Forex five most traded pairs technical analysis 4 hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is rejected from 1.05639 Pivot and as long this pivot holds the pair is targeting downside extension. The first target is 1.02545. Look for short entries on a hard break of 1.0380 or in a case of a bounce higher to 1.0430-1.0480 zone. Bounce happened and surpass reaching the Pivot again and a falling trend line. SL on short above 1.06000 level.
GBPUSD
After the wedge break, strong downside support is Pivot 1.24760 and target on the downside if pivot holds is 1.2280. Te pair is now below target and as long 1.2300-1.2400 zone holds you should look for short opportunities targeting 1.2000 retests and lower.
USDCAD
The pair broke 1.3385 Pivot. Looking for support here at 50% Fibo retracement 1.3340 level. If it breaks this level look for long entries around 1.3270. The pair reached long entry level and SL on longs here should be below 1.3200.
NZDUSD
NZDUSD is rejected from the Pivot 0.6985 and is extending downside. The first target is 0.6850 followed by 0.6730.
USDJPY
Made a false break above bull flag and is now reacting from 115.400 level. Looking higher from here for retest of 118.500
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.
