Forex Majors technical analysis EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD, EURGBP, USDJPY
EURUSD
The pair is rejected from 1.0600-1.0650 zone and has formed a rectangle between 1.0340-1.0680. We need to see a break below 1.0350 for downside continuation. We could have a period of consolidation until a definite break in direction of a trend. No change in view. The pair is trading in a range and testing 1.0680-1.0700 zone.
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 1.2300. The pair is retesting falling trend line and being rejected. Below 1.2140 downside could accelerate to 1.1853.
USDCAD
Is testing again strong support zone 1.3080-1.3170. Reaction from this zone is important for upside continuation. SL on longs should be below 1.3080.
AUDUSD
The pair has extended its retracement and reached 100% of a swing down. We need to see a hold here in SMA zone for long term downtrend continuation.
NZDUSD is testing falling trend line and what is more important 100 SMA (red line) 0.7146. Here we need a hold and we will look for short entries ad on AUDUSD.
EURGBP
Is on a way to test strong upside resistance 0.8700 level. With GBP weakness this level would be crucial for upside extension. It is also a possible shoulder of an H&S formation and price action is very important here.
USDJPY
The pair is trading inside a wedge. Important levels are, for downside continuation the close below 113.760 and for the upside extension 115.500. We will look at the price reaction around this levels for further direction in the pair.
