Being contained by the previous low support at 1.3112, EURUSD rebounds from 1.3148 level. The rise is treated as consolidation of the short term downtrend from 1.3581. Deeper decline is still possible after consolidation and the next target would be at 1.2900-1.3000 area. Initial resistance is at 1.3315 and key resistance is at 1.3365, only rise above 1.3365 level will indicate that a short term cycle bottom has been formed at 1.3148 already, then further rebound could be seen to test 1.3581 resistance.
AUDUSD formed a short term cycle top at 0.7227 level on 4-hour chart. Further decline is possible to 0.6900 level in a couple of days. Key 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.
No changed in our view, USDCHF is in short term uptrend from 1.1240. further rise is possible 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.
USDCAD stays in the trading range between 1.2224 and 1.2483. The price action in this range is treated as consolidation of the short term downtrend from 1.2714. Further fall is expected after consolidation and a break below 1.2224 level will confirm the resumption of the downtrend.
GBPUSD is now in short term downtrend from 1.4957 and the rise from 1.4580 is more likely consolidation of the downtrend. Deeper decline is still in favor. The next target is at 1.4290 level. Initial resistance is now at 1.4780, as long as this level holds, we’d expect downtrend to continue.
USDJPY breaks below 99.84 support, suggesting that a short term cycle top has been formed at 101.43 level on 4-hour chart. Deeper decline is expected to test the support of the rising trend line from 93.53 to 95.98. However, the fall from 101.43 is treated as consolidation of the uptrend from 93.53, rebound would more likely be seen before breaking below the trend line support.