AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0582 (Apr 11 high), the bounce from 0.9434 is likely consolidation of the downtrend. Range trading between 0.9434 and 0.9791 could be expected in a couple of days. Key resistance is at 0.9791, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.9000 is still possible after consolidation. On the upside, a break above 0.9791 resistance will indicate that the downtrend from 1.0582 had completed at 0.9434 already, then the following upward movement could bring price back to 1.0500 zone.
USDCAD Analysis.
USDCAD’s fall from 1.0420 extends to as low as 1.0199. However, the fall is likely correction of the uptrend from 1.0013, one more rise to 1.0500 to complete the upward movement is still possible. Resistance is located at the downward trend line on 4-hour chart, a clear break above the trend line resistance could signal resumption of the uptrend.
EURUSD Analysis.
EURUSD breaks above 1.3242 (May 1 high) resistance, suggesting that the uptrend from 1.2747 (Apr 4 low) has resumed. Further rise is still possible after a minor consolidation, and next target would be at 1.3400 area. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.
GBPUSD Analysis.
GBPUSD break above 1.5605 (May 1 high) resistance, and reaches as high as 1.5683. Further rise could be expected after a minor consolidation, and next target would be at 1.5800 area. Support is now located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.
USDJPY Analysis.
USDJPY’s downward movement extends to as low as 95.92. Further decline could be expected after a minor consolidation, and next target would be at 95.00 area. Resistance is at the downtrend trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.
USDCHF Analysis.
USDCHF continues its downward movement from 0.9838, and the fall extends to as low as 0.9226. Resistance is located at the downtrend trend line, as long as the trend line resistance holds, another fall could be expected after a minor consolidation, and next target would be at 0.9150 area.
