Daily Forex Analysis – May 31, 2013

USDCAD Analysis.
USDCAD is facing 1.0286 key support, a breakdown below this level will indicate that the uptrend from 1.0013 had completed at 1.0420 already, then the following downward movement could bring price back to 1.0100 zone. On the upside, as long as 1.0286 support holds, the price action from 1.0420 could be treated as consolidation of the uptrend from 1.0013, one more rise to 1.0500 area to compete the upward movement is still possible.


EURUSD Analysis.
EURUSD breaks above 1.2998 key resistance, suggesting that the downward movement from 1.3242 had completed at 1.2796 already. The pair is now in uptrend from 1.2796, further rally could be expected, and next target would be at 1.3150 area. Support is at 1.2950, only break below this level could trigger another fall towards 1.2500.

GBPUSD Analysis.
GBPUSD break above 1.5156 resistance, suggesting that the downward movement from 1.5605 had completed at 1.5008 already. Further rally could be expected, and next target would be at 1.5350 area. Support is at 1.5100, only break below this level could trigger another fall to test 1.4831 (Mar 12, low) support.

USDJPY Analysis.
USDJPY remains in short term downtrend from 103.73. Further decline would likely be seen in a couple of days, and the target would be at 99.00 area. Resistance is at 102.60 only break above this level could trigger another rise towards 105.00.

USDCHF Analysis.
USDCHF breaks below 0.9590 support, suggesting that the uptrend from 0.9206 had completed at 0.9838 already. Deeper decline would likely be seen, and next target would be at 0.9450 area. Resistance is at 0.9650, only break above this level could trigger another rise towards 1.0000.

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0384, the bounce from 0.9528 is treated as consolidation of the downtrend. Key resistance is at 0.9777, as long as this level holds, the downtrend could be expected to resume, and one more fall to 0.9500 area is still possible.

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Daily Forex Analysis – May 30, 2013

EURUSD Analysis.
EURUSD is facing 1.2998 key resistance, a break above this level will indicate that the downward movement from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 area. On the downside, as long as 1.2998 resistance holds, the price action in the trading range between 1.2796 and 1.2998 is treated as consolidation of the downtrend from 1.3242, one more fall to test 1.2747 support is possible after consolidation.


GBPUSD Analysis.
After touching 1.5014 support, GBPUSD rebounds from 1.5008, and is now facing 1.5156 resistance, a break above this level will suggest that the downtrend from 1.5605 has completed, then the following upward movement could bring price to 1.5800 zone. On the downside, as long as 1.5156 resistance holds, the price action from 1.5014 is treated as consolidation of the downtrend from 1.5605, one more fall to 1.4900 area is still possible after consolidation.

USDJPY Analysis.
USDJPY’s fall from 103.73 extends to as low as 100.60. Further decline is still possible, and next target would be at 100.00 area. Resistance is at 102.60 only break above this level could trigger another rise towards 105.00.

USDCAD Analysis.
USDCAD remains in uptrend from 1.0013, the fall from 1.0420 is treated as consolidation of the uptrend. Key support is at 1.0286, as long as this level holds, the uptrend could be expected to resume, and one more rise to 1.0500 area to compete the upward movement is possible.

USDCHF Analysis.
USDCHF is facing 0.9590 support, a breakdown below this level will indicate that the downward movement from 0.9838 has resumed, then next target would be at 0.9500 area. Resistance is at 0.9700, a break above this level will indicate that sideways consolidation is underway, and the trading range would be between 0.9590 and 0.9838.

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0384, the bounce from 0.9528 is treated as consolidation of the downtrend. Key resistance is at 0.9777, as long as this level holds, the downtrend could be expected to resume, and one more fall to 0.9500 area is still possible.

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Daily Forex Analysis – May 29, 2013

EURUSD Analysis.
EURUSD continues its sideways movement in a range between 1.2796 and 1.2998. Key resistance is at 1.2998, as long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 1.3242, another fall to test 1.2747 support is still possible. However, a break above 1.2998 resistance will indicate that the downtrend from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 zone.


GBPUSD Analysis.
GBPUSD is facing 1.5014 support, a breakdown below this level will indicate that the downtrend from 1.5605 has resumed, then further decline to 1.4900 area could be seen. Key resistance is now located at 1.5156, only break above this level will suggest that the downtrend had completed at 1.5014 already, then the following upward move could bring price to 1.5400 – 1.5500 area.

USDJPY Analysis.
No changed in our view, USDJPY is in consolidation of the uptrend from 77.14 (Sep 13, 2012 low). Another fall to 98.00 – 99.00 area to complete the consolidation is possible. Resistance is at 102.60, followed by 103.73, only break above these levels could trigger another rise towards 105.00.

USDCAD Analysis.
USDCAD’s upward movement from 1.0013 extends to as high as 1.0415. Further rise is still possible, and next target would be at 1.0450 area. Support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

USDCHF Analysis.
USDCHF’s bounce from 0.9590 extends to as high as 0.9780. Further rise to test 0.9838 resistance would likely be seen, a break above this level could signal resumption of the uptrend from 0.9206 (Apr 17 low), then next target would be at 0.9950 area. On the downside, as long as 0.9838 resistance holds, the bounce from 0.9590 would possibly be correction of the short term downtrend from 0.9838, one more fall to 0.9500 area is still possible.

AUDUSD Analysis.
After consolidation, AUDUSD continues its downward movement from 1.0384, and the fall extends to as low as 0.9545. Further decline could be expected, and next target would be at 0.9500 area. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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Daily Forex Analysis – May 28, 2013

Daily Forex Analysis – May 28, 2013

GBPUSD Analysis.
GBPUSD failed to break above the upper line of the price channel on 4-hour chart, suggesting that the pair remains in downtrend from 1.5605, the price action from 1.5014 could be treated as consolidation of the downtrend. Range trading between 1.5014 and 1.5156 would likely be seen in a couple of days. Key resistance is now at 1.5156, as long as this level holds, we’d expect the downtrend to resume, and one more fall to 1.4900 is still possible. On the upside, a break above 1.5156 will indicate that the downtrend from 1.5605 had completed at 1.5014 already, then the following upward move could bring price to 1.5400 – 1.5500 area.


EURUSD Analysis.
EURUSD stays in a trading range between 1.2796 and 1.2998. As long as 1.2998 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.3242, another fall to test 1.2747 support is still possible. On the upside, a break above 1.2998 resistance will indicate that the downtrend from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 zone.

USDJPY Analysis.
USDJPY is in consolidation of the uptrend from 77.14 (Sep 13, 2012 low). Another fall to 98.00 – 99.00 area to complete the consolidation is possible. Resistance is at 102.60, followed by 103.73, only break above these levels could trigger another rise towards 105.00.

USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.0013, the price action from 1.0393 could be treated as consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to resume, and one more rise to 1.0500 area is still possible. On the downside, a clear break below the trend line support will suggest that lengthier consolidation of the uptrend is underway, then pullback to 1.0250 area could be seen.

USDCHF Analysis.
USDCHF remains in downtrend from 0.9838, the rise from 0.9590 is likely consolidation of the downtrend. Another fall could be expected after consolidation, and a breakdown below 0.9590 could trigger another fall to 0.9500 zone.

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0384, the price action from 0.9594 is treated as consolidation of the downtrend. Range trading between 0.9594 and 0.9842 would likely be seen in a couple of days. Key resistance is at 0.9842, as long as this level holds, the downtrend could be expected to resume, and one more fall to 0.9500 is still possible.

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Daily Forex Analysis – May 27, 2013

Daily Forex Analysis – May 27, 2013

GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5605, the rise from 1.5014 is treated as consolidation of the downtrend. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.4900 area is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the downward movement from 1.5605 had completed at 1.5014 already, then the following upward movement could bring price back to 1.5400 – 1.5500 area.


EURUSD Analysis.
EURUSD moves sideways in a range between 1.2796 and 1.2998. Resistance is at 1.2998, as long as this level holds, the price action in the range is treated as consolidation of the downtrend from 1.3242, one more fall to test 1.2747 support is still possible. On the upside, a break above 1.2998 resistance will indicate that the downtrend from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 zone.

USDJPY Analysis.
USDJPY’s fall from 103.73 extends to as low as 100.66. Deeper decline is still possible, and next target would be at 100.00 area. Resistance is at 102.60, followed by 103.73, only break above these levels could trigger another rise towards 105.00.

USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.0013, the fall from 1.0393 is treated as consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to resume, and one more rise to 1.0500 area is still possible. On the downside, a clear break below the trend line support will suggest that lengthier consolidation of the uptrend is underway, then deeper decline to 1.0250 area could be seen.

USDCHF Analysis.
USDCHF’s downward movement from 0.9838 extends to as low as 0.9590. Further decline is still possible, and next target would be at 0.9540 area. Resistance is at 0.9720, as long as this level holds, the downtrend will continue.

AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0384, the price action from 0.9594 is treated as consolidation of the downtrend. Range trading between 0.9594 and 0.9842 would likely be seen in a couple of days. Key resistance is at 0.9842, as long as this level holds, the downtrend could be expected to resume, and one more fall to 0.9500 is still possible.

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Daily Forex Analysis – May 24, 2013

Daily Forex Analysis – May 24, 2013

EURUSD Analysis.
EURUSD remains in downtrend from 1.3242, the price action from 1.2796 is treated as consolidation of the downtrend. Range trading between 1.2796 and 1.2998 would likely be seen in a couple of days. Key resistance is at 1.2998, as long as this level holds, the downtrend could be expected to resume, and one more fall to test 1.2747 support is still possible after consolidation. On the upside, a break above 1.2998 will indicate that the downtrend from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 zone.


USDJPY Analysis.
USDJPY breaks below the upward trend line on 4-hour chart, suggesting that the uptrend from 97.01 has completed. Further decline would likely be seen, and the target would be at 100.00 area. However, the fall from 103.73 would possibly be consolidation of the uptrend from 77.14 (Sep 13, 2012 low), one more rise towards 105.00 is still possible after consolidation.

USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart and remains in uptrend from 1.0013, the fall from 1.0393 is treated as consolidation of the uptrend. Support is at the trend line, as long as the trend line support holds, the uptrend could be expected to resume, and another rise to 1.0500 is possible, only a clear break below the trend line support could signal completion of the uptrend.

GBPUSD Analysis.
GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.5605. Resistance is at the trend line, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.4900 area, only a clear break above the trend line resistance could signal completion of the downtrend.

USDCHF Analysis.
USDCHF breaks below the upward trend line on 4-hour chart, suggesting that the uptrend from 0.9247 had completed at 0.9838 already. Further decline would likely be seen, and next target would be at 0.9600 area. Resistance is at 0.9838, only break above this level could trigger anther rise towards 1.0000.

AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0384, the rise from 0.9594 is likely consolidation of the downtrend. Range trading between 0.9594 and 0.9842 could be expected in a couple of days. Key resistance is at 0.9842, as long as this level holds, the downtrend could be expected to resume, and one more fall to 0.9500 is still possible.

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Daily Forex Analysis – May 23, 2013

USDJPY Analysis.
USDJPY remains in uptrend from 97.01, and the rise extends to as high as 103.73. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 105.00 area. On the downside, a clear break below the trend line support will indicate that the uptrend from 97.01 has completed, then the following downward movement could bring price back to 95.00 area.


EURUSD Analysis.
EURUSD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.3242, the price action from 1.2796 is treated as consolidation of the downtrend. Another fall to test 1.2747 support would likely be seen. Key resistance is now at 1.2998, only break above this level could signal completion of the downtrend.

USDCAD Analysis.
USDCAD break above 1.0341 resistance, suggesting that the uptrend from 0.9632 (Sep 14, 2012 low) has resumed. Further rise could be expected, and next target would be at 1.0500 area. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.

GBPUSD Analysis.
GBPUSD continues its downward movement from 1.5605, and the fall extends to as low as 1.5014. Further decline is still possible and next target would be at 1.4900 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

USDCHF Analysis.
USDCHF remains in uptrend from 0.9247, and the rise extends to as high as 0.9838. Support is now at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 0.9900 area, only a clear break below the trend line support could signal completion of the downtrend.

AUDUSD Analysis.
After consolidation, AUDUSD continues its downward movement from 1.0384, and the fall extends to as low as 0.9625. Further decline would likely be seen, and next target would be at 0.9500 area. Resistance is now located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend will continue.

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