USDCAD Analysis.
USDCAD stays below the falling trend line from 1.2265 to 1.1898 and remains in downtrend from 1.2265. The 1.1761 (Jan 6 low) support is broken below. Further fall is still in favor. The next target will be at 1.1500 zone. Initial resistance is at the falling trend line, and key resistance is now at 1.1898, only rise above this level will indicate that a short term cycle bottom has been formed, and consolidation of the downtrend from 1.2504 could be seen to follow.
USDJPY Analysis.
Being contained by 99.74 previous high resistance, USDJPY pulls back from 99.57 level, suggesting that a short term cycle top has been formed on 4-hour chart. Range trading between 98.00-99.57 is expected in a couple of days. However, the price action from 99.57 is more likely consolidation of the uptrend from 95.62, further rally is possible to test 101.43 (Apr 6 high) resistance after consolidation.
EURUSD Analysis.
EURUSD breaks above 1.3385 resistance. Further rally is now in favor and the next target is at 1.3600-1.3650 area. Initial support is at the rising trend line from 1.2965 to 1.3212, as long as the trend line support holds, the uptrend from 1.2884 will continue.
USDCHF Analysis.
USDCHF breaks below 1.1270 support. Deeper decline is now in favor and next target is to test 1.1159 (Mar 19 low) support. Key resistance is now at 1.1432, only rise above this level will signal reversal of the downtrend from 1.1740.
AUDUSD Analysis.
AUDUSD breaks above 0.7383 resistance. Further rally is expected to 0.7500 in a couple of days. Near term support is at 0.7310 followed by 0.7240, as long as 0.7240 support holds, we’d expect the uptrend from 0.6989 to continue.
GBPUSD Analysis.
GBPUSD is testing 1.5066 previous high resistance, a break above this level will signal further rally to 1.5300-1.5400 area. Initial support is at the rising trend line on 4-hour chart, as long as the trend line support holds, we’d expect the uptrend from 1.4397 to continue.
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