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AUD/JPY is showing signs of a reversal from its recent downtrend as it made an upside breakout from the neckline of its double bottom pattern on the daily time frame.The pair busted above the 90.50 handle in today’s Asian session as the Australian economy reported a stronger than expected GDP reading for the second quarter of the year. As for Japan, Abe’s proposed sales tax could undermine spending and growth, and might prompt further easing from the BOJ. The pattern is roughly 400 pips in heigh…
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Fall to re-test 1.2747 support could be
EURUSD broke above 1.3415 resistance, suggesting that the uptrend from 1.2747 has resumed. Further rise could be expected next week, and next target would be at 1.3600 area. Initial support is at the lower line of the price channel on daily chart, as long as the channel support holds, the uptrend will continue. Key support is 1.3200, only break below this level will indicate that the uptrend from 1.2756 is complete, then another fall to re-test 1.2747 support could be seen.
AUD/USD could bring price back to 1.0000.
AUDUSD stays in a trading range between 0.8847 and 0.9344. As long as 0.9344 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0582, one more fall to 0.8500 area to complete the downward movement is still possible. On the upside, a break above 0.9344 will indicate that the downtrend from 1.0582 had completed at 0.8847 already, then the following upward movement could bring price back to 1.0000.
Could trigger another rise to 0.9650
USDCHF is testing 0.9130 support, a breakdown below this level will indicate that the downtrend from 0.9838 has resumed, then further decline towards 0.8500 could be seen. Key resistance is at 0.9400, only break above this level could trigger another rise to 0.9650 area.
Next target would be at 1.0750
USDCAD’s upward movement from 1.0245 extends to as high as 1.0568. Further rise to test 1.0608 resistance is possible next week, a break of this level will signal resumption of the longer term uptrend from 0.9632 (Sep 14, 2012 low), then next target would be at 1.0750 area. However, as long as 1.0608 resistance holds, the rise from 1.0245 would possibly be correction of the downtrend from 1.0608, another fall toward 1.0000 is still possible.
103.73 could be expected
USDJPY broke above the upper line of the price channel on daily chart, suggesting that the fall from 101.53 had completed. Further rise to test 103.73 resistance would likely be seen over the next several weeks, as long as this level holds, the price action from 103.73 could be treated as consolidation of the long term uptrend from 75.57 (Oct 31, 2011 low), sideways movement in a range between 93.79 and 103.73 could be expected to continue.
Next target would be at 1.6000
GBPUSD’s upward movement from 1.4813 extended to as high as 1.5717. Support remains at the upward trend line on daily chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.6000 area, only a clear break below the trend line support could signal completion of the uptrend.