Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is breaking above the crucial 1.10223 level and thus opening the 1.13511 target on the upside. The support and possible long trades entry zone is 1.10619-1.11368 zone. Look only for the long entries here with SL below 1.10619. No change in view as the support zone is being tested.
GBPUSD
The pair is on the way to retest the 1.2600-1.2700 zone of the upside support. Look for the long entries on the pullback in this zone with the SL below 1.2600 level or on the break above the 1.2936 level. Below the 1.28560 Pivot level, a test of 1.2669 is in option.
USDCAD
The pair is bouncing from the 1.3400 level of the support and a pullback into downside 1.3500 level support is possible. Staying aside for now. Short trade entries only in the case of the break below 1.3400 level.
NZDUSD
The pair is breaking the wedge 0.6950 level. Near-term target on the upside is 0.7070 level. The support for the upside continuation is the 0.6968-0.7000 zone. Staying aside because the bounce is in the mature phase. Fresh long trade entries only in the case of the daily close above the 0.7057 level.
USDJPY
The pair is testing the Piot 111.403 level. Downside extension from here could lead to a test of 109.440 near-term. SL on short trade entries should be above the 112.500 level. The strong downside support is 113.0540 level. No change in view as the pair is supported by 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.