EURUSD continues its sharp moving and the fall from 1.5062 extends to as low as 1.4693 level. Deeper decline is still in favor and next target would be at 1.4600-1.4650 area, and rebound is expected before breaking below 1.4600 level. Resistance level is now located at 1.4840, as long as this level holds, we’d expect downtrend to continue. However, above 1.4840 level will indicate that a short term cycle bottom has been formed and the downtrend from 1.5062 has completed.
As expected, USDJPY broke below 91.57 key support and formed a short term cycle top at 92.32 level on 4-hour chart. Now the pair has reached the rising support line from 88.01 to 88.83, however deeper decline would more likely be seen later today and next target is to test 90.07 support, rebound is expected before breaking below this level.
GBPUSD continues moving sideways above 1.6251. The price action from 1.6251 is more likely consolidation of downtrend. Another fall towards 1.6000 is still possible after consolidation, and a breakdown below 1.6251 level will signal resumption of downtrend.
USDCHF’s rise from 1.0032 has reached as high as 1.0276 level. Further rally is still possible in a couple of days and target would be at 1.0300 or ever 1.0400. Support level is now at 1.0190 and key support is located at 1.0148, only fall below this level will indicate that a short term cycle top has been formed and the uptrend from 1.0032 has completed.
USDCAD stays in a rising price channel on 4-hour chart and remains in uptrend from 1.0206. Further rise is possible and next target is at the upper border of the price channel now at 1.0840 level. Support is now located at the lower border of the price channel, as long as the channel support holds, we’d expect uptrend to continue.
AUDUSD broke below 0.9112 key support, suggesting that a short term cycle top has been formed at 0.9326 level on 4-hour chart. The pair is now in downtrend, and next target is at 0.8850-0.8900 area. Resistance is now at 0.9090, as long as this level holds, downtrend will continue.