Weekly Price Action analysis of top 3 Forex pairs. EURUSD,GBPUSD and USDCAD

A quick review of top 3 Forex pairs. 

EURUSD Price action review

EURUSD Monthly chart 

This monthly chart reveals a major resistance level at 1.2042. Lets us see EURUSD current price is broke this level or not.

EURUSD Weekly chart

The weekly chart says price is still in the up trend channel. The question is , will it reverse from the monthly resistance level or not?

EURUSD Daily price action chart

The daily chart clearly shows there were two pin bar rejection from the major resistance level. Price has also broken the support trend line. Most probably the price will make a lower high compared to the last pin bar and then dive down. Aggressive traders can go for short keeping Stop Loss above the last pin bar.

GBPUSD Price action review
Let us analyse the chart of GBPUSD in different time frames.

GBPUSD Monthly price action chart

Major monthly down trend line is almost reached by GBPUSD. To reach the major monthly resistance level of 1.3835 is still around 400 pips away. But there is a weekly resistance of 1.3445 which is already reached by GBPUSD. Let us have a closer look in daily charts.

GBPUSD Daily Price Action Chart

Price has just reached the major weekly resistance level. There is no indication of rejection as of now. Even though it is very near to monthly down trend line, there is a chance price can try to achieve that. So we need to be patient to get a clear indication of direction, even though a reversal is very close by. 

USDCAD Price action review

USDCAD Monthly Price action chart

USDCAD is in a down trend for months now. Major up coming support is at 1.1919. So any pull backs can be considered as a consolidation period during the long down trend.

USDCAD 4H chart

Since we are sure about the strong down trend in USDCAD, let us see the price swings in lower time frames like 4Hour chart

There is a minor weekly resistance level at 1.2127. So the price is range bound around this level. Until the lower support trend line is broken, you can stay away from the trade or take quick swing trades in smaller time frame like 1 Hour.

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