AUDUSD Analysis.
AUDUSD stays in a trading range between 1.0149 and 1.0274, as long as the trend line resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0624, another fall to 1.0000-1.0100 area is still possible after consolidation. However, a clear break above the trend line resistance will indicate that the fall from 1.0624 has completed at 1.0149 already, then the following upward movement could bring price back towards 1.0624 previous high.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.6216. Further decline to 1.5900 area is possible after a minor consolidation. 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.
No changed in our view, USDCAD remains in downtrend from 0.9884, the rise from 0.9734 is treated as correction of the downtrend. Another fall towards 0.9632 previous low could be expected after correction, and a breakdown below 0.9734 could signal resumption of the downtrend.
USDCHF Analysis.
USDCHF is testing 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 0.9370, only break below this level could trigger another fall towards 0.9239 previous low.
EURUSD Analysis.
EURUSD is facing 1.2803 support, 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 1.2915, only break above this level could trigger another rise towards 1.3171 previous high.
USDJPY Analysis.
USDJPY’s downward movement from 78.86 extends to as low as 78.03. Further decline could be expected, and next target would be at 77.80 area. 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.
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