Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is holding below the support level 1.0677 after the retest of 1.0700 level and the next downside resistance is 1.0544. Look for short entries with SL above 1.0730. Near-term targets are 1.0540 and 1.0485.Â
GBPUSD
The pair is breaking below the 1.2470 Pivot level and it is going for a test of 1.2365 resistance. Below this level target is 1.2238. SL on short trades should be above 1.2520.
USDCAD
The pair needs to break above 1.3180 level also a falling trend line intersection level for the upside reversal. Support is 1.3000-1.3050 zone and as long as this zone is holding only long trade entries are suggested. SL on long trades should be below 1.3000. No change in view.
NZDUSD
The pair has broken below the wedge and important downside resistance 0.7254. As long as this, now downside support, holds look for short trade entries targeting 0.7096 and 0.70330 near-term with SL above 0.7260. No change in view.
USDJPY
The pair is supported by an Ichimoku cloud 112.800-113.500 support zone. First upside resistance is 114.300 has been broken and the pair is entering key resistance 115-115.500 zone for the medium-term uptrend continuation.
This report is based on the four-hour charts (H4) and 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.
