Monday, August 31, 2009

Daily Forex Analysis - August 31, 2009

GBPUSD Analysis.
GBPUSD broke above the upper border of the price channel, suggesting that a short term cycle bottom is being formed at 1.6153 level on 4-hour chart. Range trading between 1.6153 and 1.6500 is expected in a couple of days. However the price action from 1.6153 is treated as consolidation of downtrend from 1.7042, further fall towards 1.6000 is still possible after consolidation, and a break below 1.6153 will signal resumption of downtrend.

EURUSD Analysis.
EURUSD broke above 1.4375 resistance last week. Further rise to re-test 1.4447 is now in favor, and a break above this level will suggest that the uptrend from 1.3748 (June 16 low) has resumed. Key support is at 1.4200, only fall below this level will take price back to 1.4100 zone.

AUDUSD Analysis.
AUDUSD is testing 0.8477 previous high resistance. As long as this level holds, we’d expect downtrend to resume and pullback to 0.8250-0.8300 would more likely be seen before breaking above 0.8477 level. However a break of 0.8477 will suggest that the uptrend from 0.7703 has resumed, then the next target would be at 0.8600-0.8700 area.

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Friday, August 28, 2009

Daily Forex Analysis - August 28, 2009

GBPUSD Analysis.
GBPUSD remains in downtrend from 1.6623 and the fall extended to as low as 1.6153 level. The rebound from 1.6153 is treated as consolidation of downtrend. Near term resistance is at the upper border of the falling price channel on 4-hour chart, as long as the channel resistance holds, we’d expect downtrend to resume, and deeper decline to 1.6000 is possible. However a clear break above the channel resistance will suggest that a short term cycle bottom is being formed at 1.6153 level, then lengthier consolidation in a range between 1.6153 and 1.6400 could be seen to follow.

EURUSD Analysis.
EURUSD failed to test 1.4200 key support and rebounded sharply form 1.4207 level, suggesting that a short term cycle bottom has been formed on 4-hour chart. Further rise could be seen to test 1.4447 previous high resistance, a break above this level will signal further rally towards 1.4700 zone. Near term support is at 1.4300, and key support is now located at 1.4207, only fall below this level will take price back to 1.4100 zone.

AUDUSD Analysis.
AUDUSD rebounded from 0.8238, suggesting that a short term cycle bottom is being formed. Further rise to re-test 0.8477 previous high resistance is now in favor. Near term support is at 0.8350, as long as this level holds, we’d expect uptrend from 0.8238 to continue.

USDCAD Analysis.
USDCAD has formed a short term cycle bottom at 1.0718 level on 4-hour chart and is now in short term uptrend, the pullback from 1.1019 is more likely correction of uptrend. As long as 1.0718 support holds, we would expect uptrend to resume and one more rise towards 1.1400 is still possible.

USDJPY Analysis.
USDJPY breaks below 93.42 previous low support and the fall from 95.05 is treated as resumption of downtrend. Deeper decline is now in favor and next target would be at 92.75 zone. Near term resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend from 95.05 will continue.

USDCHF Analysis.
USDCHF breaks below 1.0553 support, suggesting that a short term cycle top has been formed at 1.0714 level on 4-hour chart, and the fall from 1.0714 is treated as resumption of downtrend from 1.0883. Deeper decline is now in favor and next target would be at 1.0450-1.0500 area. Key resistance is now located at 1.0714, a break above this level will indicate that the downtrend from 1.0883 has completed.

Thursday, August 27, 2009

Daily Forex Analysis - August 27, 2009

EURUSD Analysis.
EURUSD has formed a short term cycle top at 1.4375 on 4-hour chart. Deeper decline to test 1.4200 support is possible later today, a break down below this level will suggest that the uptrend from 1.4045 has completed at 1.4375 already, then further fall could be seen to follow and target is to test 1.4045 previous low support. Near term resistance is at 1.4290, and key resistance is at 1.4375, only rise above this level will indicate that the uptrend from 1.4145 has resumed, then further rise towards 1.4500 is expected.

AUDUSD Analysis.
AUDUSD drops sharply to as low as 0.8252 level, suggesting that a short term cycle top has been formed at 0.8428 on 4-hour chart. Deeper decline is now in favor and next target is to test 0.8155 support. Near term resistance is at 0.8335, as long as this level holds, downtrend from 0.8428 will continue.

GBPUSD Analysis.
GBPUSD broke below 1.6275 support and dropped sharply to as low as 1.6159 level. Deeper decline towards 1.6000 is still possible in a couple of days. Near term resistance is at 1.6310 followed by 1.6445, as long as these levels hold, downtrend from 1.6623 will continue.

USDCAD Analysis.
USDCAD failed to break below 1.0632 and rebounded sharply from 1.0718. The pair has formed a short term cycle bottom at 1.0718 level on 4-hour chart. Further rise is still possible to test 1.1124 previous high resistance, a break above this level will signal further rally towards 1.1400 zone. Near term support is at 1.0925 followed by 1.0890, as long as these levels hold, uptrend from 1.0718 will continue.

USDJPY Analysis.
No changed in our view, USDJPY stays in a trading range between 93.42 and 95.05. Moving sideways in this range is expected in a couple of days. As long as 95.28 key resistance holds, we’d expect downtrend to resume and deeper decline to 90.00 zone is still possible after consolidation.

USDCHF Analysis.
USDCHF breaks above the resistance of the upper border of the falling price channel. Further rise to 1.0750 zone is expected. However, the rise from 1.0553 is more likely correction of downtrend from 1.0883, and another fall is still possible after correction.

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Wednesday, August 26, 2009

Daily Forex Analysis - August 26, 2009

AUDUSD Analysis.
AUDUSD remains in short term uptrend from 0.8155. Further rise to test 0.8477 previous high resistance is still possible in a couple of days. Downtrend is expected to resume before breaking above this level, and pullback towards 1.0700 would more likely be seen. However, a break above 0.8477 resistance will suggest that the uptrend from 0.7703 has resumed, then further rally is expected to 0.8700 zone.

GBPUSD Analysis.
GBPUSD breaks below 1.6375 key support, suggesting that a short term cycle top has been formed at 1.6623 level on 4-hour chart. Now the fall from 1.6623 is treated as resumption of downtrend. Deeper decline is expected to test 1.6275 previous low support, a break down below this level will signal further fall towards 1.6000 zone. Near term resistance is at 1.6445, as long as this level holds, downtrend from 1.6623 will continue.

USDCAD Analysis.
USDCAD might be forming a short term cycle bottom at 1.0718 level on 4-hour chart. Further rise is now in favor and target is to test 1.1124 previous high resistance. Near term support is at 1.0718, only fall below this level will suggest that the downtrend from 1.1124 has resumed and deeper decline to re-test 1.0632 could be seen to follow.

USDJPY Analysis.
As expected, USDJPY stays in a trading range between 93.42 and 95.05. Moving sideways in this range is expected in a couple of days. As long as 95.28 key resistance holds, we’d expect downtrend to resume and deeper decline to 90.00 zone is still possible after consolidation.

EURUSD Analysis.
EURUSD is forming a short term cycle top at 1.4375 level on 4-hour chart. Range trading between 1.4200 and 1.4375 is expected in a couple of days. Key support is located at 1.4200, below this level will indicate that the short term uptrend from 1.4045 has completed at 1.4375 level already, then deeper decline could be seen to test 1.4045 support.

USDCHF Analysis.
USDCHF remains in downtrend from 1.0883 and the rebound from 1.0553 is treated as consolidation of downtrend. Further rise towards the upper border of the falling price channel is expected in a couple of days. As long as the channel resistance holds, we would expect downtrend to resume and another fall towards 1.0500 is still possible after consolidation.

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Tuesday, August 25, 2009

Daily Forex Analysis - August 25, 2009

GBPUSD Analysis.
GBPUSD failed to test 1.6663 resistance and fell down from 1.6623 level. The pair is forming a short term cycle top on 4-hour chart, key support is located at 1.6375, a break below this level will confirm the cycle top, and signal deeper decline to re-test 1.6275 previous low support. Key resistance remains at 1.6663, only rise above this level will suggest that the downtrend from 1.7042 has completed at 1.6275 level already, then further rally could be seen to 1.6800-1.6850 area.

USDCAD Analysis.
USDCAD’s short term downtrend from 1.1124 extends further to as low as 1.0725 level. Deeper decline is still possible alter today and target is at 1.0650-1.0700 area. Near term resistance is at 1.0805 followed by 1.0865, as long as these levels hold, downtrend will continue.

USDJPY Analysis.
Being contained by 95.28 resistance, USDJPY drops from 95.05 level. The pair might be forming a short term cycle top on 4-hour chart. Consolidation between 93.42 and 95.05 is expected in a couple of day, and deeper decline to 90.00 zone could be seen after consolidation.

EURUSD Analysis.
EURUSD remains in uptrend from 1.4045 and the fall from 1.4375 is treated as consolidation of uptrend. Further rise to test 1.4447 previous high resistance is still possible after consolidation. Key support is now located at 1.4200, only fall below this level will indicate that a short term cycle top has been formed at 1.4375 level and the uptrend from 1.4145 has completed, then the fallowing downtrend will take price back to re-test 1.4045 support.

USDCHF Analysis.
USDCHF rebounded from 1.0553 level. Range trading between 1.0553 and 1.0650 is expected in a couple of days. Key resistance is at the upper border of the falling price channel on 4-hour chart. As long as channel resistance holds, we’d expect downtrend from 1.0883 to resume and another fall is still possible.

AUDUSD Analysis.
AUDUSD remains in short term uptrend from 0.8155. Further rise to test 0.8477 previous high resistance is still possible later today. As long as this level holds, we’d expect downtrend to resume, and pullback towards 1.0700 is possible. However, a break above 0.8477 previous high resistance will suggest that the uptrend from 0.7703 has resumed, then further rally could be seen to 0.8700 zone.

Saturday, August 22, 2009

USDCAD formed a cycle bottom at 1.0632 level

USDCAD formed a cycle bottom at 1.0632 level on daily chart and is now in uptrend. The fall from 1.1124 is treated as consolidation of uptrend. As long as 1.0632 support holds, we'd expect uptrend to resume and one more rise to 1.1400-1.1500 area is still possible. However, below 1.0632 will suggest that the downtrend from 1.1723 has resumed, then deeper decline could be seen to 1.0200 zone.

For long term analysis, USDCAD breaks below 1.0784, suggesting the long term downtrend from 1.3063 has resumed. Deeper decline is now in favor, and next target would be at 1.0000 zone.

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Friday, August 21, 2009

Daily Forex Analysis - August 21, 2009

USDJPY Analysis.
USDJPY remains in downtrend from 97.78 and the price action from 93.67 is treated as consolidation of downtrend. Deeper decline is still possible later today, next target would be at 93.25 zone, and a break below 93.67 will signal resumption of downtrend. Near term resistance is at 94.55, as long as this level holds, downtrend will continue. However a break above 94.55 level will suggest that a short term cycle bottom has been formed on 4-hour chart, then further rise could be seen to 95.00 zone.

GBPUSD Analysis.
GBPUSD trades in range between 1.6275 and 1.6663. The price action in the trading range is more likely consolidation of downtrend from 1.7042. Deeper decline to 1.6000 zone is still possible after consolidation. Key resistance is located at 1.6663, only rise above this level will indicate that the fall from 1.7042 has completed at 1.6275 level already.

EURUSD Analysis.
EURUSD consolidates in a range between 1.4045 and 1.4327. As long as 1.4327 resistance holds, we’d expect downtrend to resume and another fall towards 1.3800 zone is possible after consolidation. However, a break above 1.4327 key resistance will indicate that the uptrend from 1.3748 (June 16 low) has resumed, then one more rise above 1.4447 could be seen.

USDCHF Analysis.
USDCHF stays in a trading range between 1.0562 and 1.1021. The price action in this range is treated as consolidation of downtrend from 1.1963 (Mar 12 high), one more rise towards 1.1000 zone to complete the consolidation would more likely be seen.

USDCAD Analysis.
USDCAD breaks below the support of the rising trend line from 1.0632 to 1.0795. Deeper decline to test 1.0795 could be seen later today. However, the price action from 1.1075 is treated as consolidation of uptrend from 1.0632, further rise towards 1.1400 is possible after consolidation.

AUDUSD Analysis.
No changed in our view, AUDUSD is in short term downtrend from 0.8477 and the rebound from 0.8155 is treated as consolidation of downtrend. Deeper decline is still possible to 0.7900 zone after consolidation. Key resistance is at 0.8477, only rise above this level will suggest that the uptrend from 0.7703 has resumed, then further rally could be seen to 0.8700 zone.

Wednesday, August 19, 2009

Daily Forex Analysis - August 19, 2009

GBPUSD Analysis.
GBPUSD rebounds from 1.6275 and the rise extends to as high as 1.6592 level. Further rally to test 1.6663 previous high resistance is still possible later today. As long as this level holds, we’d expect downtrend to resume and deeper decline to 1.6000 zone is possible. However a break above 1.6663 level will indicate that the downtrend from 1.7042 has completed, then the following uptrend could take price back to re-test 1.7042 resistance.

EURUSD Analysis.
After breaking below 1.4086 support, EURUSD moves sideways and trades in a narrow range between 1.4045 and 1.4148. Further rise to 1.4250 zone to reach the next short term cycle top on 4-hour chart could be seen in a couple of days. However, the rise from 1.4045 is treated as consolidation of downtrend, as long as 1.4327 key resistance holds, we’d expect downtrend to resume and deeper decline to 1.3800 is still possible.

USDCHF Analysis.
USDCHF trades in a range between 1.0670 and 1.0883. Moving sideways without trend in this range is expected in a couple of days. As long as 1.0670 support holds, we’d expect uptrend to resume and one more rise to test 1.0883 is still possible.

USDCAD Analysis.
After breaking above 1.1075 resistance, USDCAD pulls back from 1.1124 level. However, the fall from 1.1124 is more likely consolidation of uptrend. Range trading between 1.0950 and 1.1124 is expected in a couple of days. Key support is at the rising trend line from 1.0632 to 1.0795, as long as the trend line support holds, uptrend will continue.

USDJPY Analysis.
USDJPY remains in downtrend from 97.78 and the rebound from 94.20 is treated as consolidation of downtrend. Deeper decline is still possible to 93.50-94.00 area after consolidation. Key resistance is now located at 95.28, only break above this level will indicate that a short term cycle bottom has been formed at 94.20 level on 4-hour chart, then further rally could be seen to 95.70 zone.

AUDUSD Analysis.
After touching 0.8180 support, AUDUSD rebounds from 0.8155 level. However, the rise from 0.8155 is more likely consolidation of downtrend. Deeper decline is still possible to 0.7900 zone after consolidation. Near term resistance is at 0.8330 and key resistance is at 0.8477.

Tuesday, August 18, 2009

Daily Forex Analysis - August 18, 2009

EURUSD Analysis.
EURUSD breaks below 1.4086 support, suggesting that the uptrend from 1.3748 (June 16 low) has completed at 1.4447 level already. Deeper decline is now in favor and target would be at 1.3800 zone. Now the pair is in short term downtrend from 1.4327, as long as 1.4150 resistance holds, we’d expect downtrend to continue. However, above 1.4150 level will take price back to 1.4200-1.4250 area to reach the next cycle top on 4-hour chart.

GBPUSD Analysis.
GBPUSD breaks below 1.6391 and drops sharply to as low as 1.6275 level. Deeper decline is now in favor and target would be at 1.6000 zone. Near term resistance is at 1.6430, as long as this level holds, downtrend from 1.6663 will continue. However, above 1.6430 level will signal further rally to 1.6550 level.

USDCHF Analysis.
USDCHF’s rise from 1.0670 extends to 1.0834 level only. Range trading between 1.0730 and 1.0834 would more likely be seen in a couple of days. As long as 1.0670 support holds, we’d expect uptrend to resume and one more rise to test 1.0883 is still possible.

USDCAD Analysis.
USDCAD breaks above 1.1075 previous high resistance, suggesting that a short term cycle bottom has been formed at 1.0795 level on 4-hour chart. Further rise to 1.1400-1.1450 area is expected in next several days. Near term support is at 1.0950, and key support is now at the rising trend line from 1.0632 to 1.0795, as long as the trend line support holds, uptrend will continue.

USDJPY Analysis.
USDJPY breaks below 94.36 support, suggesting that the fall from 97.78 is resumption of medium term downtrend from 101.43 (Apr 6 high). Deeper decline is expected to 93.50 in a couple of days. Near term resistance is at 95.15, as long as this level holds, short term downtrend from 97.78 will continue.

AUDUSD Analysis.
AUDUSD breaks below 0.8180 support, suggesting that the uptrend from 0.7703 has completed at 0.8477 level already. Further fall is still possible to 0.7900 zone in next several days. Near term resistance is at 0.8280 followed by 0.8330.

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Friday, August 14, 2009

GBPUSD has formed a short term cycle bottom

GBPUSD has formed a short term cycle bottom at 1.6391 level on 4-hour chart. Further rise is expected later today and target would be at 1.6750 zone. Near term support is at 1.6391, below this level will suggest that the downtrend from 1.7042 has resumed, then deeper decline could be seen to 1.6000 level.
Forex Signal

Thursday, August 13, 2009

EURUSD rebounds from 1.4086

After breaking below the support of the up trend line from 1.3832 to 1.4007, EURUSD rebounds from 1.4086 and breaks above 1.4218 key resistance, suggesting that a short term cycle bottom has been formed at 1.4086 level on 4-hour chart. Range trading between 1.4086 and 1.4350 is expected in a couple of days. However, the rise from 1.4086 is more likely consolidation of downtrend from 1.4447, deeper decline to 1.3900 zone is still possible after consolidation.
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Monday, August 10, 2009

AUDUSD is testing the support of the lower border of the rising price channel

AUDUSD is testing the support of the lower border of the rising price channel, as long as channel support holds, we would expect uptrend to resume, and one more rise above 0.8469 is still possible in a couple of days. However, a clear break below the channel support will indicate that the uptrend from 0.7703 has completed at 0.8469 level already, then the follow downtrend will take price back to 0.8000 zone. Daily Forex Signals.


Friday, August 07, 2009

EURUSD remains in uptrend from 1.4007

EURUSD remains in uptrend from 1.4007 and the price action from 1.4444 is treated as consolidation of uptrend. Near term support is now at 1.4250, as long as this level holds, we’d expect the uptrend to resume and further rise towards 1.4600 is still possible after consolidation . However, below 1.4250 level will indicate that a short term cycle top has been formed at 1.4447, then deeper decline could be seen to 1.4150 zone. More Forex Signal


Thursday, August 06, 2009

USDCAD drops from 1.0783

Being contained by the falling trend line from 1.1113 to 1.0933, USDCAD drops from 1.0783, suggesting that a short term cycle top is being formed on 4-hour chart. Deeper decline is expected to test 1.0632 previous low support later today, a break down below this level will confirm the cycle top and signal deeper decline to 1.0500 zone. Near term resistance is at the falling trend line now at 1.0765, above this level will indicate that lengthier consolidation of downtrend is underway.

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Sunday, August 02, 2009

AUDUSD remains in uptrend from 0.6248

AUDUSD remains in uptrend from 0.6248, and the rise extends to as high as 0.8365 level. Further rally to 0.8500 zone to reach the next cycle top is still possible next week. Near term support is at 0.8100, as long as this level holds, the uptrend from 0.7703 will continue, however, below this level will suggest that a cycle top has been formed on daily chart, then pullback to 0.7800 -0.7900 area could be seen to follow.

For long term analysis, AUDUSD has formed a cycle bottom at 0.6008 (2008 low) level on monthly chart. Further rise to 0.8300-0.8500 area is still possible.



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