EURUSD
EURUSD broke above 1.3637 previous high and then pulled back from 1.3659. Further fall towards 1.3550 to reach the next cycle bottom on 4 hours chart is expected to follow later today. However, the fall from 1.3659 is treated as consolidation to the up trend, and rise above 1.3681 (April high) will be seen after consolidation.
USDJPY
USDJPY bottomed at 122.09, further rise towards 123.55 previous high to reach the next cycle top on 4 hours chart is still possible later today. Near term support is at 122.30, only break below this level will signal the resumption of the down trend.
USDCHF
No changed in our view, USDCHF is in down trend, the rise from 1.2090 is treated as consolidation to the down trend, further fall towards 1.1993 (April low) is still in favor after consolidation. Near term resistance is at the down trend line from 1.2426 to 1.2341, as long as the trend line resistance holds, down trend will continue.
GBPUSD
GBPUSD formed at short term cycle top at 2.0206, and is testing the support of the price channel, break below the channel support to reach the next cycle bottom on 4 hours chart is expected to follow later today. Key resistance is at 2.0206, a break above this level will signal the resumption of the up trend.
USDCAD
USDCAD traded in a narrow range this week, breaking above this range is expected to follow later today, and rise towards 1.0757 previous high will more likely be seen. Key support is at 1.0468, only break below this level will signal the resumption of the down trend.
AUDUSD
No changed in our view, AUDUSD is in up trend, the rise from 0.8355 extended to as high as 0.8609, and the fall from 0.8609 is treated as consolidation to the up trend, and further rise towards 0.8700 is expected to follow after consolidation. Near term support is at 0.8538 and followed by 0.8505 level.
Sponsors
Forex Articles
Forex Reviews