AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0582 (Apr 11 high), the bounce from 0.9326 is likely consolidation of the downtrend. Key resistance is 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 towards 0.9000 is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the downtrend from 1.0582 had completed at 0.9326 already, then the following upward movement could bring price back to 1.0700 zone.
GBPUSD Analysis.
GBPUSD breaks above 1.5683 resistance and reaches as high as 1.5700, suggesting that the uptrend from 1.5008 has resumed. Further rise could be expected, and next target would be at 1.5800 area. 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 downside, a clear break below the trend line support will suggest that lengthier consolidation of the uptrend is underway, then deeper decline to 1.5500 area could be seen.
EURUSD Analysis.
EURUSD’s upward movement from 1.2796 extends to as high as 1.3367. Further rise could be expected and next target would be at 1.3400 area. Support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.
USDCAD Analysis.
USDCAD’s downward movement from 1.0420 extends to as low as 1.0155. Further decline is still possible after consolidation, and next target would be at 1.0100 area. Resistance is located at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could signal resumption of the downtrend.
USDJPY Analysis.
USDJPY breaks below 94.99 support and reaches as low as 94.86, suggesting that the downtrend from 103.73 has resumed. Further decline is still possible and next target would be at 93.00 area. 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.
USDCHF Analysis.
USDCHF’s downward movement from 0.9838 extends to as low as 0.9173. Further decline is still possible and next target would be at 0.9100 area. Resistance is 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.
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