EURUSD rebounds from 1.2965. Range trading between 1.2884 and 1.3300 is still in favor, and further rally would more likely be seen to test 1.3300 resistance in a couple of days, a break above this level will indicate that the fall from 1.3738 (Mar 19 high) has completed at 1.2884 already, and then further rise is expected to 1.3450-1.3500 area. Near term support is now at 1.2965, only fall below this level will take price back to test 1.2884 support.
No changed in our view, USDCAD remains in short term downtrend from 1.2504, and the rebound from 1.2072 is treated as consolidation of the downtrend. Deeper decline is still possible to 1.1700 after consolidation. Near term resistance is at 1.2270, as long as this level holds, downtrend will continue.
USDCHF pulls back sharply from 1.1602. Range trading between 1.1349 and 1.1740 is still in favor, and deeper decline would more likely be seen to test 1.1349, a break below this level will indicate that the rise from 1.1159 (Mar 19 low) has completed at 1.1740 already, and then deeper decline is expected to re-test 1.1159 previous low support. Near term resistance is at 1.1602, only break above this level will signal further rally towards1.1800 zone.
Being contained by the previous low support of 0.6952, AUDUSD rebounds from 0.6989. However, the rise is more likely consolidation of the downtrend from 0.7238. Deeper decline towards 0.6800 is still in favor after consolidation, and a break below 0.6989 level will signal resumption of the downtrend.
Being supported by the lower border of the previously mentioned price channel on 4-hour chart, USDJPY rebounds from 95.62, suggesting that a short term cycle bottom is being formed. Further rally is expected to test the upper border of the price channel. A clear break above the channel resistance will indicate that the fall from 101.43 has completed.
GBPUSD traded in a range between 1.4514 and 1.4772 for several days. The price action from 1.4514 is more likely consolidation of the downtrend from 1.4772, and deeper decline is expected to test 1.4397 support, a break below this level will signal further fall towards 1.4000 zone. Near term resistance is now at 1.4695 followed by 1.4772, above 1.4772 level will signal further rally to 1.4900-1.4950 area.