EURUSD Analysis.
EURUSD had formed a cycle bottom at 1.2751 on 4-hour chart. Further rally could be expected, and next target would be at 1.2960 area. Key resistance is at 1.3000, as long as this level holds, the rise from 1.2751 could be treated as consolidation of the downtrend from 1.3711 (Feb 1 high), another fall to 1.2600 – 1.2700 area is still possible after consolidation. On the upside, a break above 1.3000 will indicate that the downward movement from 1.3711 had completed at 1.2751 already, then the following upward movement could bring price to 1.4000 zone.
AUDUSD Analysis.
AUDUSD breaks above 1.0496 resistance. Further rise to 1.0520 – 1.0530 area is still possible. However, the price action from 1.0496 is likely consolidation of the longer term uptrend from 1.0115, one more fall to 1.0360 area to complete the consolidation could be expected.
USDJPY Analysis.
USDJPY stays below a downward trend line on 4-hour chart, and remains in downtrend from 96.70, the price action from 92.56 could be treated as consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to resume, and another fall to 91.00 – 92.00 area could be seen. Key resistance is at 94.50, only break above this level could signal completion of the downtrend.
USDCHF Analysis.
USDCHF’s fall from 0.9553 extends to as low as 0.9441. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9400 area, only a clear break above the trend line resistance could trigger another rise to re-test 0.9567 key resistance.
USDCAD Analysis.
USDCAD’s downward movement from 1.0341 extends to as low as 1.0124. Further decline could be expected after a minor consolidation, and next target would be at 1.0100 area. Key resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.
GBPUSD Analysis.
GBPUSD broke below the support of the lower line of the price channel on 4-hour chart, suggesting that the uptrend from 1.4831 has completed. Further decline would likely be seen, and next target would be at 1.5000 area. Key resistance is at 1.5260, only break above this level could trigger another rise to 1.5400 area.
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