No changed in our view, GBPUSD topped at 1.9824, the up trend from 1.9183 (the day low of Mar 5) finished. The pair is now in down trend, the rise from 1.9590 is treated as in correction to the down trend, and a break below 1.9590 will signal the resumption of the down trend. On the other side, we treat 1.9824 as the key resistance, a break above this level will indicate longer term up trend is underway, and further rise above 1.9913 (the day high of Jan 23) will be seen.
EURUSD broke above 1.3441 previous high and pulled back from 1.3455. It would form a rising wedge pattern in the next several days and further rise towards 1.3500 level is still possible. Key support is at 1.3339, a break below this level will signal the reversal to the up trend.
Up trend of AUDUSD extended to as high as 0.8266, and further rise towards 0.8300 to reach the next cycle top on 4 hours is still possible in a couple of days. Near term support is at the up trend line, and key support is at 0.8151, only break below this level will signal the reversal to the up trend.
Down trend of USDCAD extended to as low as 1.1456, and further fall towards 1.1300 level is still possible in the next several days. Near term resistance is at 1.1532, and long as 1.1532 resistance holds, down trend will continue.
No changed in our view, USDJPY is in up trend and further rise towards 120.50 is still possible in a couple of days. Near term support is at the bottom of the price channel. Key support is at 118.43, only break below this level will delay the resumption of the up trend.
USDCHF topped at 1.2282 on 4 hours chart and dropped to as low as 1.2141. However, the initial bias will still be on the up side as long as the key support at 1.2082 holds. Further rise above 1.2354 (the day high of Mar 9) to reach the next cycle top on 4 hours chart can be expected in the next several days.