Forex Majors technical analysis 3/20/2017



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 upper triangle line.



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. Staying aside for now.



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 1.3200.




The pair is testing again the falling trend line 0.7740 and horizontal resistance level. Look only for short entries with SL above 0.7760 level. Only the clear daily close above this 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 0.7100 targeting 0.6700. No change in view.




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 and is testing the support 0.8600-0.8670. Looking for a reaction from here. Staying aside for now.



The pair is testing the strong support 112-112.500 zone. Only the daily close below 112.600 level could lead to an extended downside. Look only for long entries for now with the 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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