Forex Majors technical analysis 12/16/2016



The pair broke important rectangle and multi month wedge bottom again 1.05000 level. We are short targeting 1.0000 and beyond. SL on shorts should be above 1.0530.



The pair is rejected from 100 SMA (red line) and has broken the wedge below 1.2600 but for extended downside we need to see break and close below 1.2400.



Bounced from long term uptrend support. For full upside extension we need to se a break and close above 1.3420. Any short term corrections should be used for long entries and SL should be below 1.3150.



Slowly testing the fifth wave larger triangle after bearish turn of long term uptrend. We will be looking for opportunities to short from higher levels of below 0.7300 for further downside extension next Year.


NZDUSD is again below important 200 SMA (blue line) 0.7070 and larger downside should start below 0.6970. SL on shorts should be above 0.7130.



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 115. 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.

Scroll to Top