GBPUSD is facing the resistance of the downward trend line from 1.5776 to 1.5721. As long as the trend line resistance holds, weâ€™d expect the downtrend to resume, and another fall towards 1.5000 is still possible. However, a clear break above the trend line resistance will suggest that the downtrend from 1.5776 has completed at 1.5393 already, then the following upward movement could bring price to 1.6000 zone.
AUDUSD rebounded from the lower line of the price channel on 4-hour chart, and the rise has reached as high as 1.0288. Further rise to test 1.0328 previous high resistance would likely be seen over the next several days, a break above this level will target 1.0500 area. Support remains at the lower line of the channel, only a clear break below the channel support could signal completion of the uptrend from 0.9581 (Jun 1 low).
USDJPYâ€™s downward movement from 80.09 extends to as low as 78.68 and is now facing 78.61 support, a breakdown below this level will target 78.00 area. Resistance is at 79.40, as long as this level holds, the downtrend could be expected to continue.
EURUSD has formed a cycle bottom at 1.2162. Further rally is still possible, and the target would be at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the rise from 1.2162 is treated as consolidation of the downtrend from 1.2747, and another fall towards 1.2000 could be expected. Support is at 1.2162, a breakdown below this level could signal resumption of the downtrend.
USDCHF has formed a cycle top at 0.9872 on 4-hour chart. Pullback to the lower line of the price channel would likely be seen. As long as the channel support holds, the fall from 0.9872 is treated as consolidation of the uptrend from 0.9421, and one more rise towards 1.0000 is still possible. Resistance is at 0.9872, a break above this level will signal resumption of the uptrend.
USDCAD had formed a cycle top at 1.0249 on 4-hour chart. Now the fall from 1.0249 would possibly be resumption of the downtrend from 1.0445. Further decline to test 1.0100 support is expected, a breakdown below this level willÂ target 1.0000 area. On the upside, as long as 1.0100 support holds, one more rise to 1.0300 to complete to consolidation of the downtrend from 1.0445 is still possible.
The above analysis was provided by www.forexcycle.com
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