USDCAD traded in range between 1.0410 and 1.0727 (Aug 12 high). Further rise to test 1.0727 previous high resistance is still possible in a couple of days. As long as 1.0727 level holds, we’d expect lengthier consolidation and one more fall below 1.0410 previous low is still possible. However, a break out above 1.0727 previous high will indicate that a long term bullish movement is underway, and long term target would be at 1.1800 zone.
AUDUSD breaks below 0.8493 previous low support and reaches as low as 0.8468. Deeper decline could be seen to 0.8300 level. Initial resistance is at 0.8693, only break trough this level will signal lengthier consolidation.
EURUSD drops below 1.4571 previous low support and reaches as low as 1.4556. Deeper decline could be seen to 1.4500 level. Initial resistance is now located at 1.4811, only rise above this level will take price back to retest 1.4908 medium term key resistance.
USDCHF is forming a sideways consolidation in a range between 1.0842 and 1.1084. Pullback to retest 1.0842 medium term key support would more likely be seen in a couple of days, and a break down below this level will indicate that the rise from 1.0010 (July 15 low) has completed, and then deeper decline is expected to 1.0650 level. As long as 1.0842 support holds, we’d expect up trend to resume, and and further rise is expected to 1.1200 zone.
GBPUSD’s fall from 1.8794 extends further to as low 1.7850 level. Initial resistance is at the down trend line, and as long as the pair stays below the trend line resistance, we’d expect down trend to continue, and short the term target would be at 1.7600 zone. Only rise above the trend line resistance will signal consolidation to down trend.
USDJPY breaks below 108.13 previous low support and reaches as low as 107.62 level. Deeper decline could still be seen to 107.00 zone. Initial resistance is at the down trend line from 110.66 (Aug 15 high) to 110.27, only break above the trend line resistance will indicate that the consolidation from 110.66 has completed and up trend has resumed.