Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is on hold by 1.0730 level. Strong upside resistance is 1.0768. Look for short entries targeting 1.0520 level short term and especially in the case of the close below the Pivot 1.0600. SL should be above 1.0813 R2.
GBPUSD
The pair broke above the falling trend line and has tested 1.2550 strong resistance. Testing now the strong resistance 1.2588 if this resistance would be broken then the pair could test important 1.2770 for long term downtrend continuation. For now look for short entries with SL above 1.2600.
USDCAD
The pair has retraced almost 76.4% of the recent swing up. Strong support is 1.3130 level and if this level hold near term look for target 1.3300 level on the upside. SL on longs should be below 1.3100.
NZDUSD
Resistance zone is 0.7239-0.7250. Look for a failure here and reversal lower. Break below 0.7157 Pivot is needed for downside reversal and 0.7000 target.
USDJPY
Is holding above the 113.065 support. Look for longs here for now with SL below 112.600. The pair needs a break above the Pivot 114.343 for the continuation higher into 115 again. RSI (13) is bullish and has positive divergence. 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.
