AUDUSD Analysis.
AUDUSD breaks above the upper line of the price channel on 4-hour chart, suggesting that the fall from 1.0488 has completed at 1.0392 already. The pair is now facing 1.0488 resistance, a break above this level will confirm that the longer term uptrend from 1.0149 (Oct 8 low) has resumed, then further rise towards 1.0550 could be seen. Support is at 1.0435, only break below this level will indicate that lengthier consolidation of the uptrend is underway, then deeper decline to 1.0350 area could be expected.
GBPUSD Analysis.
GBPUSD’s upward movement from 1.5827 extends to as high as 1.6130. Further rise could be expected after a minor consolidation, and next target would be at 1.6200 area. Key support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.
USDCAD Analysis.
USDCAD failed to break above 0.9960 resistance and continues its sideways movement in a range between 0.9905 and 0.9960. Deeper decline to test 0.9905 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 1.0055, then next target would be at 0.9850 area.
EURUSD Analysis.
EURUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.2661. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.3150 area, only a clear break below the trend line support could signal consolidation of the uptrend.
USDJPY Analysis.
USDJPY continues its sideways movement in a range between 81.69 and 82.83. The price action in the rang could be treated as consolidation of the uptrend from 79.07. Another rise towards 85.00 could be expected after consolidation, and a break above 82.83 could signal resumption of the uptrend.
USDCHF Analysis.
USDCHF breaks above the downward trend line on 4-hour chart, suggesting that consolidation of the downtrend from 0.9511 is underway. Further rally would likely be seen, and the target would be at 0.9325 area. Key resistance is at 0.9341, as long as this level holds, the downtrend could be expected to resume, and another fall to 0.9000 area is possible after consolidation, and a breakdown below 0.9241 could signal resumption of the downtrend.
