Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
The pair is holding below the support level 1.0677 after the retest of 1.0700 level and the next downside resistance is 1.0544. Look for short entries with SL above 1.07532. Near-term targets are 1.0580 and 1.0485.
The pair is heavily rejected from 1.2700 level and has broken below the uptrend line 1.2510 level. Now we have the ongoing retest of the broken trend line. If this zone 1.2520-1.2620 zone holds then we could see the downside continuation. The pair needs to close below 1.2474 Pivot level for downside extension.
The pair needs to break above 1.3180 level also a falling trend line intersection level for the upside reversal. Support is 1.3000-1.3050 zone and as long as this zone is holding only long trade entries are suggested. SL on long trades should be below 1.3000.
The pair has broken below the wedge and important downside resistance 0.7254. As long as this, now downside support, holds look for short trade entries targeting 0.7096 and 0.70330 near-term with SL above 0.7260.
The pair is now above the Ichimoku cloud 113.500 level . Close and hold above this level is needed for upside reversal targeting 114.300 and 115.210 level near-term. SL on long trades below 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.