Forex Majors technical analysis EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD, EURGBP, USDJPY
EURUSD
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. No change in view.
GBPUSD
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. SL on initiated shorts here should be above 1.2530.
USDCAD
Bounced from long term uptrend support. For full upside extension we need to see a break and close above 1.3420. Any short term corrections should be used for long entries and SL should be below 1.3150. No change in view.
AUDUSD
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. Reacting from a sell zone SL should be above 0.7380.
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. Sell zone 0.6980-0.7030.
EURGBP
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. Bounce from here will be valid only on a break above 0.8650.
USDJPY
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. New long entries zone should be 116.500-117.
