AUDUSD Analysis.
After breaking below 0.7827 support, AUDUSD rebounded from 0.7789 level. The pair might be forming a short term cycle bottom on 4-hour chart. Key resistance is locate at 0.8118, a break above this level will indicate that the medium term uptrend from 0.6284 has resumed, then the next target would be at 0.8500-0.8600 area.
GBPUSD Analysis.
GBPUSD failed to test 1.6187 support and rebounded from 1.6208 level. Further rally to test 1.6662 previous high resistance would more likely be seen in a couple of days, a break above this level will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level. Near term support is at 1.6187, only fall below this level will take price to 1.6000 area.
USDCAD Analysis.
USDCAD has reached the upper border of the rising price channel on 4-hour chart. The pair might be forming a short term cycle top at 1.1582 level on 4-hour chart. Pullback to 1.1300-1.1350 area would more likely be seen. Near term resistance is now at 1.1582, only rise above this level will signal further rally to 1.1700 zone.
EURUSD Analysis.
EURUSD rebounds sharply to as high as 1.4107 level. The pair is back to range trading between 1.3748 and 1.4338. Further rally is possible to 1.4200-1.4250 area later today. Near term support is now at 1.3980, only fall below this level will indicate that the rebound from 1.3748 has completed.
USDCHF Analysis.
USDCHF breaks below 1.0650 support. Deeper decline is possible to test 1.0590 medium term key support. A break down below this level will indicate that the downtrend from 1.1740 has resumed, then the next target would be at 1.0400 zone.
USDJPY Analysis.
USDJPY has formed a short term cycle top at 97.18 level on 4-hour chart. Deeper decline is still possible to 94.00-94.50 area. Near term resistance is now at the falling trend line from 98.57 to 97.18, now at 96.20, as long as this level holds, we’d expect the downtrend from 98.88 to continue.
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