Forex Majors technical analysis EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD, EURGBP, USDJPY
EURUSD
The pair reversed from the reaction zone downside support 1.0800-1.08500. We are short from here and we will add new position on a break below 1.05000 for downside extension. Sl on initiated shorts here should be above 1.07500.
GBPUSD
Is out of rectangle bottom by breaking above 1.2340 level and is open for a retest of strong upside resistance 1.2800-1.2900 zone. The pair reacted near the mentioned zone but is at short term uptrend channel support. Levels to be watched at this time 1.2460 and 1.2800.
USDCAD
Is sliding on a lower broadening wedge line, and is now testing 100 SMA (red line) 1.3180 level. This is the final uptrend support zone, any weakness below 1.3080 will invalidate medium term uptrend.
AUDUSD
The pair is still within upside correction and for downside extension we need to see a break below 0.7380. No change in our view and this correction should be used for short entries.
NZDUSD corrected the swing down from 0.7400 level and is rejected from 0.7230 level. Failure here and extension below 0.7070 would lead to more downside in the pair.
EURGBP
Downside break of a bullish flag has reversed the trend for EURGBP. The pair could test 0.8200 level lower while broken 100 SMA (red line) 0.8626 level holds. Important trend line 0.8500 level is being tested and broken and the pair reached 200 SMA (blue line) 0.8280. Below that level medium uptrend will be broken and we could see 0.7800 retest. No change in view.
USDJPY
Is breaking higher from consolidation zone 112-114 and is on a way to extended upside continuation for 124 target. Sl on initiated longs here should be below 114.
