AUDUSD Analysis.
AUDUSD formed a cycle top at 0.9029 level on 4-hour chart. Range trading between 0.8771 and 0.9029 is expected in a couple of days. Key resistance is at 0.9029, a break above this level will indicate that the fall from 0.9221 has completed at 0.8771 already, then further rise towards 0.9221 previous high could be seen, only break below 0.8771 could trigger another fall to 0.8600 area.
USDCAD Analysis.
USDCAD broke above 1.0666 previous high, suggesting that the uptrend from 1.0107 has resumed. Further rise to 1.0750 is now in favor. Support is at 1.0570, only break below this level could indicate that lengthier consolidation of uptrend is underway, then pullback to 1.0500 could be seen.
EURUSD Analysis.
EURUSD stays in a trading range between 1.2587 and 1.2778. The price action in the trading range is treated as consolidation of downtrend from 1.3333, as long as 1.2778 resistance holds, another fall towards 1.2500 is still possible. However, a break above 1.2778 will indicate that the fall from 1.3333 is complete, then bounce to 1.3000-1.3100 area could be seen.
USDCHF Analysis.
USDCHF’s downward move from 1.0624 extended to as low as 1.0135 level. Initial resistance is at 1.0215 followed by 1.0240, as long as these levels hold, downtrend is expected to continue and next target would be at 1.0050-1.0100 area.
GBPUSD Analysis.
GBPUSD’s downward move from 1.5997 extended to as low as 1.5326 level. The fall is expected to continue in a couple of days and next target would be at 1.5200 area. Key resistance is at the falling trend line on 4-hour chart (now at 1.5550), only a clear break above the trend line resistance could indicate that the fall from 1.5997 is complete.
USDJPY Analysis.
USDJPY formed a cycle top at 85.89 level on 4-hour chart. Another fall to test 83.62 support is expected later today, a breakdown below this level will indicate that the downtrend from 89.15 (Jul 12 high) has resumed, then deeper decline could be seen to 82.00 zone.
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