Being support by 1.6431, GBPUSD rebounded from 1.6451, suggesting that a cycle bottom is being formed on 4-hour. Further rise would likely be seen in a couple of days, and target is at 1.6745 previous high. However, a breakdown below 1.6431 support will indicate that the uptrend from 1.5936 (Mar 28 low) has completed at 1.6745 already, then the following downward movement could bring price back to 1.6250 zone.
EURUSD has reached a lower border of the price channel on 4-hour chart, a clear break below the channel support will indicate that lengthier consolidation of uptrend from 1.4157 is underway, then deeper decline could be seen to 1.4600 area. However, as long as 1.4754 key support holds, we’d expect uptrend to resume, and another rise towards 1.5000 is still possible.
USDCAD broke above 0.9575 resistance, suggesting that a cycle bottom has been formed at 0.9444 level on 4-hour chart. Now the pair is facing resistance of the trend line from 0.9973 to 0.9721, a clear break above the trend line resistance will indicate that the fall from 0.9973 has completed at 0.9444 already, then the following upward move could bring price back to 0.9750 zone.
USDJPY’s downward move from 82.76 extended to as low as 80.43. Resistance is now at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue and next target would be at 80.00 area, only a clear break above the trend line resistance could trigger another rise to 82.00 zone.
USDCHF stays below a falling trend line on 4-hour chart, and remains in downtrend from 0.9339. As long as the trend line resistance holds, downtrend could be expected to continue and next target would be at 0.8500 area.
AUDUSD pulled back to 1.0694 and is now facing 1.0675 support, below this level will target 1.0500 zone. Resistance is at 1.0830, as long as this level holds, downtrend from 1.1011 could be expected to continue.