USDCAD bounces sharply to the upper boundary of the falling price channel on 4-hour chart. Further rally to test 1.0215 key resistance is still possible later today, a break above this level will indicate that the longer term downtrend from 1.0779 (Feb 5 high) has completed at 0.9930 already, then the following uptrend could take price back to1.0500 area.
AUDUSD breaks below 0.9157 support, suggesting completion of uptrend from 0.8577 (Feb 5 low). Deeper decline is still possible later today and next target would be at 0.9100 area. Initial resistance is at 0.9200 followed by 0.9280.
EURUSD drops sharply to as low as 1.3145 level, suggesting that a cycle top has been formed at 1.3415 on 4-hour chart and the downtrend from 1.3691 has resumed. Deeper decline is still possible later today and next target would be at 1.3050 area. Initial resistance is at 1.3250, as long as this level holds, downtrend could be expected to continue.
USDJPY breaks below the rising price channel on 4-hour chart, taking price back to range trading between 91.60 and 94.88. A cycle top has been formed at 94.35. Deeper decline could be expected in a couple of days and target would be at 92.00 area.
No changed in our view, GBPUSD stayed in a trading range between 1.5191 and 1.5522 for several days. As long as 1.5191 support holds, we’d expect uptrend to resume and one more rise towards 1.5800 is possible after consolidation. Only fall below 1.5191 could indicate that the bounce from 1.4798 has completed at 1.5522 already.
USDCHF continues its upward movement from 1.0501 and is facing the resistance of 1.0898 (Feb 19 high), a break above this level could trigger another rise to 1.1100 or even 1.1300. Initial support is at 1.0820, as long as this level holds, uptrend will continue.