GBPUSD has formed a short term cycle top at 1.4779 level on 4-hour chart. Further fall to test 1.4394 support is possible later today, a break below this level will signal deeper decline to 1.4350 level. However, the next cycle bottom is nearing, rebound would more likely be seen before breaking below 1.4350 level. Initial resistance is at the falling trend line on 4-hour chart, a clear break above the trend line resistance will indicate that a cycle bottom has been form, and the medium term uptrend from 1.3654 has resumed.
USDCAD moved sideways between 1.2191 and 1.2445 for several days and the price action from 1.2190 is treated as consolidation of the downtrend from 1.3063. As long as 1.2445 key resistance holds, we’d expect downtrend to resume and deeper decline is still possible to 1.2000 after consolidation. However, above 1.2445 resistance will indicate that lengthier consolidation is underway and further rally could be seen to 1.2500-1.2550 area.
EURUSD formed a short term cycle top at 1.3738 level on 4-hour chart. Pullback to test 1.3250 key support is possible in a couple of days, a break down below this level will signal deeper decline to 1.2950 zone. Near term resistance is located at 1.3738, rise above this level will suggest that the medium term uptrend from 1.2456 has resumed and the next short term target would be at 1.4000-1.4100 area.
USDCHF formed a short term cycle bottom at 1.1159 level on 4-hour chart. Further rise towards 1.1400 zone to reach the next cycle top is possible. However, the price action from 1.1159 is still treated as consolidation of the downtrend from 1.1963. As long as 1.1470 key resistance holds, we’d expect downtrend to resume and another fall towards 1.0900 may be seen after consolidation.
USDJPY is in short term uptrend form 93.53. Further rise to 99.50 area to reach the next cycle top on 4-hour chart is possible, and previous high resistance at 99.67 would more likely be held. Key support is now located at 96.99, a break below this level will suggest that the rise from 93.53 has completed and further pullback could be seen to 96.00 level. However, above 99.67 will indicate that the medium term uptrend from 87.12 (Jan 21 low) has resumed, and then further rally could be seen to 104.00 zone.
AUDUSD trades in a range between 0.6902 and 0.7092, the price action in this range is treated as consolidation of the uptrend from 0.6284 (Mar 4 low). Further rise to test 0.7267 (Jan 7 high) resistance is possible after consolidation. Initial support is at 0.6902 followed by 0.6840, as long as 0.6840 support holds, we’d expected the uptrend to continue.