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Daily Forex Analysis – February 25, 2013

AUDUSD Analysis.
AUDUSD moves sideways in a trading range between 1.0220 and 1.0373. Key resistance is now located at 1.0373, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.0597, and one more fall towards 1.0000 is still possible after consolidation. However, a break above 1.0373 will indicate that the downtrend had completed at 1.0220 already, then the following upward movement could bring price to 1.0700 zone.

20130225_audusd_1

EURUSD Analysis.
EURUSD remains in downtrend from 1.3711. Deeper decline would likely be seen after a minor consolidation, and next target would be at 1.3070 area. Initial resistance is at 1.3270, only break above this level will suggest that a cycle bottom has been formed on 4-hour chart, and consolidation of the downtrend is underway, then further rise towards the trend line could be seen.

20130225_eurusd_1

USDJPY Analysis.
After touching 94.43 previous high resistance, USDJPY pulls back from 94.54, suggesting that a cycle top is being formed on 4-hour chart, and lengthier consolidation of the uptrend from 79.07 (Nov 9, 2012 low) is underway. Deeper decline would likely be seen and the target would be at 92.50 area.

20130225_usdjpy_1

GBPUSD Analysis.
GBPUSD’s downward movement from 1.5843 extends to as low as 1.5072. Further decline is still possible 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.

20130225_gbpusd_1

USDCHF Analysis.
USDCHF stays above a upward trend line on 4-hour chart, and remains in uptrend from 0.9021. Further rise is still possible after a minor consolidation, and next target would be at 0.9370 area. Initial support is at 0.9280, only break below this level will suggest that a cycle top is being formed at 0.9332, then pullback towards the upward trend line could be seen.

20130225_usdchf_1

USDCAD Analysis.
USDCAD remains in uptrend from 0.9999, further rise could be expected after a minor consolidation, and next target would be at 1.0300 area. Support is at 1.0150, only break below this level could signal completion of the uptrend.

20130225_usdcad_1

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