GBPUSD Analysis.
GBPUSD’s bounce from 1.4230 extends further to as high as 1.4734 level, suggesting that lengthier consolidation of downtrend is underway. Further rally is still possible in a couple of days and next target would be at 1.4800-1.4850 area. Support is at 1.4427, only fall below this level could indicate that the bounce from 1.4230 has completed.
AUDUSD Analysis.
As expected, AUDUSD formed a cycle top at 0.8550 level on 4-hour chart. Deeper decline towards 0.8066 previous low is still possible in a couple of days, a breakdown below this level will indicate that the downtrend from 0.9381 (Apr 12 high) has resumed, then another fall to 0.7800 area could be seen.
EURUSD Analysis.
EURUSD broke below 1.2144 previous low support, suggesting that the downtrend from 1.3691 (Apr 12 high) has resumed. Deeper decline is still possible in a couple of days, and target would be at 1.1900 area. Resistance is now at the falling trend line from 1.2671 to 1.2452, now at 1.2338, only a clear break above the trend line resistance could indicate that lengthier consolidation in a trading range between 1.2111 and 1.2452 is underway.
USDCHF Analysis.
After breaking above 1.1695, USDCHF dropped sharply from 1.1730, suggesting lengthier consolidation of uptrend from 1.0501 (Apr 14 low) is underway. As long as 1.1449 support holds, another rise is still possible, and next target would be at 1.1900 area.
USDCAD Analysis.
USDCAD is forming a cycle bottom at 1.0413 level on 4-hour chart. Rang trading between 1.0413 and 1.0650 would more likely be seen in next several days. Support is at 1.0413, only fall below this level could trigger another fall towards the lower border of the price channel.
USDJPY Analysis.
USDJPY remains in uptrend from 88.98 and the fall form 91.60 is treated as consolidation of uptrend. Support is now at 90.53, as long as this level holds, another rise is still possible alter today and next target would be at 92.00 area.
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