AUDUSD remains in uptrend from 0.8567 and the fall from 0.9125 is more likely consolidation of uptrend. Range trading between 0.8984 and 0.9125 is expected later today. As long as 0.8984 key support holds, we would expect uptrend to resume and another rise towards 0.9200 is still possible after consolidation. However, below 0.8940 level will indicate that a short term cycle top has been formed on 4-hour chart and the rise from 0.8567 has completed at 0.9125 level already, then the following pullback would take price to 0.8850-0.8900 area.
EURUSD broke above 1.4843 previous high resistance, suggesting that the uptrend from 1.3748 (Jun 16 low) has resumed. Further rise is now in favor and target would be at 1.5000 zone. Near term support is at the rising trend line on 4-hour chart extended from 1.4484, as long as the trend line support holds, uptrend will continue.
After touching 90.40 key resistance, USDJPY pulled back from 90.45 level. Range trading between 89.00 and 90.45 is still possible in a couple of days. However, the fall from 90.45 is more likely consolidation of uptrend from 88.01, another rise is expected to 92.00 or even 94.00 after consolidation, however, a break above 0.9045 is needed to confirm such case.
GBPUSD rebounded sharply from 1.5708, suggesting that a short term cycle bottom is being formed on 4-hour chart. Key resistance is located at the falling trend line from 1.6741 to 1.6120, a clear break above the trend line resistance will confirm the cycle bottom, then further rise could be seen to test 1.6125 resistance. Key support is now located at 1.5708, only fall below this level will indicate that the downtrend from 1.6741 has resumed, then the next target could be at 1.5500-1.5550 area.
USDCHF’s fall from 1.0452 extended further to as low as 1.0192 level. Deeper decline below 1.0186 could be seen later today, and the next target would be at 1.0100-1.0150 area. Resistance level is now at 1.0280, and key resistance is located at 1.0358, only rise above this level will take price back towards 1.0400.
USDCAD remains in downtrend from 1.0991 and the fall extends further to as low as 1.0266 level. Deeper decline is still possible to 1.0100 area in a couple of days. Resistance is at 1.0400, as long as this level holds, downtrend will continue.