GBPUSD Analysis.
GBPUSD failed to break above the resistance of the downward trend line on 4-hour chart, and pulled back from 1.6216 last Friday, suggesting that a cycle top has been formed on 4-hour chart. However, the fall from 1.6216 would possibly be correction of the uptrend from 1.6066, as long as 1.6066 support holds, another rise to re-test the trend line resistance is still possible, a clear break above the trend line could bring price to 1.6500 area. On the downside, a breakdown below 1.6066 support will indicate that the pair remains in downtrend from 1.6309, then deeper decline to 1.6000 area could be seen.
AUDUSD Analysis.
AUDUSD breaks below 1.0167 support and the downward movement from 1.0624 extends to as low as 1.0151. Initial resistance is at 1.0240, and the key resistance remains at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.0000-1.0050 area, only a clear break above the trend line could signal completion of the downtrend.
USDCAD Analysis.
USDCAD’s downward movement from 0.9884 extends to as low as 0.9734. Further decline could be expected after consolidation, and next target would be at 0.9700 area. Key resistance is at 0.9884, only break above this level could trigger another rise towards 1.0000.
USDCHF Analysis.
USDCHF remains in downtrend from 0.9437. Another fall to test 0.9239 support would likely be seen, a breakdown below this level will signal resumption of the longer term downtrend from 0.9971 (Jul 24 high). Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend will continue.
EURUSD Analysis.
EURUSD remains in uptrend from 1.2803 and the rise extends to as high as 1.3071. Further rise towards 1.3171 previous high would likely be seen after a minor consolidation. Support is at 1.2950, 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.
