USDJPY remains in downtrend from 84.17, the price action from 79.63 is treated as consolidation of the downtrend. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, downtrend could be expected to resume, and another fall to 79.00 is still possible. On the other side, a clear break above the channel resistance will indicate that the downward movement from 84.17 has completed at 79.63 already, then the following upward movement could bring price back to 83.00 zone.
AUDUSD is facing 1.0225 support, a breakdown below this level could signal resumption of the downtrend from 1.0855 (Feb 29 high), then further decline towards 1.0000 could be seen. Resistance is at 1.0320, only break above this level could indicate that lengthier consolidation of the downtrend is underway.
GBPUSD had 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’s downward movement extends to as low as 1.3096. Further fall could be seen after a minor consolidation, and next target would be at 1.3000 area. Resistance levels are at 1.3180 and 1.3200, as long as these levels hold, downtrend will continue.
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’s upward movement extends to as high as 0.9173. Further rise could be seen after a minor consolidation, and next target would be at 0.9200 area. Support is at 0.9100, as long as this level holds, uptrend will continue.