Forex Daily Technical Analysis Of Major Currency Pairs

May 16, 2016 7:14 AM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Contributor Since 2012

i am financial analyst will 4+ years of experience.i have covered 4 different sectors, ranging from Tech, Financial, Energy & Consumer.

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.

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.