EURUSD Analysis.
EURUSD breaks below the upward trend line on 4-hour chart. Further decline to test 1.2465 key support would likely be seen, as long as this level holds, the fall from 1.2636 could be treated as consolidation of the uptrend from 1.2241, and another rise towards 1.2700 could be expected after consolidation. On the downside, a breakdown below 1.2465 will indicate that lengthier consolidation of the longer term uptrend from 1.2042 is underway, then further decline to 1.2400 area is possible.
GBPUSD Analysis.
GBPUSD is testing 1.5911 resistance, a break above this level will signal resumption of the uptrend from 1.5490, then further rise to 1.6000 area could be seen. However, as long as 1.5911 resistance holds, the price action in the range between 1.5753 and 1.5911 is treated as consolidation of the uptrend, and another fall to test 1.5753 key support is possible, a breakdown below this level will target 1.5400-1.5500 area.
AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0543. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.0100 area, only a clear break above the trend line resistance could signal completion of the downtrend.
USDCAD Analysis.
USDCAD is testing 0.9842 support, as long as this level holds, lengthier consolidation of the downtrend from 1.0445 could be expected, and one more rise to 1.0000 area to complete the consolidation is possible. On the downside, a breakdown below 0.9842 will signal resumption of the downtrend, then further decline towards 0.9600 could be seen.
USDCHF Analysis.
USDCHF breaks above the downward trend line on 4-hour chart, suggesting that lengthier consolidation of the downtrend from 0.9809 is underway. Further rise to test 0.9634 key resistance would likely be seen, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.9400 is still possible.
USDJPY Analysis.
USDJPY’s rise from 78.19 extends to as high as 78.53, suggesting that lengthier consolidation of the downtrend from 79.65 is underway. Further rise to 78.70 area to complete the consolidation would likely be seen over the next several days.
