USDCAD traded in a range between 1.1984 and 1.2394 for a couple of weeks. Fall to test 1.1984 could be seen later today. A break below this level will signal deeper decline towards 1.1820 key support, below this level will indicate that price action from 1.1820 is consolidation of medium downtrend and then deeper decline could be seen to 1.1600 zone.
GBPUSD is forming a sideways consolidation in a range between 1.4350 and 1.4696. One more rise above 1.4696 resistance to reach the next short term cycle top on 4-hours chart is possible in a couple of days. However, the price action from 1.4378 is more likely consolidation of downtrend, pullback is expected after breaking above 1.4696 level.
No changed in our view, EURUSD is testing 1.3825 support, a break down below this level will signal deeper decline towards 1.3500 zone. However, as long as 1.3825 support holds, we’d expect one more rise to test 1.4360 resistance. Initial resistance is located at 1.4100, rise above this level will confirm the resumption of short term uptrend.
AUDUSD breaks above 0.7140 previous high resistance, suggesting that the uptrend from 0.6075 (Nov 20, 2008 low) has resumed. Further rally is possible to 0.7500 zone in next several days. Near term support is at the up trend line from 0.6292 (Dec 5, 2008 low) to 0.6848, only fall below the trend line support will take price back to retest 0.6755 support.
USDCHF formed a short term cycle bottom at 1.0366 on 4-hour chart. Further rise to 1.1000 zone is expected in a couple of days. However, the price action from 1.0410 is treated as consolidation of long term downtrend. Pullback would more likely be seen before breaking above 1.1130 resistance.
USDJPY’s uptrend from 87.13 extends to as high as 92.41 level. Further rise is still possible to 93.00 zone in a couple of days. Initial support is now located at 91.00, as long as this level holds, up trend will continue.