GBPUSD Analysis.
GBPUSD broke below 1.6215 support, suggesting that a cycle top has been formed at 1.6343 level on 4-hour chart. Pullback towards the uptrend line from 1.5751 to 1.6030 would likely be seen in a couple of days. As long as the trend line support holds, the fall from 1.6343 is treated as consolidation of uptrend from 1.5344, and another rise towards 1.6400 is still possible after consolidation.
AUDUSD Analysis.
AUDUSD stays in a trading range between 1.0075 and 1.0201. The price action in the range is likely consolidation of uptrend. Support is at 1.0075, as long as this level holds, uptrend could be expected to resume and another rise towards 1.0300 is possible, however, a break above 1.0201 resistance is needed to confirm the resumption of uptrend.
USDJPY Analysis.
USDJPY formed a trading range between 81.57 and 83.03. Moving sideways without trend would likely be seen in next several days. Key support is at 81.57, a break below this level will signal resumption of long term downtrend.
EURUSD Analysis.
EURUSD’s upward movement extended to as high as 1.4035. Consolidation of uptrend from 1.3428 is needed in a couple of days, and pullback toward the lower border of the price channel on 4-hour chart would likely be seen. Resistance is at 1.4035, only break above this level could bring price to 1.4150 area.
USDCHF Analysis.
USDCHF is in consolidation of downtrend from 0.9774. Another rise towards 0.9450 area would more likely be seen later today. Key support is at 0.9201, a breakdown below this level will indicate that the downtrend has resumed, then next target would be at 0.9100 zone.
USDCAD Analysis.
USDCAD is in downtrend from 1.0057. The price action from 0.9683 is treated as consolidation of downtrend. Bounce to 0.9800 to reach next cycle top on 4-hour chart would likely be seen later today. Support is at 0.9683, a breakdown below this level will indicate that the downtrend has resumed, then next target would be at 0.9600 zone.
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