Forex Market Analysis

GBPUSD Analysis.
GBPUSD is in down trend. Further fall to test 1.9337 (Jan 22 low) long term key support is possible in a couple of days. Initial resistance is at 1.9621, as long as this resistance holds, down trend will continue.

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USDJPY Analysis.
USDJPY pulls back to as low as 103.40. Further fall to 103.00 area to reach the next short term cycle bottom on 4-hour chart is expect and the next cycle bottom is nearing. As long as 102.67 support holds, we’d expect up trend to resume and rise above 105.70 previous high resistance is still in favor.

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EURUSD Analysis.
EURUSD breaks below long term key support at 1.5342 (Mar 24 low) and is now in long term down trend, the long term target would be at 1.5000 area. For short term analysis, the pair formed a short term cycle top at 1.5594 level on 4-hour chart. Deeper decline to 1.5100 area to reach the next cycle bottom is expected. Key resistance is now located at 1.5594, only break of this level will signal reversal to the down trend.

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USDJPY Analysis.
Being contained by the support of the up trend line from 95.77 (Mar 17 low) to 100.30 (Apr 14 low), USDJPY rebounds from 104.02 and is forming a short term cycle bottom on 4-hour chart. Further rise to 108.00 area is expected after consolidation, and a break above 105.70 previous high will confirm such case. Initial support is at the mentioned up trend line, and key support is at 102.67, only break of this level will signal reversal to the up trend.

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USDCAD Analysis.
USDCAD traded in a range between 0.9987 (Apr 17 low) and 1.0326 (Apr 1 high). Fall below 0.9987 is still in favor. Key resistance is located at 1.0326, a break of this level will signal resumption of the long term up trend.

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AUDUSD Analysis.
AUDUSD is testing 0.9290 support, a break of this level will signal the resumption of the down trend and deeper decline to 0.9000 area is expected to follow. Key resistance is at 0.9541, only rise above this level will indicate that the up trend from 0.8953 (Mar 20 low) is underway, and further rally towards 0.9600 could be seen.

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EURUSD Analysis.
EURUSD’s down trend extended further to as low as 1.5516. Rebound from 1.5516 is treated as consolidation to the down trend. Near term resistance is now at 1.5693, as long as this resistance holds, we’d expect down trend to resume and deeper decline to test 1.5342 (Mar 24 low) support is still possible after consolidation.

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USDCHF traded in a narrow range between 1.0298 and 1.0430. further rally to 1.0600 area to reach the next short term cycle top is still in favor after consolidation, and a break of 1.0430 will signal the resumption of the up trend. Initial support is at 1.0298 and followed by 1.0165, as long as 1.0165 support holds, up trend will continue.

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AUDUSD Analysis.
AUDUSD formed a short term cycle top at 0.9541 and dropped sharply to as low as 0.9290. Further decline to test 0.9220 area to reach the next cycle bottom on 4-hour chart is still possible in a couple of days. Key support is at 0.9205, a break of this level will signal the reversal to the up trend.

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AUDUSD Analysis.
As expected, AUDUSD formed a short term cycle top at 0.9541 on 4-hour chart. Further fall to test 0.9271 key support is still possible, a break below this level will indicate that the up trend from 0.8953 (Mar 20 low) has completed and deeper decline to 0.9000 area is expected to follow. Key resistance is now at 0.9541, only rise above this level will signal the resumption of the up trend.

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