Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is holding below the support level 1.0677 after the retest of 1.0700 level and the next downside resistance is 1.0544. Look for short entries with SL above 1.07532.
GBPUSD
The pair is heavily rejected from 1.2700 level and has broken below the uptrend line 1.2510 level. Now we have the ongoing retest of the broken trend line. If this zone 1.2520-1.2620 zone holds then we could see the downside continuation.
USDCAD
The pair has broken above 1.3130 level and is now reaching strong upside resistance 1.3200 level. The daily close above this level will open medium-term uptrend continuation.The daily close below 1.2980 would invalidate medium -term uptrend. 1.3120 level is now support for the upside.
NZDUSD
The pair has broken below the wedge and important downside resistance 0.7254. As long as this now downside support holds look for short trade entries targeting 0.7140 near-term with SL above 0.7260.
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 pair has not broken clearly below 112 short is still not an option, although near-term upside resistance is 112.400. Long trades only on the clear close above 114. Intraday Pivot level is 113.
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.
