Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is testing again broken wedge and the recent highs 1.0770 level. Next strong resistance is 1.0823 level. This is a key zone now for medium term downside reversal and it needs to hold. SL on shorts here above 1.0820. The daily break below 1.07060 Pivot is needed for reversal and downside continuation.
GBPUSD
The pair seems to be ready to test 1.2700 which is also a long-term median line of downtrend Pitchfork channel. So far looking bullish long term but is ahead of long term downtrend support.
USDCAD
The pair is again at the key support zone 1.3000-1.3030 zone. The pair needs to reverse from here for the recovery. Only on the reverse and a daily close above 1.3060, we could see an extended recovery. Staying aside for now.
NZDUSD
The pair has broken below the wedge and closed below 0.7300 again, but is in a sideways price action now. We need to see a break below 0.7240 for downside reversal to take place. This is still a short trade as long as 0.7300-0.7330 zone is holding. SL above this zone.
USDJPY
The pair is testing key 112-112.500 zone again and reaction from this zone is important for the direction of the pair. Long entries only if the pair reverses back above 113.700 and especially above the Ichimoku cloud 114.100. If that fails the pair will continue downside.
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.
