GBPUSD Analysis.
GBPUSD stays in a rising price channel and remains in uptrend from 1.5296. The price action from 1.6017 is more likely consolidation of uptrend. As long as the channel support (now at 1.5850) holds, we’d expect uptrend to resume, and another rise towards 1.6100 is still possible. Only a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then deeper decline to test 1.5669 key support could be seen.
USDCAD Analysis.
USDCAD stays in a falling price channel on 4-hour chart and remains in downtrend from 1.0378. As long as 1.0232 key resistance holds, the price action from 1.0062 could be treated as consolidation of downtrend, and another fall to 1.0000 area is still possible. However, above 1.0232 will indicate that the fall from 1.0672 has completed at 1.0062 already, then the following upward movement could bring price back to 1.0600 zone.
EURUSD Analysis.
EURUSD broke below the rising trend line on 4-hour chart, suggesting that a cycle top is being formed at 1.4029 level. Initial support is at 1.3834, a break below this level will confirm the cycle top and indicate that lengthier consolidation of uptrend is underway, then deeper decline towards 1.3637 could be seen. Resistance is at 1.4029, only break above this level could trigger another rise to 1.4200 area.
AUDUSD Analysis.
AUDUSD remains in uptrend from 0.8771 and the price action from 0.9916 is more likely consolidation of uptrend. Support is at the uptrend line from 0.8860 to 0.9541, as long as the trend line support holds, we’d expect uptrend to resume, and further rise to 1.0000 area is still possible.
USDCHF Analysis.
USDCHF is in consolidation of downtrend from 1.0624. Range trading between 0.9555 and 0.9750 would more likely be seen in a couple of days. Downtrend is expected to resume after consolidation and a breakdown below 0.9555 could signal resumption of downtrend.
USDJPY Analysis.
After touching the lower border of the price channel on 4-hour chart, USDJPY rebounded from 81.55, however the bounce is treated as consolidation of downtrend from 85.92, as long as the channel resistance holds, another fall to 81.00 is still possible.
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