Important Price Levels on Major Forex Pairs for 07/05/2016

EUR/USD: 1.116 & 1.1038

Since the start of July, the EUR/USD exchange rate has spiked above 1.116 on multiple occasions, but the market could not stay above this area for any length of time. The 1.116 area has now turned into a major resistance zone. If the market continues to drop over the next 24h, the 1.1038 area may now act as support due to its extensive history.

GBP/USD: 1.334, 1.3236 & 1.316

The 1.3236 and 1.334 pivots are still quite relevant, but the 1.3160 area - which was used as support multiple times last week - has now turned into resistance.

USD/CAD: 1.301, 1.292 & 1.2855

The 1.301 and 1.292 pivots are still active. The USD/CAD broke above the 1.292 area quite easily today and this pivot may now start acting as support, assuming there are any retracements over the next few days.

USD/JPY: 1.301, 1.292 & 1.2855

The 101.53 area provided quite a bit of support at the start of last week. Like most of the other JPY pairs, the USD/JPY plunged hard today, but the selling appears to have stalled right around 101.53; hardly surprising!

AUD/USD: 0.75

The 0.75 price level has played a key role since the beginning of July; three times as resistance; three times as support.

EUR/JPY: 114.60 & 113.74

The EUR/JPY was stuck in an 85-pip trading range since the 29th of June, however, today's sell-off pushed the market underneath the bottom of the range and the 113.74 pivot has now become resistance.

GBP/JPY: 136 & 133.80

The pivot zone at 136 has played a major role since Brexit, supporting the GBP/JPY exchange rate on multiple occasions, but this support level was finally broken today. Today's plunge even broke through the 133.80 area, which acted as support on the 27th of June, as well as during the Brexit crash. The 133.80 pivot zone has now turned into resistance.

NZD/USD: 0.7136 & 0.719

The NZD/USD exchange rate is now approaching the pivot level at 0.7136, which was outlined in this FX analysis from last week. The 30-minute chart also shows the technical significance of the 0.719 area; acting as resistance four times; twice as support today.

XAU/USD: 1345 & 1353

While the 1-hour chart doesn't show the importance of the 1345 & 1353 price level, the 15-minute chart reveals how many times these two levels have been used as support/resistance over the past few days.

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