USDJPY broke below 101.51 support and formed a short term cycle top at 102.94 level on 4-hour chart. Deeper decline to 100.00 area to reach the next cycle bottom is still possible in a couple of days. However, the fall from 102.94 is treated as correction to the up trend, as long as the price channel support holds, we’d expect up trend to resume.
AUDUSD formed a short term cycle bottom at 0.9031 and rebounded to as high as 0.9228. Further rally to test 0.9353 resistance could be seen in the next several days. Next term support is at up trend line, and as long as the trend line support holds, up trend will continue.
EURUSD formed a short term cycle bottom at 1.5510 on 4-hour chart. Consolidation in a range between 1.5510 and 1.5902 is expected. Fall below 1.5510 may turn price back to retest 1.5342 previous low support. Only rise above 1.5902 (Mar 17 high) may indicate the sideways consolidation in range between 1.5342 and 1.5902 has completed and long term up trend has resumed.
USDCHF is forming a sideways consolidation in a range between 0.9870 and 1.0249. Further rise to 1.0500 area to reach the next short term cycle top on 4-hour chart is still possible after consolidation. Key support is at 0.9870, only break below this level will turn price back to 0.9700 area.
USDCAD broke below 1.0094 support and reached as low as 1.0018. Deeper decline 0.9900 area is expected after consolidation. Near term resistance is at 1.9210, as long as this resistance holds, we’d expect down trend to continue.
GBPUSD is in consolidation to the down trend. Further rebound to test 2.0193 resistance is still possible in the next several days. Only break below 1.9730 level will signal the resumption of the long term down trend.
More long term forex analysis.
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