Forex five most traded pairs technical analysis 4 hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
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. As told rejected from exactly the Fibo extension level 1.0860. Look for intraday price action to join shorts specially below 1.0500.
GBPUSD
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 1.2476 and uptrend line. Waiting for a direction here buying only on a break of 1.2747 higher.
USDCAD
Support 1.3180-1.3200 should hold on this time frame and we expect an upside turn from here and we have some positive RSI divergence signs. SL on longs should be below 1.3100.
NZDUSD
NZDUSD is rejected from 0.7230 level. Look for shorts below 0.7130 level pivot which is also an uptrend channel lower line.
USDJPY
Is moving up from the channel bottom 113 breaking the strong resistance 114.440. Longs from here should have SL below 113.
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.
