AUDUSD Analysis.
AUDUSD has broken above the downward trend line on 4-hour chart, suggesting that the downtrend from 1.0342 has completed at 0.9663 already. Lengthier consolidation of the longer term downtrend from 1.0751 would likely be seen over the next several days, and the trading range would be between 0.9663 and 1.0000. As long as 1.0000 resistance holds, downtrend could be expected to resume, and one more fall towards 0.9390 (Oct 4 low) is still possible, only break above 1.0000 could indicate that the fall from 1.0751 is complete.
GBPUSD Analysis.
GBPUSD stays within a downward price channel on 4-hour chart, and the fall from 1.6092 extended to as low as 1.5423 last week. Further fall is expected in a couple of days, and next target would be at 1.5350 area. Resistance remains at the upper line of the channel, only a clear break above the channel could indicate that the fall is complete.
USDCHF Analysis.
USDCHF broke above 0.9314 previous high last week. Further rise is still possible later today, and next target would be at 0.9500 area. Initial support is at the lower border of the price channel on 4-hour chart, as long as the channel support holds, uptrend will continue.
USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend. Further rise is still possible in a couple of days, and next target would be at 1.0600 area. Initial support is at the trend line, only a clear break below the trend line could indicate that the rise is complete.
EURUSD Analysis.
EURUSD remains in downtrend from 1.3866. Resistance is now located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and deeper decline to test 1.3146 (Oct 4 low) support is possible, only a clear break above the trend line could indicate that the fall is complete.
USDJPY Analysis.
USDJPY’s rise from 76.56 extended to as high as 77.78 last week. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue, and further rise to 78.00 area is possible in a couple of days.
