EURUSD remains in short term downtrend, and the fall from 1.3738 has extended to as low as 1.3112 level. Deeper decline to 1.3050 zone to reach the next short term cycle bottom is still possible later today and the next cycle bottom is nearing. Key resistance is now located at 1.3300, a break above this level will indicate that a short term cycle bottom has been formed, and further rebound could be seen to 1.3450 zone.
USDJPY breaks below 96.99 key support, suggesting that a short term cycle top has been formed at 98.86 level on 4-hour chart. Consolidation in a range between 95.98 and 98.86 is expected in a couple of days. Key resistance is now located at 98.86, a break above this level will indicate that a short term cycle bottom has been formed at 95.98 already, and then further rally to 102.00 zone could be seen to follow.
USDCAD breaks above 1.2445 resistance and reaches as high as 1.2646 level. Further rise is now in favor and next target would be at 1.2750-1.2800 area. Near term support is at 1.2500, as long as this level holds, we’d expect the short term uptrend to continue.
USDCHF’s rebound from 1.1159 extends further to 1.1548 level, and the next target could be at 1.1550-1.1600 zone. As the next short term cycle top is nearing, pullback is possible later today. Key support is now located at 1.1400, a break below this level will indicate that the cycle top has been formed and then deeper decline could be seen to retest 1.1159 previous low support.
GBPUSD might be forming a short term cycle bottom at 1.4110 on 4-hour chart. Near term resistance is at the falling trend line and key resistance is located at 1.4360, a break above this level will confirm the cycle bottom and then further rally could be seen to 1.4500-1.4550 area. Initial support is at 1.4110, only fall below this level will signal deeper decline to 1.3800 zone.
AUDUSD breaks below this support of the up trend line on 4-hour chart, suggesting that the uptrend from 0.6284 (Mar 4 low) has completed at 0.7092 level. Deeper decline is now in favor, and the next target would be at 0.6500 zone. Key resistance is located at 0.6890, as long as this level holds, we’d expect the short term downtrend from 0.6092 to continue.