Forex Majors technical analysis 12/12/2016



The pair reversed from the reaction zone downside support 1.0800-1.08500. We are short from here and we will add new position on a break below 1.05000 for downside extension. Sl on initiated shorts here should be above 1.07500. No change in our view and any bounce should be used for short entry.



Is out of rectangle bottom by breaking above 1.2340 level and is open for a retest of strong upside resistance 1.2800-1.2900 zone. The pair reacted near the mentioned zone but is at short term uptrend channel  support. Levels to be watched at this time 1.2460 and 1.2800.  No action here until we get a move on the mentioned levels.



Is sliding on a lower broadening wedge line, and is now testing 100 SMA (red line) 1.3180 level. This is the final uptrend support zone, any weakness below 1.3080 will invalidate medium term uptrend. Te levels of uptrend support are being tested now and we expect bounce from here.




The pair is still within upside correction and for downside extension we need to see a break below 0.7380. No change in our view and this correction should be used for short entries. Strong support zone is 0.7500-0.7550.


NZDUSD corrected the swing down from 0.7400 level and is rejected from 0.7230 level. Failure here and extension below 0.7070 would lead to more downside in the pair. The pair has formed a flag and any upside should be used for shorts with SL above 0.7250.



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 and broken and the pair reached 200 SMA (blue line) 0.8280. Below that level medium uptrend will be broken and we could see 0.7800 retest. No change in view.



Is breaking higher from consolidation zone 112-114 and is on a way to extended upside continuation for 124 target. Sl on initiated longs here should be below 114. No change in view.


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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