USDCAD Analysis.
USDCAD stays below a downtrend line on 4-hour chart, and remains in downtrend from 0.9826, and the price action from 0.9526 is treated as consolidation of downtrend. As long as the trend line resistance holds, we’d expect downtrend to resume, and another fall towards 0.9400 is still possible. However, a clear break above the trend line resistance will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 0.9650 zone.
AUDUSD Analysis.
AUDUSD pulled back from 1.0581, suggesting that a cycle top has been formed on 4-hour chart. Deeper decline to 1.0400 area to reach next cycle bottom would likely be seen. However, the fall from 1.0581 would possibly be consolidation of uptrend from 0.9704, another rise towards 1.1000 is still possible after consolidation, and a break above 1.0581 will signal resumption of uptrend.
GBPUSD Analysis.
GBPUSD is forming a cycle top at 1.6427 level on 4-hour chart. Pullback to 1.6200-1.6250 area to reach next cycle bottom on 4-hour chart is expected in a couple of days. However, the fall from 1.6427 is treated as consolidation of uptrend from 1.5936, another rise towards 1.6600 is still possible after consolidation.
USDCHF Analysis.
USDCHF’s fall from 0.9339 extended to as low as 0.9047. Deeper decline towards 0.8922 is expected in a couple of days. Resistance is at 0.9105, followed by 0.9130, as long as these levels holds, downtrend will continue.
EURUSD Analysis.
EURUSD is in uptrend from 1.4020, the fall from 1.4487 is treated as consolidation of uptrend. Support is at the lower border of the price channel on 4-hour chart, as long as the channel support holds, uptrend will continue.
USDJPY Analysis.
USDJPY broke below 84.59 support and reached as low as 84.13, suggesting that a cycle top had been formed at 85.51 level on 4-hour chart. Pullback to 83.50-84.00 area would likely be seen in a couple of days. However, the fall from 85.51 is treated as consolidation of uptrend from 76.40, another rise towards 87.00 is still possible after consolidation.
