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. Still looking for short entries on a bearish price action setup but we need to see a daily close below 1.0670 for short entries.
GBPUSD
The pair is breaking above falling trend line 1.2340 and a daily close above this level would indicate a change in the short term trend. Looking for reaction on a daily close basis.
USDCAD
The pair got rejected and made a strong swing down from 1.3240. Looking for a reaction from this levels around 1.3000. We need a daily close near the 1.3136 Pivot level for relief from recent sell-off.
NZDUSD
NZDUSD is testing extreme Fibbo retracement 88.6% level 0.7195 and is showing signs of RSI divergence here. Next resistance is 0.7220 if 0.7200 level fails to hold.
USDJPY
Is retesting wedge low. We need to see a hold of 113.700 on a daily close basis for the reversal higher. strong support zone is 112.600-113 and if that fails we could see the deeper correction to 109-110 zone.
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.
