AUDUSD pulled back from 0.9609 and broke below the price channel support. Deeper decline is still possible to test 0.9493 support later today. However, the fall is treated as consolidation to up trend. As long as 0.9493 support holds, we’d expect up trend to resume, and a short term cycle bottom would be formed by the end of consolidation. http://blog.forexcycle.com/845/daily...s-jun-27-2008/
USDJPY pulled back sharply from 108.41 and broke below 106.56 support. The pair is now in down trend. Further fall is still possible to 105.00 area in a couple of days. Initial resistance is at 107.20, as long as this resistance holds, we’d expect down trend to continue. http://blog.forexcycle.com/858/daily...s-jun-30-2008/
AUDUSD broke below the up trend line on 4-hour chart. Sideways consolidation in a range between 0.9541 and 0.9667 could be seen in a couple of days. As long as 1.9493 key support holds, we’d expect up trend to resume and rise to 0.9700 to reach next cycle top on 4-hour chart is possible. http://blog.forexcycle.com/871/daily...s-july-1-2008/
EURUSD is forming a sideways consolidation. Pullback to test the support of the up trend line from 1.5302 to 1.5468 is still possible later today. As long as the trend line support holds, we’d expect up trend to resume, and rise towards 1.6000 area could be seen after consolidation. http://blog.forexcycle.com/874/daily...s-july-2-2008/
USDJPY is in down trend. The rebound from 104.98 is treated as correction to down trend. Initial resistance is at 106.77. As long as this resistance holds, deeper decline is possible after correction. A break below 104.98 will indicate that the correction has completed and deeper decline towards 104.00 is expected to follow. http://blog.forexcycle.com/887/daily...s-july-3-2008/
EURUSD broke below the up trend line from 1.5302 (June 13 low) to 1.5468 and formed a short term cycle top at 1.5908 on 4-hour chart. The fall is treated as resumption of down trend. Deeper decline to 1.5500 is expected after consolidation. Key resistance is now located at 1.5908, only rise above this level will signal resumption of up trend. http://blog.forexcycle.com/900/daily...s-july-7-2008/
USDCHF dropped sharply from 1.0341 and formed a short term cycle top on 4-hour chart. However, the fall is treated as consolidation to uptrend. Further rise to 1.0500 is expected in next several days. Key support is now located at 1.0111, only fall below this level will signal resumption of down trend. http://blog.forexcycle.com/913/daily...s-july-8-2008/
AUDUSD is testing the key support at 0.9493, a break below this level will indicate that the up trend from 0.9327 (June 12 low) has completed, and signal a further decline to 0.9200 area. However, as long as the pair stays above 0.9493, we’d expect up trend to resume, and one more rise above 0.9667 is still possible. http://blog.forexcycle.com/916/daily...s-july-9-2008/
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