AUDUSD Analysis.
AUDUSD is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, we’d expect uptrend to resume, and another rise to 1.0550 is still possible. However, a clear break below the trend line will indicate that a cycle top has been formed at 1.0474, and the uptrend from 1.0246 has completed, then the following downward movement could bring price back to re-test 1.0225 previous low support.
GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5818, and the pullback from 1.6301 is likely consolidation of the uptrend. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to resume after consolidation, and next target would be at 1.6400 area. On the other side, a clear break below the trend line will indicate that a cycle top has been formed at 1.6301, and the uptrend from 1.5818 has completed, then the following downward movement could bring price back to 1.6000 zone.
EURUSD Analysis.
EURUSD remains in uptrend from 1.2995. Support is at the lower border of the price channel on 4-hour chart, as long as the channel support holds, uptrend could be expected to continue, and next target would be at 1.3300-1.3350 area, only a clear break below the channel support could signal completion of the uptrend.
USDJPY Analysis.
USDJPY breaks below 80.31 support and continues its downward movement from 84.17, and the fall extends to as low as 79.73. Further decline is still possible after a minor consolidation, and next target would be at 79.00-79.50 area.
USDCAD Analysis.
USDCAD breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 0.9799, and the downtrend from 0.9978 has completed. Range trading between 0.9799 and 0.9950 would likely be seen in a couple of days.
USDCHF Analysis.
USDCHF stays below a downward trend line on 4-hour chart, and remains in downtrend from 0.9250. One more fall to 0.9000 to complete the downward movement would likely be seen. On the upside, a clear break above the trend line will indicate that a cycle bottom has been formed, and the fall from 0.9250 has completed.
