AUDUSD Analysis.
Being contained by 1.0167 support, AUDUSD rebounds from 1.0181, suggesting that a cycle bottom is being formed on 4-hour chart. Range trading between 1.0181 and 1.0300 would likely be seen over the next several days. Key resistance is located at the downward trend line, as long as the trend line resistance holds, the rise from 1.0181 is treated as consolidation of the downtrend from 1.0624, and another fall to 1.0100 area to complete the downward move is possible, only a clear break above the trend line resistance could signal completion of the downtrend.
USDCAD Analysis.
USDCAD breaks below the lower line of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 0.9884, and the upward movement from 0.9632 has completed. Now the fall from 0.9884 would possibly be resumption of the longer term downtrend from 1.0445 (Jun 4 high), further decline could be expected over the next several days, and the first target would be at 0.9632 previous low. Resistance is at 0.9884 only break above this level could trigger another rise towards 1.0000.
USDCHF Analysis.
USDCHF’s fall from 0.9437 extends to as low as 0.9295. Further decline to test 0.9239 previous low support could be seen over the next several days. Resistance is now at 0.9365, as long as this level holds, the downtrend will continue.
GBPUSD Analysis.
GBPUSD breaks above 1.6130 resistance and reaches as high as 1.6201, suggesting that a cycle bottom has been formed at 1.6066 on 4-hour chart. Further rise towards 1.6309 previous high could be expected over the next several days. Support levels are at 1.6125 and 1.6066, only break below these levels could trigger another fall towards 1.6000.
EURUSD Analysis.
EURUSD’s upward movement from 1.2803 extends to as high as 1.3031. Further rise towards 1.3171 previous high could be expected over the next several days. Support is at 1.2925, as long as this level holds, the uptrend will continue.
USDJPY Analysis.
USDJPY stays above a upward trend line on 4-hour chart, and remains in uptrend from 77.43. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 79.00 area, only a clear break below the trend line could bring price back to 78.00 zone.
Comments are closed.