EURUSD Analysis.
EURUSD broke below the rising trend line from 1.3267 to 1.3384, suggesting that a cycle top is being formed at 1.3590 level on 4-hour chart. Deeper decline to test 1.3384 support could be seen later today, a breakdown below this level will confirm the cycle top and indicate that the bounce from 1.3267 has completed, then another fall towards 1.3100 is expected. Resistance is now at 1.3590, only rise above this level could bring price to 1.3700 area.
USDJPY Analysis.
USDJPY remains in uptrend from 89.76 and the pullback from 94.68 is treated as consolidation of uptrend. Support is now located at the lower border of the rising price channel on 4-hour chart, as long as the channel support holds, one more rise towards 96.00 is still possible. However, a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway and delay the resumption of uptrend.
AUDUSD Analysis.
AUDUSD keeps on moving sideways in a range between 0.9130 and 0.9219. Another fall towards 0.9130 to reach next cycle bottom on 4-hour chart would more likely be seen in a couple of days. However, the price action in the trading range is treated as consolidation of uptrend from 0.9001, another rise towards 0.9404 (Nov 16, 2009 high) is still possible after consolidation.
GBPUSD Analysis.
GBPUSD’s bounce from 1.4798 extends further to as high as 1.5318. However, next cycle top on 4-hour chart is nearing, pullback to 1.4900 would more likely be seen before breaking above 1.5382 previous high, and a break below 1.5182 could confirm such case.
USDCHF Analysis.
USDCHF’s bounce from 1.0434 extends further to 1.0667 level. Support is now at 1.0600, as long as the level holds, uptrend from 1.0434 could be expected to continue and next target would be at 1.0680-1.0700 area. However, a breakdown below 1.0600 support will indicate that a cycle top has been formed on 4-hour chart, and the bounce from 1.0434 has completed.
USDCAD Analysis.
USDCAD broke below 1.0061 previous low, suggesting that the downtrend from 1.0779 (Feb 5 high) has resumed. Deeper decline is still possible later today and target would be at 0.9900 area. Resistance is now at the falling trend line, as long as the trend line resistance holds, downtrend could be expected to continue.
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