Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair has briefly tested 1.10000 the key upside resistance level and is being rejected by it. The near-term support is 1.09327 has been broken and the pair could go for the test of 1.08415 level. Staying aside for now.
GBPUSD
The pair has broken above the 1.2850 level and is now testing the 1.2940 upside resistance level and also the Pivot. The confirmation of the break above 1.2950 level could lead to a 1.30440 test near-term.The support zone is 1.2750-1.2800. The break below 1.2850 could lead to a 1.2715 level retest near-term. No change in view.
USDCAD
The pair has been rejected from the 1.3800 level and has broken below the Pivot 1.3681 which is now the downside support. Only the break above the 1.3720 near-term would lead to an upside continuation into 1.3837 level. Below the Pivot the pair is open to 1.3520-1.3560 zone test. No change in view.
NZDUSD
The pair has been rejected from the 0.6980 level and is now testing the wedge support line again 0.6800-0.6820 zone. The clear break above the 0.6850 level is required for the upside bounce into the 0.6900 Pivot level.
USDJPY
The pair has broken above the 113.600 level of resistance and is now going for a possible test of 114.250. The reversal back below 113.600 would lead to a downside test of the 112.406 Pivot. Staying aside for now.
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.
