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. The pair is touching triangle upper line 1.0620 level and a hold here should lead to a test of 1.0520 again.
GBPUSD
The pair is in the process of breaking below 1.2160 level, The next downside resistance is 1.2054 level. New short entries only in the case of a pullback to 1.2240 level. No change in view.
USDCAD
The pair is testing the strong upside resistance 1.3548 level and the reaction from this level is important. Look for fresh long entries in the case of a pullback to 1.3400-1.3450 zone. No change in view.
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NZDUSD
The pair has broken below 0.6920 level. The next downside resistance is 0.6840. Any possible pullback into 0.7000-0.7050 should be used for short entries.
USDJPY
The pair is above the Ichimoku cloud 113.500 level, making this a strong upside support. The daily break above 114.500 has opened the door for further upside extension with the near-term resistance at 115.520 level. The break above this level will lead to a test of 116.665.
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.
