AUDUSD Analysis.

Being contained by 1.0624 (Sep 14 high) resistance, AUDUSD pulls back from 1.0585, suggesting that a cycle top is being formed on 4-hour chart. Range trading between 1.0500 and 1.0585 would likely be seen in a couple of days. As long as the channel support holds, the fall would possibly be consolidation of the uptrend from 1.0287, and another rise to test 1.0624 resistance is still possible. On the downside, a clear break below the channel support will suggest that the uptrend from 1.0287 has completed at 1.0585 already, then the following downward movement could bring price back to 1.0000 zone.

USDCAD Analysis.

USDCAD remains in downtrend from 1.0055, and the fall extends to as low as 0.9824. Further decline could be expected after a minor consolidation, and next target would be at 0.9800 area. Resistance is now located at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend.

EURUSD Analysis.

EURUSD is facing 1.3125 resistance, a break above this level will indicate that the uptrend from 1.2661 has resumed, then further rise towards 1.3500 could be seen. On the downside, as long as 1.3125 resistance holds, the rise from 1.2877 would possibly be correction of the downtrend from 1.3125, and one more fall to 1.2800 is still possible.

GBPUSD Analysis.

GBPUSD remains in uptrend from 1.5827, the fall from 1.6171 is treated as consolidation of the uptrend. Another rise could be expected after consolidation, and next target would be at 1.6200 area. Key support is at 1.6002, only break below this level could signal completion of the uptrend.

USDJPY Analysis.

USDJPY’s uptrend from 82.11 extends to as high as 83.72. Further rise could be expected after a minor consolidation, and next target would be at 84.00 area. Support is at 83.20, as long as this level holds, the uptrend will continue.

USDCHF Analysis.

USDCHF breaks below 0.9241 support and reaches as low as 0.9225, suggesting that the downtrend from 0.9511 has resumed. Further decline could be expected, and next target would be at 0.9150 area. Resistance is at 0.9290, as long as this level holds, the downtrend from 0.9382 will continue.

Content courtesy of ForexCycle