EURUSD Analysis.
Being supported by the price channel on 4-hour chart, EURUSD rebounded from 1.4754, suggesting that a cycle bottom is being formed. Now the bounce from 1.4754 would possibly be resumption of uptrend from 1.4157. further rise would likely be seen later today, and next target would be at 1.5000. Only a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then pullback to 1.4600 area is expected.
USDCAD Analysis.
USDCAD formed a trading range between 0.9444 and 0.9575. The price action in the range is treated as consolidation of downtrend from 0.9973, as long as 0.9575 resistance holds, downtrend could be expected to resume, and another fall towards 0.9400 is still possible. However, a break above 0.9575 will indicate that a cycle bottom had been formed at 0.9444 on 4-hour chart, and the fall from 0.9973 had completed.
USDJPY Analysis.
USDJPY’s downward movement extended to as low as 80.69. However, the price action from 81.26 is treated as consolidation of downtrend from 85.51, another rise to 82.00-82.50 area to reach next cycle top on 4-hour chart is still possible.
USDCHF Analysis.
USDCHF’s downward move extended to as low as 0.8595. Further decline is still in favor and next target would be at 0.8500 area. Resistance is at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend from 0.9339 could be expected to continue.
AUDUSD Analysis.
AUDUSD broke below the price channel on 4-hour chart, suggesting that a cycle top had been formed at 1.1011 on 4-hour chart. Deeper decline could be seen later today, and target would be at 1.0750 area. However, the fall is likely consolidation of uptrend from 0.9704, another rise is still possible after consolidation.
GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5936, the fall from 1.6745 is treated as consolidation of uptrend. Now the pair is facing 1.6431 support, rebound would likely be seen before breaking below this level.
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