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forexcycle
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The GBPUSD pair failed in it attempt to break below the bullish support trend line on the 4-hour chart and rebounded strongly from 1.3319, suggesting that the pair remains in the uptrend from 1.3039. As long as the price is above the trend line, the price action from 1.3549 could be treated as consolidation of the uptrend. Further rise to test 1.3549 resistance would likely be seen after the consolidation, and a breakout of this level will indicate that the uptrend has resumed, then next target would be at 1.3657 (Sep 20 high). On the downside, a breakdown below 1.3319 support will confirm that the uptrend had completed at 1.3549 already, then deeper decline to next support level at 1.3220 could be seen. Below this level could trigger further downside movement towards 1.3027 (Oct 6 low).
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EURUSD broke below 1.1809 support, suggesting that the upside movement from 1.1554 had completed at 1.1961 already. Further decline would likely be seen in the coming days and next target would be at 1.1712. A breakdown below this level could take price to next support level at 1.1554, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390. Near term resistance is at 1.1880, only a breakout of this level could trigger another rise to test 1.1961 resistance, above this level will confirm that the uptrend from 1.1554 has resumed, then next target would be at 1.2092 (Sep 8 high).
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The GBPUSD pair remains in uptrend from 1.3039, the fall from 1.3549 could be treated as consolidation of the uptrend. As long as the price is above the trend line, the uptrend could be expected to continue and next target would be at 1.3657 (Sep 20 high). Near term resistance is at 1.3549, a breakout of this level could signal resumption of the uptrend. Near term support is at 1.3375, below this level could trigger further decline towards the rising trend line on the 4-hour chart now at around 1.3280. Only a clear break below the trend line could signal completion of the uptrend.
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EURUSD’s fall from 1.1961 extended to as low as 1.1827. However, as long as the price is above the bullish trend line on the 4-hour chart, the fall could be treated as consolidation of the uptrend from 1.1554, and another rise towards 1.2092 (Sep 8 high) previous high is still possible after the consolidation. On the downside, a breakdown below the trend line support will indicate that the uptrend had completed at 1.1961 already, then the pair would find next support at 1.1712. Below this level could trigger further decline towards 1.1554, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390.
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EURUSD extended its upside movement from 1.1554 to as high as 1.1944, breaking above 1.1879 key resistance, confirming that the downside movement from 1.2092 (Sep 8 high) had completed at 1.1554 already. Near term support is at the bullish trend line on the 4-hour chart. As long as the price is above the trend line, the upside movement from 1.1554 could be expected to continue and next target would be at 1.2000, followed by 1.2092. On the downside, a breakdown below the trend line support could bring price back to next support level at 1.1712. Below this level could trigger further downside movement towards 1.1554 previous low, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390.
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GBPUSD’s upside movement from 1.3039 extended to as high as 1.3279. Further rise to test 1.3337 key resistance is still possible in the coming days. As long as this level holds, the sideways movement in a range between 1.3027 and 1.3337 could be treated as consolidation of the downtrend from 1.3657 (Sep 20 high), and another fall towards 1,2774 support is still possible after the consolidation. Near term support is at the rising trend line on the 4-hour chart, a breakdown below the trend line could bring price back to next support level at 1.3130. Below this level will confirm that the short term uptrend from 1.3039 is complete, then next target would be at 1.3027, followed by 1.2900. On the upside, a breakout of 1.3337 resistance will suggest that lengthier correction for the downtrend from 1.3657 is underway, and this could trigger further upside movement towards 1.3470.
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GBPUSD is testing 1.3229 resistance, a breakout of this level could take price to the key resistance at 1.3337. As long as this level holds, the sideways movement in the trading range between 1.3027 and 1.3337 could be treated as consolidation of the downtrend from 1.3657 (Sep 20 high), and another fall towards 1.2774 support is still possible. Near term support is at 1.3027, a breakdown below this level could signal resumption of the downtrend. On the upside, a breakout of 1.3337 resistance will indicate that lengthier correction for the downtrend from 1.3657 is underway, then further rise to 1.3470 area to complete the correction is possible.
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EURUSD failed in its attempt to breakout of 1.1879 resistance and pulled back from 1.1860. However, as long as the price is above 1.1740 support, the fall would possibly be consolidation of the uptrend from 1.1554, and another rise to test 1.1879 resistance is still possible after the consolidation. A breakout of this level will confirm that downtrend from 1.2092 (Sep 8 high) had completed at 1.1554 already, then the following upside movement could take price to 1.2000 area. On the downside, a breakdown below 1.1740 level will suggest that the short term uptrend from 1.1554 had completed at 1.1860 already, then deeper decline towards the resistance-turned-support level at 1.1690 could be seen. Below this level could trigger further downside movement towards 1.1554, followed by 1.1400.
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USDCAD broke below 1.2700 support and extended its downside movement from 1.2916 to as low as 1.2666, facing the support of the bullish trend line on the daily chart. Near term resistance is at the falling trend line on the 4-hour chart. As long as the price is below this trend line, the downtrend could be expected to continue and next target would be at 1.2500 area. On the upside, a clear break above the falling trend line could bring price back to next resistance level at 1.2819. Above this level will confirm that the downtrend is complete, then next target would be at 1.2916, followed by 1.3100.
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GBPUSD continued its sideways movement in a trading range between 1.3027 and 1.3337. Another rise towards 1.3337 resistance would likely be seen in the coming days. As long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 1.3657, and further decline towards 1.2774 is possible after the consolidation. Support is at 1.3027, a breakdown below this level could signal resumption of the downtrend. Near term resistance is at 1.3230, a break of this level could take price to test 1.3337. Above this level could trigger further upside movement to 1.3450 area.
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EURUSD is in consolidation of the downtrend from 1.2092 (Sep 8 high). Range trading between 1.1574 and 1.1725 would likely be seen in the coming days. As long as the support-turned-resistance level of 1.1725 holds, the downside movement could be expected to resume after the consolidation and a breakdown below 1.1574 could take price to 1.1400 area. On the upside, a breakout of 1.1725 resistance will indicate that lengthier consolidation for the downtrend is needed, then next target would be at the falling trend line on the 4-hour chart.
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USDCAD failed to breakout of 1.2916 resistance and pulled back to break below a bullish trend line on the 4-hour chart, suggesting that lengthier consolidation for the uptrend from 1.2433 is underway. Range trading between 1.2780 and 1.2916 would likely be seen in a couple of days. As long as 1.2780 support holds, the uptrend could be expected to resume and further rise to 1.3100 area is still possible after the consolidation. On the downside, a breakdown below 1.2780 support could signal completion of the uptrend from 1.2433, then the pair would find next support at around 1.2600. Click here for more forex analysis.
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EURUSD is in consolidation for the downtrend from 1.1879. Range trading between 1.1574 and 1.1685 would likely be seen in a couple of days. Near term resistance is at 1.1685, as long as this level holds, the downtrend could be expected to resume and a breakdown below 1.1574 support could trigger another fall towards the resistance-turned-support trend line on the weekly chart. On the upside, a breakout of 1.1685 resistance will suggest that lengthier consolidation for the downtrend from 1.2092 (Sep 8 high) is underway, then further rise to 1.1800 area could be seen.
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AUDUSD broke above the bearish trend line on the 4-hour chart, indicating that consolidation for the downtrend from 0.7897 is underway. Range trading between 0.7624 and 0.7718 would likely be seen in a couple of days. As long as the price is below 0.7718, the downtrend could be expected to resume and further decline to 0.7500 area is still possible after the consolidation. Near term support is at 0.7624, a breakdown below this level could signal resumption of the downtrend. On the upside, a breakout of 0.7718 resistance will suggest that the downtrend had completed at 0.7624 already, then the following correction rebound could take price to 0.7800 zone. More forex analysis.
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USDJPY continued its upside movement from 111.65 and the rise extended to as high as 114.45. As long as the price is above the rising trend line on the 4-hour chart, the uptrend could be expected to resume, and further rise towards 115.50 is still possible. Near term resistance is at 114.45, above this level could signal resumption of the uptrend. On the downside, a breakdown below the trend line support could bring price to next support level at 113.24. Below this level will confirm that the short term uptrend from 111.65 had completed at 114.45 already, then the following bearish move could could take price back towards 111.47 key support.