AUDUSD Analysis.
AUDUSD formed a short term cycle top at 0.9541 and dropped sharply to as low as 0.9290. Further decline to test 0.9220 area to reach the next cycle bottom on 4-hour chart is still possible in a couple of days. Key support is at 0.9205, a break of this level will signal the reversal to the up trend.
EURUSD Analysis.
EURUSD is now in down trend. Rebound from 1.5554 is treated as consolidation to the down trend. Deeper decline to test 1.5342 (Mar 24 low) support is still possible after consolidation. Near term resistance is at 1.5707, a break of this level will indicate lengthier consolidation and delay the resumption of the down trend.
USDCAD Analysis.
USDCAD formed a short term cycle top at 1.0214 on 4-hour chart. Further fall below 0.9987 previous low is still possible in the next several days. Key resistance is at 1.0214, only rise above this level will signal the resumption of the long term up trend.
GBPUSD Analysis.
GBPUSD rebounded sharply from 1.9676. However, the rise from 1.9676 is treated as correction to the down trend. As long as 2.0029 key resistance holds, we’d expect down trend to resume and then fall below 1.9599 could be seen.
USDCHF Analysis.
USDCHF is in up trend. Further rise towards 1.0600 area to reach the next short term cycle top is possible after consolidation. Near term support is at 1.0300 and followed by 1.0165, as long as 1.0165 support holds, up trend will continue.
USDJPY Analysis.
USDJPY broke above 104.64 previous high and up trend resumed. Further rise towards 107.00 area to reach the next short term cycle top is possible. Initial support is at 103.33, as long as this support holds, up trend will continue.
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