USDJPY Analysis.
USDJPY stays below the falling trend line from 97.78 to 93.29 and remains in downtrend, and the rebound from 90.20 is more likely consolidation of downtrend. As long as the trend line resistance holds, we’d expect downtrend to resumed and deeper decline to 89.00 is still possible after consolidation. However, a clear break above the trend line resistance will indicate that the fall from 97.78 has completed.
GBPUSD Analysis.
GBPUSD broke below 1.6454 key support, suggesting that the short term uptrend form 1.6113 has completed at 1.6741 level already. Deeper decline is still possible later today and next target would be at 1.6250 zone. Near term resistance is at 1.6550, as long as this level holds, we’d expect downtrend to continue. However, above 1.6550 will take price to range trading between 1.6403 and 1.6741.
AUDUSD Analysis.
AUDUSD stays in a trading range between 0.8528 and 0.8674. Pullback to 0.8450 zone to reach next short term cycle bottom is possible later today. Initial resistance is at 0.8674, above this level will indicate that the uptrend from 0.8155 has resumed, then further rally could be seen to 0.8800 zone.
EURUSD Analysis.
EURUSD remains in uptrend from 1.4177, further rise is still possible to 1.4700-1.4800 area later today. Key support is at 1.4515, as long as this level holds, uptrend will continue. However, below 1.4515 will indicate that a short term cycle top has been formed, then sideways consolidation could be seen to follow.
USDCAD Analysis.
USDCAD drops sharply from 1.0925, suggesting that a short term cycle top has been formed on 4-hour chart. Deeper decline could be seen to test 1.0673 key support later to day, a breakdown below this level will indicate that the downtrend from 1.1101 has resumed, then further fall could be seen to 1.0500 zone.
USDCHF Analysis.
USDCHF remains in downtrend from 1.0698. Deeper decline is still possible to 1.0250 zone in a couple of days. Near term resistance is at 1.0422, as long as this level holds, downtrend will continue. However, above 1.0422 will indicate that a short term cycle bottom has been formed, then sideways consolidation could be seen to follow.
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