Forex Majors technical analysis 5/08/2017

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

EURUSD

The pair is testing the 1.10000 level. The clear daily close above this level is required for the upside continuation. The support zone is 1.09000-1.09500.

 

GBPUSD

The pair is breaking above the strong upside resistance 1.2900 level for the test of 1.3000 level. Staying aside for now. If long entries are initiated place the SL below 1.2800 level.

 

USDCAD

The pair is rejected from 1.3800 level and is testing the 1.3650 level of support. The bounce from here is possible for a retest of 1.3750 level but overall the pair is reversing to the downside for the test of broken upside resistance 1.3450-1.3500 zone.

 

 

AUDUSD

The pair is in the falling wedge (usually bullish) and is testing the 61.8% of the Fibo retracement of the latest upside swing 0.7385 level. The bounce from this zone would lead to a retest of the upper wedge line 0.7460 level. The daily close below this level would lead to a retest of the key medium-term upside trend line 0.7300 level. Staying aside for now.

 

NZDUSD is bouncing from the strong support 0.6850 level but for the reversal to the upside and continuation, we need to see the daily close above 0.7000 level. Staying aside for now. SL on long entries if initiated here should be below 0.6850 level.

 

EURGBP

The pair has broken below the strong downside resistance 0.8450-0.8480 zone and this is opening the downside continuation into 0.8000-0.8100 zone. Short entries on a possible pullback into 0.8450 level. We have a pullback into 0.8480 level. Look now for short entries with SL above 0.8550. No change in view.

 

USDJPY

The pair is testing the key level for the reversal upside/downside. The close above 113.200 also the 100 SMA is required for the upside continuation. The daily close below 111.780 level would lead to downside reversal.  Look only for short entries for now with SL above 113.200.

 

 

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

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.