Forex five most traded pairs technical analysis 4-hour time frame EURUSD, GBPUSD, USDCAD, NZDUSD, USDJPY
EURUSD
The pair has reached the 1.0950 level and is retracing from it and could go probably to fill the large gap from the open 1.07300-1.07500 zone. Only short trades are preferred with the SL above 1.0920 targeting 1.07500.
GBPUSD
The pair has broken above the 1.2650-1.2700 zone and by this completely reversed the long-term downtrend. The support is the mentioned zone and now look only for the long trade entries with SL below 1.2650. No change in view. The pullback into the support zone is possible.
USDCAD
The pair is retesting the medium term falling trend line 1.3500 level of resistance now. The daily close above this resistance is required for the upside continuation. The rejection from here will lead to a downside reversal into 1.3200 again. Staying aside for now.
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 above the cloud 109.70 level and has tested the strong upside resistance 110.500 for the continuation. The upside support now is the gap 109-109.300 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.
