AUDUSD may be forming a cycle bottom at 1.0385 on 4-hour chart. However, the rise would possibly be correction of the downtrend from 1.0496, as long as 1.0496 key resistance holds, one more fall to 1.0200 – 1.0300 area to complete the downward movement is still possible. On the upside, a break above 1.0496 will suggest that the longer term uptrend from 1.0115 has resumed, then further rise to 1.0700 area could be seen.
USDJPY’s downward movement from 96.70 extends to as low as 92.96. Further decline would be expected and next target would be at 92.00 area. Resistance is now located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.
Being contained by 0.9567 key resistance, USDCHF pulled back from 0.9553, and reaches as low as 0.9446, suggesting that a cycle top had been formed at 0.9553 on 4-hour chart. Deeper decline could be expected and next target would be at 0.9400 area. Near term resistance is now at 0.9500, only break above this level could trigger another rise to re-test 0.9567 key resistance.
EURUSD may be forming a cycle bottom at 1.2751 on 4-hour chart. Further rally would likely be seen, and the first target would be at 1.2960 area. Key resistance is at 1.3000, only break below this level could indicate that the downtrend from 1.3711 (Feb 1 high) is complete.
USDCAD remains in downtrend from 1.0341. Further decline could be expected after a minor consolidation, and next target would be at 1.0100 area. Key resistance is located at the downward trend line on 4-hour chart, only a clear break below the trend line resistance could signal completion of the downtrend.
GBPUSD is facing 1.5260 resistance, a break above this level will indicate that the uptrend from 1.4831 has resumed, then further rise to 1.5400 area could be seen to follow. Key support is now at 1.5093, only break below this level could signal completion of the uptrend.