Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
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 1.0730. Near-term targets are 1.0540 and 1.0485.
GBPUSD
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 is in the process of breaking below the 1.2474 Pivot level for downside extension. SL on short trades above 1.2630 targeting 1.2365 level.
USDCAD
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. No change in view.
NZDUSD
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. No change in view.
USDJPY
The pair is supported by an Ichimoku cloud 112.800-113.500 support zone. First upside resistance is 114.300 and the daily close above this level is needed for upside continuation. Only the break below 112.300 will invalidate the recent near-term upside scenario.
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.
