USDJPY is in down trend. As long as 107.91 resistance holds, we’d expect down trend to continue, and further fall towards 104.00 area is still possible after consolidation. On the other side, the pair may be forming a short term cycle bottom at 104.96, key resistance is at 107.91, a break of this level will confirm the cycle bottom and signal the reversal to the down trend.
USDCAD broke below the price channel support, and is now in consolidation to the up trend. Further pullback towards 1.0150 area to reach the next short term cycle bottom is expected to follow.
USDCHF formed a short term cycle top at 1.1120 level and pulled back to as low as 1.0869. Further fall below 1.0836 previous low can be seen later today. Near term resistance is at 1.0990, and key resistance is at 1.1120, only break of this level will signal the reversal to the down trend.
GBPUSD is in down trend. Further fall towards 1.9200 area to reach the next short term cycle bottom is expected. Near term resistance is at 1.9789, as long as this resistance holds, down trend will continue.
EURUSD formed a short term cycle bottom at 1.4365 level, and further rebound towards 1.4800 area to reach the next cycle top on 4-hour chart is still possible. Only break below 1.4365 will signal the resumption of the down trend.
AUDUSD formed a short term cycle bottom at 0.8512 level on 4-hour chart. Further rebound towards 0.8850 area to reach the next short term cycle top is expected in a couple of days. Near term support is at 0.8512, only break below this level will signal the resumption of the down trend.
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