Being contained by the long term key support at 93.53 (Mar 19 low), USDJPY rebounds from 93.85 level. However, the rise from 93.85 is treated as consolidation of the short term downtrend from 96.69. Range trading between 93.85 and 95.25 is expected later today. Deeper decline below 93.53 key support is in favor after consolidation and the next target would be at 92.00 level. Near term resistance is now located at 95.25, a break above this level will indicate that the fall from 96.69 has completed, and then further rally is possible to 96.00 level.
EURUSD has reached the upper border of the previous mentioned price channel, consolidation would more likely be seen and pullback to 1.3800 level is possible. However, the pair remains in short term uptrend from 1.3423, further rally is still possible to 1.4200-1.4300 area after consolidation.
AUDUSD stays above the rising trend line from 0.7450 to 0.7668 and remains in short term uptrend from 0.7450. As long as the trend line support holds, we’d expect the uptrend to continue and further rally could be seen to 0.8000. However, below the trend line support will signal deeper decline to test 0.7668 key support.
USDCHF stays below the falling trend line from 1.1263 to 1.1056 and remains in short term downtrend from 1.1263. Deeper decline is still possible in a couple of days and the next target would be at 1.0600-1.0700 area. Initial resistance is at 1.0880 followed by 1.0930, as long as these levels hold, we’d expect the short term downtrend to continue.
GBPUSD stays in the rising price channel on 4-hour chart and the uptrend from 1.5059 continues. Further rally is still possible to 1.6200 level in a couple of days. However, a clear break blow the lower border of the price channel will indicate that the short term uptrend has completed and sideways consolidation could be seen to follow.
USDCAD drops sharply to as low as 1.1187 level. Near term resistance is at the falling trend line from 1.1814 to 1.1482, as long as the trend line resistance holds, we’d expected the downtrend to continue.