EURUSD Analysis.
Being contained by the resistance of the downtrend line on 4-hour chart, EURUSD pulled back from 1.3524, suggesting that a cycle top is being formed. Now the fall from 1.3524 would possibly be resumption of downtrend from 1.4548, deeper decline towards 1.3146 is expected later today. On the upside, a clear break above the trend line will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.3700 zone.
USDJPY Analysis.
USDJPY formed a cycle top at 77.25 on 4-hour chart. Another fall to re-test 75.96 key support would likely be seen, a breakdown below this level will signal resumption of the longer term downtrend from 85.51.
GBPUSD Analysis.
GBPUSD’s rise from 1.5272 extended to as high as 1.5645. Further rise to test 1.5715 resistance is still possible later today, downtrend would likely be seen to resume before breaking above this level. However, a break above 1.5715 will indicate that lengthier consolidation of downtrend from 1.6617 is underway, then further rally could be seen to 1.5900 zone.
USDCHF Analysis.
USDCHF is forming a cycle top at 0.9314 on 4-hour chart. Pullback towards the uptrend line would likely be seen later today. As long as the trend line support holds, the fall is treated as consolidation of uptrend from 0.7711, and another rise towards 0.9500 is possible.
AUDUSD Analysis.
AUDUSD broke above the downtrend line on 4-hour chart last week, suggesting that lengthier consolidation of downtrend from 1.0764 is underway. Range trading between 0.9390 and 0.9984 would likely be seen in next several days.
USDCAD Analysis.
USDCAD is in consolidation of uptrend from 0.9406. Now the pair may be forming a cycle bottom at 1.0235 on 4-hour chart. Range trading between 1.0235 and 1.0656 would likely be seen in a couple of days.
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