AUDUSD Analysis.
AUDUSD bounces from 1.0287, suggesting that consolidation of the downtrend from 1.0480 is underway. Key resistance is located at the upper line of the price channel on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to resume, and another fall towards 1.0200 is still possible. However, a clear break above the channel resistance will indicate that the downtrend from 1.0480 has completed at 1.0287 already, then the following upward movement could bring price back to test 1.0480 resistance.
EURUSD Analysis.
EURUSD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.3138, the price action from 1.2661 is treated as consolidation of the downtrend. Key resistance is now at 1.2801, as long as this level holds, another fall could be expected after consolidation, and next target would be at 1.2550 area. On the upside, a break above 1.2801 will suggest that the downtrend from 1.3138 has completed at 1.2661 already, then further rise towards 1.3171 previous high could be expected.
GBPUSD Analysis.
GBPUSD breaks above the downward trend line on 4-hour chart, suggesting that consolidation of the downtrend from 1.6174 is underway. Range trading between 1.5827 and 1.5950 would likely be seen in a couple of days. Support is at 1.5827, only break below this level could trigger another fall towards 1.5700.
USDJPY Analysis.
USDJPY’s upward movement from 79.07 extends to as high as 81.58. Further rise is still possible after a minor consolidation, and next target would be at 0.8200 area. Support is at 80.85, as long as this level holds, the uptrend will continue.
USDCHF Analysis.
USDCHF stays within a upward price channel on 4-hour chart, and remains in uptrend from 0.9214. Key support is now at 0.9403, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 0.9600 is still possible. On the downside, a breakdown below 0.9403 will indicate that the uptrend from 0.9214 has completed at 0.9511 already, then the following downward movement could bring price back to test 0.9214 previous low support.
USDCAD Analysis.
USDCAD’s upward movement from 0.9874 extends to as high as 1.0055. As long as 0.9980 support holds, the uptrend could be expected to continue, and another rise to 1.0100 area is still possible, only break below 0.9980 could signal completion of the uptrend.
