Forex Majors technical analysis 1/05/2017

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

EURUSD

The pair is testing again downside support zone 1.06000-1.06500 in a volatile session. Looking to fade this move for another retest of 1.0380. Sl on shorts should be above 1.07000.

 

GBPUSD

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 1.2500.

 

USDCAD

Is testing again strong support zone 1.3150-1.3250. Look for long entries with a SL below 1.3090 targeting 1.3600 again.

 

AUDUSD

The pair has retraced recent move lower into 0.7150 and is reaching falling trend line. This is a strong downside support confluence zone. SL on shorts here should be above 0.7400.

 

NZDUSD is correcting recent swing lower.  We need rejection from 0.7040-0.7070 zone for another downside extension to 0.6850 and lower.

 

EURGBP

Is squeezed between 0.8470-08650. Break of this range is required for a medium term direction.

 

USDJPY

After a false flag break higher. The pair is reversing from strong support 114.500-115.400 zone. As long as this zone holds look for long entries for another upside retest of 118.400.

 

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.