MAJOR PAIRS 11/10

 
EUR/USD 
1st support - 1.0940 (major) 
1st resistance - 1.1120 (major) 
2nd support - 1.0870 (major) 
2nd resistance - 1.1185 (major) 
 

EUR/USD (last 1.1019): The pair has closed below the key support at 1.1035 turning the short-term outlook bearish. In fact, it has formed a bearish pattern of "double tops" while striking the lower Bollinger band calling for further downside. A pull-back to the first downside target at 1.0940 would open a path toward 1.0870. Only a return to the key resistance at 1.1120 would trigger a rebound to 1.1185 on the upside.

 
AUD/USD 
1st support - 0.6795 (major) 
1st resistance - 0.6930 (major) 
2nd support - 0.6720 (major) 
2nd resistance - 0.6975 (major) 
 

AUD/USD (last 0.6857): The pair has retreated from a recent high of 0.6929 while trading at levels around the 20-day moving average. Short-term bullishness is still maintained by the 50-day moving average. In case the pair emerges to the upside after completing the current consolidation phase, it should revisit 0.6930 and 0.6975 on the upside. However, a break below the key support at 0.6795 (around the 50-day moving average) would call for a further decline toward 0.6720 on the downside.

 
NZD/USD 
1st support - 0.6275 (major) 
1st resistance - 0.6445 (major) 
2nd support - 0.6200 (major) 
2nd resistance - 0.6540 (moderate) 
 

NZD/USD (last 0.6329): The pair maintains a bullish bias above the key support at 0.6275. In fact, it has stabilized after reaching a rising trend line drawn from October, and support is also provided by the 50-day moving average. Unless the key support at 0.6275 is violated, the pair should proceed to 0.6445 and 0.6540 on the upside. Alternatively, a break below 0.6275 would trigger a decline to 0.6200.

 
GBP/USD 
1st support - 1.2575 (major) 
1st resistance - 1.3000 (major) 
2nd support - 1.2400 (moderate) 
2nd resistance - 1.3175 (moderate) 
 

GBP/USD (last 1.2790): The pair remains on the upside despite a modest pull-back. Currently, it is trading at levels above the ascending 50-day moving average, while the relative strength index stays above the neutrality level of 50, signaling a bullish bias. As long as the key support at 1.2575 holds, the pair should target 1.3000 and 1.3175 on the upside. Alternatively, below 1.2575, expect a return to 1.2400 on the downside.

How To Trade Forex Using Support and Resistance Levels