Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is bouncing from the Pivot 1.11970 level and the near-term upside target is 1.13040 level. The SL on the long trade entries should be below this Pivot level.
GBPUSD
The pair has bounced from the 1.2750 level of the upside support The Pivot 1.2856 level must hold for the upside extension and the break above 1.2936 level is required for an upside continuation into 1.3120 level. No change in view.
USDCAD
The pair is being rejected by a 1.3519 downside support. Staying aside for now as the pair is in the consolidation triangle. Short trade entries only in the case of the break below 1.3400 level. No change in view.
NZDUSD
The pair has broken above the wedge 0.6950 level and is testing the 0.7140 level of the upside continuation resistance. The break above this level is required for an upside extension.
USDJPY
The pair is below the 111.403 level of the downside resistance which is now the downside support. Below this level near-term target is 110.679. SL on the short trade entries above the 111.200 level.
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.