GBPUSD Analysis.
As expected, GBPUSD formed a short term cycle top at 1.6841 level on 4-hour chart. Deeper decline is still possible later today and next target would be at 1.6400 zone. However, the fall from 1.6841 is more likely consolidation of uptrend from 1.5708, another rise towards 1.7042 (Aug 5 high) could be seen after consolidation. Resistance is now at 1.6700, above this level could signal resumption of uptrend.
EURUSD Analysis.
Being contained by 1.5062 previous high resistance, EURUSD consolidates in a narrow range between 1.4938 and 1.5048. As long as 1.4938 support holds, uptrend from 1.4626 will continue and further rise to 1.5200 is possible. However, below 1.4938 will indicate that a short term cycle top has been formed at 1.5048 level on 4-hour chart, then lengthier consolidation could take price to 1.4850-1.4900 area.
USDCAD Analysis.
USDCAD’s downtrend from 1.0852 extended to as low as 1.0422 level. Now the fall is more likely resumption of long term downtrend, deeper decline is still in favor and next target would be at 1.0300 area. Resistance is now at 1.0485, as long as this level holds, downtrend will continue.
USDJPY Analysis.
USDJPY broke below 89.44 support. Deeper decline is still possible later today and target would be at 89.00 zone. Key resistance is now at 90.26, a break above this level will indicate that a short term cycle bottom has been formed, and the following rebound could take price back to 91.00 area.
USDCHF Analysis.
Being contained by 1.0032 support, USDCHF consolidates in a narrow range between 1.0032 and 1.0109. As long as 1.0109 resistance holds, downtrend from 1.0338 will continue and next target would be at 0.9900 zone, however, a break above 1.0109 level will indicate lengthier consolidation is underway, then rebound to 1.0100 could be seen.
AUDUSD Analysis.
AUDUSD broke above 0.9326 previous high, suggesting that the longer term uptrend from 0.7703 (July 13 low) has resumed. Further rise is now in favor and next target would be at 0.9500 area. Support level is now at 0.9254, only fall below this level would signal consolidation of uptrend.
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