GBPUSD broke below 1.6040 support, suggesting that a short term cycle top has been formed at 1.6238 level on 4-hour chart. Now the fall from 1.6238 could possibly be resumption of downtrend from 1.6875 (Nov 16 high). Deeper decline towards 1.5708 (Oct 13 low) is now in favor. Key resistance is now located at 1.6238, only break above this level could indicate that the fall from 1.6875 has completed.
USDJPY broke below the rising trend line from 87.37 to 88.97, suggesting that a short term cycle top has been formed at 93.21 level and the uptrend from 87.37 has completed. Range trading between 90.50 and 93.21 is expected in next several days. However, the fall from 93.21 is more likely consolidation of uptrend from 84.82, one more rise towards 94.00-95.00 area is still possible after consolidation.
AUDUSD stays above a rising trend line on 4-hour chart and remains in uptrend from 0.8734. As long as the trend line support holds, further rally is still possible in a couple of days. However, a clear break below the trend line support will indicate that the uptrend from 0.8734 has completed at 0.9173 level already, then another fall towards 0.8734 could be expected.
EURUSD broke above 1.4457 resistance. However, the bounce from 1.4218 is more likely consolidation of downtrend from 1.5144. Moving sideways without trend within the price channel is expected in a couple of days and one more fall towards 1.4000 is still possible after consolidation.
USDCHF stays in a falling price channel and remains in downward trend from 1.0507. As long as the channel resistance holds, we’d expect downtrend to continue and deeper decline to 1.0200 is in favor.
USDCAD’s fall from 1.0576 extended to as low as 1.0336. Deeper decline is still possible to 1.0300 later today. Resistance is now at 1.0424, a break above this level could take price back towards the falling trend line from 1.0745 to 1.0576.