GBPUSD Analysis.
GBPUSD broke above 1.6647 resistance, suggesting that a short term cycle bottom has been formed at 1.6460 level on 4-hour chart. Another rise towards 1.6875 could be seen in a couple of days. Initial support is at 1.6635 as long as this level holds, uptrend from 1.6460 is expected to continue. Key support is located at the lower border of the rising price channel, only fall below the channel support could take price back to 1.6300-1.6350 area.
EURUSD Analysis.
EURUSD broke above 1.5062 previous high and reached as high as 1.5144 level. Further rally is still possible in a couple of days and next target would be at 1.5200 zone. Support is at 1.5075, as long as this level holds, uptrend from 1.4801 will continue.
USDJPY Analysis.
USDJPY broke below 88.01 previous low and reached as low as 87.21, deeper decline is still possible after a minor consolidation and target is to test 87.12 (Jan 21 low) support. Resistance is now located at the falling trend line from 90.60 to 89.18, as long as the trend line resistance holds, downtrend from 92.32 will continue.
USDCAD Analysis.
USDCAD broke below the support of the rising price channel, and now the fall from 1.0731 is treated as resumption of downtrend from 1.0852. Another fall towards 1.0260 (Oct 15 low) could be seen in next several days. Resistance is at 1.0540, only rise above this level could take price back to 1.0650-1.0700 area.
USDCHF Analysis.
USDCHF fell below 1.0032 previous low and reached as low as 0.9947 level. Further decline is still possible later today and next target would be at 0.9900 area. Initial resistance is at 0.9980 followed by 1.0015, as long as these levels holds, downtrend from 1.0222 will continue.
AUDUSD Analysis.
AUDUSD broke above 0.9275 resistance, suggesting that a short term cycle bottom has been formed at 0.9060 level on 4-hour chart, another rise towards 0.9500 is now in favor. Support is at 0.9130 followed by 0.9060, only fall below these levels will take price back to downward trend from 0.9404, then deeper decline is expected to test 0.8916 uptrend critical support.
Get Your Free Elliott Wave Tutorial Now!
See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme