Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
The pair is testing 1.0630 Resistance level. Hold here is needed for the downside extension. Only short trades are recommended here with SL above 1.0650.
The daily close above the 1.2655 level is required for the upside reversal. Rejection from 1.2550-1.2600 zone and the pair is now on the way to test 1.2380 strong downside resistance level. No change in view.
The pair is in the process of breaking above the strong key upside resistance 1.3150 level. The clear daily close above this level will open the door for a retest of 1.3220 level. SL on long trades below 1.3050 level. Support for the upside continuation is 1.3050-1.3100. No change in view as the strong resistance 1.3160 level is being broken. Waiting for a confirmation.
The pair is retesting the strong downside support 0.7200-0.7240 zone. The hold of this level is needed for the H&S formation not to be invalidated. Short trades are still preferred with the SL above 0.7280 level. We need to see a daily close below 0.7140 for the H&S formation to be confirmed.
The pair has broken below the Ichimoku cloud. The daily close below 111.600 would invalidate any possibility of the upside reversal. However, the ongoing hold from wedge 112-112.300 zone could support the bullish reversal possibility. No change in view.
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.