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GBPUSD might be forming a short term cycle bottom at 1.4110 on 4-hour chart. Near term resistance is at the falling trend line and key resistance is located at 1.4360, a break above this level will confirm the cycle bottom and then further rally could be seen to 1.4500-1.4550 area. Initial support is at 1.4110, only fall below this level will signal deeper decline to 1.3800 zone.



Daily Forex Forecast

USDJPY might be forming a short term cycle top at 98.86 level on 4-hour chart. Key support is now at 96.99, a break below this level will indicate that the cycle top has been formed and the rise from 93.53 has completed, and then pullback to 95.00 is expected to follow. Key resistance is located at 99.67, above this level will suggest that the medium term uptrend from 87.12 (Jan 21 low) has resumed, and then further rally could be seen to 104.00 zone.



Daily Forex Market Analysis

AUDUSD might be forming a cycle top at 0.7092 on daily chart. Key support is located at 0.6780, a clear break below this level will confirm the cycle top and then deeper decline could be seen to 0.6500 zone. Near term resistance is at 0.7092, only rise above this level will signal further rally to test 0.7267 previous high resistance.

For long term analysis, AUDUSD has formed a cycle top at 0.7267 level on weekly chart. Consolidation in a range between 0.6008 and 0.7500 is expected in next several weeks.



Weekly Forex Forecast

GBPUSD has formed a short term cycle top at 1.4779 level on 4-hour chart. Further fall to test 1.4394 support is possible later today, a break below this level will signal deeper decline to 1.4350 level. However, the next cycle bottom is nearing, rebound would more likely be seen before breaking below 1.4350 level. Initial resistance is at the falling trend line on 4-hour chart, a clear break above the trend line resistance will indicate that a cycle bottom has been form, and the medium term uptrend from 1.3654 has resumed.



Daily Forex Analysis