Forex Majors technical analysis 11/21/2016



The pair reversed the short term uptrend and is now on a way to test lower end of multi month range 1.06371. Multi month range low is broken and the pair is now open for extended downside. We will look for short entries on intraday price action. SL on initiated shorts here should be above 1.0750. No change in view, perfect downside support zone is 1.06500-1.07000.




Is out of rectangle bottom by breaking above 1.2340 level. The pair is now in a small rectangle on H4 chart slightly above 200 SMA (blue line). Important level to watch for downside extension is 1.2350. Break above 1.2500 is required for short term upside continuation. No change in view, below 1.2350 we could see downtrend extension.




Has reversed medium term downtrend with a break of 1.3460 level. More upside is open now with strong support in 1.3400-1.3500 zone. SL on longs should be below 1.3400. Targets on the upside are 1.3800 and 1.4000 we are long on this support zone bounce. No change in view.




With a hard break of 1.7480 we are short in this trade for a hard target of 0.7200 at least. Support for downside now is 1.7450-1.7500 zone. The pair is retracing some downside and the ideal zone for new sell orders would be 0.7400-0.7450 if reached.




NZDUSD is in a process of breaking 200 SMA (blue line) 0.7020. We are short on this break. SL on shorts should be above 0.7100 also a Pitchfork channel break. Among the other commodity USD currency pairs this one has the greatest potential for weakness ahead. No change in view and nay bounce should be used for entering new sell orders.




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.





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. Strong weekly resistance 108.550 level is cleared and the pair is now in a strong upside continuation targeting 114. No chnage in view and any retrace should be used for buying.



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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