AUDUSD Analysis.
Being contained by the rising trend line from 0.6989 (Apr 28 low) to 0.7450 (May 18 low), AUDUSD rebounds from 0.7913. further rally to 0.8150-0.8200 area is possible later today. However, consolidation in a range between 0.7913 and 0.8263 is more likely to continue. Key resistance is located at 0.8263, only rise above this level will indicate that the consolidation has completed, and then further rally could be seen to 0.8500 zone.
USDCAD Analysis.
USDCAD drops sharply from 1.1158, suggesting that the rise from 1.0784 has completed. However, range trading between 1.0784 and 1.1158 is still possible in next several days. Key support is now located at 1.0784, below this level will indicate that the consolidation from 1.0784 has completed, then deeper decline could be seen to 1.0500 zone.
USDCHF Analysis.
Being contained by the falling trend line from 1.1263 to 1.0953, USDCHF drops from 1.0762 level. However, consolidation in a range between 1.0590 and 1.0800 is still possible in a couple of days. Key support is now located at 1.0590, only fall below this level will indicate that the consolidation from 1.0590 has completed, and then deeper decline could be seen to 1.0400 zone.
USDJPY Analysis.
USDJPY stays in the trading range between 93.85 and 97.23. Moving higher to test 97.23 resistance is possible later today. A break above this level will signal further rally to 98.00-98.50 area. However, as long as 97.23 resistance holds, we’d expect another fall to 94.50-95.00 zone.
EURUSD Analysis.
EURUSD formed a short term cycle top at 1.4338 level on 4-hour chart. Range trading between 1.4070 and 1.4338 is now in favor, and pullback to test the support of the lower border of the price channel on 4-hour chart is expected by the end of the consolidation. Key resistance is now located at 1.4338, a break above this level will indicate that the uptrend from 1.2884 has resumed, and then further rally could be seen to 1.4600 zone.
GBPUSD Analysis.
GBPUSD’s fall from 1.6662 extends to as low as 1.6093 level. Deeper decline to 1.6000 level is still possible later today, and rebound is expected by touching this level. However, a clear break below this level will signal deeper decline to 1.5800 zone.
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