Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is rejected from the 1.0630 level and is near a test of 1.04890 for the downside extension targeting 1.0350 level. SL on short trades should be above 1.0650. No change in view strong downside support is 1.0600-1.0650 zone.
GBPUSD
The pair broke below 1.2370 level. The daily close below 1.2300 level is opening the door for the 1.2200 level retest. The strong downside support is 1.2320-1.2370 zone. The pair is reaching strong downside resistance 1.2159 level. SL on short trades above 1.2350.
USDCAD
The pair broke above the strong 1.3150 resistance and is now in the uptrend continuation. The strong support is 1.3180-1.3250 zone. Look only for opportunities for the long entries with SL below 1.3100 targeting 1.3600. Fresh long entries only in the case of a daily close above 1.3430 level. No change in view.
NZDUSD
The pair is rejected from the strong support 0.7240 level and is in the process of breaking the neckline of H&S formation targeting 0.7000. SL on short trades should be above 0.7200 level. Retested the broken H&S neckline and extended to the downside. No change in view the break below 0.7020 is opening the 0.6950 level retest. Fresh short entries only in the case of the daily break below 0.7000 level or in the case of the pullback to 0.7050-0.71000. Staying aside for now waiting for a new short set up and reaction after 0.7000 downside break.
USDJPY
The pair is above the Ichimoku cloud 113.500 level, making this a strong upside support. Looking now for the retest of 114.312 level for the complete reversal to the upside. Look only for long trades with SL below 113 level. 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.
