EURUSD breaks above 1.3336 resistance, suggesting that a short term cycle bottom has been formed at 1.3026 level on 4-hour chart, and the fall from 1.3797 has completed. Consolidation in a range between 1.3026 and 1.3390 is expected in a couple of days. Initial support is located at 1.3210 followed by 1.3026, only fall below 1.3026 will signal resumption of the medium downtrend from 1.4719.
GBPUSD has formed a short term cycle bottom at 1.4469 on 4-hour chart. Further rise to test 1.5372 is possible in next several days, and a break above this level will indicate that the long term downtrend from 2.0158 (July 15, 2008 high) has completed. Near term support is located at 1.4655, below this level will signal deeper decline below 1.4350 previous low.
USDCAD consolidates in a range between 1.2316 and 1.2673. Further rise to 1.2800 zone is still possible in a couple of days. However, below 1.2316 will indicate that a short term cycle top has been formed at 1.2673 level already, and then pullback could be seen to 1.1950 zone.
USDCHF broke above 1.1277 resistance and reached 1.1287 level only. The pair is back to range trading between 1.1096 and 1.1287. A long as 1.1096 support holds, we’d expect uptrend to resume and one more rise towards 1.1500 is still possible after consolidation. However, below 1.1096 level will indicate that a short term cycle top has been formed at 1.1287, and then deeper decline could be seen to test 1.0864 level.
USDJPY’s rebound from 88.47 extends to 91.29 level. Further rise is still possible to 92.50 zone in a couple of days. Initial support is now at 90.00, as long as this level holds, we’d expect the short term uptrend to continue.
AUDUSD is testing 0.6810 resistance. A break above this level will indicate that the downtrend from 0.7267 has completed, and further rebound could be seen to 0.7000 zone. As long as 0.6810 resistance holds, we’d expect downtrend to resume, and one more fall towards 0.6300 is still possible.