USDCAD broke below the rising price channel on 4-hour chart and formed a short term cycle top at 1.0691 level. Now the price action from 1.0691 is treated as consolidation of uptrend. As long as 1.0691 resistance holds, sideways movement is expected to continue, however, a clear break above 1.0691 level will suggest that a cycle bottom has been formed at 1.0556 level and the uptrend from 1.0224 has resumed, then next target would be at 1.0800 area.
EURUSD remains in downtrend from 1.4579. As long as the resistance of the falling trend line on 4-hour chart holds, we’d expect downtrend to continue and deeper decline to 1.3800 could be seen. Only a clear break above the trend line could bring price back to 1.4100 area.
AUDUSD’s downtrend from 0.9327 extends further to as low as 0.8885 level. Deeper decline is still possible later today and next target would be at 0.8750-0.8800 area. Resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.
USDCHF stays above a rising trend line on 4-hour chart and remains in uptrend from 1.0132. Further rally is still possible later today and next target would be at 1.0600 area. Initial support is at 1.0470 followed by the rising trend line, as long as the trend line support holds, uptrend will continue.
GBPUSD trades in a narrow range between 1.6078 and 1.6283. The price action from 1.6078 is still treated as consolidation of downtrend from 1.6456. Another fall towards 1.5829 previous low would more likely be seen after consolidation and a breakdown below 1.6078 support will confirm the resumption of downtrend. Resistance is at 1.6283, only break above this level will bring price back towards 1.6500 area.
No changed in our view, USDJPY remains in downtrend and the bounce from 89.13 is treated as consolidation of downtrend. Resistance remains at the falling trend line from 93.75 to 91.87, as long as the trend line resistance holds, we’d expect downtrend to resumption and one more fall to 88.50 is still possible after consolidation, only rise above the trend line resistance could indicate that the fall from 93.75 has completed.