GBPUSD Analysis.
GBPUSD breaks below 1.4992 key support, suggesting that a short term cycle top has been formed at 1.5195 level on 4-hour chart. Deeper decline towards 1.4784 previous low is expected later today, a breakdown below this level will indicate that the downtrend from 1.6456 (Jan 19 high) has resumed, then another fall to 1.4500 area could be seen to follow. Resistance is now at 1.5195, only rise above this level will indicate that the fall from 1.6456 has completed at 1.4784 already.
EURUSD Analysis.
EURUSD continues moving sideways in a range between 1.3435 and 1.3838. Another rise towards 1.3838 is still in favor later today. As long as this level 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 will indicate that the fall from 1.4579 has completed at 1.3435 already.
USDCHF Analysis.
USDCHF remains in range trading between 1.0608 and 1.0898. One more fall towards 1.0608 key support is still in favor. As long as this level holds, the price action in the trading range is treated as consolidation of uptrend and another rise to 1.1000 is possible after consolidation. However, a breakdown below 1.0608 could indicate that the rise from 1.0132 has completed at 1.0898 already.
USDCAD Analysis.
USDCAD’s downtrend from 1.0679 extended further to as low as 1.0250. Deeper decline towards 1.0224 (Jan 14 low) is still possible later today. As next cycle bottom is nearing, bounce would more likely be seen before breaking below 1.0224 level. Key resistance is located at 1.0366, a break above this level could indicate that a short term cycle bottom has been formed on 4-hour chart, and the downtrend from 1.0679 has completed.
USDJPY Analysis.
USDJPY pulled back from 90.67, suggesting that a short term cycle top is being formed on 4-hour chart. Now the fall from 90.67 could possibly be resumption of downtrend from 93.75 (Jan 7 high), another fall towards 88.14 previous low is expected in next several days. Resistance is at 90.67 followed by the falling trend line from 93.75 to 92.14.
AUDUSD Analysis.
AUDUSD is in uptrend from 0.8801, as long as support of the rising price channel on 4-hour chart holds, we’d expect uptrend to continue and further rally is possible to 92.00-92.50 area. However, a clear break below the lower border of the channel could indicate that the rise from 0.8801 has completed, then pullback to 88.50-89.00 area could be seen to follow.
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