GBPUSD failed to test 1.6618 resistance and is back to range trading between 1.6187 and 1.6618. Breaking out of this range is needed in a couple of days. A break above 1.6618 will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level. If 1.6187 support gives way, deeper decline is expected to re-test 1.5801 support.
AUDUSD is forming a short term cycle bottom at 0.7789 level on 4-hour chart. Further rally is expected to test 0.8118 key resistance. A break of this level will confirm the cycle bottom and indicate that the fall from 0.8263 has completed, then further rise could be seen to 0.8500-0.8600 area. Near term support is at 0.7789, below this level will take price to 0.7500-0.7600 zone.
Being contained by the rising trend line on 4-hour chart, USDCAD rebounds from 1.1418 level. Further rally is still possible to 1.1700 zone in a couple of days. Initial support is now at the rising trend line and followed by 1.1418, only fall below this level will take price back to 1.1300 zone.
Being contained by 1.4171 resistance, EURUSD pulls back from 1.4138 level, suggesting that a short term cycle top is being formed. Key support is now at 1.3826, a break down below this level will confirm the cycle top, then the next target would be at 1.3600 zone.
USDCHF failed to test 1.0590 medium term key support and rebounded sharply from 1.0631. The pair is now in short term uptrend from 1.0631. Further rally is possible 1.1200 zone in next several days. Near term support is at 1.0900 followed by 1.0850.
USDJPY breaks above the resistance of the falling trend line from 98.57 to 97.18, suggesting that a short term cycle bottom is being formed at 94.87 level on 4-hour chart. Consolidation in a range between 94.87 and 96.50 is expected.
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