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Daily Forex Analysis – April 24, 2013

GBPUSD Analysis.
GBPUSD is facing the support of the upward trend line on 4-hour chart, a clear break below the trend line support will suggest that the upward movement from 1.4831 had completed at 1.5411 already, then the following downward move could bring price to 1.4500 zone. On the upside, as long as the trend line support holds, the uptrend could be expected to resume, and one more rise towards 1.5600 is still possible. Resistance is at 1.5335, a break above this level could signal resumption of the uptrend.

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USDCAD Analysis.
USDCAD continues its sideways movement in a range between 1.0203 and 1.0293. As long as 1.0203 key support holds, the price action in the trading range could be treated as consolidation of the uptrend from 1.0083, one more rise to test 1.0341 resistance is still possible. However, a breakdown below 1.0203 will indicate that the upward movement from 1.0083 had completed at 1.0293 already, then the following downward movement could bring price back to 1.0000 zone.

20130424_usdcad_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. Support is at 98.40, a breakdown below this level could trigger another fall to 0.9550 – 0.9600 zone.

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USDCHF Analysis.
USDCHF’s rise from 0.9206 extends to as high as 0.9463. Further rise is still possible, and next target would be at 0.9500 area. Support is at 0.9385, only break below this level could signal completion of the uptrend.

20130424_usdchf_1

AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0582. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.0150 area, only a clear break above the trend line resistance could signal completion of the downtrend.

20130424_audusd_1

EURUSD Analysis.
EURUSD’s fall from 1.3201 extends to as low as 1.2973. Deeper decline is still possible, and next target would be at 1.2900 area. Resistance is at 1.3130, only break above this level could trigger another rise towards 1.3500.

20130424_eurusd_1

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