Tuesday, September 01, 2009

Daily Forex Analysis - September 1, 2009

AUDUSD Analysis.
Being contained by 0.8477 previous high resistance, AUDUSD pulled back from 0.8470 level. Sideways consolidation in a range between 0.8300 and 0.8470 would more likely be seen before breaking above 0.8477 level and another fall towards 0.8300 is expected later today. 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.

GBPUSD Analysis.
GBPUSD formed a short term cycle bottom 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 is now in short term uptrend from 1.4045. Further rise to test 1.4447 is still in favor, and a break above this level will suggest that the uptrend from 1.3748 (June 16 low) has resumed, then next target could be at 1.4600-1.4700 area. Key support is at 1.4200, only fall below this level will take price back to 1.4100 zone.

Forex Signal

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