USDCAD Analysis.
USDCAD moves sideways in a range between 0.9979 and 1.0093. Now the price action in the trading range is more likely consolidation of downtrend from 1.0372. Another fall to test 0.9979 support is expected later today, a breakdown below this level could trigger another fall towards 0.9500 area. Resistance is at 1.0093, only break above this level would suggest that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.0150 zone.
USDJPY Analysis.
USDJPY broke above 81.98 resistance and reached as high as 82.79 level. The subsequent pullback suggests that a cycle top is being formed on 4-hour chart. Another fall towards 80.30 previous low would more likely be seen in a couple of days. Resistance is at 82.79, only break above this level could trigger another rise to 83.50-84.00 area.
GBPUSD Analysis.
GBPUSD is forming a cycle bottom at 1.5953 level on 4-hour chart. Range trading between 1.5953 and 1.6298 is expected in a couple of days. Resistance is at 1.6298, a break above this level could indicate that the longer term uptrend from 1.5296 (Sep 7 low) has resumed, then another rise towards 1.6500 could be seen.
EURUSD Analysis.
EURUSD broke below 1.3698 support, suggesting that consolidation of the longer term uptrend from 1.1876 (Jun 7 low) is underway. Deeper decline is still possible later today and next target would be at 1.3550-1.3600 area. Resistance is at 1.3973, above this level could indicate that a cycle bottom has been formed at 1.3671 level on 4-hour chart, then sideways movement in a range between 1.3671 and 1.4281 could be seen.
USDCHF Analysis.
USDCHF has formed a cycle bottom at 0.9548 level on 4-hour chart. Another rise would more likely be seen later today and next target would be at 0.9850 area. Support is at 0.9630, only break below this level could trigger another fall towards 0.9463 previous low.
AUDUSD Analysis.
AUDUSD’s fall from 1.0182 extended to as low as 0.9975. Deeper decline is still possible later today and next target would be at 0.9900 area. However, the fall from 1.0182 is more likely consolidation of uptrend, another rise could be expected after consolidation and a break above 1.0182 could signal resumption of uptrend.
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