Forex Majors technical analysis 3/31/2017



The pair is being heavily rejected from the 200 SMA 1.0876 level and is back into the wedge. Any possible pullback to 1.08000 level could be used for new short entries. The break below 1.0600 will open the extended downside.



Only the daily close above 1.2680 will invalidate sideways range between 1.2000-1.2700.  The pair is below the 1.2500-1.2550 zone. Only short entries are preferred here with SL above 1.2680 level.The clear daily close below 1.2380 will open further downside extension.



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 1.3200. No change in view.




The pair has retested again the falling trend line 0.7700 level and is rejected. 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 daily close below 0.7540 is required to accelerate the downside. No change in view.


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 0.7100 level as the pair is breaking below 0.7000 level searching for the 0.6700-0.6800 target.



The pair is testing now 0.8500-0.8560 support zone. Bounce from here and a break above 0.8600 is required for the upside continuation. The daily close below 0.8500 is required for the downside continuation. Staying aside for now.



The pair has broken below 111.600 level and is now testing the important 110.650 level of support. The pair is bouncing from 110.100-110.600 zone. From here we could see a retest of 113-113.500 upper wedge zone. 



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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