AUDUSD Analysis.

AUDUSD has formed a cycle top at 1.0585 on 4-hour chart. Sideways movement in a range between 1.0500 and 1.0585 would likely be seen. Key support is located at the lower line of the price channel, as long as the channel support holds, the price action from 1.0585 is treated as consolidation of the uptrend from 1.0287, and another rise towards 1.0624 (Sep 14 high) could be expected after consolidation. However, a clear break below the channel support will suggest that the uptrend from 1.0287 had completed at 1.0585 already, then the following downward movement could bring price back to 1.0000 zone.

USDCAD Analysis.

USDCAD may be forming a cycle bottom at 0.9824 on 4-hour chart. Further rally would likely be seen, and the target would be at the upper line of the price channel. As long as the channel resistance holds, the rise from 0.9824 is treated as consolidation of the downtrend from 1.0055, and the downtrend could be expected to resume after touching the upper line of the channel.

EURUSD Analysis.

EURUSD breaks above 1.3125 resistance and reaches as high as 1.3187, suggesting that the uptrend from 1.2661 has resumed. Further rise could be expected after a minor consolidation, and next target would be at 1.3300 area. Initial support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend from 1.2877 will continue.

GBPUSD Analysis.

GBPUSD’s upward movement extends to as high as 1.6199. Further rise could be expected, and next target would be at 1.6250 area. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.

USDJPY Analysis.

USDJPY’s upward movement from 82.11 extends to as high as 84.33. Further rise could be expected after a minor consolidation, and next target would be at 84.50 area. Support is at 83.65, as long as this level holds, the uptrend will continue.

USDCHF Analysis.

USDCHF’s downward movement from 0.9382 extends to as low as 0.9157. Further decline could be expected after a minor consolidation, and next target would be at 0.9100 area. Resistance is at 0.9250, as long as this level holds, the downtrend will continue.

Content courtesy of ForexCycle