Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is testing again broken wedge and the recent highs 1.0770 level. Next strong resistance is 1.0823 level and is being tested now. This is a key zone now for medium term downside reversal and it needs to hold. SL on shorts here above 1.0820. The daily break below 1.07060 Pivot is needed for reversal and downside continuation.
GBPUSD
The pair seems to be ready to test 1.2700 which is also a long-term median line of downtrend Pitchfork channel. We have a test of 1.2700 level and so far the rejection is taking the pair to a test of 1.2533 Pivot. Below this level look for a test of 1.2393 resistance and a complete downside reversal.
USDCAD
The pair is again at the key support zone 1.3000-1.3030 zone. The pair needs to reverse from here for the recovery. Only on the reverse and a daily close above 1.3060, we could see an extended recovery into the 1.3170 Pivot. Staying aside for now.
NZDUSD
The pair has broken below the wedge and closed below 0.7300 again, but is in a sideways price action now. We need to see a break below 0.7240 for downside reversal to take place. This is still a short trade as long as 0.7300-0.7330 zone is holding. SL above this zone.
USDJPY
The pair is rejected from a strong upside resistance 113.700 and an Ichimoku cloud. Only above this level, we could see an upside reversal. Keeping in mind that the has not broken below 112 short is still not an option.
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.
