Forex Majors technical analysis 1/30/2017

Forex Majors technical analysis EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD, EURGBP, USDJPY

EURUSD

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 testing the first strong downside resistance 1.0650 level.

 

GBPUSD

The pair is still in the long-term downtrend as long as it is below Pitchfork downside channel median line 1.2630 level. New fresh shorts only on the daily break below 1.2450 targeting 1.2230 with SL above 1.2630. The pair is testing 100 SMA 1.2489. The break below would accelerate the downside.

 

USDCAD

Another close above 1.3050-1.3100 zone is indicating strong medium-term uptrend support in the pair, but we need to see a close above 1.3140 for the continuation higher into 1.3300-1.3400 zone. Only on a clear daily break below 1.3030, we could see more downside. No change in view.

 

AUDUSD

The pair has broken below and retested wedge resistance 0.7560 level and is testing the first strong downside support 0.7500 level. Below this level, we could see downside extension into 0.7350. Look for shorts here with SL above 0.7630 level.

 

 

NZDUSD is testing strong long-term downside support 0.7300 level with negative RSI (13) divergence. We need to see a close below 0.7220 level for downside continuation. Look for shorts here for now with SL above 0.7300.  0.7220 is the key level near-term for downside continuation.

 

EURGBP

The pair is testing first strong upside support 0.8500 level. If we get a bounce from this level expect upside continuation into 0.8600-0.8700 zone. Only on a clear break below this level, we could see the retest of 0.8300-0.8400 level. The bounce from 0.8500 is in the progress and a daily close above 0.8540 near-term would confirm the upside continuation.

 

USDJPY

The pair is heading to an important upside continuation test of 115.400 level. The daily close above this level would lead to a retest of 117-117.500 zone on the upside. 

 

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.