USDCAD Analysis.
USDCAD’s fall from 1.0028 extends to as low as 0.9892. Lengthier sideways movement in a range between 0.9841 and 1.0050 is expected in a couple of days. As long as 1.0050 key resistance holds, the price action in the trading range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and another fall towards 0.9700-0.9800 area is still possible. On the upside, a break above 1.0050 will indicate that the downtrend has completed at 0.9841 already, then the following upward movement could bring price back to 1.0400 zone.
USDJPY Analysis.
USDJPY breaks above 81.86 resistance, suggesting that the uptrend from 76.02 has resumed. Further rise could be expected in a couple of days, and next target would be at 82.50 area. Support is at 81.50, only break below this level could indicate that lengthier consolidation of the uptrend is underway.
AUDUSD Analysis.
AUDUSD breaks above the upper line of the price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 1.0507. However, the rise from 1.0507 is likely consolidation of the downtrend from 1.0855, another fall could be expected after consolidation, and a breakdown below 1.0507 will signal resumption of the downtrend.
USDCHF Analysis.
USDCHF has formed a cycle top at 0.9200 on 4-hour chart. However, the fall from 0.9200 is likely consolidation of the uptrend from 0.8931, another rise could be expected after consolidation, and a break above 0.9200 will signal resumption of the uptrend.
EURUSD Analysis.
EURUSD has formed a cycle bottom at 1.3096 on 4-hour. Now the rise from 1.3096 is treated as consolidation of the downtrend from 1.3486, and another fall is expected after consolidation. Key support is at 1.3096, a breakdown below this level will signal resumption of the downtrend.
GBPUSD Analysis.
Being supported by 1.5648, GBPUSD rebounded from 1.5696, suggesting that a cycle bottom had been formed on 4-hour chart. However, the rise is likely correction of the downward movement from 1.5991, and one more fall to re-test 1.5648 keys support is still possible.
