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forexcycle
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AUDUSD continued its downside movement from 0.8102 and the fall extended to as low as 0.7795. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the pair is in the channel, the downside movement could be expected to continue and next target would be at the resistance-turned-support trend line on the weekly chart now at around 0.7700. Key resistance is now at 0.7860, only an upside breakout of this level could indicate that the downtrend is complete, then the following correction rebound could bring price back towards 0.7986.
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EURUSD stays in a descending price channel on its 4-hour chart and remains in the downtrend from 1.2029. As long as the price is in the channel, the bounce from 1.1717 could be treated as consolidation of the downtrend. Further decline to test 1.1662 key support would likely be seen after the consolidation. A breakdown below this level could take to the resistance-turned-support trend line on the weekly chart, now at 1.1420. On the other side, a breakout of the top trend line of the channel would indicate that the short term downtrend had completed at 1.1717 already, then the pair would find next resistance level at 1.1940, followed by 1.2092.
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EURUSD remains in the downtrend from 1.2029, the bounce from 1.1717 is likely consolidation of the downtrend. Near term resistance is located at the top trend line of the price channel on the 4-hour chart, now at around 1.1860. As long as the price is in the channel, the downside movement could be expected to continue, and another fall to test 1.1662 support is still possible after the consolidation. Below this level could take price to the resistance-turned-support trend line on the weekly chart, now at 1.1420. On the upside, a clear break above the channel resistance could indicate that the downtrend had completed at 1.1717 already, then the following upside movement could bring price back towards 1.2092 previous high resistance.
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GBPUSD is testing a long term resistance trend line on its weekly chart. A clear break above the trend line resistance could see price rise towards next resistance level at 1.3950. This level would be the final destination of the bullish movement from the October 2016 low of 1.1946. Near term support level is at 1.3360. A breakdown below this level could see a reversal pullback towards the bullish support trend line on the daily chart. A clear break below this trend line could confirm that the whole upside movement from 1.1946 is complete.
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GBPUSD moved sideways in a trading range between 1.3451 and 1.3652. The sideways movement is likely consolidation of the uptrend from 1.2774. As long as 1.3451 support holds, the uptrend could be expected to continue and next target would be at 1.3950 area. On the downside, a breakdown below 1.3451 support could bring price back towards the rising trend line from 1.2909 to 1.3153 on the 4-hour chart, now at around 1.3340. Only a break through the trend line support could indicate that the bullish movement had completed at 1.3652 already, then the following downside movement could take price to 1.2850 area.
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EURUSD formed a sideways consolidation in a trading range between 1.1823 and 1.2092. Key support is now at 1.1823, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 1.0569 (Apr 10 low). Another rise could be expected after the consolidation and a break above 1.2092 resistance could trigger another rise towards 1.2165. However, a downward break of 1.1823 support would suggest that the uptrend had competed at 1.2092 already, then the pair would fall down to next support level at 1.1662.
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GBPUSD stays above a bullish support trend line on the 4-hour chart and remains in the uptrend from 1.2774, the fall from 1.3618 is likely consolidation of the uptrend. Deeper decline is still possible and next target would be at 1,3400, followed by 1.3370. As long as 1.3370 level holds, the bullish movement could be expected to resume and an upside break of 1.3618 resistance could signal resumption of the uptrend, then next target would be at 1.3950 area. Key support is located at the bullish trend line, only a clear break below the trend line support could bring price back towards 1.2774.
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AUDUSD stays in a bullish price channel on its 4-hour chart and remains in the uptrend from 0.7807. As long as the price is in the channel, the pullback from 0.8124 could be treated as consolidation of the uptrend. Near term resistance is at 0.8050, a break above this level would indicate that the uptrend has resumed, then further rise to test 0.8124 previous high resistance is possible. The key support is at 0.7955, a breakdown below this level would confirm that the upside movement had completed at 0.8124 already, then the following downside movement could bring price back towards 0.7807.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.