AUDUSD Analysis.

AUDUSD is facing the support of the upward trend line on 4-hour chart, a clear break below the trend line support will indicate that the uptrend from 1.0287 has completed at 1.0515 already, then the following downward movement could bring price back to 1.0000 zone. On the upside, as long as the trend line support holds, the fall from 1.0515 could be treated as consolidation of the uptrend, and one more rise to 1.0550 area is still possible.

EURUSD Analysis.

EURUSD remains in downtrend from 1.3125, the rise from 1.2877 is likely consolidation of the downtrend. Resistance is at 1.3000, as long as this level holds, further decline could be expected after consolidation, and next target would be at 1.2800 area.

GBPUSD Analysis.

GBPUSD remains in downtrend from 1.6002, the bounce from 1.6002 is likely correction of the downtrend. As long as 1.6130 key resistance holds, the downtrend could be expected to resume, and another fall towards 1.5827 previous low is still possible, only break above 1.6130 could trigger another rise towards 1.6200.

USDCAD Analysis.

USDCAD continues its downward movement from 1.0055, and the fall extends to as low as 0.9860. Further decline could be expected, and next target would be at 0.9800 area. Initial resistance is at 0.9895, and the key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

USDJPY Analysis.

USDJPY has formed a cycle top at 82.82 on 4-hour chart. Lengthier sideways movement in a range between 81.69 and 82.83 would likely be seen in a couple of days. As long as 81.69 support holds, the sideways movement could be treated as consolidation of the uptrend from 79.07, and another rise towards 85.00 is still possible.

USDCHF Analysis.

USDCHF remains in uptrend from 0.9241, the fall from 0.9382 is likely consolidation of the uptrend. Support is at 0.9300, as long as this level holds, another rise could be expected after consolidation, and next target would be at 0.9450 area.

Content courtesy of ForexCycle