Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is in the process of breaking the wedge and a daily close below Pivot 1.07060. Shorts are still preferred below 1.0800. SL on shorts above 1.0840.
GBPUSD
The pair is heavily rejected from 1.2700 level and is now below the 1.2533 Pivot. Next resistance on the downside is 1.2393. Below that level long-term downtrend will continue. SL on shorts above 1.2690.
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 into the 1.3170 Pivot. 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 rejected from a strong upside resistance 113.700 and an Ichimoku cloud. Only above this level, we could see an upside reversal. Keeping in mind that the has not broken below 112 short is still not an option. Long trades only on the clear close above 114.540 Pivot.
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.
