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Daily Forex Analysis – February 28, 2013

AUDUSD Analysis.
AUDUSD stays within a downward price channel on 4-hour chart, and remains in short term downtrend from 1.0373, the rise from 1.0182 could be treated as consolidation of the downtrend. Resistance is located at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.0100 area is still possible. However a clear break above the channel resistance will indicate that the downward movement from 1.0373 has completed, then further rise to test 1.0373 key resistance could be seen, about this level will indicate that the whole downtrend from 1.0597 has completed.

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EURUSD Analysis.
EURUSD remains in downtrend from 1.3711, the bounce from 1.3018 is treated as consolidation of the downtrend. Resistance is at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.2900 area is still possible. On the upside, a clear break above the channel resistance will indicate that a cycle bottom has been formed at 1.3018 on 4-hour chart, and the downward movement from 1.3711 has completed, then the following upward move could bring price back towards 1.4000.

20130228_eurusd_1

USDCHF Analysis.
USDCHF remains in uptrend from 0.9021, the fall from 0.9338 is treated as consolidation of the uptrend. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to resume, and another rise to 0.9400 area is still possible, only a clear break below the trend line support could signal completion of the uptrend.

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USDJPY Analysis.
No changed in our view, USDJPY is in downtrend, the rise from 90.93 is likely correction of the downtrend. Key resistance is at 94.54, as long as this level holds, the downtrend could be expected to resume, and another fall to 90.00 area is still possible, only break above 94.54 could trigger another rise towards 100.00.

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GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5843, the bounce from 1.5072 is treated as consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.5000 area. Resistance is at 1.5320, followed by 1.5400, only break above these levels could signal completion of the downtrend.

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USDCAD Analysis.
USDCAD may be forming a cycle top at 1.0303 on 4-hour chart. Deeper decline would likely be seen and the target would be at the lower line of the price channel. However, the fall would possibly be consolidation of the uptrend from 0.9932, as long as the channel support holds, another rise to 1.0400 is still possible after consolidation.

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