Forex Majors technical analysis 5/05/2017

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

EURUSD

The pair has retested the 200 SMA 1.08351 which is the support for the upside continuation into 1.10000. Only the daily close below 1.0834 level would lead to a pullback into 1.07300-1.07500 zone. The daily close above 1.10000 level is required for the upside continuation. The support zone is 1.09000-1.09500.

 

GBPUSD

The pair is testing the strong upside resistance 1.2900 level. The daily close above this level and confirmation is required for the upside continuation. Staying aside for now.

 

USDCAD

The pair is reaching the wedge upper line 1.3800 level. If we have a rejection here, the support zone and a key for downside reversal is 1.3500-1.3600 zone. Staying aside for now but we are adding more weight to the probability of reversal lower from here. No change in view.

 

 

AUDUSD

The pair is in the falling wedge (usually bullish) and is testing the 61.8% of the Fibo retracement of the latest upside swing. The bounce from this zone would lead to a retest of the upper wedge line 0.7460 level. The daily close below this level would lead to a retest of the key medium-term upside trend line 0.7300 level. Staying aside for now.

 

NZDUSD is pulling back into the confluence of the upside support 0.6800-0.6850 zone. The bounce from this zone will lead to a 0.6950 level retest. Look only for long trade entries for now with the SL below 0.6830.

 

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. No change in view.

 

USDJPY

The pair is testing the key level for the reversal upside/downside. The close above 113.200 also the 100 SMA is required for the upside continuation. The daily close below 111.780 level would lead to downside reversal. 

 

 

USD correction is on a way. We need to see the reaction from this levels for the continuation higher or we will see downside continuation.

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.