After breaking above 0.9326 previous high resistance, AUDUSD dropped below 0.9254 key support, suggesting that a short term cycle top has been formed at 0.9368 level on 4-hour chart and the rise from 0.8916 has completed. Pullback towards 0.9000 zone would more likely be seen in next several days. Resistance level is now located at 0.9368, only rise above this level will indicate that uptrend from 0.8916 has resumed, then next target would be at 0.9500 area.
GBPUSD’s fall from 1.6841 extended to as low as 1.6515. As long as 1.6660 key resistance holds, deeper decline is still possible, and next target would be at 1.6400 zone. However, the fall from 1.6841 is more likely consolidation of uptrend from 1.5708, another rise towards 1.7042 (Aug 5 high) could be seen after consolidation. Resistance is at 1.6660, above this level could signal resumption of uptrend.
EURUSD broke below 1.4938 key support, suggesting that a short term cycle top has been formed at 1.5048 level on 4-hour chart and the rise from 1.4626 has completed. Further decline is now in favor and next target would be at 1.4750 zone. Resistance is now located at 1.4885 followed by 1.4910.
USDCAD might be forming a short term cycle bottom at 1.0416 level on 4-hour chart. Further rise towards the upper border of the falling price channel is possible later today. As long as the channel resistance holds, we’d expect downtrend to resume, and another fall towards 1.0300 is still possible, however, a clear break above the channel resistance will indicate that the downtrend from 1.0852 has completed at 1.0416 level already, then another rise towards 1.1000 could be seen to follow.
After breaking below 89.44 support, USDJPY rebounded from 89.29, suggesting range trading between 89.29 and 91.26 is underway. Further rise towards 91.26 is expected later today, a break above this level will indicate that a short term cycle bottom has been formed at 89.29 level on 4-hour chart and the fall from 92.32 has completed.
USDCHF failed to break below 1.0032 and rebounded sharply to as high as 1.0193, suggesting that a short term cycle bottom has been formed at 1.0035 level on 4-hour chart, and the fall from 1.0338 has completed. Further rise to 1.0250 zone is possible later today. Support is now at 1.0145 followed by 1.0130.