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 1.0710. No change in view. The daily close below 1.06000 level for 1.04000 target.
GBPUSD
The pair is breaking below the triangle for a test of the key 1.2380 level. The downside support is 1.2440-1.2480 zone.
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. 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 111.266 is required for the upside continuation. The daily close below this level would change the structure and would open the 108-109 zone. 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.
