USDCAD Analysis.
USDCAD is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, the fall from 1.0608 could be treated as consolidation of the uptrend from 1.0137, one more rise to 1.0700 area to complete the upward movement is still possible. On the downside, a clear break below the trend line support will indicate that the uptrend from 1.0137 had completed at 1.0608 already, then the following downward movement could bring price back to 1.0300 zone.
AUDUSD Analysis.
AUDUSD breaks above 0.9180 resistance, suggesting that lengthier consolidation of the downtrend from 1.0582 (Apr 11 high) is underway. Further rally would likely be seen, and the target would be at 0.9270 area. Key resistance is at 0.9344, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.8500 is still possible. On the upside, a break above 0.9344 will indicate that the downtrend from 1.0582 had completed at 0.9037 already, then the following upward movement could bring price back to 0.9800 area.
USDCHF Analysis.
USDCHF’s upward movement from 0.9130 extends to as high as 0.9751. Further rise could be expected after a minor consolidation, and next target would be at 0.9800 area. Initial support is at 0.9680, and the key support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.
USDJPY Analysis.
USDJPY is facing the support of the upward trend line on 4-hour chart, a clear break below the trend line support will indicate that consolidation of the uptrend is underway, then pullback to 99.50 – 100.00 area to complete the consolidation could be seen. On the upside, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 102.50 area.
EURUSD Analysis.
EURUSD continues its downward movement from 1.3102, and the fall extends to as low as 1.2756. Further decline is still possible and next target would be at 1.2700 area. Resistance is now located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal consolidation of the downtrend.
GBPUSD Analysis.
GBPUSD continues its downward movement from 1.5304, and the fall extends to as low as 1.4813. Further decline is still possible and next target would be at 1.4700 area. Key resistance is at 1.4980, only break above this level could signal completion of the downtrend.
