AUDUSD drops below the key support at 0.9329 and formed a short term cycle top at 0.9470. Further pullback to retest 0.9147 previous low could be seen in the next several days. Near term resistance is at 0.9470, only break of this level will signal the resumption of the up trend.
USDJPY’s down trend remains and drops sharply to as low as 96.58 level. Further decline to 94.00 area to reach the next cycle bottom on 4-hour chart is still possible, near term resistance is at 101.00, as long as this resistance holds, we’d expect down trend to continue.
EURUSD’s up trend remains and the rise from 1.4438 (Feb 7 low) extends to as high as 1.5840 level. Further rally to 1.6000 area is still possible in a couple of days. Near term support is at 1.5585, as long as this support holds, up trend will continue.
GBPUSD breaks below this up trend line from 1.9720 to 1.9994, and is forming a short term cycle top at 2.0391 level. Key support is at 1.9994, a break of this level will confirm the cycle top and indicates the up trend from 1.9361 has completed, fall to retest 1.9361 could then be seen.
USDCHF’s down trend remains and drops sharply to as low as 0.9753, as long as 1.0120 resistance holds, fall to 0.9600 area to reach the next cycle bottom on 4-hour chart is still possible in a couple of days.
No changed in our view, USDCAD formed a sideways consolidation in a range between 0.9709 and 0.9981. Further rise to 1.0050 area to reach the next short term cycle top on 4-hour chart is still possible in the next several days. Key support is at 0.9709, a breakdown of this level indicates that the long term down trend is resumed and further fall to test 0.9056 (Nov 7, 2007 low) is expected to follow.
More long term forex analysis.
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