USDCAD failed to test 1.0326 (Apr 1 high) and pulled back from 1.0322. A short term cycle top has been formed. Sideways consolidation in a range between 1.0070 and 1.0322 could be seen in in next several days.
EURUSD is in down trend. Rebound from 1.5440 is treated as consolidation to downtrend. Initial resistance is at 1.5595 and followed by 1.5642. As long as 1.5642 resistance holds, we’d expect down trend to resume. Deeper decline is expected to retest 1.5284 (May 8 low) after consolidation, and a break of 1.5440 level will signal resumption of down trend.
USDCHF pulled back from 1.0446 and formed a short term cycle top on 4-hour chart. Consolidation could be seen in a couple of days. As long as 1.0147 support holds, we’d expect up trend to resume, further rise to test 1.0623 (May 8 high) is still possible, and the resumption of up trend will be confirmed by breaking above 1.0446 level.
USDJPY pulled back from 107.76 and is forming a short term cycle top on 4-hour chart. Consolidation would more likely be seen before breaking above 107.76 resistance and deeper decline to 106.00 area is expected to follow.
AUDUSD is testing the support of up trend line from 0.8953 (Mar 20 low) to 0.9291 (May 15 low). If the trend line support gives way, deeper decline to test 0.9291 level could be seen. Key resistance is located at 0.9524, a break above this level will indicate that the fall from 0.9646 has completed and rally to retest 0.9653 (May 21 high) could be seen.
GBPUSD traded in range between 1.9461 and 1.9800. Rebound to 1.9750 area is expected later today and pullback from 1.9800 resistance would more likely be seen. As long as 1.9461 support holds, we’d expect up trend to resume, and rise to 2.000 area is still in favor after consolidation.