EURUSD is forming a short term cycle top at 1.6019 on 4-hour chart. Deeper decline to retest 1.5671 key support is expected in a couple of days, and a break below this level will signal the reversal to up trend. Immediate resistance is at 1.6019, only break above this level will signal the resumption of the uptrend.
USDCAD is in correction to the down trend. Further rise is still possible to test the resistance of the down trend line from 1.0326 (Apr 1 high) to 1.0273. As long as 1.0273 resistance holds, we’d expect down trend to resume and deeper decline to retest 0.9987 could be seen after correction.
Being contained by the price channel resistance, AUDUSD pulls back from 0.9541 level. The pair might be forming a short term cycle top at 0.9541 on 4-hour chart. Further fall to test the price channel support is still possible in the next several days. Initial resistance is at 0.9541, only break of this level will signal the resumption of the up trend.
GBPUSD failed to test 2.0029 resistance and dropped sharply from 1.9997. Key support is now located at 1.9745, a break below this level will confirm the short term cycle top at 2.0029, and further fall below 1.9599 is expected to follow.
USDCHF might be forming a short term cycle bottom at 0.9995 on 4-hour chart. Further rally to test 1.0284 is expected in a couple of days. Near term support is at 0.9995, only break below this level will indicate lengthier correction to the longer term up trend.
No changed in our view, USDJPY formed a short term cycle top at 104.64 level on 4-hour chart. Pullback to retest the price channel support is expected. Key resistance is at 104.64, only break of this level will signal the resumption of the up trend.
More long term forex analysis.
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