AUDUSD breaks above 0.7140 previous high resistance, and is forming a sideways consolidation above 0.7062. As long as this level holds, we’d expect uptrend to resume and further rally is possible to 0.7300 zone in a couple of days. However, below 0.7062 will signal deeper decline to test the support of the up trend line from 0.6292 (Dec 5, 2008 low) to 0.6848.
USDCAD breaks below 1.1984 and reaches as low as 1.1866 level. Further fall is still possible to test 1.1820 previous low support, below this level will signal deeper decline towards 1.1600 zone. Initial resistance is located at 1.2000, as long as this level holds, we’d expect downtrend to continue.
As expected, GBPUSD breaks above 1.4696 resistance. Further rally to 1.4800 to reach the next short term cycle top is still possible later today, and the next cycle top is nearing. Key support is now located at 1.4500, a break down below this level will confirm the cycle top.
EURUSD breaks below 1.3825 support and reaches 1.3546 level. Deeper decline could be seen to 1.3200-50 area in a couple of days. Near term resistance is now at 1.3760, as long as this level holds, we’d expect downtrend to continue.
USDCHF is testing the resistance of 1.1130, a break of this level will signal further rally towards 1.1300 zone. Initial support is now located at 1.0890, only fall below this level will indicate that the short term uptrend from1.0366 has completed, and then pullback could be seen to retest 1.0366 support.
USDJPY is in uptrend, and the rise from 87.13 extends to 93.58 level. Further rally is still possible to 95.00 zone in next several days. Near term support is at 92.40 followed by 91.80, only fall below 91.80 will indicate that the short term uptrend from 89.72 has terminated.