Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is rejected from the upper wedge zone 1.08900-1.09200 and has broken below the important Pivot 1.07840 for a complete downside reversal. This level is now downside support. The downside resistance is 1.07440 and the target zone is 1.05000-1.06000. Only short trade entries are preferred here with SL above 1.0785.
GBPUSD
The pair has broken below the ascending (bearish) wedge. Short entries are preferred as long as the pair is below 1.2600 level with SL above 1.2568. The close below Pivot 1.2450 level is required for the continuation into 1.2100-1.2200 zone. No change in view.
USDCAD
The pair is pulling back to the upside support zone 1.3200-1.3240 if reached. Look only for the long entries with the SL below 1.3200. The daily close above 1.3430 is required for the upside continuation. It could experience another brief slide into 1.3180-1.3250 before the upside continuation.
NZDUSD
Any possible pullback into 0.7000-0.7050 should be used for short entries with the SL above 0.7100. The pair has reached the selling zone and it has a negative divergence on RSI (13). Look only for short trade entries for now with SL above 0.7100. The pair is in the process of breaking below 0.6980 support which will open the 0.6880 retest.
USDJPY
The pair has reversed completely from a near-term uptrend and is reaching the first strong support 110.640 level. Looking for a bounce from here or lower levels for the medium-term uptrend to be in play. Only long trade entries are preferred for now with SL below 110.160 level. We need to see a close above 112.500 level above the Ichimoku cloud for the upside 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.
