Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
The pair is testing the upper wedge line and reaching the last resistance zone 1.08500-1.08800. Looking for a reaction from here for a bearish reversal. Looking only for short trades for now.
The pair is testing the 1.2500-1.2540 zone. We need to see a break below 1.2325 Pivot level for downside continuation. The pair is in the ascending (bearish) wedge. Short entries are still preferred as long as the pair is below 1.2600 level.
The pair is pulling back to the upside support zone 1.3200-1.3240 if reached. Look only for the long entries at the pair has formed an uptrend line with the SL below 1.3200. The daily close above 1.3430 is required for the upside continuation.
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). Look only for short trade entries for now with SL above 0.7100. The daily close below 0.7000 is required for the downside continuation. No change in view.
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.