AUDUSD breaks below 0.7057 key support, suggesting that a short term cycle top has been formed at 0.7227 level on 4-hour chart and the short term uptrend from 0.6768 has completed already. Deeper decline is now in favor, and the next target is at 0.6900, below this level will signal further fall to test 0.6768 previous low support. Initial resistance is at 0.7227, only rise above this level will indicate that the medium term uptrend from 0.6284 (Mar 4 low) has resumed.
USDCHF’s rebound from 1.1240 extends to as high as 1.1482 level. The next target will be to test 1.1548 previous high resistance, a break above this level will signal further rally to 1.1600 zone. As long as 1.1548 resistance holds, we’d expect downtrend to resume, and pullback would more likely be seen before breaking above 1.1548 level.
EURUSD is in short term downtrend from 1.3581. Deeper decline could be seen to test 1.3112 in a couple of days, a break down below this level will signal further fall to 1.2900-1.3000 area. Initial resistance is at 1.3300 followed by 1.3350, only rise above 1.3350 level will indicate that the fall from 1.3581 has completed.
USDCAD formed a short term cycle bottom at 1.2224 on 4-hour chart. Range trading between 1.2224 and 1.2550 is expected in next several days. However, the price action from 1.2224 is treated as consolidation of the downtrend from 1.2714, further fall is still possible after consolidation.
GBPUSD formed a short term cycle top at 1.4957 level on 4-hour chart. Pullback to 1.4290 level to reach the next cycle bottom is expected in next several days. Key resistance is now at 1.4957, only rise above this level will signal resumption of the uptrend from 1.3654 (Mar 11 low).
USDJPY remains in short term uptrend from 95.98. Further rally is still possible to 102.00 zone in next several days. Near term support is now at 99.84, only break below this level will signal deeper decline to test the support of the rising trend line from 93.53 to 95.98.