Forex five most traded pairs technical analysis 4 hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair broke strong resistance 1.05000 and it is now strong downside support and short entries should be looked in the zone 1.05000-1.05500 for hard target 1.01995.
GBPUSD
Is testing strong resistance P pivot on the chart 1.24760 and has broken below the wedge line. If it stays below this level next target is 1.2279. SL on shorts should be above 1.2550.
USDCAD
Support 1.3105 is holding the pair after Oil induced fall. The pair bounced and the first strong resistance for upside continuation is 1.3425 Pivot. SL on longs below 1.3100.
NZDUSD
NZDUSD is rejected from 0.7230 level and broke below the wedge 1.7130 level also a Pivot. If you are not short look for short entries near 1.7100 for hard target of 0.6800.
USDJPY
Is moving up from the channel bottom 113 breaking the strong resistance 114.440. Longs from here should have SL below 113. First target is 117 and the break of that level would lead to 124 soon. No change in view and first resistance is Pivot 121.49
This report is based on a four hour charts (H4) an 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.
