Forex Majors technical analysis 3/24/2017

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 being rejected from the upper triangle line.

 

GBPUSD

Only the daily close above 1.2680 will invalidate sideways range between 1.2000-1.2700.  The pair is approaching the 1.2500-1.2550. Waiting for a reaction from here. Short entries are still preferred with SL above 1.2600.

 

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 but we need to see a daily close above 1.3430. 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. The pair is rejected again from important level and a daily close below 0.7540 would accelerate the downside.

 

NZDUSD is falling again from the 0.7050-0.7100 zone. The daily close below 0.7000 is required for the downside continuation. SL on short entries above 0.7060 level.

 

 

EURGBP

The pair is testing now 0.8500-0.8560 support zone. Bounce from here and a break above 0.8700 will open the upside continuation. The daily close below 0.8560 is required for the downside continuation.

 

USDJPY

The pair has broken below 111.600 level and is now testing the important 110.650 level of support. The daily close below this level could lead to 108-109 zone test. The bounce from this level is required for the upside reversal into upper wedge range 113 level.

 

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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