USDCAD formed a sideways consolidation in a range between 1.2316 and 1.2673. As long as 1.2316 support holds, we’d expect uptrend to resume, and further rally towards 1.2850 zone is still in favor. However, below 1.2316 will indicate that a short term cycle top has been formed at 1.2673 already, and then pullback could be seen to 1.1950 zone.
EURUSD pulls back from 1.3385 and drops below 1.3026 support, suggesting that the medium term downtrend from 1.4719 has resumed. Deeper decline is now in favor. Target would be around 1.2800 area. Key resistance is now located at 1.3385, only rise above this level will signal reversal of the medium downtrend.
GBPUSD drops sharply from 1.4980 and reaches as low as 1.4249 level. Further fall could be seen to 1.4000 zone in a couple of days. Initial resistance is at 1.4460, as long as this level holds, we’d expect the short term downtrend to continue.
USDCHF breaks above 1.1287 resistance, signifying that the uptrend from 1.0366 has resumed. Further rally could be seen to 1.1500 zone in a couple of days. Key support is now located at 1.1108, only fall below this level will signal reversal of the uptrend.
USDJPY consolidation in a narrow range above 90.07. As long as this level holds, we’d expect uptrend to resume, and further rally is still possible to 92.00 zone. However, below 90.07 will indicate that the rebound from 88.47 has completed, and the following downtrend will take price back to retest 87.13 previous low support.
AUDUSD broke above 0.6810 resistance and reached 0.6840 level only. The following pullback suggests that the downtrend from 0.7267 has resumed. Deeper decline is now in favor. The short term target would be at 0.6300 zone, and a break below 0.6537 will confirm such case.