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AUDUSD formed a short term cycle bottom at 0.8946 level on 4-hour chart, further rise to test the resistance of the falling trend line from 0.9404 to 0.9321 is possible later today, a clear break above the trend line resistance will indicate that the fall 0.9404 has completed, then another rise towards 0.9500 could be seen to follow. Critical support is located at 0.8916, below this level will suggest that the uptrend from 0.7703 (July 13 low) has completed at 0.9404 already, then the following downtrend could bring price to 0.8500 zone.



Daily Forex Signals

EURUSD formed a short term cycle top at 1.5144 and dropped sharply to as low as 1.4828 last week. Range trading between 1.4801 and 1.5144 is possible in a couple of days. As long as 1.4801 support holds, the fall from 1.5144 is treated as consolidation of uptrend from 1.3748 (Jun 16 low), and another rise towards 1.5200-1.5300 area is still possible. However, below 1.4801 key support will indicate that the uptrend has completed at 1.5144 level already, then the falling downtrend could take price to 1.4000 zone.



Daily Forex Reports

AUDUSD breaks below support of the lower border of rising price channel on daily chart, suggesting that the upward trend from 0.7703 may have completed at 0.9404, and the following pullback could take price to 0.8500 zone, however, a break below 0.8916 key support is needed to confirm such case. On the other side, as long as 0.8916 support holds, another rise towards 0.9500 is still possible.

For long term analysis, AUDUSD is in long term bullish movement. Further rise towards 0.9500 area to reach next cycle top on weekly chart is still possible in next several weeks.



Weekly Forex Forecast

GBPUSD breaks below the support of the lower border of the price channel on 4-hour chart, suggesting that the uptrend from 1.5708 (Oct 13 low) has completed at 1.6875 already and another fall towards 1.6300-1.6350 area is on the way. Initial resistance is at 1.6535, as long as this level holds, downtrend from 1.6745 will continue. Key resistance is now located at the falling trend line from 1.6875 to 1.6745, only rise above the trend line resistance could take price back to upwards trend.



Daily Forex Signals