Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is rejected from the upper wedge zone 1.08900-1.09200 and has broken below the important Pivot 1.07840 for a complete downside reversal. This level is now downside support. The downside resistance is 1.06400 and the target zone is 1.05000-1.06000. Only short trade entries are preferred here with SL above 1.0785. No change in view.
GBPUSD
The pair has broken below the ascending (bearish) wedge. Short entries are preferred as long as the pair is below 1.2600 level with SL above 1.2568. The close below 1.2432 level of resistance is required for the continuation into 1.2100-1.2200 zone. No change in view.
USDCAD
The pair is bouncing for now from the strong support zone 1.3250-1.3300. The key test for the pair is 1.3400-1.3430 zone. The break above this zone is required for the upside continuation. Staying aside for now.
NZDUSD
Any possible pullback into 0.7000-0.7050 should be used for short entries with the SL above 0.7100. Look only for short trade entries for now with SL above 0.7100. The pair is in the process of breaking below 0.6980 support which will open the 0.6880 retest.No change in view.
USDJPY
The pair is in the Ichimoku cloud and the break above 112.423 is required for the upside continuation. Look only for long entries for now with SL is 110.300. The daily close below this level would change the structure and would open the 108-109 zone.
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.
