After touching the upper border of the falling price channel on 4-hour chart, USDCAD pulls back from 1.1697, suggesting that the pair remains in downtrend from 1.2504. The rise from 1.1474 is more likely consolidation of the downtrend. Deeper decline is possible after consolidation, and a break below 1.1474 will signal further fall towards 1.1300 zone. However, a clear break above the channel resistance will take price back to test 1.1824 key resistance.
GBPUSD stays in the rising price channel on 4-hour chart and remains in uptrend from 1.4397. Further rise is still possible to 1.5400-1.5500 area in a couple of days. Initial support is at the lower border of the price channel and key support is now at 1.5069, only fall below this level will indicate that the rise from 1.4397 has completed.
AUDUSD is forming a short term cycle top at 0.7709 level on 4-hour chart. Range trading between 0.7507 and 0.7709 is expected in a couple of days. However, the price action in the trading range is treated as consolidation of the uptrend from 0.6989, further rally is possible after consolidation. Near term support is at the lower border of the price channel on 4-hour chart, below the channel support will signal deeper decline to 0.7400 zone.
EURUSD is testing 1.3738 (Mar 19 high) resistance. Range trading between 1.3500 and 1.3700 is expected before breaking above 1.3738 resistance. However, the price action in the trading range is treated as consolidation of the uptrend from 1.2884, further rally to 1.4000-1.4100 area will more likely be seen after consolidation.
No changed in our view, USDCHF remains in short term downtrend from 1.1418 and the price action from 1.1020 is treated as consolidation of the downtrend. Deeper decline is possible to 1.0900 after consolidation. Near term resistance is at 1.1120 followed by 1.1170.
USDJPY’s fall from 99.64 extends further to as low as 96.10. Deeper decline to test 95.62 previous low support is still possible later today. A break below this level will indicate that the fall from 99.64 is resumption of the downtrend from 101.43, and then the next short term target would be at 94.00-94.50 area.