AUDUSD Analysis.
AUDUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.0236, and the price action from 1.0480 is treated as consolidation of the uptrend. Support is located at the lower line of the price channel, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.0500 is possible after consolidation. On the downside, a clear break below the channel support will suggest that the uptrend from 1.0236 had completed at 1.0480 already, then the following downward movement could bring price back to 1.0200 zone.
USDJPY Analysis.
USDJPY trades in a narrow rang between 79.07 and 79.63. As long as 79.63 resistance holds, the price action in the range is treated as consolidation of the downtrend from 80.67, another fall to 78.80 is still possible. On the upside, a break above 79.63 resistance will suggest that a cycle bottom is being formed on 4-hour chart, then further rise towards 80.67 previous high could be seen.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.6174. Resistance is 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 1.5800 area.
EURUSD Analysis.
EURUSD remains in downtrend from 1.3020. Resistance is 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 1.2600 area. Only a clear break above the trend line resistance will indicate that a cycle bottom is being formed at 1.2661, then further rally to 1.2800-1.2850 area could be seen.
USDCHF Analysis.
USDCHF breaks below the upward trend line on 4-hour chart, suggesting that a cycle top is being formed at 0.9511. Deeper decline could be expected and the target would be at 0.9400 area. Resistance is now at 0.9511, only break above this level could trigger another rise towards 0.9600.
USDCAD Analysis.
USDCAD’s upward movement from 0.9874 extends to as high as 1.0035. Further rise would likely be seen, and next target would be at 1.0100 area. Support is at 0.9980, only break below this level will suggest that a cycle top is being formed on 4-hour chart, then further decline to test the support of the lower line of the price channel could be seen.
