AUDUSD might be forming a cycle top at 0.8550 level on 4-hour chart. Key support is now at 0.8383, a break below this level will confirm the cycle top and indicate that the bounce from 0.8066 has completed, then another fall to 0.8250 area could be seen. Resistance is at 0.8550, only rise above this level could signal resumption of uptrend, then next target would be at 0.8650 area.
GBPUSD might be forming a cycle top at 1.4609 level on 4-hour chart. Key support is now at 1.4427, a breakdown below this level will confirm the cycle top and indicate that the bounce from 1.4230 has completed at 1.4609 already. Resistance is at 1.4609, only rise above this level will indicate that lengthier consolidation is underway and delay the resumption of downtrend.
No changed in our view, EURUSD stays in a trading range between 1.2144 and 1.2671. Another fall to re-test 1.2144 support would more likely be seen later today, a breakdown below this level will indicate that the downtrend from 1.3691 (Apr 12 high) has resumed, then deeper decline could be seen to 1.1800 area. Resistance is now at 1.2452, above this level will suggest that lengthier sideways consolidation is underway, then further rally could be seen to 1.2550-1.2600 area.
USDCHF stayed in a trading range between 1.1449 and 1.1695 for several days. The price action in the trading range is treated as consolidation of uptrend from 1.0501 (Apr 14 low). As long as 1.1400 key support holds, another rise to 1.1800 is still possible and a break above 1.1695 could signal resumption of uptrend.
USDCAD’s fall from 1.0852 extends further to as low as 1.0413 level. Deeper decline is still possible later today and next target would be at 1.0350 area. Initial resistance is at 1.0485 and key resistance is now at 1.0560, a break of this level will indicate that a cycle bottom has been formed on 4-hour chart, then consolidation of downtrend could be seen to follow.
USDJPY’s bounce from 88.98 extends further to as high as 91.60 level. Further rally is still possible later today and next target would be at 92.00 area. Support is at 90.60, as long as this level holds, uptrend could be expected to continue.