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Daily Forex Analysis – May 21, 2013

USDCAD Analysis.
Being contained by 1.0341 resistance, USDCAD pulls back from 1.0312. However, the fall is likely consolidation of the uptrend from 1.0013, one more rise to re-test 1.0341 resistance is possible, a break above this level will signal resumption of the longer term uptrend from 0.9632 (Sep 14, 2012 low), then next target would be at 1.0500 area. On the downside, as long as 1.0341 resistance holds, the rise from 1.0013 would possibly be correction of the downtrend from 1.0341, another fall towards 0.9500 is still possible after correction.

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USDJPY Analysis.
USDJPY breaks below the lower line of the price channel on 4-hour chart, suggesting that lengthier consolidation of the uptrend from 97.01 is underway. Range trading between 101.26 and 103.30 could be seen in a couple of days. Support is at 101.26, as long as this level holds, the uptrend could be expected to resume, and another rise towards 105.00 is still possible.

20130521_usdjpy_1

GBPUSD Analysis.
GBPUSD moves sideways in a range between 1.5158 and 1.5322. Resistance is at 1.5322, as long as this level holds, the price action in the range is treated as consolidation of the downtrend from 1.5605, another fall to 1.5100 area is still possible after consolidation, only break above 1.5322 resistance could signal completion of the downtrend.

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EURUSD Analysis.
EURUSD remains in downtrend from 1.3242, the price action in the trading range between 1.2796 and 1.2929 is treated as consolidation of the downtrend. Resistance is at 1.2929, as long as this level holds, one more fall to test 1.2747 support is still possible, only break above 1.2929 could signal completion of the downtrend.

20130521_eurusd_1

USDCHF Analysis.
USDCHF remains in uptrend from 0.9247. As long as 0.9578 support holds, the uptrend could be expected to resume, and one more rise to 0.9800 area is still possible, only break below 0.9578 support could signal completion of the uptrend.

20130521_usdchf_1

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0384, the rise from 0.9711 is treated as consolidation of the downtrend. Range trading between 0.9711 and 0.9900 would likely be seen in a couple of days. As long as 0.9900 resistance holds, the downtrend could be expected to resume, and one more fall to 0.9600 area is still possible after consolidation.

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