Forex Majors technical analysis 3/17/2017

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

EURUSD

The pair is in the triangle now between 1.05200 and 1.08000 level. The downside support zone is 1.07500-1.0800. Look for only short entries in this zone as long as the pair is below 1.08500 level. No change in view as the pair is testing the triangle line.

 

GBPUSD

Only the daily close above 1.2680 will invalidate sideways range between 1.2000-1.2700.  The pair is in the middle of the range and below the near-term falling trend line. Rejection from here is required for another test of 1.2000-1.2100 zone. Only the clear daily close above 1.2450  level could lead to an upper wedge line retest.

 

USDCAD

The pair has bounced from the strong support of medium-term upside Pitchfork channel 1.2980. The pair has pulled back after rejection for 1.3500 level and is testing the strong upside support 1.3250-1.3300 zone. Bounce from here could lead to and upside continuation. Long entries are preferred here with SL below 1.3250.

 

 

AUDUSD

The pair has retested again the falling trend line 0.7700 level and is rejected for now. Look only for short entries with SL above 0.7750 level. Only the clear daily close above 0.7750 level will invalidate the downside.

 

NZDUSD has pulled back into 0.7050-0.7100 zone and got rejected. Near-term only the daily close above 0.7000 level will open the door for another retest of this zone. Look for now only for short entries with SL above 0.7060 targeting 0.6700.

 

 

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. The pair is rejected again from the mentioned level. The upside continuation only in the case of a daily close above 0.8740 and after that long entries are recommended.

 

USDJPY

The pair is retesting again the Pitchfork channel support line and 100 SMA 113.200 level. The bounce from here is needed for an upside continuation. Only the daily close below 112.600 level could lead to an extended downside.

 

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.