USDCAD Analysis.
USDCAD remains in short term downtrend from 1.2483. Further fall is still in favor and the next target will be at 1.2000 zone. Initial resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue. Key resistance is at 1.2298, only rise above this level will indicate that the fall from 1.2483 has completed.
GBPUSD Analysis.
GBPUSD is testing 1.4957 previous high resistance, a break above this level will signal further rally to 1.5200 zone. Initial support is 1.4800, as long as this level holds, we’d expect the uptrend from 1.4585 to continue.
USDJPY Analysis.
USDJPY failed to test the 100.85 key resistance and dropped sharply below 99.31 support, suggesting that the uptrend from 93.53 (Mar 19 low) has completed at 101.43 level. Deeper decline is expected to 95.30 zone in next several days. Initial resistance is now at 99.60, as long as this level holds, the short term downtrend will continue.
EURUSD Analysis.
EURUSD has formed a short term cycle bottom at 1.3089 level on 4-hour chart, and the rise from 1.3089 could possibly be resumption of the medium term uptrend from 1.2456 (Mar 4 low). Further rise is expected to test 1.3581 resistance, a break above this level will confirm the resumption of the medium term uptrend.
AUDUSD Analysis.
AUDUSD pulls back from 0.7322 level, suggesting that the rise from 0.7032 has completed and a short term cycle top is being formed. Further fall is now in favor and target would be at 0.7000 zone. Key resistance is located at 0.7322, only rise above this level will signal resumption of the uptrend from 0.6768 (Mar 30 low).
USDCHF Analysis.
USDCHF remains in short term downtrend from 1.1622 and the rise from 1.1303 is treated as consolidation of the downtrend. Further fall is expected to test 1.1240 support after consolidation, however a break below 1.1303 is needed to confirm the resumption of downtrend.
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