Being supported by 0.8238, AUDUSD rebounded from 0.8239 level. Consolidation in a range between 0.8238 and 0.8400 would more likely be seen in a couple of days. As long as 0.8477 level holds, another fall to test 0.8155 support is expected after consolidation, a break below this level will suggest that the uptrend from 0.7703 has completed at 0.8477 level already, then the following downtrend will take price back to 0.7900 zone. Key resistance is at 0.8477, above this level will indicate that the uptrend from 0.7703 has resumed, then next target would be at 0.8600-0.8700 area.
As expected, USDJPY drops to as low as 91.94 level. Near term resistance remains at the upper border of the falling price channel on 4-hour chart, as long as the channel resistance holds, downtrend will continue, and next target is to test 91.73 (July 13 low) support. Key resistance is now located at 93.42, only rise above this level will indicate that the downtrend from 95.05 has completed.
GBPUSD is testing the resistance of the falling trend line on 4-hour chart. As long as the trend line resistance holds, we’d expect downtrend to continue. However, a clear break above the trend line resistance will indicate that the downtrend from 1.6623 has completed and further rise to 1.6460 zone could be seen to follow.
After breaking below 1.4207 support, EURUSD rebounded from 1.4177 level. Consolidation in a range between 1.4177 and 1.4330 is possible in a couple of days. As long as 1.4405 resistance holds, we’d expect downtrend to resume and another fall towards 1.4045 previous low would more likely be seen. However, above 1.4405 will indicate that the uptrend from 1.3748 (June 16 low) has resumed, then further rise towards 1.4600 could be seen to follow.
USDCAD is moving higher to test 1.1124 resistance. Consolidation would more likely be seen before breaking above this level, and pullback to 1.0950 is possible later today. Near term support remains at the rising trend line from 1.0718 to 1.0791 now at 1.0880, as long as the trend line support holds, we’d expect uptrend from 1.0418 to continue.
USDCHF failed to test 1.0714 key resistance and pulled back from 1.0704 level. Range trading between 1.0530 and 1.0714 is expected in a couple of days. As long as 1.0714 resistance holds, we’d expect downtrend to continue and deeper decline to 1.0450-1.0500 area is possible. However, above 1.7014 will indicate that the downtrend from 1.0883 has completed at 1.0530 level already, then the following uptrend will take price towards 1.1000 zone.