Forex Majors technical analysis 2/03/2017



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 retested the wedge high again and got rejected from 100 SMA 1.07881. A daily break below 1.0706 to accelerate the downside.



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.



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 the pair is still holding the uptrend.



The pair briefly broke above 0.7680 level of the long-term downside Pitchfork channel. A daily close below 0.7600 is required for reversal. Invalidation of the long-term downtrend only on a daily close above 0.7680.



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. Only a daily close above 0.7320 would invalidate recent medium-term downtrend.



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. The pair is above 0.8540 and is now testing 100 SMA 0.8618 for an upside extension. Long only on a clear daily break above this level.



The pair has formed a range between 112-115.300. Only on the clear break of this levels, we will get a directional move. For now look only for long trades with SL below 112. 


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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