USDJPY Analysis.
USDJPY stays within a downward price channel on 4-hour chart, and remains in downtrend from 84.17 (Mar 15 high), the rise from 79.63 is treated as consolidation of the downtrend. Another rise to test the resistance of upper line of the price channel would likely be seen, as long as the channel resistance holds, we’d expect downtrend to resume, and one more fall to 79.00 is still possible. On the upside, a clear break above the upper border of the channel will indicate that the downtrend from 84.17 has completed at 79.63 already, then the following upward movement could bring price to 83.00.
AUDUSD Analysis.
AUDUSD’s downward movement extends to as low as 1.0284. Further decline to test 1.0225 previous low support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 1.0855 (Feb 29 high).
GBPUSD Analysis.
GBPUSD has formed a cycle top at 1.6301 on 4-hour chart. Further decline would likely be seen after a minor consolidation, and next target would be at 1.6100 area. Key resistance is at 1.6301, only break above this level trigger another rise towards 1.6500.
EURUSD Analysis.
EURUSD break below the lower line of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.3283, and the upward movement from 1.2995 has completed. Further decline could be seen after a minor consolidation, and next target would be at 1.3050 area.
USDCAD Analysis.
USDCAD has formed a cycle bottom at 0.9799 on 4-hour chart. Further rally would likely be seen after consolidation, and the target would be at 0.9950 area. Support is at 0.9799, only break below this level could signal resumption of the downtrend from 1.0051.
USDCHF Analysis.
USDCHF break above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 0.9043, and the downward movement from 0.9250 has completed. Further rally could be seen after a minor consolidation, and next target would be at 0.9200 area.
