EURUSD breaks above 1.0244 resistance, suggesting that a cycle bottom has been formed at 1.2144 level on 4-hour chart. Range trading between 1.2144 and 1.2710 would more likely be seen in next several days. As long as 1.2710 resistance holds, the price action from 1.2144 is treated as consolidation of downtrend from 1.3691 (Apr 12 high), and another fall to 1.2000 is still possible after consolidation, however, above 1.2710 will indicate that the fall 1.3691 has completed at 1.2144 already, then the following uptrend could take price back to 1.3000 area.
USDCAD breaks above 1.0735 previous high. Further rally is still possible later today and target would be at 1.0915. Support is now at 1.0540, only fall below this level will suggest that a cycle top is being formed and the rise from 1.0110 has completed.
USDCHF stays above a rising trend line on 4-hour chart and remains in uptrend from 1.0923. As long as the trend line support holds, the price action from 1.1585 is treated as consolidation of uptrend, however, a clear break below the trend line support will indicate that the rising from 1.0923 has completed at 1.1585 already, then deeper decline could be seen to 1.1260 area.
AUDUSD continues its downward movement from 0.9077 and the fall extends further to as low as 0.8071 level. Deeper decline is still possible after a minor consolidation and next target would be at 0.7900 area. Resistance is at 0.8370, as long as this level holds, downtrend could be expected to continue.
GBPUSD trades in a range between 1.4230 and 1.4517. As long as 1.4517 resistance holds, the price action in the trading range is treated as consolidation of downtrend from 1.5053, however, above 1.4517 will indicate that the fall from 1.5053 has completed at 1.4230 already, then the following uptrend could take price back to 1.4800 area.
USDJPY’s fall from 93.62 extends to as low as 88.98 level. However, the fall is more likely correction of uptrend from 88.25. As long as 88.25 support holds, another rise towards 94.98 previous high is still possible. Key resistance is now at 91.00, a break above this level will indicate that a cycle bottom has been formed on 4-hour chart.