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. First, the near-term target is being hit and we have a pullback to 1.0669 Pivot level. Short trades are preferred here on the bearish price action with SL above 1.0730. No change in view.
GBPUSD
The pair is retesting the broken Pivot 1.2470 level and has formed a triangle. As long as it is below 1.2600 level look only for short trades targeting 1.2238 but we need to see a close below 1.2400 level also the triangle border.
USDCAD
The pair needs to break above 1.3150 level now, 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 and the range is getting smaller and smaller and we could soon see the strong move.Â
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. Rejection from the 0.7234 Resistance level and a break below 0.71843 Pivot level are calling for a bearish resumption. The neckline of the possible H&S formation is 0.7150.
USDJPY
The pair is supported by an Ichimoku cloud 112.800-113.500 support zone. First upside resistance is 114.300 was briefly broken and the pair now needs to hold Ichimoku cloud 112.800-113.500 zone for the upside continuation. The pair is holding the 112.500 level and as long as it holds this level look only for long trades with SL below 112.300.
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.
