AUDUSD Analysis.
AUDUSD broke above the downward trend line on 4-hour chart, suggesting that lengthier consolidation of the downtrend from 1.0855 is underway. Range trading between 1.0421 and 1.0665 would likely be seen. As long as 1.0665 key resistance holds, we’d expect downtrend to resume, and another fall towards 1.0200 is still possible.
USDJPY Analysis.
USDJPY has formed a cycle top at 84.17 on 4-hour chart. Consolidation of the uptrend from 76.02 would likely be seen in a couple of days, and the trading range would be between 82.50 and 84.17. Resistance is at 84.17, a break above this level will signal resumption of the uptrend, then another rise towards 85.00 could be seen.
GBPUSD Analysis.
GBPUSD broke above the downward price channel on 4-hour chart, and reached as high as 1.5860. The rise is likely correction of the downtrend from 1.5991, another fall could be expected after correction. Support is at 1.5740, a breakdown below this level could signal resumption of the downtrend.
USDCAD Analysis.
USDCAD moves sideways in a range between 0.9841 and 1.0050. Lengthier consolidation in the range would likely be seen in a couple of days. Support is at 0.9841, a breakdown below this level will signal resumption of the downtrend from 1.0422 (Dec 14, 2011 high), then next target would be at 0.9700-0.9800 area. Key resistance is at 1.0050, only break above this level could indicate that the fall is complete.
USDCHF Analysis.
USDCHF broke below the upward trend line on 4-hour chart, suggesting that lengthier consolidation of the uptrend from 0.8931 is underway. Deeper decline is still possible later today, and the target would be at 0.9100 area.
EURUSD Analysis.
EURUSD is facing the resistance of the downward price channel on 4-hour chart. Downtrend could be expected to resume after touching the upper border of the channel, only a clear break above the channel resistance could signal completion of the downtrend from 1.3486.
