Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is on hold by 0.7030 level. Strong upside resistance is 1.0757. Look for short entries targeting 1.0570-1.0600 zone short term. SL should be above 1.0757.
GBPUSD
The pair is on hold by 1.2340-1.2400 zone where the long-term falling trend line is. Retesting broken short term falling trend line and a close below 1.2320 R1 would lead to a test of 1.2170 Pivot at least.
USDCAD
The pair is bouncing again hard from 1.3000-1.03050 strong support zone. A daily close above the Pivot 1.3136 is needed for the continuation higher and a test of 1.32440 resistance.
NZDUSD
NZDUSD is testing extreme Fibbo retracement 88.6% level 0.7195 and is showing signs of RSI divergence here. Next resistance is 0.7220 if 0.7200 level fails to hold. No change in view.
USDJPY
Is retesting wedge low. We need to see a break of 113.700 on a daily close basis for the reversal higher into 115. Strong support zone is 112.600-113 and if that fails we could see the deeper correction to 109-110 zone. Support zone is holding and the pressure is building for an upside test of the 115 Pivot.
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.
