Forex five most traded pairs technical analysis 4 hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
The pair broke strong resistance 1.05000 and it is now strong downside support and short entries should be looked in the zone 1.0440-1.04800 for hard target 1.01995. On the H4 chart wedge is formed and below 1.0430 we could see extension lower today.
After the wedge break strong downside support is Pivot 1.24760 and target on the downside if pivot holds is 1.2280. No change in view the pair is moving lower from Pivot.
Support 1.3105 is holding the pair after Oil induced fall. The pair bounced and the first strong resistance for upside continuation is 1.3425 Pivot. SL on longs below 1.3100. No change in view use the correction to get long.
NZDUSD is rejected from 0.7230 level and broke below the wedge 1.7130 level also a Pivot. If you are not short look for short entries near 0.7050-0.7100 zone for hard target of 0.6800. You can enter shorts on a break of 0.6925.
Is moving up from the channel bottom 113 breaking the strong resistance 114.440. Longs from here should have SL below 113. First target is 117 and the break of that level would lead to 124 soon. No change in view and first resistance is Pivot 121.49 and support now is 116.500-117.
This report is based on a four hour charts (H4) an 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.