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Daily Forex Analysis – April 22, 2013

USDCAD Analysis.
USDCAD remains in uptrend from 1.0083, the fall from 1.0293 is treated as consolidation of the uptrend. Support is at 1.0200, as long as this level holds, another rise to test 1.0341 resistance is still possible, a break above this level will indicate that the longer term uptrend from 0.9632 (Sep 14, 2012 low) has resumed, then the following upward move could bring price to 1.0500 area. On the downside, a breakdown below 1.0200 level will suggest that the upward movement from 1.0083 has completed at 1.0293 already, then deeper decline towards 1.0000 could be seen to follow.

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GBPUSD Analysis.
GBPUSD is facing the support of the upward trend line on 4-hour chart, as long as the trend line support holds, the fall from 1.5411 could be treated as consolidation of the uptrend from 1.4831, one more rise towards 1.5600 is still possible after consolidation. On the downside, a clear break below the trend line support will indicate that the uptrend from 1.4831 had completed at 1.5411 already, then the following downward move could bring price to 1.4500 zone.

20130422_gbpusd_1

USDJPY Analysis.
USDJPY is facing 99.94 resistance, a break above this level will indicate that the uptrend from 77.14 (Sep 13, 2012 low) has resumed, then further rise towards 105.00 could be seen. However, as long as 99.94 resistance holds, lengthier consolidation in the range between 95.83 and 99.94 is possible.

20130422_usdjpy_1

USDCHF Analysis.
USDCHF’s upward movement from 0.9206 extends to as high as 0.9342. Further rise is still possible and the target would be at 0.9400 area. However, the rise is likely consolidation of the downtrend from 0.9553, another fall could be expected after consolidation, and a breakdown below 0.9275 could signal resumption of the downtrend.

20130422_usdchf_1

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0582, and the fall extends to as low as 1.0265. Further decline is still possible, and next target would be at 1.0200 area. Key resistance is at 1.0400, only break above this level could signal completion of the downtrend.

20130422_audusd_1

EURUSD Analysis.
No changed in our view, EURUSD remains in uptrend from 1.2747, the fall from 1.3201 is treated as consolidation of the uptrend. Another fall to 1.2900 – 1.2950 area to complete the consolidation is still possible. Resistance is at 1.3201, a  break above this level could trigger another rise towards 1.3500.

20130422_eurusd_1

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