Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair seems to form a range between 1.04000-1.06800 testing upper end at the moment. Looking for short entries on a bearish price action setup.
GBPUSD
The pair is entering a downside support zone, in the pullback, after reaching 1.2050. Look for short trades here as the pair is in the long term downtrend. SL on shorts should be above 1.2340. Below 1.2140 we expect downside continuation.
USDCAD
Is making a violent retest of the December low 1.03080 and bouncing back. SL on longs should be below 1.3040 and we will watch for a sign of larger reversal upside from here.
NZDUSD
NZDUSD is testing long-term falling trend line and strong resistance 0.7100 level. Rejection in this zone is needed for long term downtrend continuation. RSI(13) is showing signs of weakness here.
USDJPY
Has gone through the whole wedge yesterday, and is now again bouncing from the lower wedge line. If it holds 114 support we could see higher wedge line again. Below 114 we could see downside extension. No change in view.
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.
