AUDUSD Analysis.
AUDUSD is forming a cycle top at 0.9215 level on 4-hour chart. Range trading between 0.9100 and 0.9215 would more likely be seen in a couple of days. However, the price action from 1.9215 is treated as consolidation of uptrend from 0.9001, another rise towards 0.9300 would more likely be seen after consolidation, and a break above 0.9215 will signal resumption of uptrend.
EURUSD Analysis.
EURUSD broke above 1.3537 resistance, suggesting resumption of uptrend from 1.3267. Another rise towards 1.3750-1.3800 is now in favor. Support is located at the uptrend line from 1.3267 to 1.3384, as long as the trend line support holds, uptrend could be expected to continue.
GBPUSD Analysis.
GBPUSD’s bounce from 1.4798 extends to as high as 1.5240. Further rally is still possible later today and next target is to test 1.5382 resistance. Initial support is now at 1.5100, below this level will suggest that a cycle top is being formed on 4-hour chart, then pullback to 1.4900 could be seen.
USDJPY Analysis.
USDJPY is testing 93.75 (January high) resistance. Minor consolidation would more likely be seen before breaking above this level. As long as 92.12 key support holds, another rise towards 96.00 is expected after consolidation. Only fall below 92.12 level could indicate that the rise from 89.76 has completed.
USDCHF Analysis.
USDCHF broke below 1.0506 support, suggesting that the longer term uptrend from 0.9917 (Nov 26, 2009 low) had completed at 1.0898 already, and the pair is now back to downtrend. Deeper decline is expected after a minor consolidation and next target would be at 1.0400 area. Initial resistance is at 1.0550 followed by 1.0595, as long as these levels hold, downtrend from 1.0750 will continue.
USDCAD Analysis.
USDCAD formed a cycle top at 1.0302 on 4-hour chart and the fall from 1.0302 is more likely resumption of downtrend from 1.0779. Deeper decline towards 1.0061 is expected in a couple of days, a breakdown below this level will trigger another fall towards 0.9900 area.
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