GBPUSD Analysis.
GBPUSD breaks below 1.5600 support, suggesting that a cycle top has been formed at 1.5776 on 4-hour chart. Now the pair is facing the support of the upward trend line on 4-hour chart, as long as the trend line support holds, the fall from 1.5776 could be treated as consolidation of the uptrend from 1.5268, and one more rise to 1.5900 is still possible. On the downside, a clear break below the trend line support will indicate that the uptrend from 1.5268 has completed at 1.5776 already then the following downward movement could bring price back to test 1.5268 previous low support.
EURUSD Analysis.
EURUSD is facing 1.2500 key support, a breakdown below this level will indicate that the upward movement from 1.2288 has completed at 1.2747 already, then further decline to test 1.2288 previous low support could be seen. However, as long as 1.2500 level holds, the fall from 1.2747 could possibly be consolidation of the uptrend from 1.2288, and another rise to 1.2800-1.2900 area is still possible.
USDCHF Analysis.
USDCHF is facing 0.9600 key resistance, above this level will confirm that the downward movement from 0.9769 has completed at 0.9421 already, then further rise to test 0.9769 previous high resistance could be seen. On the downside, as long as 1.2600 level holds, the bounce from 0.9421 would possibly be consolidation of the downtrend from 0.9769, and another fall to 0.9300 is still possible.
USDJPY Analysis.
As expected, USDJPY breaks above 79.78 resistance, and reaches as high as 80.33. Further rise to test 80.61 key resistance could be expected after a minor consolidation, a break above this level will confirm that the downtrend from 84.17 (Mar 15 high) has completed, then further rise to 83.00 area could be seen.
AUDUSD Analysis.
AUDUSD has formed a cycle top at 1.0223 on 4-hour chart. Now the pair is facing the support of the lower line of the price channel, a clear break below the channel support will indicate that the upward movement from 0.9581 has completed at 1.0223 already, then the following downward move could bring price back to 0.9800 area. On the upside, as long as the channel support holds, the fall from 1.0223 could possibly be consolidation of the uptrend from 0.9581, and one more rise to 1.0300 to complete to upward movement is still possible.
USDCAD Analysis.
USDCAD breaks above this downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 1.0159. Further rise is still possible, and the target would be at 1.0350 area. However, the price action from 1.0200 is likely consolidation of the downtrend from 1.0445, another fall could be expected after the consolidation.
