Daily Forex Analysis – September 15, 2009

GBPUSD Analysis.
GBPUSD broke below the lower border of the rising price channel on 4-hour chart. Range trading between 1.6454 and 1.6741 is expected in a couple of days. However, the price action from 1.6741 is more likely consolidation of uptrend from 1.6113, one more rise towards 1.6900 zone is still possible after consolidation and a break above 1.6741 will signal resumption of uptrend. Key support is at 1.6454, only fall below this level will indicate that the rise from 1.6113 has completed at 1.6741 level already, then the following downtrend will take price back to re-test 1.6113 support.

AUDUSD Analysis.
AUDUSD might be forming a short term cycle top at 0.8674 level on 4-hour chart. Key support is located at 0.8528, a break down below this level will confirm the cycle top. Moving sideways in a range between 0.8450 and 0.8667 would more likely be seen in a couple of days. However, the price action from 0.8674 is treated as consolidation of uptrend from 0.8155, further rise towards 0.8800 zone is still possible after consolidation.

EURUSD Analysis.
EURUSD’s uptrend extends to as high as 1.4651 level. As long as 1.4515 key support holds, we’d expect uptrend from 1.4177 to continue and further rise to 1.4700-1.4800 area is possible. However, a break below 1.4515 level will indicate that a short term cycle top has been formed, then sideways consolidation could be seen to follow.

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