Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
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 1.0600-1.0650 zone. SL on shorts should be above 1.07000. No change in view the pair reached a perfect short zone and is reacting lower. A break below 1.0510 is needed for the test of 1.0450 downside resistance.
After the wedge break, strong downside support is Pivot 1.24760 and target on the downside if pivot holds is 1.2280. The first target is reached and now there is downside extension open to first support 1.20530. Allow for a pullback here before continuation lower.
The pair broke 1.3385 Pivot and reached long-term support. Look for long entries around 1.3170-1.3230 zone. SL on longs here should be below 1.3080. No change in view and the pair seems to be basing here for an upside continuation.
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. W sold the rally to 0.7040 and we are looking for intraday wedge break 0.6960 level for continuation lower.
Is in a wedge and it seems to be reacting from 115 support again. We need to see a break above 117 for a continuation higher.
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.