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 1.07532. Shorts are still preferred below 1.0800. SL on shorts above 1.0840. The daily close below 1.06755 support would be a good indicator of the bearish reversal. The pair is in the process of breaking below 1.06775
GBPUSD
The pair is heavily rejected from 1.2700 level and is now below the 1.2517 Pivot. Next resistance on the downside is 1.2393. Below that level long-term downtrend will continue. SL on shorts above 1.2500.
USDCAD
The pair has broken above 1.3130 level and is now reaching strong upside resistance 1.3200 level. The daily close above this level will open medium-term uptrend continuation.The daily close below 1.2980 would invalidate medium -term uptrend.
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. No change in view.
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 pair has not broken clearly below 112 short is still not an option, although near-term upside resistance is 112.400. Long trades only on the clear close above 114. Intraday Pivot level is 113.
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.
