USDJPY Analysis.
USDJPY broke above the downtrend line on 4-hour chart, suggesting that the short term downtrend from 82.76 has completed at 79.58 already. Now the bounce from 79.58 is treated as consolidation of longer term downtrend from 85.51. Range trading between 79.58 and 81.50 would likely be seen in a couple of days. As long as 81.50 resistance holds, downtrend could be expected to resume after consolidation, and another fall towards 78.50 area is still possible.
GBPUSD Analysis.
GBPUSD is now in downtrend from 1.6745. Initial resistance is at the downtrend line on 4-hour chart, now at 1.6430, and key resistance is at 1.6465, as long as these levels hold, downtrend could be expected to continue, and target would be at 1.6200 area.
EURUSD Analysis.
EURUSD dropped sharply to as low as 1.4312. The pair is now in downtrend from 1.4939. Deeper decline is still possible in a couple of days, and next target would be at 1.4200 area. Resistance is at 1.4530, only break above this level could indicate that the fall from 1.4939 is complete.
USDCAD Analysis.
Being contained by 0.9721 resistance, USDCAD pulled back from 0.9711. Range trading between 0.9550 and 0.9711 would likely be seen in a couple of days. Only break above 0.9721 resistance could indicate that the uptrend from 0.9444 has resumed, then further rally could be seen to 0.9850 zone.
USDCHF Analysis.
USDCHF broke above the downtrend line on 4-hour chart, and the fall from 0.9339 had completed at 0.8553 already. Range trading between 0.8553 and 0.8850 would likely be seen in next several days.
AUDUSD Analysis.
As expected, AUDUSD formed a cycle bottom at 1.0536 on 4-hour chart. However, the bounce from 1.0536 would possibly be correction of downtrend from 1.1011. Consolidation in a range between 1.0536 and 1.0850 would likely be seen in a couple of days.
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