AUDUSD break above 0.7617 key resistance, suggesting that a cycle bottom has been formed at 0.7450 level on 4-hour chart and the fall from 0.7709 has completed. Further rally to test 0.7709 previous high resistance is expected later today. A break of this level will indicate that the uptrend from 0.6952 (Apr 20 low) has resumed, and then further rise could be seen to 0.8000 zone. However, as long as 0.7709 resistance holds, the price action below this level is treated as consolidation of uptrend, one more fall below 0.7450 to complete the consolidation is still possible.
GBPUSD is testing 1.5352 resistance. As long as 1.5352 resistance holds, the price action below this level is treated as range trading between 1.4943 and 1.5352. However, a break above this level will indicate that the uptrend from 1.4397 has resumed and further rally to 1.5500-1.5600 area is expected to follow.
Being contained by the price channel on 4-hour chart, EURUSD rebound from 1.3423. However, the rise is treated as correction of the short term downtrend from 1.3721. Deeper decline to 1.3300-1.3350 area is still possible after correction. Initial resistance is at the falling trend line from 1.3721 to 1.3664 and followed by 1.3664, as long as 1.3664 resistance holds, downtrend will continue.
USDCAD failed to test 1.1824 resistance and broke below 1.1647 key support, suggesting that a short term cycle top has been formed on 4-hour chart and the fall from 1.1814 could possibly be resumption of the medium term downtrend from 1.3063 (Mar 9 high). Deeper decline to test 1.1474 is expected, a break below this level will confirm the resumption of downtrend.
USDCHF pulls back from 1.1263 level, further fall is possible in a couple days, and target would be at 1.1050 zone. However, the fall is more likely correction of the short term uptrend from 1.0977, as long as 1.0977 support holds, we’d expect uptrend to resume and one more rise towards 1.1400 is still possible.
USDJPY rebounds sharply from 94.56 and breaks above 96.17 key resistance, suggesting that a short term cycle bottom has been formed, and the downtrend from 99.64 has completed at 94.56 level already. Further rise towards 98.00 is now in favor.