EURUSD Analysis.
EURUSD stays in a rising price channel on 4-hour chart, and the price action in the channel is more likely consolidation of downtrend from 1.5144. Lengthier consolidation is still in favor and one more rise towards the upper border of the price channel is expected later today. Initial support is located at the bottom of the price channel and key support is now at 1.4257, a break below this level will indicate that the downtrend has resumed and another fall towards 1.4000 could be seen.

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USDJPY Analysis.
Being supported by the rising trend line from 87.37 to 88.97, USDJPY rebounded from 91.25, suggesting that a short term cycle bottom has been formed on 4-hour chart. Range trading between 91.25 and 93.21 is expected in a couple of days. As long as 91.25 support holds, the price action from 93.21 is treated as consolidation of uptrend from 84.82 and one more rise towards 94.00-95.00 area is still possible. However, below 91.25 will indicate that lengthier consolidation is underway, then another fall could be seen to 90.50 area.

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GBPUSD Analysis.
GBPUSD broke below 1.6040 support, suggesting that a short term cycle top has been formed at 1.6238 level on 4-hour chart. Now the fall from 1.6238 could possibly be resumption of downtrend from 1.6875 (Nov 16 high). Deeper decline towards 1.5708 (Oct 13 low) is now in favor. Key resistance is now located at 1.6238, only break above this level could indicate that the fall from 1.6875 has completed.

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USDJPY Analysis.
USDJPY remains in uptrend from 87.37 and the fall from 93.21 is more likely consolidation of uptrend. Support is at 91.90 followed by the rising trend line from 87.37 to 88.97. As long as the trend line support holds, we’d expect uptrend to resume and one more rise towards 94.00 is still possible. However, a clear break below the trend line support will indicate that a short term cycle top has been formed at 93.21 on 4-hour chart, and the rise from 87.37 has completed.

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AUDUSD Analysis.
AUDUSD’s uptrend from 0.8734 extends further to as high as 0.9007 level. As long as 0.8900 support holds, we’d expect uptrend to continue and one more rise towards 0.9050 area is still possible later today. On the downside, the pair could possibly be forming a short term cycle top at 0.9007 level on 4-hour chart. Key support is located at 0.8900, a breakdown below this level will confirm the cycle top and indicate that the rise from 0.8734 has completed, then another fall towards 0.8734 could be seen.

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