EURUSD breaks above this resistance of the falling price channel, suggesting that a short term cycle bottom has been form at 1.2764 on 4-hour chart. Consolidation in a range between 1.2764 and 1.3385 is expected in the next several days. Key resistance is located at 1.3385, a break above this level will indicate that the medium term downtrend from 1.4719 has completed.
USDCAD remains in short term downtrend and the fall from 1.2765 extends further to 1.2140 level. Deeper decline is still possible to 1.2000 zone in a couple of days. Initial resistance is now at 1.2330, as long as this level holds, we’d expect downtrend to continue.
USDJPY breaks above 89.62 resistance. Further rebound is now in favor, and the short term target would be at 90.50 zone. However, the price action from 87.12 is more likely correction of the downtrend from 94.61. Further fall could still be seen after correction.
GBPUSD breaks above 1.4025 resistance, suggesting that the short term downtrend from 1.4980 has completed and a short term cycle bottom has been formed at 1.3503 on 4-hour chart. However, the rebound from 1.3503 is more likely consolidation of medium downtrend from 1.5372. Deeper decline is still possible after consolidation.
USDCHF breaks below 1.1380 key support, signifying that the short term uptrend from 1.0864 has terminated and a short term cycle top has been formed at 1.1714 level on 4-hour chart. Further pullback could be seen to retest 1.1108 support. A break below this level will indicate that the medium term uptrend from 1.0366 has completed.
AUDUSD is testing 0.6656 key resistance. A break above this level will indicate that a short term cycle bottom has been form at 0.6418 level on 4-hour chart, and the following rebound will bring price to 0.6750 zone. As long as 0.6656 resistance holds, we’d expect sideways consolidation to continue.