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. The close below 1.0600 would indicate that we could see another retest of 1.0500 and 1.0400.
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. The pair is now below 1.2140 and as long this level hold on a daily close level look for the downside target of 1.1850.
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. No change in view the pair is slowly bouncing higher crucial upside resistance is 1.3200-1.3275 zone.
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. Ongoing rejection from 0.7500 level is giving increased probability of a swing down to 0.7300 which is crucial resistance for downside continuation. SL on shorts should be above 0.7520.
NZDUSD is testing falling trend line and what is more important 100 SMA (red line) 0.7146. Rejection from this level is ongoing and a daily close below 0.7050 is needed for a downside continuation. SL on shorts should be above 0.7150. First downside resistance is 0.7000.
EURGBP
With invalidation of possible H&S formation, the pair is continuing higher, supported by 0.8650-0.8700 zone. Upside target is 0.9000 also a 76.4% Fibbo retracement from a recent swing lower.
USDJPY
The pair is trading inside a wedge. Bouncing from 113.650 for the second time, and if we see a hold on a daily close basis, the pair could retest 116 on the upside which is also a wedge resistance. SL on longs should be below 113.700.
