EURUSD failed to test the key support at 1.4649 and rebounded from 1.4672 level, suggesting that the pair is back to range trading between 1.4649 and 1.4816. Initial resistance is at 1.4816, a break above this level will indicate that the uptrend from 1.3748 (Jun 16 low) has resumed, then further rise is expected to 1.5000 area. On the down side, key support remains at 1.4649, below this level will indicate that a short term cycle top has been formed at 1.4816 level on 4-hour chart and the short term uptrend from 1.4484 has completed, then the following downtrend could take price to 1.4550 zone.
After touching 90.40 key resistance, USDJPY pulled back from 90.45 level. Range trading between 89.00 and 90.45 would more likely be seen in a couple of days. Key resistance is now located at 90.45, only rise above this level could confirm that the downtrend from 97.78 has completed.
As expected, GBPUSD broke below 1.5770 previous low, suggesting that the downtrend from 1.6741 has resumed. Deeper decline is expected to 1.5500-1.5550 area in a couple of days. Initial resistance is at 1.5890, followed by the falling trend line on 4-hour chart extended from 1.6741 to 1.6120, as long as the trend line resistance holds, we would expect downtrend to continue.
USDCHF failed to test 1.0358 key resistance and pulled back from 1.0352 level, suggesting that the pair is back to range trading between 1.0231 and 1.0358. Initial support is at 1.0231, a breakdown below this level will signal deeper decline towards 1.0100 zone. Key resistance remains at 1.0358, only rise above this level will indicate that a short term cycle bottom has been formed at 1.0231 level on 4-hour chart, then another rise could be seen to 1.0450 zone.
USDCAD continues its strong bearish movement and the fall extends further to as low as 1.0316 level. Deeper decline is still possible to 1.0100 area in a couple of days. Resistance level is now at 1.0400, above at 1.0500, as long as 1.0500 resistance holds, downtrend from 1.0991 will continue.
AUDUSD’s uptrend extends to as high as 0.9093 so far, further rise towards 0.9200 is expected in a couple of days. Support level is now located at 0.8984, as long as this level holds, we would expect uptrend will continue.