Forex Majors technical analysis 4/24/2017

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

EURUSD

The pair has bounced from now the lower trend line of the uptrend Pitchfork channel 1.06000 level and is testing the median line 1.08000 for an upside break and the test of 200 SMA 1.0838 level. We have a break of this level and it is now the upside continuation support. Staying aside for now as we have an opened gap between 1.07000-1.08300.

 

GBPUSD

Has broken above the 200 SMA and the wedge line 1.2617 level. This break could lead to an uptrend continuation into 1.3180 level. Only long trade entries are preferred here with SL below 1.2650 level. No change in view.

 

USDCAD

The pair has reached the upper triangle line 1.3500 level and the rejection from here could lead to a 1.3280 level. Only the daily close above 1.3500 level will mark the upside continuation and invalidate the range. Staying aside for now.

 

 

AUDUSD

The pair has pulled back into falling trend line 0.7550-0.7600 downside support zone. Only the daily close above this level is required for the continuation into 0.7650. The daily close below 0.7500 is required for downside continuation into 0.7300. The pair seems to be back in the range 0.7500-0.7700. Only long trade entries are preferred for now with SL below 0.7520.

 

NZDUSD is pulling back into the confluence of the downside support 0.7000 level. This is key level near-term for the direction in the pair. New short entries only in the case of the daily close below 0.6850 level. The daily close above 0.7050 is required for the upside continuation into 0.7100-0.7160 zone. No change in view.

 

EURGBP

The pair has broken below the strong downside resistance 0.8450-0.8480 zone and this is opening the downside continuation into 0.8000-0.8100 zone. Short entries on a possible pullback into 0.8450 or on the daily close below 0.8310 level. We have a pullback into 0.8480 level. Look now for short entries with SL above 0.8550.

 

USDJPY

The pair has bounced again above the 200 SMA and is testing the broken 110 of the downside support. Staying aside for now.

 

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.