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 1.0600-1.0650Â zone. SL on shorts should be above 1.07000
GBPUSD
After the wedge break, strong downside support is Pivot 1.24760 and target on the downside if pivot holds is 1.2280. First target is reached and now there is downside extension open to first support 1.20530.
USDCAD
The pair broke 1.3385 Pivot and reached long term support. Look for long entries around 1.3170-1.3230 zone. Â SL on longs here should be below 1.3080.
NZDUSD
NZDUSD is trading around the Pivot 0.6985. We could see rallies to 0.7050 level and look to fade here for downside trend continuation. SL on shorts should be above 0.7050.
USDJPY
Made a false break above bull flag and is now reacting from 115.400 level. Bounce from 115.400 led to a retest of 117.640. We should see a break and close above this level for continuation higher. Stay aside for now.
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.
