EURUSD technical analysis
The medium-term uptrend in the EURUSD pair has changed its momentum in the last week. The pair has broken the bullish trend line support in the last week and established new bearish pressure. Though it has broken the trend line support zone but professional traders are overly cautious since the U.S economy is struggling pretty hard against its major rivals. Professional traders are looking to sell this pair at a higher price. The price might retrace back towards the critical resistance level at 1.11643.This critical resistance zone is going to provide a significant amount of resistance to this pair since the 100 and 200 day SMA lies there.Professional traders will look for bearish price action signal at that level to enter short in the EURUSD pair. The first bearish target for this pair would be the critical support level at 1.09170.A valid break of that level will bring further downward movement in the pair towards the next critical support level at 1.07760.If the pair manages to breach that level then we will see a sharp fall in the EURUSD pair and can assume that the long term bearish trend in the market is getting ready for another bearish run. On the contrary, a valid break above the 100 and 200 days SMA will change the bearish market sentiment into bullish. A break of the 100 days daily SMA will lead this pair towards the next critical resistance level at 1.12922.In the eyes of trained professional, the overall bias for the EURUSD pair remains bearish till the market breaks the critical resistance level at 1.16142
GBPUSD technical analysis
The Great Britain pound has suffered an extensive loss in the last week. The loss of Brexit event of 24th June has been further intensified in the last week where the pair dropped for more than 320+ pips. To be precise over the last two weeks the pair has suffered more than 900+ pips loss. Near term support for the GBPUSD pair is at 1.20347 level. The overall scenario remains strongly bearish in the GBPUSD pair and traders are overly cautious about this pair. However, the pair might start its correction in the upcoming week. The first initial corrective move for this pair would be the critical resistance level at 1.27572.If the pair manages to breach that level then we will see nice bullish move in the GBPUSD pair towards the next critical resistance level at 1.32700 level. This level is going to provide a significant amount of selling pressure to the GBPUSD pair since the daily 100 day SMA lies in the zone. On the contrary, if the selling pressure remains constant in the upcoming week then we will first see a retest of the critical support level at 1.20422 level. Though this level might provide some scalping opportunity traders but eventually the market will break that level and head towards the 1.18000 level. Before going further south, investors are expecting a range move in the GBPUSD pair once it hits the critical resistance level at 1.18000 level.
AUDUSD technical analysis
The medium-term uptrend in the AUDUSD pair is still intact and traders are waiting patiently to buy this pair at a suitable price .The last week ended with a bearish tone of retracement. The first critical support for this pair is at 0.75394 level. This point is going to provide strong support tot the AUDUSD pair since 100 day SMA in the daily chart also lies. A valid break of the 100 days SMA will bring strong bearish move in the AUDUSD pair towards the next critical support level at 0.74421.The trader will be paying close attention to this level since the 38.2% retracement level and 200 days SMA lies at that point. In the eyes of trained trades going long in the AUDUSD pair with price action confirmation signal will be the best possible option. However, if that level fails to restrict the bearish move of the AUDUSD pair then we will see a sharp fall in the AUDUSD pair towards the 61.8% retracement level. The critical support level at 0.72000 level is going to provide a significant amount of support to the AUDUSD pair. A valid break of that level will confirm the end of the bullish run for the AUDUSD pair. Followed by the decisive break the first bearish target for this pair would be the next critical support level at 0.7000 level. This point is a psychological level and traders will be very much cautious since decent bounce might be seen in the bearish market. Considering all the facts, the overall bias remains bullish in the AUDUSD pair in the upcoming week.
EURJPY technical analysis
The long term bearish trend in the EURJPY forex pair is still intact and traders are looking to short in this pair at suitable places. Last week the price traded week below the daily 100 days SMA. In this upcoming week, the pair might retrace back to the first critical resistance level at 115.20.Professional traders will enter short bearish candlestick confirmation signal at that level. The first initial bearish target for this pair would be the critical support level at 113.80.A clear decisive break below that level will bring strong downward rally in this pair towards the next critical support level at 112.06 level. From that level, we might see some ranging move in the EURJPY pairs but ultimately bearish momentum will get priority again. A clear decisive break of the price below the 112.06 level will bring strong bearish momentum in the market towards the next critical support level at 109.50.Considering all the fact, the overall bias is strongly bearish in the EURJPY pairs.