GBPUSD Analysis.
GBPUSD formed a short term cycle top at 1.5352 level on 4-hour chart. Range trading between 1.4943 and 1.5352 is expected in next several days and pullback to 1.5000 zone would more likely be seen later today. As long as 1.4943 support holds, the price action from 1.5352 is treated as consolidation of the uptrend from 1.4397 and further rally is still possible to 1.5500-1.5600 area after consolidation. However, below 1.4943 will indicate that the uptrend from 1.4397 has completed at 1.5352 level already.
EURUSD Analysis.
EURUSD breaks below the lower border of the price channel on 4-hour chart. Deeper decline is now in favor and the next target would be at 1.3300-1.3350 area. Initial resistance is at 1.3500, as long as this level holds, downtrend will continue.
USDCAD Analysis.
USDCAD is testing 1.1824 resistance, a break above this level will signal further rally to 1.1900-1.1950 area. Initial support is at 1.1750, and key support is at 1.1647. A break below 1.1647 level will indicate that the short term uptrend from 1.1474 has completed, then deeper decline could be seen to retest 1.1474 previous low support.
AUDUSD Analysis.
AUDUSD formed a short term cycle top at 0.7709 level on 4-hour chart. Deeper decline is expected to 0.7350-0.7400 area. Initial resistance is at 0.7510 followed by 0.7550, and key resistance is located at 0.7617. A break above 0.7617 level will indicate that the short term downtrend from 0.7709 has completed.
USDCHF Analysis.
USDCHF formed a short term cycle bottom at 1.0977 level on 4-hour chart and has rebounded sharply to as high as 1.1260 level. Further rally is still possible later today and next target would be at 1.1350-1.1400 area. Initial support is at 1.1200, as long as this level holds, uptrend will continue.
USDJPY Analysis.
USDJPY breaks below 95.11, suggesting that the pair remains in downtrend from 99.64. Deeper decline is in favor and the next target would be at 94.00 level. Key resistance is now located at 96.17, only rise above this level will indicate that the fall from 99.64 has completed.
Get Your Free Elliott Wave Tutorial Now!
See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme
Comments are closed.