Forex five most traded pairs technical analysis 4 hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
On H4 chart we see that the pair reached the 161.8% Fibo extension from the low 1.8000 level. On ECB volatility we could see a test of 200% 1.0860 and we expect failure here for downside continuation.
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. Waiting for a direction here buying only on a break of 1.2747 higher.
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 No change in view.
NZDUSD is near the 100% Fibo extension from the low and we could see a test probably of 1.7240 if reached. Prefer selling in the pair.
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.