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. 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.
GBPUSD
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.
USDCAD
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. No change in view. We are expecting some volatility in the pair with OPEC meeting on OIL next week. Looking for long entries.
AUDUSD
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 has reached almost 61.8 % Fibo retracement from the last swing down and this is reversal zone for downside extension. We are expecting continuation when liquidity comes back in next week.
NZDUSD
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.
EURGBP
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. Important trend line 0.8500 level is being tested. Below 0.8480 downside 0.8200 test is expected. SL on shorts should be above 0.8620.
USDJPY
With a break of 200 SMA daily (blue line) 106.560 level upside is open. This level is now support for the upside. Important level 61.8% Fibo resistance of Dec- June 2016 is next to be tested 114.140 level. With a break of this level next target is 117.735. We will use JPY crosses for taking advantage of this uptrend because in USDJPY it is hard to catch it.
