EURUSD Analysis.
EURUSD bounces strongly from 1.2747, suggesting that a cycle bottom has been formed on 4-hour chart. Further rise to test 1.3000 key resistance would likely be seen, a break above this level will indicate that the downtrend from 1.3711 (Feb 1 high) has completed, then the following upward movement could bring price to 1.4000 zone. On the downside, as long as 1.3000 resistance holds, the rise from 1.2747 would possibly be consolidation of the downtrend, one more fall to 1.2500 area is still possible.
AUDUSD Analysis.
AUDUSD moves sideways in a range between 1.0385 and 1.0496. The price action in the range is treated as consolidation of the uptrend from 1.0115, another fall to 1.0300 area to complete the consolidation is possible. Key resistance is at 1.0496, only break above this level could signal resumption of the uptrend.
USDJPY Analysis.
USDJPY broke above the downward trend line on 4-hour chart, and reaches as high as 97.16, suggesting that the longer term uptrend from 77.14 (Sep 13, 2012 low) has resumed. Further rise could be expected, and next target would be at 98.00 area.
USDCHF Analysis.
USDCHF’s downward movement from 0.9553 extends to as low as 0.9382. Deeper decline to test 0.9352 support would likely be seen, a breakdown below this level will confirm that the uptrend from 0.9021 (Feb 1 low) had completed at 0.9567 already, then the following downward movement could bring price to 0.9200 area.
USDCAD Analysis.
USDCAD continues its downward movement from 1.0341, and the fall extends to as low as 1.0105. Further decline could be expected, and next target would be at 1.0050 area. Resistance levels are at 1.0170 and 1.0200, only break above these levels could signal completion of the downtrend.
GBPUSD Analysis.
GBPUSD is facing 1.5260 key resistance again, a break above this level will indicate that the uptrend from 1.4831 has resumed, then next target would be at 1.5400 area. Support is at 1.5034, only break below this level could trigger another fall to test 1.4831 support.
