Forex Majors technical analysis EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD, EURGBP, USDJPY
EURUSD
The pair reversed the short term uptrend and is now on a way to test lower end of multi month range 1.06371. We took a profit on shorts and now we will wait to enter new positions in 1.08650-1.09000 zone.
GBPUSD
Is out of rectangle bottom by breaking above 1.2340 level. The pair has formed an uptrend channel which could also be a bearish flag because prevailing long term is downtrend. There is some more space to the upside for a test of 100 SMA (red line) 1.2900 level. SL on longs should be below 1.2440
USDCAD
Has reversed medium term downtrend with a break of 1.3460 level. More upside is open now with strong support in 1.3460-1.3550 zone. This is where the SL should be on the longs, in the middle of this range. Targets on the upside are 1.3800 and 1.4000.
AUDUSD
Levels to watch for a break of this wedge are 0.7700 and 0.7530. Shorts are favored here on the break of 200 SMA (blue line) 0.7480. Standing aside for now.
NZDUSD
Similar as the AUDUSD the pair is close to downtrend continuation. We are watching 0.7090 level and 200 SMA 0.7000 level. Standing aside and watching short entry on eventual retest of a broken wedge 0.7200 level.
EURGBP
Downside break of a bullish flag has reversed the trend for EURGBP. The pair could test 0.8200 level lower if today break of 100 SMA (red line) 0.8600 holds.
USDJPY
With a break of 200 SMA daily (blue line) 106.560 level upside is open. This level is now support for the upside. Next strong resistance is 200 SMA 108.550. Standing aside and waiting for long opportunities.
