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
Long Term AUDUSD Analysis indicates EURUSD breaks above 1.3171 resistance, suggesting that the uptrend from 1.2042 has resumed. Further rise could be expected next week, and next target would be at 1.3400 area.
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.
USDCAD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0055, and the fall extends to as low as 0.9844. Further decline could be expected after a minor consolidation, and next target would be at 0.9800 area. Initial resistance is at 0.9880, and the key resistance is located at the downward trend line, only a clear break above the trend line resistance could signal completion of the downtrend.
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.
AUDUSD’s upward movement from 1.0149 extends to as high as 1.0515.
AUDUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.0287. As long as the trend line support holds, the uptrend could be expected to continue, and further rise to 1.0550 area is still possible. On the downside, a clear break below the trend line support will suggest that a cycle top has been formed at 1.0515, and the uptrend has completed, then the following downward movement could bring price back to 1.0000 zone.
EURUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.3125 and the uptrend from 1.2661 has completed. The pair is now in downtrend from 1.3125, further decline could be expected and next target would be at 1.2850-1.2900 area. Key resistance is at 1.3125, only break above this level could trigger another rise towards 1.3500.
EURUSD may be forming a cycle top at 1.3125 on 4-hour chart. Range trading between 1.3000 and 1.3125 would likely be seen in a couple of days. Support is now located at the lower line of the price channel, as long as the channel support holds, the fall from 1.3125 could be treated as consolidation of the uptrend from 1.2661, one more rise towards 1.3500 is still possible after consolidation, only a clear break below the channel support could signal completion of the uptrend.
As traders get ready to move on the FOMC statement out shortly at 12:30
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