AUDUSD Analysis.
AUDUSD moves sideways in a range between 1.0149 and 1.0274. Key resistance remains at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0624, one more fall to 1.0000-1.0100 area to complete the downward movement is possible after consolidation. On the upside, a clear break above the trend line resistance will indicate that the downward movement has completed at 1.0149, then further rise towards 1.0624 previous high could be seen.
GBPUSD Analysis.
GBPUSD’s downward movement from 1.6309 extends to as low as 1.5976. Further decline is still possible after a minor consolidation, and next target would be at 1.5900 area. Resistance is at 1.6045, only break above this level will indicate that a cycle bottom is being formed on 4-hour chart.
USDCAD Analysis.
USDCAD remains in downtrend from 0.9884, the rise from 0.9734 is treated as consolidation of the downtrend. Another fall towards 0.9632 previous low could be expected after consolidation, and a breakdown below 0.9734 could signal resumption of the downtrend.
USDCHF Analysis.
USDCHF is facing 0.9437 resistance, a break above this level will indicate that lengthier consolidation of the downtrend from 0.9971 is underway, then further rise to 0.9500-0.9600 area could be seen. Support is at 0.9360, only break below this level could trigger another fall to test 0.9239 previous low support.
EURUSD Analysis.
EURUSD’s fall from 1.3071 extends to as low as 1.2849. Further decline to test 1.2803 support would likely be seen, a breakdown below this level will indicate that lengthier consolidation of the uptrend from 1.2042 is underway, then deeper decline to 1.2700 area could be seen. Resistance is at 1.2940, only break above this level could trigger another rise towards 1.3171 previous high.
USDJPY Analysis.
USDJPY remains in short term downtrend from 78.86, deeper decline to 77.80 area would likely be seen. However, the fall from 78.86 is likely correction of the uptrend from 77.43, another rise to test 78.86 resistance could be expected after correction.
