Forex Analysis by ForexCycle

[forexcycle]

EURUSD’s bullish movement from 1.1312 extended to as high as 1.1845. Near term support is at the bottom trend line of the price channel on the 4-hour chart. As long as the price is in the channel, the uptrend could be expected to continue and next target would be at 1.2000. On the downside, a clear break below the channel support could bring price back to test 1.1613 support, below this level will indicate that the uptrend is complete, then the pair will find support at around 1.1500.

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[forexcycle]

EURUSD stays in a bullish price channel on its 4-hour chart and remains in the uptrend from 1.1312. As long as the price is in the channel, the uptrend could be expected to continue and next target would be at 1.2000 area. On the downside, the price had reached the top of the channel, pullback to the bottom trend line would likely be seen in a couple of days. A clear break below the bottom trend line could bring price to test 1.1613 support, below this level will confirm that the uptrend had completed at 1.1845 already, then deeper decline to 1.1500 area could be seen.

 

[forexcycle]

USDCAD broke above 1.2575 resistance, indicating that the downtrend from 1.3347 had completed at 1.2413 already. Further rally could be expected in a couple of days and next target would be at around 1.2690, followed by 1.2740. However, the rally from 1.2413 would possibly be correction of the downtrend from 1.3793 (May 5 high), another fall towards 1.2000 is still possible after the correction, and a breakdown below 1.2413 support could signal resumption of the downtrend.

 

[forexcycle]

EURUSD remains in the uptrend from 1.1312, the pullback from 1.1908 could be treated as consolidation of the uptrend. Near term support is at the bottom trend line of the price channel on its 4-hour chart. As long as the channel support holds, the uptrend could be expected to continue and next target would be at 1.2000 area. On the downside, a clear break below the channel support could bring price back to test 1.1650 key support, below this level will indicate that the uptrend from 1.1312 had completed at 1.1908 already, then the pair will find next support at the bullish trend line on the daily chart.

 

[forexcycle]

EURUSD rebounded from 1.1728 after touching the bottom support trend line of the price channel on its 4-hour chart, indicating that the pair remains in the bullish movement from 1.1312. Key support is now at 1.1728, as long as this level holds, the bullish move could be expected to continue and next target would be at 1.2000 area. On the downside, a breakdown below 1.1728 support will indicate that the bullish movement had completed at 1.1909 already, then the pair will find support at bottom of the price channel on its daily chart.

 

[forexcycle]

GBPUSD is facing the bottom support trend line of the price channel on its 4-hour chart. A clear break below the channel support will indicate that the uptrend from 1.2589 had completed at 1.3267 already, then the following bearish movement could bring price to test 1.2811 key support. On the upside, as long as the channel support holds, the fall from 1.3267 could be treated as consolidation of the uptrend, and another rise towards 1.3300 is still possible after the consolidation.

 

[forexcycle]

AUDUSD extended its downside movement from 0.8065 to as low as 0.7838 after failing in the attempt to break above the bearish trend line resistance on its 4-hour chart. As long as the price is below the trend line, the downtrend could be expected to continue and next target would be at 0.7800 area. There is a key resistance located at 0.7910, only a break of this level will indicate that the downtrend is complete, then the following bullish movement could bring price back to test 0.8065 previous high resistance.

 

[forexcycle]

GBPUSD moved sideways in a narrow range between 1.2939 and 1.3030. As long as 1.3030 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 1.3267, and further decline towards the bullish support trend line on the daily chart is possible after the consolidation. On the upside, a break of 1.3030 resistance will indicate that the downtrend had completed at 1.2939 already, then the correction rebound could bring price back into 1.3120 zone.

 

[forexcycle]

AUDUSD extended its downside movement from 0.8065 to as low as 0.7807, facing the bullish trend line on its daily chart. A clear break below the trend line support could take price to next support level at around 0.7700. Near term resistance is at the top trend line of the price channel on the 4-hour chart, as long as the channel resistance holds, the downtrend will continue. Key resistance is at 0.7918, only break above this level could signal completion of the downtrend.

 

[forexcycle]

GBPUSD stays below a falling trend line on the 4-hour chart. As long as the price is below the trend line, the downtrend from 1.3267 could be expected to continue and next target would be at 1.2750 area. On the upside, the pair is facing the bullish support trend line on the daily chart. As long as the trend line support holds, the fall from 1.3267 could be treated as consolidation of the uptrend from 1.2109 (Mar 14 low), and another rise towards 1.3450 is still possible. A clear break above the falling trend line could take price back to test 1.2930 and 1.3030 resistance levels. Above these levels could signal resumption of the uptrend.

 

[forexcycle]

GBPUSD remains in the downtrend from 1.3267, the bounce from 1.2841 is likely consolidation of the downtrend. Near term resistance is at top trend line of the price channel on its 4-hour chart. As long as the price is in the channel, the downside movement could be expected to continue and next target would be at 1.2750 area. However, the pair is now facing a bullish support trend line on the daily chart. Rebound off the trend line support could take price to the top of the channel. A clear break above the channel resistance could signal completion of the downtrend, then next target would be at 1.3030 resistance.

 

[forexcycle]

EURUSD stays in a falling price channel on its 4-hour chart and remains in the downtrend from 1.1909. As long as the price is in the channel, the downside movement could be expected to continue and next target would be at the bottom support trend line of the price channel on its daily chart. On the upside, a clear break above the channel resistance could take price to test 1.1909 resistance, above this level could signal resumption of the uptrend from 1.0569 (Apr 10 low), then next target would be at 1.2000 area.

 

[forexcycle]

EURUSD broke above the top trend line of the price channel on its 4-hour chart, suggesting that the downside movement from 1.1909 had completed at 1.1662 already. Further rise to test 1.1909 resistance is possible, a break out of this level could signal resumption of the uptrend from 1.0569 (Apr 10 low), then next target would be at 1.2000 area. On the downside, as long as 1.1909 resistance holds, one more fall towards the bottom support trend line of the price channel on its daily chart is still possible.

 

[forexcycle]

USDCAD’s short term downtrend from 1.2778 extended to as low as 1.2505. As long as the price is in the falling price channel on the 4-hour chart, the downtrend could be expected to continue and deeper decline to test 1.2413 support is possible. On the upside, a clear break above the top trend line of the price channel will signal completion of the short term downtrend, then the following upside movement could bring price to test 1.2778 resistance.

 

[forexcycle]

USDCAD extended its short term downtrend from 1.2778 to as low as 1.2444, facing the previous low support at 1.2413. A breakdown below this level could signal resumption of the downtrend from 1.3793 (May 5 high), then next target would be at 1.2300, followed by 1.2050. Near term resistance is at the top trend line of the price channel on the 4-hour chart. A clear break above the channel resistance could indicate that the short term downtrend is complete, then the following upside movement could bring price back to test 1.2778 resistance.

 

[forexcycle]

AUDUSD failed to break below 0.7866 support and moved sideways in a trading range between 0.7866 and 0.7995. As long as 0.7866 support holds, the sideways movement could be treated as consolidation of the uptrend from 0.7807 and further rise to test 0.8065 resistance is still possible after the consolidation. On the downside, a breakdown below 0.7866 support will indicate that the upside movement from 0.7807 had completed at 0.7995 already, then the following downside movement could bring price to 0.7700 area.

 

[forexcycle]

EURUSD is facing 1.1823 support. A breakdown below this level will indicate the short term uptrend from 1.1662 had completed at 1.2070 already, then the following downside move could take price to test 1.1662 key support. On the upside, as long as 1.1823 support holds, the fall from 1.2070 would possibly be correction of the uptrend, and further rise towards 1.2165 is still possible after the correction.

 

[forexcycle]

GBPUSD remains in the uptrend from 1.2774, the price action from 1.2978 is likely consolidation of the uptrend. Near term support is at 1.2852, as long as this level holds, the uptrend could be expected to resume and next target would be at 1.3100 area. On the downside, a breakdown below 1.2852 support could take price to the key support level at 1.2774, below this level could signal completion of the uptrend from 1.1987 (Jan 16 low), then the following downside movement could bring price to test 1.1946 (Oct 7, 2016 low) support.

 

[forexcycle]

GBPUSD extended its bullish movement from 1.2774 to as high as 1.3138. As long as the price is above the bullish trend line from 1.2774 to 1.2852 on the 4-hour chart, the upside movement could be expected to continue and next target would be at 1.3200 area. Near term support is at 1.3018, followed by the bullish trend line now at 1.2935. Only a clear break below the trend line support could signal completion of the uptrend, then the following downside movement could bring price back towards 1.2774. The 1.2774 level could be treated as the key support for the uptrend from 1.1987 (Jan 16 low), below this level could trigger another fall towards 1.1946 (Oct 7, 2016 low).

 

[forexcycle]

AUDUSD remains in the uptrend from 0.7807, the fall from 0.8124 is likely consolidation of the uptrend. Near term support is located at the bullish trend line on the 4-hour chart. As long as the price is above the trend line, the upside movement could be expected to continue and next target would be at 0.8162. On the downside, a clear break below the trend line support could take price back to next support level at 0.7960, only break below this level could indicate that the bullish movement from 0.7807 is complete.