EURUSD Analysis.
After touching 1.4027 resistance, EURUSD drops sharply from 1.4050 level, suggesting that the pair remains in short term downtrend from 1.4197. Deeper decline is still in favor, and the next target is to test 1.3748 previous low support. Near term resistance is now at the falling trend line from 1.4197 to 1.4050, and followed by 1.4050, as long as the trend line resistance holds, we’d expect the downtrend to continue.
AUDUSD Analysis.
After breaking above 0.8006 resistance, AUDUSD drops sharply from 0.8038. Deeper decline is still possible to test 0.7789 previous low support, a break down below this level will signal further fall to 0.7700-0.7750 area. Key resistance is now located at 0.8038, only rise above this level will take price back to test 0.8155 resistance.
USDCAD Analysis.
USDCAD stays in the rising price channel on 4-hour chart and remains in uptrend from 1.0784. Further rally is still possible to 1.1700-1.1750 area in a couple of days. Near term support is at 1.1543 and key support is at 1.1418, only fall below this level will indicate that the uptrend from 1.0784 has completed.
USDJPY Analysis.
USDJPY remains in short term downtrend from 96.97 and the fall extends further to as low as 94.59 level. Deeper decline is still possible later today. Near term resistance is now at 95.44, only rise above this level will signal consolidation of the downtrend.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.6743 and the fall extends further to as low as 1.6068 level. Deeper decline is still possible to 1.5950-1.6000 area later today. Near term resistance is now at 1.6294, as long as this level holds, we’d expect the downtrend to continue.
USDCHF Analysis.
No changed in our view, USDCHF is in range trading between 1.0712 and 1.1021. Moving sideways without trend is expected in this range and one more rise above 1.1021 would more likely be seen after consolidation.
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