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 as RSI has negative divergence.
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. The pair is in the ascending (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. The daily close above 1.3430 is required for the upside continuation.
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).
The pair has reversed completely from a near-term uptrend and is reaching the first strong support 110.640 level. Looking for a bounce from here or lower levels for the medium-term uptrend to be in play. Staying aside for now.
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.