Being contained by 92.53 resistance USDJPY pulled back from 92.32, suggesting that a short term cycle top is being formed on 4-hour chart. Key support is located at 91.57, a breakdown below this level will confirm the cycle top, then deeper decline towards the rising trend line from 88.01 to 88.83 is expected to follow. However, as long as 91.57 support holds, further rally is still possible, and a break above 92.32 level will indicate that the uptrend from 88.01 has resumed, then next target would be at 93.00 zone.
After a sharp drop from 1.6692, GBPUSD trades in a range between 1.6251 and 1.6450. Price action from 1.6251 is more likely consolidation of downtrend. Another fall is expected after consolidation and a break below 1.6251 will signal deeper decline towards 1.6000 zone.
USDCHF broke above 1.0228 resistance, confirming the downward trend from 1.0452 has completed at 1.0032 level already. Further rally is still possible after minor consolidation and next target would be at 1.0300 zone.
EURUSD drops sharply to as low as 1.4770 and is now in downtrend from 1.5062. As long as 1.4925 resistance holds, we’d expect downtrend to continue and deeper decline towards 1.4700 would more likely be seen in a couple of days.
USDCAD runs in a rising price channel on 4-hour chart and remains in uptrend from 1.0206. Further rise is possible after a minor consolidation and next target would be at 1.0800 zone. Support is now located a the lower border of the price channel, as long as the channel support holds, we’d expect uptrend to continue.
AUDUSD trades in a range between 0.9112 and 0.9326, below 0.9112 level will indicate that the uptrend from 0.8567 has completed at 0.9326 already, then the following downtrend could take price to 0.8900-0.9000 area. However, as long as 0.9112 support holds, the price action from 0.9326 could possibly be consolidation of uptrend and another rise towards 0.9400 is still possible.
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