GBPUSD breaks above 1.4778 resistance, suggesting that a short term cycle bottom has been formed at 1.4585 on 4-hour chart. Further rise could be seen to test 1.4957 resistance, a break above this level will signal the resumption of the medium term uptrend from 1.3654 (Mar 11 low), and then the next target would be at 1.5200 level.
USDJPY stays in the trading range between 99.31 and 101.43. The price action in this range is more likely consolidation of the uptrend from 93.53 (Mar 19 low). Moving sideways is still in favor in a couple of days and one more rise towards 103.00 is expected after consolidation.
EURUSD breaks above 1.3335 key resistance, suggesting that a short term cycle bottom has been formed at 1.3089 level on 4-hour chart. Further rise is expected to test 1.3581 resistance, a break above this level will indicate that the fall from 1.3738 (Mar 19 high) has completed at 1.3089 already.
AUDUSD remains in short term uptrend from 0.7032. Further rise is possible to 0.7500 zone in a couple of days. Initial support is now at 1.7250, as long as this level holds, we’d expect the uptrend to continue.
USDCHF breaks below the key support at 1.1426, suggesting that a short term cycle top has been formed at 1.1622 level on 4-hour chart. Deeper decline could be seen to test 1.1240 support in a couple of days, a break below this level will indicate that the rise from 1.1159 (Mar 19 low) has completed at 1.1622 already.
USDCAD breaks below 1.2191 (Mar 19 low) support and reaches as low as 1.2165 level. Further fall could be seen to 1.2000 in a couple of days. Initial resistance is at 1.2298, as long as this level holds, downtrend will continue.