Forex Majors technical analysis 4/10/2017

Forex Majors technical analysis EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD, EURGBP, USDJPY

EURUSD

The pair is being heavily rejected from the 200 SMA 1.0876 level and is back into the wedge. Any possible pullback to 1.08000 level could be used for new short entries. The break below 1.0600 will open the extended downside and the pair is in the process of testing this level. SL on short trade entries above 1.07000. No change in view.

 

GBPUSD

Only the daily close above 1.2680 will invalidate sideways range between 1.2000-1.2700.  The pair is below the 1.2500-1.2550 zone. Only short entries are preferred here with SL above 1.2680 level.The clear daily close below 1.2380 will open further downside extension. No change in view as the pair is in the process of breaking 1.2380 level.

 

USDCAD

The pair has pulled back after rejection for 1.3500 level and is testing the strong upside support 1.3250-1.3300 zone. Bounce from here could lead to and upside continuation but we need to see a daily close above 1.3430. Long entries are preferred here with SL below 1.3200. No change in view.

 

 

AUDUSD

 The pair is now testing key downside resistance 0.7490 level. The daily close below this level would open the 0.7350 retest. Fresh short entries only in the case with the clear daily close below the indicated level with SL above 0.7550.

 

NZDUSD is below the broken strong downside resistance 0.6950 level. This level will provide the strong downside support now. Te next downside resistance is 0.6900. SL on short entries above the 0.7050 level.

 

EURGBP

The pair is testing now 0.8500-0.8560 support zone. Bounce from here and a break above 0.8600 is required for the upside continuation. The daily close below 0.8500 is required for the downside continuation. Staying aside for now.

 

USDJPY

The pair is bouncing from 110.100-110.600 zone. From here we could see a retest of 113-113.500 upper wedge zone but the daily close above 111.670 is required for this. Only the clear daily close below 110 level would open the test of 108.442.

USD correction is on a way. We need to see the reaction from this levels for the continuation higher.

The four forex pairs which are considered to be the most heavily traded in the forex market. The four major pairs are EURUSD, GBPUSD, AUDUSD, USDJPY.
These currency pairs are considered by many to drive the global forex market and are the most heavily traded. Although it is widely regarded that the major pairs consist of only four pairs, some believe that the NZSDUSD, USDCAD, and EURGBP pairs should also be regarded as majors so we are adding them also.