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Daily Forex Analysis – February 18, 2013

USDJPY Analysis.
USDJPY failed to break below 92.17 key support and stays in a trading range between 92.17 and 94.43. As long as 92.17 support holds, the price action in the range is treated as consolidation of the uptrend from 79.07 (Nov 9, 2012 low). Further rise to test 94.43 previous high resistance would likely be seen, a break above this level will signal resumption of the uptrend, then next target would be at 96.00 area. Only break below 92.17 will indicate that the uptrend had completed at 94.43 already, then the following downward movement could bring price back to 91.00 zone.

20130218_usdjpy_1

GBPUSD Analysis.
GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.5843. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.5400 area. However, a clear break above the trend line resistance will suggest that a cycle bottom has been formed, and the fall from 1.5843 has completed, then further rise to 1.5700 area could be seen.

20130218_gbpusd_1

AUDUSD Analysis.
AUDUSD breaks below 1.3000 support and reaches as low as 1.0278, suggesting that a cycle top has been formed on 4-hour chart. Now the fall would possibly be resumption of the downtrend from 1.0597, further decline is still possible and next target would be at 1.0250 area. Key resistance is now at 1.0373, only break above this level could signal completion of the downtrend.

20130218_audusd_1

EURUSD Analysis.
EURUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.3711. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.3200 area, only a clear break above the trend line resistance could signal completion of the downtrend.

20130218_eurusd_1

USDCHF Analysis.
USDCHF remains in uptrend from 0.9021. Further rise could be expected and next target would be at 0.9300 area. Key support is at 0.9150, only break below this level will indicate that the rise from 0.9021 has completed, then another fall towards 0.9000 could be seen.

20130218_usdchf_1

USDCAD Analysis.
USDCAD is facing 1.0088 resistance, a break above this level will indicate that the uptrend from 0.9815 has resumed, then further rise to 1.0200 area could be seen. However, as long as 1.0088 resistance holds, another fall is still possible, and a breakdown below 1.0000 could signal completion of the uptrend from 0.9815.

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