Forex five most traded pairs technical analysis 4 hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
On H4 chart we see the pivot 1.07495 is holding the pair. Next upside resistance is 1.09810 but we do not expect to be reached and should be looked for shorts on a bearish set up. We have half size short into tomorrow ECB meeting. Looking to re-enter short in case of stop.
GBPUSD
Is testing strong resistance R1 on H4 chart 1.2747. Selling in this point is preferred only on a break below uptrend line 1.2450. Above 1.2750 target is 1.29442 next upside resistance. Negative divergence on RSI has driven the pair lower and weakness could extend to a support pivot 1.24766 and uptrend line.
USDCAD
. Support 1.3180-1.3200 should hold on this time frame and we expect an upside turn tomorrow above 1.32632 level support. Clear break above 1.34258 would open the door for 1.3587
NZDUSD
NZDUSD is trading around the 1.7130 pivot and we need a bearish price action below this level for a retest of 0.7000 level lower
USDJPY
Is still in a flag just above strong pivot 111.340. Channel support 113 level is holding and as long we are above 111.340 pivot look only for buying opportunities.
This report is based on a four hour charts (H4) an 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.
