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Daily Forex Analysis – February 21, 2013

AUDUSD Analysis.
AUDUSD failed to break above 1.0373 resistance, and is now facing 1.0226 support, a breakdown below this level will signal resumption of the downtrend from 1.0597, then further decline to 1.0150 area could be expected. On the other side, as long as 1.0226 support holds, one more rise to re-test 1.0373 resistance is still possible, a break above this level will indicate that the downtrend from 1.0597 has completed at 1.0226 already, then the following upward movement could bring price back to 1.0700 zone.

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EURUSD Analysis.
After consolidation, EURUSD continues its downward movement from 1.3711, and the fall extends to as low as 1.3271. Further decline is still possible and next target would be at 1.3200 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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USDJPY Analysis.
USDJPY continues its sideways movement in  range between 92.17 and 94.43. Support is at 92.17, as long as this level holds, the sideways movement could be treated as consolidation of the uptrend from 79.07 (Nov 9, 2012 low), one more rise to 96.00 area is still possible. On the downside, a breakdown below 92.17 will indicate that lengthier consolidation of the uptrend is underway, then pullback to 91.00 area could be seen.

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GBPUSD Analysis.
GBPUSD’s downward movement from 1.5843 extends to as low as1.5193. Resistance is now at 1.5400, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.5100 area, only break above 1.5400 could signal completion of the downtrend.

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USDCHF Analysis.
USDCHF continues its upward movement from 0.9021, and the rise extends to as high as 0.9285. Key support is now located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 0.9350 area. On the downside, a clear break below the trend line support will suggest that a cycle top has been formed, and the rise from 0.9021 has completed, then another fall to 0.9000 area could be seen.

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USDCAD Analysis.
USDCAD’s upward movement from 0.9932 extends to as high as 1.0185. Further rise would likely be seen after a minor consolidation, and next target would be at 1.0250 area. Support is at 1.0100, as long as this level holds, the uptrend will continue.

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