GBPUSD Analysis.
Being contained by 1.5776 resistance, GBPUSD moves sideways in a narrow range between 1.5640 and 1.5720. The price action in a range is likely consolidation of the short term uptrend from 1.5484, another rise to test 1.5776 resistance is still possible after consolidation, and a break above this level will indicate that the longer term uptrend from 1.5268 has resumed, then next target would be at 1.6000 area. Support is at 1.5590, only break below this level could bring price back to 1.5400 zone.
USDCHF Analysis.
Being supported by 0.9421, USDCHF rebounded from 0.9463, suggesting that a cycle bottom had been formed on 4-hour chart. However, the bounce is likely consolidation of the short term downtrend from 0.9678, another fall to test 0.9421 support is still possible after consolidation.
USDJPY Analysis.
USDJPY had formed a cycle bottom at 79.14 on 4-hour chart. Further rise to test 80.62 previous high resistance would likely be seen. Initial support is at the lower line of the price channel, and the key support is at 79.14, only break below this level could bring price back to 78.00 area.
EURUSD Analysis.
Being contained by 1.2747 resistance, EURUSD pulled back from 1.2692, suggesting that a cycle top had been formed on 4-hour chart. However, the fall from 1.2692 is likely consolidation of the short term uptrend from 1.2407, another rise to test 1.2747 resistance is still possible.
AUDUSD Analysis.
AUDUSD’s upward movement from 0.9968 extends to as high as 1.0317. Further rise is still possible after a minor consolidation, and next target would be at 1.0400 area. Support is at 1.0210, only break below this level could indicate that lengthier consolidation of the uptrend is underway.
USDCAD Analysis.
USDCAD’s downward movement from 1.0361 extends to as low as 1.0119. Further decline would likely be seen after a minor consolidation, and next target would be at 1.0000 area. Resistance is at 1.0150 followed by 1.0200, as long as these levels hold, downtrend will continue.
Comments are closed.