Being contained by 1.0225 support, AUDUSD rebounded from 1.0246, suggesting that a cycle bottom has been formed on 4-hour chart. Further rise to test 1.0463 key resistance would likely be seen, a break above this level will signal completion of the downtrend from 1.0855. However, as long as 1.0463 level holds, the price action from 1.0225 is treated as consolidation of the downtrend, and one more fall to 1.0000 is still possible after consolidation.
USDJPY breaks above the upper line of the price channel on 4-hour chart. However, as long as 81.77 key resistance holds, the rise from 80.31 is treated as consolidation of the longer term downtrend from 84.17, and another fall to 79.50 is still possible after consolidation. On the upside, a break above 81.77 will indicate that the fall from 84.17 had completed at 80.31 already, then the following upward movement could bring price back to 83.00 zone.
USDCAD breaks below 0.9841 previous low support, and reaches as low as 0.9823. Further decline could be expected in a couple of days, and next target would be at 0.9750-0.9800 area. Initial resistance is at 0.9865, as long as this level holds, the downtrend from 0.9978 will continue.
EURUSD’s upward movement from 1.2995 extends to as high as 1.3236. Further rise could be expected later today, and the target would be at the upper line of the price channel on 4-hour chart. Support is at the bottom of the channel, only a clear break below the channel support could signal completion of the uptrend.
GBPUSD continues its upward movement from 1.5818 and reaches as high as 1.6181. Further rise is still possible after a minor consolidation, and next target would be at 1.6250 area. Support is at 1.6070, only break below this level could signal completion of the uptrend.
USDCHF’s downward movement extends to as low as 0.9078. Further decline is still possible after a minor consolidation, and next target would be at 0.9050 area. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.