GBPUSD Analysis.
GBPUSD is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, the fall from 1.5683 could be treated as consolidation of the uptrend from 1.5008, and one more rise to 1.5800 area is still possible after consolidation. On the downside, a clear break below the trend line support will suggest that the uptrend from 1.5008 had completed at 1.5683 already, then the following downward movement could bring price back to 1.5300 – 1.5400 area.
EURUSD Analysis.
EURUSD remains in uptrend from 1.2796, the price action from 1.3305 is likely consolidation of the uptrend. Support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to resume, and another rise towards 1.3500 is possible after consolidation. On the downside, a clear break below the trend line support will indicate that lengthier consolidation of the uptrend is underway, then the pair will find support around 1.3100.
AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0582 (Apr 11 high). Further decline is still possible after a minor consolidation, and next target would be at 0.9300 area. Resistance levels are at 0.9675 and 0.9791, only break above these levels could signal completion of the downtrend.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0420. Further decline would likely be seen after a minor consolidation, and next target would be at 1.0100 area. Resistance levels are at 1.0235 and 1.0290, only break above these levels could signal completion of the downtrend.
USDJPY Analysis.
USDJPY is facing the resistance of the downward trend line on 4-hour chart. As long as the trend line resistance holds, the rise from 94.99 could be treated as consolidation of the downtrend from 103.73, and another fall towards 90.00 is still possible. On the upside, a clear break above the trend line resistance will indicate that lengthier correction of the downtrend is underway, then further rise to 100.00 – 101.00 area could be seen.
USDCHF Analysis.
USDCHF remains in downtrend from 0.9838, the price action from 0.9226 is likely consolidation of the downtrend. Resistance is now located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and one more fall towards 0.9000 is still possible after consolidation, only a clear break above the channel resistance could signal completion of the downtrend.
