Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair is bouncing from the 1.0617 Pivot level. The daily close above 1.0660 level will completely invalidate the downside. The daily close below 1.0560 is required for the extended downside. Look only for long trade entries for now with SL below 1.06000 level. No change in view.
GBPUSD
The pair is reaching again the upper triangle resistance 1.2550-1.2600 zone. The daily close above 1.2600 level is required for the upside reversal. The pair is in the process of breaking above this level. Staying aside for now.
USDCAD
The pair has broken below the 1.3270 level support and is invalidating the recent uptrend. The daily close below 1.3220 could lead to a test of 1.3160 level for the downside continuation. The pair is retesting the broken zone now the downside support 1.3270-1.3350. Look only for short trade entries now with SL above 1.3380 Pivot level. No change in view.
NZDUSD
The pair has broken above the falling trend line 0.6970 level and is reversing the recent downtrend. Looking for a confirmation of this break. The downside continuation will be open only in the case of a daily close below Pivot 0.6950 level. No change in view as the pair is confirming the upside break, look only for long trade entries for now with SL below 0.6950.
USDJPY
The pair has broken below the key 110 level opening the further downside extension into 106-107 zone. The downside support zone is 110.340-110.460 just shy below the Ichimoku cloud. Look only for short trade entries with SL above 110.500. No change in view.
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.
