EURUSD Analysis.
After breaking below 1.3585 previous low, EURUSD traded in a narrow range. Deeper decline is still in favor and next target would be at 1.3400 area. Resistance is at the upper border of the falling price channel on 4-hour chart and key resistance is at 1.3838, a break above this level will indicate that the fall from 1.4579 has completed at 1.3531 already, then the following bounce could take price back to 1.4000 or even higher.
USDCHF Analysis.
USDCHF stays in a rising price channel on 4-hour chart and remains in uptrend from 1.0132. Further rally is still in favor and next target would be at 1.0900 area. Support is at the lower border of the channel, only a clear break below the channel support could indicate that the rise from 1.0132 has completed.
USDCAD Analysis.
USDCAD broke below 1.0556 key support and is now in downtrend from 1.0779. Deeper decline is expected to 1.0400 area. Resistance is at 1.0555, only rise above this level could indicate that the fall from 1.0779 has completed.
GBPUSD Analysis.
GBPUSD traded in a narrow range between 1.5534 and 1.5763. However, the price action in the range is treated as consolidation of downtrend from 1.6456. One more fall towards 1.5400-1.5500 area is still possible after consolidation and a breakdown below 1.5534 could signal resumption of downtrend.
USDJPY Analysis.
USDJPY is testing the resistance of the falling price channel. A clear break above the channel resistance could indicate that the fall from 93.75 has completed at 88.57 level, then the following uptrend could take price back to 92.00 area. As long as the channel resistance holds, we’d expect downtrend to resume and one more fall towards 88.00 is still possible.
AUDUSD Analysis.
AUDUSD might be forming a short term cycle top at 0.8919 level on 4-hour chart. Pullback to 0.8700 area to reach next cycle bottom would more likely be seen in a couple of days, and a break below 0.8786 will confirm such case.
Get Your Free Elliott Wave Tutorial Now!
See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme