Forex Majors technical analysis EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD, EURGBP, USDJPY
EURUSD
We need to see a break below 1.0350 for downside continuation. For now, shorts have a small risk here with SL above 1.0780 targeting 1.0500 and 1.0400. Invalidation of this long-term downtrend continuation only on a break above 1.0830.
GBPUSD
The pair is still below strong downside support zone 1.2450-1.2530. As long as this zone holds downtrend is valid and look only for shorts with the SL above 1.2530 targeting 1.1800.
USDCAD
Is in an uptrend continuation above 1.3100-1.3250 zone. Look for support here for 1.3400 target and possible extension above. Near term, important resistance to the upside is 1.3350. SL on longs should be below 1.3200.
AUDUSD
The pair seems to be in a terminal wedge with strong resistance at 0.7550-0.7600 zone. Look to fade this zone for the retest of important 0.7480 level. If we get a break below 0.7480 target is 0.7300. Invalidation of this medium-term downtrend only on the daily break above 0.7680.
NZDUSD is has formed a flag and is testing downtrend Pitchfork channel line 0.7200-0.7250 zone which is strong downside support. Invalidation of the medium-term downtrend only on a daily break above 0.7250. Look for shorts targeting 0.7000 with SL above 0.7230.
EURGBP
The pair has reversed from 50% of Fibbo retracement 0.8780 level and now is back again below 0.8700 level. Strong upside support is 0.8560-0.8600 zone. A daily break below this zone could expose 0.8300. Longs are favored above the mentioned support zone because of the prevailing trend with SL just below 0.8530.
USDJPY
The pair has broken above the flag 115 level opening the possibility of continuation higher. A daily break above 116 would confirm this and longs can be initiated on a daily break above the mentioned 116 level. Near term upside, support is 113.500-113.700 zone. Downside continuation only on a daily break below 112.500. Strong support zone is now being tested and look for longs for now with SL below 112.500.
