Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is breaking below the 1.05800 key downside resistance level and the 1.06118 Pivot handle. Staying aside for now and waiting for a break confirmation.
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 and a confirmation of the break below 1.2432 level of resistance is required for the continuation into 1.2100-1.2200 zone. No change in view. The near-term downside support is 1.2140-1.2463 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
The pair has broken below the 0.6980 and this is opening the 0.6850-0.6900 zone retest. Look for short trade entries only for now as long as the pair is supported by 0.6950-0.6980 downside support zone.
USDJPY
The pair is trying to break the 111.600 key resistance level above the Ichimoku cloud. Look only for long entries for now with SL at 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.
