USDCAD Daily Analysis – May 21, 2019

USDCAD moved sideways in a trading range between 1.3376 and 1.3520. Another fall towards 1.3376 support could be expected, a breakdown below this level could take the price to 1.3300 area. Near term resistance is at 1.3455, above this level could trigger another rise to test 1.3520 resistance.

USDCAD 4-hour chart

AUDUSD Daily Analysis – May 21, 2019

AUDUSD is facing the top trend line of the price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 0.6864 could be treated as consolidation for the downtrend from 0.7068, one more fall towards 0.6800 could be expected after the consolidation. On the upside, a breakout of the channel resistance would indicate that the downside movement had completed at 0.6864 already, then the following upside move could take the price to 0.7000 area.

AUDUSD 4-hour chart

USDJPY Daily Analysis – May 21, 2019

USDJPY is facing the resistance of the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the bounce from 109.01 could be treated as consolidation for the downtrend from 112.40, another fall towards 108.50 is still possible after the consolidation. On the upside, a breakout of the trend line resistance would confirm that the downside movement had completed at 109.01 already, then further rise to 111.50 area could be seen.

USDJPY 4-hour chart

EURUSD Daily Analysis – May 21, 2019

EURUSD stays below a falling trend line on the 4-hour chart and remains in the downtrend from 1.1263. As long as the price is below the trend line, the bounce from 1.1150 could be treated as consolidation for the downtrend, further decline towards 1.1120 area is still possible after the consolidation. Only break above the trend line resistance could bring the price back to 1.1200 area.

EURUSD 4-hour chart

USDCAD Daily Analysis – May 20, 2019

USDCAD failed to break above 1.3520 resistance and stayed in a trading range between 1.3376 and 1.3520. Another fall to test 1.3376 support would likely be seen, a breakdown below this level could take the price to 1.3300 area. Resistance is at 1.3520, a break of this level would indicate that the upside movement from 1.3274 has resumed, then next target would be at 1.3600 area.

USDCAD 4-hour chart

USDJPY Daily Analysis – May 20, 2019

USDJPY broke above 110.04 resistance. Further rally towards the falling trend line on the 4-hour chart could be expected in the coming days. A breakout of the trend line resistance would confirm that the downside movement from 112.40 had completed at 109.01 already, then next target would be at 111.50 area.

USDJPY 4-hour chart

AUDUSD Daily Analysis – May 20, 2019

AUDUSD stays in a falling price channel on the 4-hour chart and remains in the downtrend from 0.7068. As long as the channel resistance holds, the bounce from 0.6864 could be treated as consolidation for the downtrend. Further decline could be expected after the consolidation and next target would be at 0.6800 area. Only break above the channel resistance could signal completion of the downtrend.

AUDUSD 4-hour chart

GBPUSD Daily Analysis – May 20, 2019

GBPUSD extended its downside movement from 1.3176 to as low as 1.2713. As long as the price is below the bearish trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2700 area. Near term resistance is at 1.2800, only break above this level could bring the price back towards the falling trend line.

GBPUSD 4-hour chart

EURUSD Daily Analysis – May 20, 2019

EURUSD stays below a bearish trend line on the 4-hour chart and remains in the downtrend from 1.1263. As long as the trend line resistance holds, the downside movement could be expected to continue and next target would be at 1.1120 area. Only break above the trend line resistance could signal completion of the downtrend.

EURUSD 4-hour chart