AUDUSD in moving to next short term cycle top on 4-hour chart. As long as 0.7960 support holds, we’d expect uptrend from 0.7703 to continue and target is to test 0.8155 previous high resistance, above this level will indicate that the medium term uptrend from 0.6248 has resumed. However, a break below 0.7960 level will suggests that a cycle top has been formed and the short term uptrend from 0.7703 has completed, then deeper decline could be seen to 0.7800-0.7850 area.
USDJPY breaks above 94.46 resistance. Further rally is now in favor and next target would be at 95.00-95.50 area. Near term support is at 93.85 and key support is located at 93.25, a break down below 93.25 level will indicate that the rebound from 91.73 has completed, then the following downtrend will take price to 90.00 zone.
EURUSD is moving to test 1.4197 previous high resistance. This level is more likely be held and pullback is expected before breaking above this level. Key support is located at 1.4056, a break below this level will suggest that the rise from 1.3832 has completed, and further fall towards 1.3832 previous low is expected to follow.
USDCAD remains in downtrend from 1.1723 and the fall extends to as low as 1.1076 level. Deeper decline is still in favor and next short term target would be at 1.1000 level. Near term resistance is at 1.1223, only rise above this level will take price back to 1.1300 zone.
GBPUSD breaks below 1.6355 key support, suggesting that a short term cycle top has been formed at 1.6480 level on 4-hour chart. Further decline towards 1.6100 is expected in a couple of days. Near term resistance is at 1.6480, only rise above this level will indicate that the uptrend from 1.5984 has resumed, then further rise to1.6600 could be seen to follow.
No changed in our view, USDCHF is in range trading between 1.0590 and 1.1021. Moving sideways without trend in the range is expected to follow. One more rise above 1.1021 would more likely be seen after the sideways consolidation.