AUDUSD remains in downtrend from 0.8155 and the price action from 0.7722 is more likely consolidation of downtrend. Initial resistance is at 0.7861 and followed by 0.7900, as long as these levels hold, downtrend will continue. Key resistance is located at the falling trend line on 4-hour chart from 0.8155 to 0.8038, now at 0.7935, a clear break above the trend line resistance will indicate that the downtrend from 0.8155 has completed at 0.7703 level already, then the following rebound will take price to 0.8100 zone.
USDCAD breaks below 1.1543 support, suggesting that a short term cycle top has been formed at 1.1723 level on 4-hour chart. Deeper decline is expected to test 1.1418 medium term support later today. As long as this level holds, we’d expect uptrend from 1.0784 to resume and further rally to 1.1800 is possible. However, a break below 1.1418 level will indicate that the uptrend from 1.0784 has completed at 1.1723 level already, then the following downtrend will take price back to 1.1200 zone.
USDJPY remains in downtrend from 96.97 and the price action from 91.80 is more likely consolidation of downtrend. Further rally to 94.00-94.50 area to reach next short term cycle top is possible in a couple of days. As long as 94.50 level holds, we’d expect downtrend to resume and deeper decline is possible to 90.00 zone after consolidation.
EURUSD continues to trade in range between 1.3832 and 1.4072. Moving sideways is still in favor later today. The price action from 1.3832 is treated as consolidation of downtrend from 1.4197 and deeper decline is expected to 1.3700 zone after consolidation.
GBPUSD has formed a trading range between 1.5984 and 1.6379. Sideways consolidation in this range is expected in a couple of days and one more rise above 1.6379 to reach next short term cycle top on 4-hour chart is possible after consolidation. Key support is locate at 1.5984, a break down below this level will signal deeper decline to test 1.5801 support.
USDCHF is forming a short term cycle bottom at 1.0750 level on 4-hour chart. Key resistance is now at 1.0923, a break above this level will confirm the cycle bottom, then further rally could be seen to re-test 1.1021 previous high resistance.