Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is bouncing from the 1.0617 Pivot level. The daily close above 1.0660 level is now completely invalidating the downside. This is also the neckline of the Inverse H&S formation and the target of this break is 1.0840. SL on the long trade entries below 1.06500.
GBPUSD
The pair has broken above the 1.2650-1.2700 zone and by this completely reversed the long-term downtrend. The support is the mentioned zone and look only for the long trade entries with SL below 1.2650.
USDCAD
The pair is retesting the 1.3450 level of resistance now. The daily close above this resistance is required for the upside continuation. The rejection from here will lead to a downside reversal into 1.3200 again. Staying aside for now.
NZDUSD
The pair has broken above the falling trend line 0.6970 level and is reversing the recent downtrend. Looking for a confirmation of this break. The downside continuation will be open only in the case of a daily close below Pivot 0.6950 level. No change in view as the pair is confirming the upside break, look only for long trade entries for now with SL below 0.6950.
USDJPY
The pair has broken below the key 110 level opening the further downside extension into 106-107 zone. The downside support zone is 110.340-110.460 just shy below the Ichimoku cloud. Look only for short trade entries with SL above 110.500. No change in view.
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.
