AUDUSD’s bounce from 0.8734 extended further to as high as 0.8992 level. Support is now located at the rising trend line on 4-hour chart. As long as the trend line support holds, the bounce is expected to continue and next target would be at 90.50 area. However, a clear break below the trend line will indicate that a short term cycle top has been formed and the rise from 0.8734 has completed, then another fall towards 0.8734 previous low is expected to follow.
USDJPY breaks above 91.86 and reaches as high as 92.06 level. Further rise to test 92.32 (Oct 27 high) resistance is now in favor. A break above this level could confirm that the long term downtrend from 101.43 (Apr 6 high) has completed at 84.81 level already. Support level is located at 91.12, as long as this level holds, uptrend from 97.37 could be expected to continue.
EURUSD’s bounce from 1.4218 extended to as high as 1.4457. The subsequent pullback suggests that a short term cycle top is being formed on 4-hour chart. Another fall towards 1.4218 is expected in a couple of days. A breakdown below this level will indicate that the downtrend from 1.5144 has resumed, then the next target would be at 1.4100 area. Resistance is now at 1.4457, only rise above this level will take price back to 1.4500 area.
USDCHF’s fall extended further to as low as 1.0278. The following bounce suggests that a short term cycle bottom is being formed on 4-hour chart. Further rise towards the upper border of the falling price channel is expected later today. However, the rise from 1.0278 is treated as consolidation of downtrend from 1.0507, another fall is still possible to 1.0200 or even lower.
After breaking above 1.6020 resistance, GBPUSD dropped sharply from 1.6065, suggesting that a short term cycle top has been formed on 4-hour chart. Another fall towards 1.5708 (Oct 13 low) is expected in next several days. Key resistance is now located at 1.6065, only rise above this level could indicate that the fall from 1.6409 has completed.
USDCAD broke below 1.0405 previous low support. Deeper decline is still possible after a minor consolidation. Resistance is at the upper border of the falling price channel on 4-hour chart. As long as the channel resistance holds, downtrend from 1.0746 could be expected to continue.