AUDUSD Analysis.
Being contained by the rising trend line from 0.6989 (Apr 28 low) to 0.7450 (May 18 low), AUDUSD rebounds from 0.7913. further rally to 0.8150-0.8200 area is possible later today. However, consolidation in a range between 0.7913 and 0.8263 is more likely to continue. Key resistance is located at 0.8263, only rise above this level will indicate that the consolidation has completed, and then further rally could be seen to 0.8500 zone.

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USDCAD Analysis.
USDCAD breaks above the resistance of the falling trend line 1.1814 to 1.1257 and the key resistance of 1.0971, suggesting that a short term cycle bottom has been formed at 1.0784 level on 4-hour chart. Range trading between 1.0784 and 1.1300 is expected in next several days. However, the price action from 1.0784 is more likely consolidation of the downtrend from 1.3063 (Mar 9 high). As long as 1.1300 resistance holds, we’d expect downtrend to resume and further fall towards 1.0500 is still possible after consolidation.

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USDCAD Analysis.
USDCAD continues in range trading between 1.0784 and 1.0971. The price action in the trading range is treated as consolidation of the downtrend from 1.1814. Deeper decline could be expected after consolidation, a break down below 1.0784 level will indicate that the downtrend has resumed and the next target would be at 1.0600 zone. Initial resistance is at the falling trend line from 1.1814 to 1.1257, key resistance is at 1.0971, as long as this level holds, downtrend will continue.

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USDCAD Analysis.
USDCAD’s downtrend from 1.1814 extends to as low as 1.0784. Sideways consolidation is expected in a couple of days and rebound to test the resistance of the falling trend line from 1.1814 to 1.1257 would more likely be seen. As long as the trend line resistance holds, we’d expect the downtrend to resume and deeper decline could be seen to 1.0600 after consolidation.

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USDCHF Analysis.
After range trading between 1.0800 and 1.0953, USDCHF dropped sharply from 1.0953 level, suggesting that a short term cycle top had been formed at 1.0953 level on 4-hour chart and the downtrend from 1.1740 had resumed. Further fall is expected to 1.0500 zone in a couple of days. Near term resistance is at 1.0750, as long as this level holds, the short term downtrend from 1.0953 will continue.

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