EURUSD has formed a short term cycle bottom at 1.4266 level on 4-hour chart. Bounce to 1.4500 area to reach next cycle top is expected in a couple of days. The price action from 1.4218 is treated as consolidation of downtrend from 1.5144 (Nov 25, 2009 high), another fall is still possible after consolidation and a breakdown below 1.4257 key support will signal resumption of downtrend.
USDJPY stays above the rising trend line from 87.37 to 91.25 and remains in uptrend. The price action from 93.21 is treated as consolidation of uptrend. Initial support is at the rising trend line now at 92.00 and key support is at 91.25. As long as 91.25 level holds, we’d expect uptrend to continue and one more rise towards 95.00 is still possible.
GBPUSD broke above the falling trend line on 4-hour chart, taking price back to range trading between 1.5829 and 1.6238. Sideways movement is expected to continue and another rise towards 1.6238 resistance could be seen later today.
Being supported by the rising trend line on 4-hour chart, AUDUSD rebounded from 0.9123 level, suggesting that a short term cycle bottom has been formed. Another rise is expected and next target would be at 93.50. Support level is located at the rising trend line, only fall below the trend line support will indicate that the uptrend from 0.8734 has completed.
USDCHF’s downtrend from 1.0507 extends further to as low as 1.0178. Deeper decline is still possible later today and next target would be at 1.0100 area. Initial resistance is at 1.0255, rise above this level could take price back towards the upper border of the falling price channel on 4-hour chart.
USDCAD remains in downtrend from 1.0576 and the fall extends to as low as 1.0263. Deeper decline is still in favor and next target is at 1.0200 area. Resistance is at 1.0382, as long as this level holds, downtrend from 1.0576 could be expected to continue.