AUDUSD Analysis.
AUDUSD drops sharply below 0.7789 previous low support and reaches as low as 0.7722 level. The pair remains in downtrend from 0.8155. Deeper decline is still possible to 0.7650-0.7700 area. Near term resistance is at 0.7835 and followed by 0.7890, as long as these levels hold, we’d expect the downtrend to continue. However, above 0.7890 level will indicate that a short term cycle bottom has been formed on 4-hour chart and the downtrend from 0.8155 has completed.
EURUSD Analysis.
EURUSD stays below the falling trend line on 4-hour chart and remains in short term downtrend from 1.4197. Deeper decline is still possible to test 1.3748 previous low support in a couple of days. Near term resistance is at the falling trend line now at 1.3990, as long as this level holds, downtrend will continue.
USDCAD Analysis.
USDCAD stays in the rising price channel on 4-hour chart and remains in uptrend from 1.0784. Further rally is still possible to 1.1750-1.1800 area in a couple of days. Near term support is at 1.1543 and key support is at 1.1418, only fall below this level will indicate that the uptrend from 1.0784 has completed.
USDJPY Analysis.
USDJPY drops sharply to as low as 91.78 level and remains in downtrend from 96.97. Further decline is in favor and next target would be at 91.00 zone. Initial resistance is at 93.40 and followed by 94.40, as long as these levels hold, downtrend will continue.
GBPUSD Analysis.
GBPUSD remains in downtrend and the fall from 1.6743 extends to as low as 1.5984 level. Deeper decline is still in favor and next target would be at 1.5900 level. Near term resistance is at 1.6140 followed by 1.6200, and key resistance is at 1.6294, break above this level will indicate that a short term cycle bottom has been formed on 4-hour chart and the downtrend from 1.6743 has completed.
USDCHF Analysis.
No changed in our view, USDCHF remains in range trading between 1.0712 and 1.1021. Moving sideways without trend is expected in this range and one more rise above 1.1021 would more likely be seen after consolidation.
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