AUDUSD Analysis.
AUDUSD formed a cycle top at 1.0255 level on 4-hour chart, the subsequent pullback had bring price to the lower border of the price channel. Rebound from the bottom line of the channel would likely be seen later today. Resistance is at 1.0110, a break above this level could trigger another rise towards 1.0300 area. However, a clear break below the channel support will indicate that the uptrend from 0.9537 had completed at 1.0255 already, then the following downward move could bring price back to 0.9650-0.9700 area.
EURUSD Analysis.
EURUSD’s rise from 1.3055 extended further to as high as 1.3433 level. As long as 1.3250 support holds, one more rise to test 1.3497 resistance is still possible, a break above this level will indicate that the longer term downtrend from 1.4281 (Nov 4, 2010 high) had completed at 1.2969 already, then further rally could be seen to 1.3700 area. However, below 1.3250 will suggest that a cycle top had been formed at 1.3433 on 4-hour chart, then the following downward move could bring price to 1.3000 area.
USDCHF Analysis.
USDCHF bounced from 0.9300 and reached the upper border of the falling price channel on 4-hour chart. As long as the channel resistance holds, we’d expect downtrend to resume and another fall to 0.9200 area is still possible. However, a clear break above the channel resistance will indicate that the fall from 1.0066 had completed at 0.9300 already, then the following uptrend could bring price to 0.9700 area.
USDJPY Analysis.
USDJPY formed a cycle bottom at 80.93 level on 4-hour chart. Now the bounce from 80.93 could possibly be resumption of uptrend. Further rally is still possible after a minor consolidation and next target would be at 83.00 area.
GBPUSD Analysis.
GBPUSD is forming a sideways consolidation in a range between 1.5344 and 1.5664. The sideways movement is expected to continue in a couple of days. As long as 1.5664 key resistance holds, downtrend is expected to resume after consolidation and one more fall to test 1.5296 (Sep 7 low) support is still possible, a break below this level will confirm that the long term uptrend from 1.4230 (May 20 low) is complete.
USDCAD Analysis.
USDCAD broke above the falling trend line on 4-hour chart, suggesting that a cycle bottom had been formed at 0.9888 level. The bounce from 0.9888 could possibly be resumption of uptrend. Further rally to 1.0200 area is expected after a minor consolidation.
Comments are closed.