AUDUSD traded in a narrow range between 1.0389 and 1.0581. The price action in the range is likely consolidation of uptrend from 0.9704. As long as 1.0389 support holds, we’d expect uptrend to resume, and one more rise towards 1.1000 is still possible. However, a breakdown below 1.0389 will indicate that the upward movement from 0.9704 has completed at 1.0581 already, then the following downward move could bring price back to 1.0100-1.0200 area.
USDCHF’s fall from 0.9339 extended further to as low as 0.8928. Another fall towards 0.8922 previous low is still possible, a breakdown below this level will confirm that the long term downtrend from 1.1730 (Jun 1, 2010 high) has resumed, then the following downward move could bring price to 0.8500 area. Resistance is at 0.9050, only break above this level could bring price back to 0.9200 zone.
USDCAD remains in downtrend from 0.9943, the bounce from 0.9526 is treated as consolidation of downtrend. Another fall towards 0.9000 is still possible after consolidation, and a breakdown below 0.9526 previous low will signal resumption of downtrend.
GBPUSD’s fall from 1.6427 extended to as low as 1.6227. Deeper decline to 1.6200 area to reach next cycle bottom on 4-hour chart is expected later today. 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.
EURUSD broke below the uptrend line on 4-hour chart, suggesting that lengthier consolidation of uptrend from 1.4020 is underway. Deeper decline would likely be seen in a couple of days, and target would be at 1.4300-1.4350 area. Resistance is at 1.4519, above this level will indicate that the uptrend has resumed, then another rise towards 1.4700 could be seen.
USDJPY’s fall from 85.51 extended further to as low as 83.28. Deeper decline is still possible later today, and next target would be at 82.50-83.00 area. Resistance is at 84.25, a break above this level will suggest that a cycle bottom is being formed on 4-hour chart, then bounce to 84.50-85.00 area could be seen.