USDJPY Analysis.
USDJPY is testing 91.62 key resistance, a break above this level will indicate that a short term cycle bottom has been formed at 91.12 level on 4-hour chart and indicate that the downtrend from 97.89 has completed, then further rally could be seen to 92.50-93.00 area. As long as 91.62 resistance holds, the price action from 90.20 is treated as consolidation of downtrend from 97.78 and another fall towards 89.00 is still possible after consolidation.
GBPUSD Analysis.
GBPUSD drops sharply to as low as 1.6209 level. Deeper decline is still possible later today and target is to test 1.6113 previous low support, a break below this level will indicate that the uptrend from 1.3503 (Jan 23 low) has completed at 1.7042 level already. Near term resistance is at 1.6350, as long as this level holds, we’d expect downtrend from 1.6741 to continue.
AUDUSD Analysis.
AUDUSD remains in uptrend from 0.8543 and the pullback from 0.8775 is treated as consolidation of uptrend. Near term support is at 0.8600, as long as this level holds, we’d expect uptrend to resume, and further rise to 0.8800 zone is possible after consolidation, and a break above 0.8775 will signal resumption of uptrend. However, below 0.8600 level will take price back to re-test 0.8543 support.
Forex Analysis
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