Forex Majors technical analysis EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD, EURGBP, USDJPY
EURUSD
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 1.0660. Invalidation of the next leg lower only in the case of a daily close above 1.07500. The pair is retesting again the strong downside support zone 1.0600-1.0650 and we are waiting for a bearish reaction from here.
GBPUSD
The pair is rejected from the confluence of trendlines 1.2550-1.2600 zone. Only the daily close above 1.2680 will invalidate sideways range between 1.2000-1.2700. With the clear break of 1.2360 level, the pair is going for a lower range level 1.2000 retest. Only short trades are preferred with SL above 1.2300.
USDCAD
The pair has bounced from the strong support of medium-term upside Pitchfork channel 1.2980. The pair has broken above 1.3180 level and is extending the upside continuation. The daily close above 1.3430 is now opening the door for a test of 1.3600 level. Look for long trade entries with SL below 1.3300.
AUDUSD
The pair is extending the fall below 0.7560 level. As long as the 0.7560-0.7600 zone holds look for short entries targeting 0.7300 level.
NZDUSD has reached the extension targets and has broken below important 0.7000 level. The 0.6950-0.7000 zone will act now as a strong downside support.
EURGBP
The pair has broken above falling trend line 0.8700 level but is still below important horizontal resistance 0.8740 level. Rejection from here would leave the H&S formation possible. Strong upside support and downside resistance zone is 0.8550-0.8600.
USDJPY
The pair has broken above the strong resistance 114.780 level. The daily close above this level means that the range is over and we could extend upside continuation. SL on long entries should be below 113.400.
