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. We didn’t have the close below 1.0600 and the pair is in consolidation between 1.0600 and 1.0680. For now, shorts have the small risk here with SL above 1.0730 targeting 1.0500 and 1.0400. Invalidation of this long-term downtrend continuation only on a break above 1.0830.
GBPUSD
The pair is still below strong downside support zone 1.2450-1.2530. As long as this zone holds downtrend is valid and look only for shorts with the SL above 1.2450 targeting 1.1800.
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. The pair has broken above the strong resistance zone and now support for upside continuation is 1.3150 and the first target is 1.3430. Look only for longs here with SL below 1.3150.
AUDUSD
The pair seems to be in a terminal wedge with strong resistance at 0.7550-0.7600 zone. Look to fade this zone for the retest of important 0.7480 level. If we get a break below 0.7480 target is 0.7300. Invalidation of this medium-term downtrend only on the daily break above 0.7680.
NZDUSD is has formed a flag and is testing downtrend Pitchfork channel line 0.7200-0.7250 zone which is strong downside support. Invalidation of the medium-term downtrend only on a daily break above 0.7250. Look for shorts targeting 0.7000 with SL above 0.7230.
EURGBP
The pair has reversed from 50% of Fibbo retracement 0.8780 level and now is back again below 0.8700 level. Strong upside support is 0.8560-0.8600 zone. A daily break below this zone could expose 0.8300.
USDJPY
The pair has broken above the flag 115 level opening the possibility of continuation higher. A daily break above 116 would confirm this and longs can be initiated on a daily break above the mentioned 116 level. Near term upside, support is 113.500-113.700 zone. Downside continuation only on a daily break below 112.500.
