USDCAD breaks above the falling trend line from 1.0745 to 1.0413, suggesting lengthier consolidation of downtrend is underway. Bounce to test 1.0413 resistance is now in favor. As long as this level holds, we’d expect downtrend to resume and one more fall towards 1.0000 is still possible. However, a break above 1.0413 key resistance will indicate that the fall from 1.0745 has completed at 1.0224 level already, then the following uptrend could take price back to 1.0600 area.
USDCHF breaks above the resistance of the falling price channel on 4-hour chart and reaches as high as 1.0388 level. Now the rise from 1.0132 is treated as resumption of uptrend. Further rally is now in favor and next target would be at 1.0450 area. Support is at 1.0300 followed by the rising trend line now at 1.0245.
AUDUSD breaks below 0.9170 key support, suggesting that a short term cycle top has been formed at 0.9327 level on 4-hour chart, and the uptrend from 0.8734 has completed already. Pullback to 0.9000 is expected in next several days. Resistance is now located at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend from 0.9327 could be expected to continue.
As expected, EURUSD breaks below 1.4218 previous low. Deeper decline is still in favor and next target would be at 1.0400 area. Resistance is at 1.4300 followed by the falling trend line on 4-hour chart now at 1.4377. As long as the trend line resistance holds, downtrend from 1.4579 will continue.
USDJPY broke below the rising price channel on 4-hour chart and reached 90.31 level only. The subsequent bounce suggests that a short term cycle bottom is being formed. Further rise to test 92.04 would more likely be seen later today. A break above this level will confirm the cycle bottom and indicate that the fall from 93.75 has completed, then another rise towards 95.00 could be expected.
GBPUSD pulls back to the bottom of the rising price channel, suggesting that a short term cycle top is being formed at 1.6456 on 4-hour chart. Deeper decline to test 1.6210 would more likely be seen later today. A breakdown below this level will confirm the cycle top and indicate that the rise from 1.5896 has completed, then the following downtrend could take price back to re-test 1.5829 previous low support.