AUDUSD Analysis.
AUDUSD’s rise from 1.0304 extends to as high as 1.0451. Further rise to test the resistance of the downward trend line would likely be seen later today. As long as the trend line resistance holds, the rise is treated as consolidation of the downtrend from 1.0855, and another fall to 1.0200 is still possible. On the other side, a clear break above the trend line will suggest that lengthier consolidation of the downtrend is underway, then range trading between 1.0304 and 1.0556 could be seen.
GBPUSD Analysis.
GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.5602. Now the pair is facing the upper line of the channel, minor consolidation would likely be seen in a couple of days, and pullback towards the bottom of the channel is expected.
USDCAD Analysis.
USDCAD is forming a sideways consolidation in a range between 0.9841 and 1.0050. Another fall towards 0.9841 would likely be seen later today. As long as 1.0050 key resistance holds, the price action in the range is treated as consolidation of the longer term downtrend from 1.0422 (Dec 14, 2011 high), and a breakdown below 0.9841 could signal resumption of the downtrend.
EURUSD Analysis.
EURUSD remains in uptrend from 1.3003, the price action from 1.3385 is treated as consolidation of the uptrend. Initial support is at the lower border of the price channel on 4-hour chart, and the key support is located at 1.3252, only break below this level could signal completion of the uptrend.
USDJPY Analysis.
After touching 81.98 support, USDJPY rebounded strongly from 81.83, and is now facing the 83.38 resistance, above this level will target 83.75-84.00 area. Key resistance is at 84.17 previous high, a break above this level will indicate that the longer term uptrend from 76.02 has resumed.
USDCHF Analysis.
USDCHF remains in downtrend from 0.9333. Further fall is still possible and next target would be at 0.8950 area. Resistance is at the upper border of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend.
