EURUSD remains in downtrend from 1.4843 and the fall extended further to as low as 1.4484 level. Deeper decline to 1.4450-1.4480 area to reach the next short term cycle bottom is possible, and the next cycle bottom is nearing. Key resistance is located at 1.4673, a breakout of this level will indicate that a cycle bottom has been formed on 4-hour chart and the downtrend from 1.4843 has completed, then the following uptrend could bring price back to test 1.4843 previous high resistance.
Being contained by 1.5770 support, GBPUSD rebounded from 1.5921 level last week, suggesting that the pair is back to range trading between 1.5770 and 1.6125. Moving sideways without trend in the range is expected in a couple of days. However, the price action from 1.5770 is more likely consolidation of downtrend from 1.6741, deeper decline towards 1.5600 area is still possible after consolidation.
USDJPY failed to test 88.24 support and rebounded sharply from 88.60 level last week, suggesting further rally to test 90.40 key resistance, a break above this level will suggest that the downtrend from 97.78 has completed at 88.24 level already, then the following uptrend will take price to 92.00 or even 94.00.
USDCAD failed to break above 1.0991 resistance and dropped from 1.0957 last week, suggesting sideways movement between 1.0590 and 1.0991 is underway. Deeper decline to test 1.0671 support is possible later today. Key resistance is at 1.0991, above this level will take price to 1.1200 zone.
AUDUSD broke below the lower border of the rising price channel on 4-hour chart, suggesting a short term cycle top has been formed at 0.8858 level on 4-hour chart. Range trading between 0.8450 and 0.8858 is expected in next several days.
USDCHF remains in short term uptrend from 1.0186, as long as 1.1283 level holds, we’d expect uptrend to continue. However, a break down below 1.1283 key support will indicate that a short term cycle top has been formed at 1.0452 level on 4-hour chart, and the rise from 1.0186 has completed, then deeper decline could be seen to re-test 1.0186 previous low support.