AUDUSD might be forming a short term cycle top at 0.8667 level on 4-hour chart, key support is located at 0.8528, a break below this level will confirm the cycle top, then consolidation in a range between 0.8450 and 0.8667 could be seen to follow. However, a break above 0.8667 will indicate that the uptrend from 0.0.8239 has resumed and the next target would be at 0.8750-0.8800 area.
EURUSD stays above 1.4467 key support and remains in uptrend from 1.4177. Further rise to 1.4700 zone is still possible in a couple of days. Near term support is at 1.4500, as long as this level holds, we’d expect uptrend to continue. However, below 1.4467 key support will suggesting that a short term cycle top has been formed on 4-hour chart, then pullback to 1.4400 could be seen to follow.
GBPUSD broke above 1.6623 resistance, suggesting that the downtrend from 1.7042 has completed at 1.6113 level already. Further rise is still possible to 1.6800 zone in a couple of days. Near term support is at the lower border of the rising price channel on 4-hour chart and key support is at 1.6454 level, only break below this level will indicate that the uptrend from 1.6113 has terminated.
USDCAD has formed a short term cycle bottom at 1.0673 level on 4-hour chart. Range trading between 1.0673 and 1.0900 is expected in a couple of days. Key support is now located at 1.0673, a break below this level will signal deeper decline towards 1.0500 zone.
USDCHF remains in short term downtrend from 1.0698. Bearish movement is expected to continue in a couple of days, and next target would be at 1.0200-1.0250 area. Key resistance is located at 1.0488, only rise above this level will indicate that the downtrend from 1.0698 has completed.
No changed in our view, USDJPY stays in a falling price channel on 4-hour chart and remains in downtrend from 97.78. Further decline is expected to 91.00 zone later today. Near term resistance is at the upper border of the price channel, as long as the channel resistance holds, we’d expect downtrend to continue.