USDJPY rebounded sharply from 88.24, suggesting that a short term cycle bottom has been formed on 4-hour chart. Range trading between 88.24 and 90.60 is expected in a couple of days. As long as 90.60 resistance holds, the price action from 88.24 is treated as consolidation of downtrend from 92.53 and further fall to test 87.12 (Jan 21 low) long term critical support is still possible after consolidation, however, a break above 90.60 resistance will indicate that downtrend from 92.53 has completed, then further rise could be seen to 91.00 or even higher.
EURUSD is now in short term downtrend from 1.4843, deeper decline is possible to 1.4500 zone in a couple of days. Near term resistance is at 1.4680 followed by 1.4724, as long as these levels hold, we’d expect downtrend to continue.
USDCAD is now in short term uptrend from 1.0590. The fall from 1.0991 is more likely consolidation of uptrend. Range trading between 1.0800 and 1.0991 is expected in a couple of days and further rise to 1.1050-1.1100 area is still possible after consolidation.
GBPUSD remains in short term downtrend from 1.6467 and the rise from 1.5770 is more likely consolidation of downtrend. Further fall is still possible after consolidation and next target would be at 1.5600 zone. Initial resistance is now at 1.6050, as long as this level holds, downtrend will continue.
AUDUSD continues to trade in a range between 0.8543 and 0.8788. Sideways movement is still in favor in a couple of days. However, the price action in the trading range is treated as consolidation of uptrend from 0.8155, further rise towards 0.8900 is possible after consolidation, and a breakout above 0.8788 resistance will signal resumption of uptrend.
USDCHF remains in downtrend from 1.0714 and the rise from 1.0186 is more likely consolidation of downtrend. Range trading between 1.0186 and 1.0422 is expected in a couple of days. Downtrend will resume after consolidation and deeper decline towards 1.0100 is still possible.