GBPUSD Analysis.
GBPUSD is facing 1.5683 resistance, a break above this level will signal resumption of the uptrend from 1.5008, then next target would be at 1.5700 area. Initial support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue. On the other side, a clear break below the trend line support will suggest that lengthier sideways consolidation is underway, then the trading range would be between 1.5488 and 1.5705.
EURUSD Analysis.
EURUSD breaks above 1.3305 resistance and continues its upward movement from 1.2796, and the rise extends to as high as 1.3317. Support remains at the upward trend line on 4-hour chart, as long as the trend line support holds, further rise could be expected, and next target would be at 1.3400 area. On the downside, a clear break below the trend line support will indicate that consolidation of the uptrend is underway, then pull back to 1.3150 – 1.3200 area could be seen.
AUDUSD Analysis.
AUDUSD’s downward movement from 1.0582 (Apr 11 high) extends to as low as 0.9326. Further decline could be expected after a minor consolidation, and next target would be at 0.9200 area. Key resistance is now located at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0420, the rise from 1.0168 is treated as 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 another fall to 1.0100 is still possible, only a clear break above the channel resistance could signal completion of the downtrend.
USDJPY Analysis.
After touching the downward trend line on 4-hour chart, USDJPY pulls back from 99.28. Now the fall from 99.28 would possibly be resumption of the downtrend from 103.73. Further decline to test 94.99 previous low support would likely be seen, a breakdown below this level could trigger another fall towards 90.00. Key resistance is now at 99.28, only break above this level could signal completion of the downtrend.
USDCHF Analysis.
USDCHF stays within a downward price channel on 4-hour chart, and remains in downtrend from 0.9838. Further decline could be expected, and next target would be at 0.9150 area. Key resistance is now at 0.9418, only break above this level could signal completion of the downtrend.
