GBPUSD Analysis.
GBPUSD continues to trade in a range between 1.5770 and 1.6125. As long as 1.6125 resistance holds, the price action from 1.5770 is treated as consolidation of downtrend from 1.6741. Moving sideways in the range is still in favor later today. Another fall below 1.5770 would more likely be seen after consolidation, a break below 1.5770 will indicate that the downtrend has resume, then deeper decline could be seen to 1.5600 zone.
USDCHF Analysis.
USDCHF’s downtrend from 1.0452 extended to 1.0237 only, the following rebound suggests that a short term cycle bottom has been formed on 4-hour chart. Consolidation above 1.0237 is expected in a couple of days. However, another fall below 1.0186 is still possible after consolidation and a break below 1.0237 will confirm the resumption of downtrend.
USDJPY Analysis.
USDJPY broke below 88.24 previous low and reached as low as 88.01, suggesting that the downtrend from 97.78 (Aug 7 high) has resumed. Deeper decline is still possible in a couple of days, and next target would be at 87.50 zone. Resistance level is now at 89.40, as long as this level holds, the fall from 90.40 will continue.
EURUSD Analysis.
EURUSD remains in uptrend from 1.4484, and the fall from 1.4761 is more likely consolidation of uptrend. Further rise to test 1.4843 is still possible after a minor consolidation. Resistance is now at 1.4761, a break above this level will signal resumption of uptrend.
USDCAD Analysis.
USDCAD is in downtrend from 1.0991 and the rebound from 1.0527 is treated as consolidation of downtrend. Range trading between 1.0527 and 1.0700 would more likely be seen and deeper decline is still possible to 1.0450-1.0500 area after consolidation.
AUDUSD Analysis.
AUDUSD remains in uptrend from 0.8567 and the rise extends to as high as 0.9014 level so far. Further rise to 0.9050-0.9100 area is still possible in a couple of days. Support level is now at 0.8865, as long as this level holds, uptrend will continue.
Get Your Free Elliott Wave Tutorial Now!
See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme
Comments are closed.