AUDUSD’s rise from 0.8651 is limited by the down trend line from 0.9068 to 0.8952. Fall towards 0.8500 to reach the next short term cycle bottom is still possible, and a break below 0.8651 previous will confirm such case.
No changed in our view, GBPUSD formed a short term cycle top at 2.0762 level. Pullback towards 2.0352 previous low is expected. Near term resistance is at 2.0762, only break above this level will indicate lengthier correction to the down trend.
USDCHF formed a short term cycle bottom at 1.0890 level. Further rebounded towards 1.1200 is expected and break above the price channel to reach the next short term cycle top can be seen. Near term support is at 1.0890, only fall below this level will signal the resumption of the down trend.
USDJPY is in down trend. The fall from 111.74 extended to as low as 107.21. Further fall towards 106.00 is still possible in a couple of days. Near term resistance is at the price channel and followed by 108.76, and as long as this resistance holds, down trend will continue.
EURUSD formed a short term cycle top at 1.4966 level. Further pullback towards 1.4519 previous low is still possible. Near term support is at the up trend line from 1.4125 (Oct 22 low) to 1.4581. Near term resistance is at 1.4966, only break above this level will signal the resumption of the up trend
USDCAD is in up trend. The rise from 0.9056 extended to as high as 0.9923, and further rise towards 1.0000 to reach the next short term cycle top is still possible in the next several days. Near term support is at 0.9700, a break below this level will signal the reversal to the up trend.
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