Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
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 entering the significantly mentioned zone. Bearish reaction. Look only for short entries for now with SL above 1.0830. No change in view today daily close will be important.
The pair is pulling back to 1.2400-1.2450 zone. Look only for short entries for now with SL above 1.2450 level. No change in view we need to see a break below 1.2325 Pivot level for downside continuation and the pair has formed a bearish wedge.
The pair is pulling back to the upside support zone 1.3200-1.3240 if reached. Look only for the long entries for now with the SL below 1.3200. No change in view.
The next downside resistance is 0.6943. Any possible pullback into 0.7000-0.7050 should be used for short entries with the SL above 0.7100. The pair has reached the selling zone and it has a negative divergence on RSI (13). No change in view.
The pair has broken below the cloud and is testing the strong support zone 112.600-113. Look for reaction from here. No fresh long trades while the pair is below the cloud 115 level. No change in view, we need to see the daily close above the Pivot 113.270 level for a complete reversal to be in play.
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.