GBPUSD broke below the lower border of the rising price channel on 4-hour chart. Range trading between 1.6454 and 1.6741 is expected in a couple of days. However, the price action from 1.6741 is more likely consolidation of uptrend from 1.6113, one more rise towards 1.6900 zone is still possible after consolidation and a break above 1.6741 will signal resumption of uptrend. Key support is at 1.6454, only fall below this level will indicate that the rise from 1.6113 has completed at 1.6741 level already, then the following downtrend will take price back to re-test 1.6113 support.
AUDUSD might be forming a short term cycle top at 0.8674 level on 4-hour chart. Key support is located at 0.8528, a break down below this level will confirm the cycle top. Moving sideways in a range between 0.8450 and 0.8667 would more likely be seen in a couple of days. However, the price action from 0.8674 is treated as consolidation of uptrend from 0.8155, further rise towards 0.8800 zone is still possible after consolidation.
EURUSD’s uptrend extends to as high as 1.4651 level. As long as 1.4515 key support holds, we’d expect uptrend from 1.4177 to continue and further rise to 1.4700-1.4800 area is possible. However, a break below 1.4515 level will indicate that a short term cycle top has been formed, then sideways consolidation could be seen to follow.
No changed in our view, USDCAD formed a short term cycle bottom at 1.0673 level on 4-hour chart. Further rise to 1.0950-1.1000 area to reach next cycle top is possible in a couple of days, and sideways consolidation in a range between 1.0673 and 1.1000 is expected to follow. Key support is located at 1.0673, a breakdown below this level will signal deeper decline towards 1.0500 zone.
USDCHF remains in downtrend from 1.0698 and the fall extended further to as low as 1.0322 level. Deeper decline is still possible in a couple of days and next target would be at 1.0250 zone. Near term resistance is at 1.0422, as long as this level holds, downtrend will continue. However, above 1.0422 will indicate that a short term cycle bottom has been formed, then sideways consolidation could be seen to follow.
USDJPY remains in downtrend from 97.78. Near term resistance is at the falling trend line from 97.78 to 93.29. As long as the trend line resistance holds, we’d expect downtrend to continue. However, above the trend line resistance will indicate that the fall from 97.78 has completed.