AUDUSD broke below 0.9121 key support and formed a short term cycle top at 0.9252 level. Further fall to test 0.8953 previous low is possible in a couple of days. Key resistance is at 0.9252, as long as this resistance holds, we’d expect down trend to continue.
EURUSD fails to test the previous high resistance at 1.5902 and pulls back from 1.5896 level. The pair is forming a short term cycle top, key support is now located at 1.5726, a break of this level will confirm the cycle top and deeper decline to retest 1.5342 could be seen. Key resistance is at 1.5902, only break of this level will signal the resumption of the long term up trend.
USDCHF is forming a short term cycle bottom at 0.9870, key resistance is now at 0.9996, a break of this level will confirm the cycle bottom and further rebound to test 1.0249 is expected to follow.
No changed in our view, USDCAD is forming a sideways consolidation in a range between 1.0094 and 1.0307. As long as 1.0307 resistance holds, we’d expect down trend to resume, further fall to test 0.9709 previous low support is possible, and a break down of 1.0094 is needed to confirm such case. Key resistance is at 1.0307, only break of the level will signal the resumption of the long term up trend.
GBPUSD’s down trend resumed and further fall to test 1.9736 previous low support is still possible in a couple of days, if this support gives way, deeper decline to 1.9500 area could be seen.
No changed to in our view, USDJPY formed a sideways consolidation in a range between 98.55 and 101.03. As long as 98.55 support holds, we’d expect up trend to resume and further rise to test 103.59 resistance is still in favor, a break of 101.03 level is needed to confirm such case.
More long term forex analysis.
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