Monday, September 14, 2009

Daily Forex Analysis – September 14, 2009

GBPUSD Analysis.
Being contained by the upper border of the rising price channel, GBPUSD pulled back from 1.6741 level. Deeper decline is expected to the lower border of the price channel. However the fall from 1.6741 is treated as consolidation of uptrend from 1.6113. As long as the channel support holds, we’d expect the uptrend to resume and further rise to 1.6850-1.6900 area is possible after consolidation, and a break above 1.6741 will signal resumption of uptrend.

AUDUSD Analysis.
After touching 0.8667 resistance, AUDUSD pulled back from 0.8674 level, suggesting that lengthier consolidation is underway. Range trading between 0.8450 and 0.8667 is expected in a couple of days. Near term resistance is now at 0.8674, only rise above this level will signal resumption of uptrend.

EURUSD Analysis.
EURUSD remains in uptrend from 1.4177. Further rise is still possible to 1.4700 zone in a couple of days. Near term support is at 1.4500 and key support is located at 1.4467, below this level will indicate that a short term cycle top has been formed on 4-hour chart, then pullback to 1.4400 could be seen to follow.

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