EURUSD’s downward movement from 1.3201 extends to as low as 1.2955. Resistance is now at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend from 1.3201 could be expected to continue, and next target would be at 1.2900 area. However, a clear break above the trend line resistance will indicate that the fall from 1.3201 had completed at 1.2955 already, then another rise towards 1.3500 could be seen.
Being contained by the support of upward trend line from 1.4831 to 1.5034, GBPUSD rebounded from 1.5197, suggesting that the downward movement from 1.5411 has completed. Further rise to test 1.5411 resistance would likely be seen, a break above this level will indicate that the uptrend from 1.4831 has resumed, then next target would be at 1.5600 area. Key support is now at 1.5197, only break below this level will suggest that the uptrend from 1.4831 had completed at 1.5411 already, then the following downward move could bring price to 1.4500 zone.
USDCAD stays in a trading range between 1.0203 and 1.0293. Key support is at 1.0203, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 1.0083, another rise to test 1.0341 resistance is still possible after consolidation. On the downside, a breakdown below 1.0203 will indicate that the upward movement from 1.0083 had completed at 1.0293 already, then further decline towards 1.0000 could be seen.
USDJPY is facing 99.94 resistance, a break above this level will indicate that the uptrend from 77.14 (Sep 13, 2012 low) has resumed, then further rise towards 105.00 could be seen. However, as long as 99.94 resistance holds, lengthier consolidation in the range between 95.83 and 99.94 is possible. Support is at 98.40, a breakdown below this level could trigger another fall to 0.9550 – 0.9600 zone.
USDCHF remains in uptrend from 0.9206, and the rise extends to as high as 0.9498. Support is at 0.9400, as long as this level holds, the uptrend could be expected to continue, and further rise to 0.9540 area is still possible. On the downside, a breakdown below 0.9400 will indicate that the uptrend had completed at 0.9498 already, then another fall towards 0.9000 could be seen.
AUDUSD breaks above the resistance of the downward trend line on 4-hour chart, suggesting that the downtrend from 1.0582 has completed at 1.0220. Further rise would likely be seen, and next target would be at 1.0350 area. Support is at 1.0220, only break below this level could trigger another fall towards 1.0000.