AUDUSD fails to test 0.7014 resistance and pulls back to trading range between 0.6543 and 0.7014. As long as 0.6543 support holds, we’d expect up trend to resume and one more rise above 0.7014 is still possible. However, below 0.6543 will indicate that the rise from 0.6008 has completed and pullback could be seen to retest 0.6008 previous low support.
No changed in our view, USDCHF consolidated in a narrow range between 1.1679 and 1.1801 for 2 trading days. Further rise is still in favor and first target would be at 1.2000 zone. Initial support is now at 1.1679 and followed by 1.1549.
EURUSD is testing the support of the up trend line from 1.2329 to 1.2526, breaking through the trend line support will indicate that the consolidation from 1.2329 has completed, and further fall could be seen to 1.2000 zone. Initial resistance is at 1.3115 and key resistance is located at 1.3290, only rise above 1.3290 will signal reversal to down trend.
GBPUSD fails to test the down trend line on 4-hour chart and pulls back from 1.5884 level. As long as the trend line resistance holds, deeper decline is possible to 1.4500 zone. However, a break below 1.5535 is needed to confirm such case. Initial resistance is at the down trend line, above the trend line resistance will take price back to lengthier consolidation.
USDJPY might be forming a short term cycle bottom at 96.76 on 4-hour chart. Key resistance is now located at 99.48, a break of this level will confirm the cycle bottom, and then further rally could be seen to test 103.06 (Oct 14 high). Only fall below 96.76 will signal deeper decline to 95.00 zone.
USDCAD formed a short term cycle bottom at 1.1464 on 4-hour chart. Further rise towards 1.2375 to reach the next cycle top is expected in a couple of days. Initial support is located at 1.1464, only fall below this level will signal resumption of down trend, and then next target would be at 1.1000 zone.