AUDUSD remains in downtrend from 1.0199, the price action in the trading range between 0.9943 and 1.0073 is treated as consolidation of downtrend. As long as 1.0073 resistance holds, downtrend could be expected to resume and next target would be at 0.9850-0.9900 area. However, a break above 1.0073 resistance will indicate that a cycle bottom had been formed at 0.9943 level on 4-hour chart, and the fall from 1.0199 has completed, then further rise to 1.0150 area could be seen.
GBPUSD is forming a sideways consolidation in a range between 1.5962 and 1.6184. Lengthier consolidation in the range is expected in a couple of days, and one more fall to 1.5800-1.5900 area is possible after consolidation.
USDCHF’s fall from 0.9774 extended to as low as 0.9554. Deeper decline is still possible later today and next target would be at 0.9500 area. Resistance is at 0.9630, above this level will suggest that a cycle bottom is being formed on 4-hour chart, then bounce to 0.9700 area could be seen.
USDJPY remains in uptrend from 81.13. As long as 83.09 support holds, uptrend could be expected to continue and next target would be at 84.30 area. However, a breakdown below 83.09 will indicate that a cycle top had been formed on 4-hour chart, and the rise from 81.13 had completed, then the downward movement could bring price back to 82.00 zone.
USDCAD is facing 0.9831 support, a breakdown below this level will indicate that the long term downtrend has resumed, then deeper decline could be seen to 0.9700 zone. Resistance is at 0.9902, only break above this level will indicate that the fall from 0.9987 is complete.
EURUSD’s bounce from 1.3428 extended to 1.3608 level. Further rally is still possible later today, and target would be at 1.3650 zone. However, the bounce is treated as consolidation of downtrend, and the downtrend is expected to resume before breaking above 1.3743 level, and one more fall to 1.3300-1.3400 area would likely be seen after consolidation.