EURUSD formed a short term cycle bottom at 1.3112 level on 4-hour chart. Further rise to 1.3600-1.3700 area to reach the next cycle top is possible in a couple of days. As the next cycle top is nearing, pullback would more likely be seen before breaking above 1.3738 level. However, above 1.3738 level will indicate that the medium term uptrend from 1.2456 (Mar 4 low) has resumed, and then further rally could be seen to 1.4300-1.4500 area.
USDCHF remains in short term downtrend and the fall from 1.1548 extends further to as low as 1.1251 level. Deeper decline is possible to test 1.1159 previous low support. Initial resistance is at the falling trend line on 4-hour chart and key resistance is located at 1.1389, as long as this level holds, we’d expect the downtrend to continue.
USDCAD drops sharply to as low as 1.2237 and the fall from 1.2714 is treated as resumption of the medium term downtrend from 1.3063 (Mar 9 high). Deeper decline could be seen to test 1.2191 previous low support. If this level gives way, the next target would be at 1.1900-1.2000 area. Initial resistance is at 1.2380 followed by 1.2454, as long as 1.2454 level holds, we’d expect the downtrend to continue.
GBPUSD broke above 1.4779 previous high resistance last week, suggesting that the medium term uptrend from 1.3654 (Mar 11 low) has resumed. Further rise could be seen to 1.5200 zone in a couple of days. Initial support is at 1.4750 and key support is now at 1.4647.
USDJPY remains in short term uptrend from 95.98. Further rise could be seen to 102.00 in a couple of days. Initial support is located at 99.75, as long as this level holds, we’d expect the uptrend to continue.
AUDUSD is in short term uptrend from 0.6768, further rise could be seen to test the long term resistance at 0.7267 (Jan 7 high) later today. Near term support is at the rising trend line on 4-hour chart and key support is at 0.7057, as long as this level holds, we’d expect the short term uptrend to continue.