Forex Majors technical analysis 1/03/2016



The pair is rejected from 1.05500-1.06000 downside support zone and is testing 1.03900 level again. Break and close below will open downside extension targeting 1.00907. SL on initiated shorts here should be above 1.0530.



The pair is rejected from 100 SMA (red line) and has broken the wedge below 1.2600. As long as the pair is below 1.2457 we could see downside extension and a retest of 1.2000. Look for short entries in the case of the rallies higher, SL should be above 1.2400.



Bounced from long-term uptrend support. Any short term corrections should be used for long entries and SL should be below 1.3400. The pair is bouncing form a strong upside support 1.3400 after a rejection from 1.3600. 



The pair is consolidating in the 0.7150-0.7230 zone. Break and close below 0.7140  is needed for downside continuation. Targets lower are 0.7050 and 0.6875. SL on shorts should be above 0.7240. 


NZDUSD is correcting recent swing lower.  Rejected from downside support zone is 0.6950-0.7000. SL on shorts should be above 0.6980. First downside target is 0.6800.


Is reaching falling trend line 0.8570 level. Rejected from mention level and is now testing uptrend line 0.8450 level for downside continuation.



Is breaking flag for the upside continuation. Targets on the upside are between 121-124 zone initially. 


USD correction is over and now the upside is open. We have an upside trend continuation in USD.

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.

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