Forex Majors technical analysis 2/17/2017



The pair has broken below the wedge 1.07100 level and briefly tested 1.0520 level. Below this level target is 1.0440 short-term. Look for short trades only with SL above 1.07300.



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 again testing 100 SMA 1.2489 after a brief breakout and retest. The break below 1.2410 would accelerate the downside.



The pair has bounced from the strong support of medium-term upside Pitchfork channel 1.2980. The daily close above 200 SMA 1.3140 is needed for upside reversal and continuation. Only a daily close below 1.2980 would invalidate uptrend continuation. Look for long trades with SL below 1.3050.



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 0.7720. Short trades are still preferred as long as 0.7700 holds on a daily basis.


NZDUSD has broken below the strong upside support 0.7240 level which will now act as a downside support. Targets on the downside are 0.7110 and 0.7057. Look for short trades with SL above 0.7250.



The pair has briefly broken below 0.7480 and is retesting again falling trend line 0.8550 level. The daily close above this level is required for the upside continuation. Rejection from here would lead to a 0.8450 retest. Look for now only for short trades with SL above 0.8560.



The pair has formed a range between 112-115.300. It is bouncing from an 112 lower end of the range for a retest of 114.700. If long trades are not already in progress, buying the pair is preferred only on a daily break above 115.500. SL on existing long trades below 112. The pair now needs to hold 112.800-113.500 zone for the upside reversal to be complete.


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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