already in progress, buying the pair is preferred only on a daily break above 114.500. SL on existing long trades below 112.500. The pair now needs a daily close above 114.500 for the upside continuation into an 117 level.
