USDCAD failed to test 1.0928 support and rebounded from 1.0940 level. However, the rise is treated as correction of the downtrend from 1.1289. One more fall to test 1.0928 support is expected later today. A break of this level will take price to test 1.0784 support. Only rise above 1.1289 level will signal lengthier consolidation of downtrend from 1.3063.
GBPUSD’s uptrend from 1.5810 extends to 1.6472 level. The pull down from 1.6472 is treated as consolidation of uptrend. Range trading between 1.6150 and 1.6472 would more likely be seen later today and further rally is still possible to test 1.6662 previous high resistance after consolidation. Initial support is at 1.6230 followed by 1.6150.
EURUSD has formed a short term cycle bottom at 1.3804 level on 4-hour chart. The pullback from 1.4143 is more likely correction of the uptrend from 1.3804. As long as 1.3804 support holds, one more rise to test 1.4338 previous high resistance is possible. However, below 1.3804 level will indicate that the downtrend from 1.4338 has resumed, and deeper decline could be seen to 1.3600-1.3650 area.
AUDUSD is now in short term uptrend from 0.7827 and the pullback from 0.8134 is treated as consolidation of uptrend. Further rally to test 0.8263 previous high resistance is possible in a couple of days, and a break above this level will signal resumption of uptrend from 0.6284.
No changed in our view, USDCHF has formed a short term cycle top at 1.0986 level on 4-hour chart and is now in short term downtrend. The rise from 1.0719 is more likely consolidation of downtrend. Deeper decline is still possible to test 1.0590 support.
USDJPY rebounds sharply from 97.08. Further rally is still possible to re-test 98.88 resistance, a break above this level will signal further rise towards 100.00 zone. However, as long as 98.88 resistance holds, the rise from 97.08 is treated as correction of downtrend from 98.88.
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