Forex Majors technical analysis 4/17/2017

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 only the daily close above 1.0660 could lead to a bounce into 1.0750-1.08000 zone.

 

GBPUSD

Only the daily close above 1.2620 will invalidate sideways range between 1.2000-1.2700.  The pair is testing the 1.2550-1.2620 zone and the 200 SMA for the upside continuation. Staying aside for now.

 

USDCAD

The pair has broken below the triangle 1.3300 level and is pulling back up for the retest of this level. The pair is being rejected from this level and this could lead to deeper correction into 1.3150-1.3180 zone. SL on short trades above 1.3350 level.

 

 

AUDUSD

The pair has pulled back into falling trend line 0.7550-0.7600 downside support zone. Only the daily close above this level is required for the continuation into 0.7650. The daily close below 0.7500 is required for downside continuation into 0.7300. The pair seems to be back in the range 0.7500-0.7700. Only long trade entries are preferred for now.

 

NZDUSD is pulling back into the confluence of the downside support 0.7000 level. This is key level near-term for the direction in the pair. New short entries only in the case of the daily close below 0.6850 level. The daily close above 0.7050 is required for the upside continuation into 0.7100-0.7160 zone.

 

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 strong daily close below 0.8480 is required for the downside continuation. Staying aside for now.

 

USDJPY

The pair is below the strong downside resistance 110 level and the 200 SMA 108.840 level. This is now opening the deeper fall into the 106-107 zone. Look only for short trade entries with SL above 109.

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.