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Daily Forex Analysis – February 22, 2013

AUDUSD Analysis.
After touching 1.0226 previous low support, AUDUSD rebounds from 1.0220, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise to re-test 1.0373 would likely be seen, a break above this level will indicate that the downward movement from 1.0597 has completed, then the following upward move could bring price to 1.0700 zone. However, as long as 1.0373 resistance holds, the price action from 1.0226 could be treated as consolidation of the downtrend, and one more fall to 1.0100 area is still possible.

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EURUSD Analysis.
EURUSD remains in downtrend from 1.3711, and the fall extends to as low as 1.3161. Further decline could be expected and next target would be at 1.3150 area. Key resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

20130222_eurusd_1

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.

20130222_usdjpy_1

GBPUSD Analysis.
GBPUSD’s fall from1.5843 extends to as low as 1.5130. Further decline is still possible after a minor consolidation, and next target would be at 1.5000 area. Resistance is at 1.5400, only break above this level could signal completion of the downtrend.

20130222_gbpusd_1

USDCHF Analysis.
USDCHF’s upward movement from 0.9021 extends to as high as 0.9332. Further rise is still possible after a minor consolidation, and next target would be at 0.9370 area. Support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

20130222_usdchf_1

USDCAD Analysis.
USDCAD’s upward movement from 0.9932 extends to as high as 1.0207. Support is at 1.0100, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.0250 area, only break below 1.0100 support could signal completion of the uptrend.

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