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. We have an ongoing test of 1.0530 level after the rejection form 1.0677 level. The Pivot is 1.06050 level. SL on short trades above 1.0680.
GBPUSD
The pair is retesting the broken Pivot 1.2470 level and has formed a triangle. As long as it is below 1.2600 level look only for short trades targeting 1.2238 but we need to see a close below 1.2400 level also the triangle border. SL on short trades should be above 1.2500.
USDCAD
The pair is in the process of breaking above the strong key upside resistance 1.3150 level. The daily close above this level will open the door for a retest of 1.3220 level. SL on long trades below 1.3050 level.
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. Rejection from the 0.7234 Resistance level and a break below 0.71843 Pivot level are calling for a bearish resumption. The neckline of the possible H&S formation is 0.7150 and the pair is in the process of breaking below the neckline. Waiting for a daily close below for downside extension.
USDJPY
The pair is supported by an Ichimoku cloud 112.800-113.500 support zone. First upside resistance is 114.300 was briefly broken and the pair now needs to hold Ichimoku cloud 112.800-113.500 zone for the upside continuation. The pair is holding the 112.500 level and as long as it holds this level look only for long trades with SL below 112.300.
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.
