EURUSD breaks above 1.4072 resistance and reaches as high as 1.4134 level. Further rally is still possible to test 1.4197 resistance. However, 1.4197 level will more likely be held and downtrend could be expected to resume before breaking above this level. Key support is now at 1.4000, a break down below this level will indicate that a short term cycle top has been formed on 4-hour chart, then the following downtrend will take price to test 1.3832 previous low support.
AUDUSD’s rebound extends to as high as 0.8055 level. Further rally to test 0.8155 resistance is possible in a couple of days, a break above this level will indicate that the uptrend from 0.6248 has resumed, then next target would be at 0.8500 zone. However, consolidation would more likely be seen before breaking above 0.8155 resistance.
USDCAD drops sharply to as low as 1.1116 level. Deeper decline is still possible to 1.1000 zone later today. Near term resistance is now at 1.1230 followed by 1.1300, as long as these levels hold, downtrend will continue.
USDJPY breaks above 93.59 resistance and has formed a short term cycle bottom at 91.73 level on 4-hour chart. Further rally is possible to 95.00-95.50 area in a couple of days. Near term support is at 93.75 followed by 93.20, as long as these levels hold, we’d expect the short term uptrend from 91.73 to continue.
As expected, GBPUSD breaks above 1.6379 resistance. Further rally is still possible later today and next target would be at 1.6550 level. However, the next short term cycle top on 4-hour chart is nearing and pullback would more likely be seen before breaking above 1.6743 previous high resistance.
USDCHF drops sharply to as low as 1.0722 level. Deeper decline is in favor and next target is at 1.0600-1.0650 area. Near term resistance is at 1.0810, only rise above this level will take price back to 1.0900 zone.