Forex Majors technical analysis 1/23/2017



We need to see a  break below 1.0350 for downside continuation. For now, shorts have a small risk here with SL above 1.0780 targeting 1.0500 and 1.0400. Invalidation of this long-term downtrend continuation only on a break above 1.0830.



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 1.2530 targeting 1.1800.



Is in an uptrend continuation above 1.3100-1.3250 zone. Look for support here for 1.3400 target and possible extension above. Near term, important resistance to the upside is 1.3350. SL on longs should be below 1.3200.



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.



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. Longs are favored above the mentioned support zone because of the prevailing trend with SL just below 0.8530.



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. Strong support zone is now being tested and look for longs for now with SL below 112.500.


USD correction is on a way. We need to see the reaction from this levels for the continuation higher.

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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