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. The pair is below the Pivot 1.06056 and we could see a retest of 1.0525 support, downside resistance. SL on shorts should be above 1.0630.
GBPUSD
The pair had a huge opening gap down which could be retested. We need to see a hold of 1.2170 Pivot for downside retest of 1.2000. Short entries zone is 1.2100-1.2150 and SL just a few pips above 1.2180.
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. Bounce is getting stronger and the first resistance is 1.3240.
NZDUSD
NZDUSD is testing the Pivot 0.7085 after a brief rise earlier to 1.7140 strong resistance and rejection from there. Daily close below this pivot would open the 0.7000 test.
USDJPY
Has retested wedge low and bounced again. We need to see a hold of 113.700 on a daily close basis for the continuation higher and retest of 116.
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.
