USDCAD Analysis.
USDCAD stays in a trading range between 1.0326 and 1.0442. As long as 1.0442 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0608, another fall towards 1.0150 is still possible after consolidation. On the upside, a break above 1.0442 resistance will indicate that lengthier correction of the downtrend from 1.0608 is underway, then further rally to 1.0480 – 1.0500 area could be seen.
USDJPY Analysis.
USDJPY’s rise from 98.27 reached 100.48 only. The subsequent fall suggests that another fall towards 95.00 is underway. Deeper decline to test 98.27 support could be seen, a break below this level could signal resumption of the downtrend from 101.53. Key resistance is at 101.53, only break above this level could trigger another rise towards 110.00.
AUDUSD Analysis.
AUDUSD is facing 0.9305 key resistance, a break above this level will indicate that the downtrend from 1.0582 (Apr 11 high) had completed at 0.8998 already, then the following upward movement could bring price back above 1.0000. On the downside, as long as 0.9305 resistance holds, the rise from 0.8998 could be treated as consolidation of the downtrend, one more fall towards 0.8500 is still possible after consolidation.
USDCHF Analysis.
USDCHF breaks below 0.9405 support, suggesting that the downtrend from 0.9751 has resumed. Further decline could be expected and next target would be at 0.9300 area. Key resistance is at 0.9535, only break above this level could signal completion of the downtrend.
EURUSD Analysis.
EURUSD stays in a trading range between 1.2993 and 1.3206. As long as 1.2950 key support holds, the price action from 1.3206 could be treated as consolidation of the uptrend from 1.2756, another rise towards 1.3500 could be expected after consolidation.
GBPUSD Analysis.
GBPUSD remains in uptrend from 1.4813, the fall from 1.5222 is likely consolidation of the uptrend. Key support is at 1.4900, as long as this level holds, the uptrend could be expected to resume, and one more rise to 1.5400 area is still possible, only break below 1.4900 support could signal completion of the uptrend.
