Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is breaking below the 1.05800 key downside resistance level and the 1.06118 Pivot handle. Staying aside for now and waiting for a break confirmation as the pair is pulling back to Pivot area.The daily close above 1.0660 level will completely invalidate the downside. The daily close below 1.0560 is required for the extended downside.
GBPUSD
The pair is pulling back into the middle of the broken triangle 1.2460-1.2500 zone. Rejection here is required for downside continuation and the 1.2360 level retest. Staying aside for now.
USDCAD
The pair is bouncing for now from the strong support zone 1.3250-1.3300. The key test for the pair is 1.3400-1.3430 zone. The break above this zone is required for the upside continuation. Looking for a long entry on this new pullback to 1.3300 and bounce. Sl on long entries below 1.3300. No change in view.
NZDUSD
The pair has broken below the 0.6980 and this is opening the 0.6850-0.6900 zone retest. Look for short trade entries only for now as long as the pair is supported by 0.6950-0.6980 downside support zone. The daily close below 0.6930 is required for the downside continuation. No change in view.
USDJPY
The pair has broken below the key 110 level opening the further downside extension into 107-108 zone. The downside support zone is 110.340-110.460 just shy below the Ichimoku cloud.
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.
