USDCAD Analysis.
USDCAD’s downward movement from 1.0083 extends to as low as 0.9859. Resistance is now at 0.9930, as long as this level holds, the downtrend could be expected to continue, and next target would be at 0.9800 area. On the other side, a break above 0.9930 will suggest that a cycle bottom is being formed on 4-hour chart, then consolidation of the downtrend could be seen to follow, and the trading range would be between 0.9800 and 0.9950.
EURUSD Analysis.
After touching the upward trend line on 4-hour chart, EURUSD rebounds from 1.2256. Further rise to test 1.2442 resistance would likely be seen, a break above this level will target 1.2600 area. Key support is now at 1.2241, only break below this level could signal resumption of the longer term downtrend from 1.3486 (Feb 24 high).
USDCHF Analysis.
After touching the downward trend line on 4-hour chart, USDCHF pullback from 0.9798. The fall is likely resumption of the downtrend from 0.9971, further decline could be expected, and the target would be at 0.9500 area. Key resistance is at 0.9809, only break above this level could signal completion of the downtrend.
GBPUSD Analysis.
GBPUSD is facing 1.5767 resistance, a break above this level will target 1.5900 area. Support is now at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue. On the other side, a clear break below the trend line will indicate that lengthier consolidation in a range between 1.5458 and 1.5767 is underway, then deeper decline to test 1.5458 support could be seen.
USDJPY Analysis.
USDJPY’s rise from 77.92 extends to as high as 79.40. Further rise could be expected after a minor consolidation, and next target would be at 80.00 area. Support is at 79.00, only break below this level could signal completion of the uptrend.
AUDUSD Analysis.
AUDUSD stays within a downward price channel on 4-hour chart, and remains in short term downtrend from 1.0612. Another fall to test 1.0435 support is still possible, a breakdown below this level will target 1.0300-1.0400 area. Resistance is at the upper line of the channel, only a clear break above the channel resistance could trigger another rise towards 1.0700.
