Forex five most traded pairs technical analysis 4 hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
On H4 chart we see that the pair is retracing post ECB swing down and we expect failure here or at 1.06600-1.06900 zone. Rejected from 38.2% 1.06570 and here should be looking for short entries with SL above 1.0720 or short in the mentioned higher zone. Targeting 1.04000.
GBPUSD
Is testing strong resistance R1 on H4 chart 1.2747. Selling in this point is preferred only on a break below uptrend line 1.2450. Above 1.2750 target is 1.29442 next upside resistance. Negative divergence on RSI has driven the pair lower and weakness could extend to a support pivot 1.2476 and uptrend line. Waiting for a direction here buying only on a break of 1.2747 higher.
USDCAD
Support 1.3105 is holding the pair after Oil induced fall. It is expected for the pair to bounce from here in order to continue medium term uptrend. Perfect long set up for a long trade with SL below 1.3050.
NZDUSD
NZDUSD is rejected from 0.7230 level. Look for shorts below 0.7130 level pivot which is also an uptrend channel lower line. No change in view, strong downside support is 0.7160-0.7200 zone hard target is 0.6800.
USDJPY
Is moving up from the channel bottom 113 breaking the strong resistance 114.440. Longs from here should have SL below 113. First target is 117 and the break of that level would lead to 124 soon. No change in view RSI is supportive look for dip buying in 113.500-114.500 zone.
This report is based on a four hour charts (H4) an has an indication of strong resistance, support and important pivots. It can help you in trading when there is a break of this levels or reaction from them. It will be updated daily around European and NY session overlap.
