EURUSD failed to test 1.3738 (Mar 19 high) resistance and formed a short term cycle top at 1.3721 level on 4-hour chart. Range trading between 1.3400 and 1.3721 is now in favor and pull back to test the support of the lower border of the price channel is expected later today. Near term resistance is at 1.3721, above this level will indicate that the uptrend from 1.2884 has resumed and further rally could be seen to 1.3900 zone.
USDCAD formed a short term cycle bottom at 1.1474 level on 4-hour chart. Sideways consolidation in a range between 1.1474 and 1.1900 is expected in next several days. The price action from 1.1474 is more likely consolidation of downtrend from 1.3063 (Mar 9 high), further fall is still possible after consolidation.
GBPUSD breaks below 1.5069 support, suggesting that a short term cycle top has been formed at 1.5352 level on 4-hour chart. Range trading between 1.4943 and 1.5352 is expected in next several days. Now the price action from 1.5352 is treated as consolidation of uptrend from 1.4397. Further rally is still possible to 1.5500-1.5600 area is possible after consolidation.
AUDUSD breaks below the support of the rising price channel on 4-hour chart. Consolidation in a range between 0.7335 and 0.7709 is expected in next several days. As long as 0.7335 support holds, we’d expect uptrend to resume and further rally to 0.8000 zone is possible after consolidation.
USDCHF breaks above 1.1105 key resistance, suggesting that a short term cycle bottom has been formed at 1.0977 level on 4-hour chart. However, the rebound from 1.0977 is more likely consolidation of downtrend from 1.1740. Deeper decline is still possible to 1.0800 after consolidation, and a break below 1.0977 level will signal resumption of downtrend.
USDJPY might be forming a short term cycle bottom at 95.11 level on 4-hour chart. Rebound towards 96.50-97.00 area is expected. Near term support is now at 95.11, only fall below this level will signal deeper decline to 94.00-94.50 area.