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Weekly Analysis On FX Majors: USD, EUR, JPY, NZD, GBP

Published 14/02/2018, 15:56
Updated 09/03/2019, 13:30

U.S dollar that has been depreciating, last week showed a slight recovery, however, the downtrend trend may last some more time.

Analyzing some of the majors on forex - EUR/USD, USD/JPY and NZD/USD according to the technical analysis we can identify several opportunities to entry into the market in these pairs.

EUR/USD - Daily time frame chart

On the daily chart we can see that the price is forming an upside trend line.

We can also see that the price is touching for the 3rd time in the trend line. When the price touches for the 3rd time on the trend line it usually means that it is high probably that the price might reach new highs.

Therefore, we can expect a bullish movement by the EUR / USD up to values close to the previous highs or even the formation of a new relative maximum.

Note that, the first "big" barrier may be the 1.24 zone where price may have some difficulty breaking.

eurusd

GBP/USD 4 hour time frame chart

Last week we witnessed the formation of a graphic pattern - Double Top.

This pattern has already been confirmed and has already hit the target (as you can see in the chart).

At this moment we can watch a recovery of the pound against the US dollar.

In this way, an entry for long as the price breaks the downtrend line may be an interesting entry point into this pair.
gbpusd

NZD/USD - 4 hour time frame chart


NZD/USD as we can see the 4 hour chart, recently broke the downward trend line that the price has been forming for some days.

Our suggestion is to wait for a new test over the trend line for long entries in this pair.

nzdusd

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