Being contained by 1.4769 previous high resistance, GBPUSD dropped sharply from 1.4758 last Friday, suggesting that a cycle top is being formed on 4-hour chart. The fall from 1.4758 could possibly be resumption of downtrend. Another fall towards 1.4230 previous low would more likely be seen. Key resistance is at 1.4769, only rise above this level will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.4900 area.
EURUSD remains in downtrend from 1.3817 (Mar 17 high) and the bounce from 1.1876 is more likely consolidation of downtrend. Further rally is still possible later today and target is at the upper border of the falling price channel. As long as the channel resistance holds, we’d expected downtrend to resume, and another fall to 1.1800 is still possible, only a clear break above the channel resistance will indicate that the fall form 1.3817 has completed at 1.1876 already.
USDJPY is forming a cycle bottom at 90.85 level on 4-hour chart, and the bounce from 90.85 could possibly be resumption of uptrend from 88.98. Key resistance is at 92.10, a break above this level will confirm the cycle bottom and indicate that the fall from 92.88 is complete, then another rise to 94.00 could be seen.
USDCHF is in correction of longer term uptrend. Further fall would more likely be seen later today and target would be at 1.1200-1.1300 area. Resistance is at 1.1550, as long as this level holds, downtrend from 1.1730 will continue.
USDCAD runs in a falling price channel and remains in downtrend. Deeper decline is still possible later today and target may be at the lower boundary of the price channel (now at 1.0200). Resistance is at 1.0390, as long as this level holds, downtrend form 1.0678 will continue.
AUDUSD breaks above 0.8550 resistance, suggesting that the downtrend from 0.9381 (Apr 12 high) has completed at 0.8066 already. Further rally is still possible after a minor consolidation and next target would be at 0.8700 area. Support is at 0.8420 followed by 0.8300.