Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is in the middle of the range just above the Pivot 1.06420 level. If there is not a bearish continuation from this level wait for a test of 1.07598-1.08165 zone for a new sell entries. The pair is reversing lower from the Pivot level. The next downside resistance is 1.05850 level. Staying aside for now.
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 the pair is rejected from 1.2240 level downside target is 1.20245. SL on short entries above 1.2360.
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 the daily close above 1.3540 is required for a continuation into 1.3600 level. Staying aside for now.
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. Staying aside for now.
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. The upside cloud support is 113.500-114 this zone could be used for fresh long entries with SL below 113. 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.
