EURUSD stays within a downward price channel on 4-hour chart and remains in downtrend from 1.3711, the price action from 1.3018 could be treated as consolidation of the downtrend. Resistance is at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.2900 area is still possible. Key resistance is now at 1.3160, a break above this level will indicate that a cycle bottom has been formed at 1.3018, and the downward movement from 1.3711 has completed, then the following upward move could bring price back towards 1.4000.
AUDUSD failed to break above the upper line of the price channel on 4-hour chart, and pulled back from 1.0289, suggesting that a cycle top is being formed. Further decline to test 1.0182 previous low support is possible, a breakdown below this level will indicate that the downtrend from 1.0373 has resumed, then next target would be at 1.0100 area. Resistance is now at 1.0289, only break above this level could trigger another rise to test 1.0373 key resistance.
USDCHF’s upward movement from 0.9021 extends to as high as 0.9373. Further rise is still possible and next target would be at 0.9400 area. Key support is at the upward trend line on 4-hour chart, only a clear break below this trend line support could signal completion of the uptrend.
No changed in our view, USDJPY is in downtrend from 94.54, the rise from 90.93 is likely correction of the downtrend. Another fall would likely be seen after consolidation, and a breakdown below 90.93 will target 90.00 area. Key resistance is at 94.54, only break above this level could trigger another rise towards 100.00.
GBPUSD remains in downtrend from 1.5843, the bounce from 1.5072 is treated as consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.5000 area. Resistance is at 1.5320, followed by 1.5400, only break above these levels could signal completion of the downtrend.
USDCAD break above 1.0303 previous high resistance and reaches as high as 1.0313, suggesting that the uptrend from 0.9932 has resumed. Further rise is still possible and next target would be at 1.0350 area. Initial support is at the upward trend line on 4-hour chart, and key support is at 1.0216, only break below this level could signal completion of the uptrend.