Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Forex Daily Technical Analysis Of Major Currency Pairs

Summary

USD/JPYEUR/USDGBP/USDAUD/USD.

USD/JPY.

EUR/USD.

Forex Daily Technical Analysis of Major Currency Pairs Pre US Open

(Date - May 16, 2016)

EUR/USD Intra day:

The downside will prevail.

Most Likely Scenario: Expect short positions below 1.1365 with targets @ 1.1280 & 1.1245 in extension.

Alternative scenario: If goes above 1. 1365 look for further upside with 1.1390 & 1.1415 as targets.

GBP/USD Intra day:

The downside will prevail.

Most Likely Scenario: Expect short positions below 1.4425 with targets @ 1.4320 & 1.4285 in extension.

Alternative scenario: If goes above 1. 4425 look for further upside with 1.4465 & 1.4490 as targets.

USD/JPY Intra day:

The upside will prevail.

Most Likely Scenario: Expect long positions above 108.20 with targets @ 109.40 & 109.90 in extension.

Alternative scenario: If goes below 108.20 look for further downside with 107.40 & 107.00 as targets.

AUD/USD Intra day:

The downside will prevail.

Most Likely Scenario: Expect short positions below 0.7310 with targets @ 0.7245 & 0.7220 in extension.

Alternative scenario: If goes above 0.7310 look for further upside with 0.7335 & 0.7370 as targets.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.