EURUSD Analysis.
EURUSD continues to move sideways in a range between 1.3435 and 1.3838. As long as 1.3838 resistance holds, the price action in the trading range is treated as consolidation of downtrend from 1.4579 and one more fall to 1.3300 is still possible. However, a break above 1.3838 resistance could indicate that the fall from 1.4579 has completed at 1.3435 already.
GBPUSD Analysis.
GBPUSD is testing that resistance of the falling trend line from 1.5815 to 1.5575. As long as the trend line resistance holds, one more fall to 1.4600-1.4650 area is still possible. However, a clear break above the trend line resistance will suggest that the fall from 1.5815 has completed at 1.4784 already, then the follow uptrend could take price to 1.5200-1.5300 area.
USDCHF Analysis.
USDCHF continues to trade in range between 1.0608 and 1.0898. One more fall to test 1.0608 key support is still possible later today. As long as this level holds, we’d expect uptrend from 1.0132 to resume and another rise to 1.1000 is possible. However, a breakdown below 1.0608 will indicate that the uptrend form 1.0132 has completed at 1.0898 already.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0679 and the fall extends further to as low as 1.0270. As long as 1.0366 resistance holds, downtrend is expected to continue and deeper decline towards 1.0224 (Jan 14 low) is still possible. Only rise above 1.0366 resistance could indicate that the fall from 1.0679 has completed.
USDJPY Analysis.
USDJPY bounced from 88.14, suggesting that a short term cycle bottom is being formed on 4-hour chart. Key resistance is located at 89.49, a break above this level will confirm the cycle bottom. However, the bounce is treated as consolidation of downtrend from 92.14, another fall towards 87.00 area is still possible after consolidation.
AUDUSD Analysis.
After touching 0.9070 previous high, AUDUSD pulled back from 0.9085, suggesting another fall towards 0.8850. Key support is at 0.8955, a break below this level will confirm such case. Resistance is at 0.9085, only rise above this level could trigger another rally to 0.9150.
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