EURUSD Analysis.
After breaking above 1.3437 resistance, EURUSD pulled back from 1.3497, suggesting that a cycle top is being formed on 4-hour chart. Now the fall from 1.3497 could possibly be resumption of downtrend, deeper decline to test 1.3165 key support would likely be seen, a breakdown below this level will confirm the resumption of downtrend. Resistance is at 1.3497, only break above this level could take upside further to 1.3600 area.
GBPUSD Analysis.
GBPUSD’s rise from 1.5484 extended to as high as 1.5910 level. Key support is at 1.5711, as long as this level holds, uptrend is expected to continue and next target would be at 1.6000 area. However, a breakdown below 1.5711 will indicate that the upward move from 1.5484 has completed at 1.5910 already, then the following bearish movement could bring price back to 1.5600 area.
USDJPY Analysis.
USDJPY’s fall from 84.34 reached 82.84 only, suggesting that sideways consolidation is underway. Range trading between 82.34 and 84.40 could be seen in a couple of days and one more fall towards 82.34 is still possible.
AUDUSD Analysis.
AUDUSD stays above a trend line on 4-hour chart and remains in uptrend from 0.9537. As long as the trend line support holds, uptrend could be expected to continue and another rise towards 1.0182 is still possible. However, a clear break below the trend line support will indicate that the rise from 0.9537 has completed at 1.0027 already, then the following downward move could bring price back to 0.9700 area.
USDCHF Analysis.
USDCHF’s bearish movement from 1.0066 extended to as low as 0.9561 level. Another fall to test 0.9548 support is still possible later today, a break below this level could target 0.9500 area. Resistance is at 0.9700, only break above this level could indicate that the fall from 1.0066 is complete.
USDCAD Analysis.
USDCAD keeps on moving sideways in a range between 1.0002 and 1.0140. Another rise to test 1.0140 resistance is expected, a break above this level could bring price further towards 1.0285 resistance.
