EURUSD remains in downtrend from 1.5144, and the price action from 1.4668 is more likely consolidation of downtrend. Initial resistance is at 1.4781, as long as this level holds, downtrend will continue and deeper decline towards 1.4626 key support is possible later today, a breakdown below this level will indicate that the longer term uptrend from 1.3748 (June 16 low) has completed at 1.5144 already. However, next short term cycle bottom is nearing, consolidation would more likely be seen before breaking below 1.4626 level.
AUDUSD bounced from 0.9014, suggesting a short term cycle bottom is being formed on 4-hour chart. Further rally is still possible in a couple of days and target would be at 0.9250 area. Support level is now located at 0.9014, only break below this level will signal another fall towards 0.8916 key support.
USDCHF remains in uptrend from 0.9917. As long as 1.0218 support holds, we’d expected uptrend to continue and further rally to test 1.0338 key resistance is still possible later today, a break above this level could indicate that the downtrend from 1.1021 (June 24 high) has completed at 0.9917 already. However, next short term cycle top is nearing, consolidation would more likely be seen before breaking above this level.
GBPUSD’s fall from 1.6721 extends further to as low as 1.6167, the subsequent rebound is more likely consolidation of downtrend. Deeper decline is still possible in a couple of days and next target would be at 1.6000 area. Resistance is now at 1.6371, as long as this level holds, downtrend will continue.
USDJPY might be forming a short term cycle bottom at 87.37 level on 4-hour chart, bounce to 89.50-90.00 area would more likely be seen in a couple of days. Support level is now at 87.37, only break below this level could signal another fall to 86.50 zone.
No changed in our view, USDCAD stays in a trading range between 1.0405 and 1.0748. Lengthier consolidation in range is still possible in a couple of day. Another fall towards 1.0206 (Oct 15 low) previous low would more likely be seen after consolidation and a breakdown below 1.0405 will confirm resumption of downtrend.