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Daily Forex Analysis – May 22, 2013

EURUSD Analysis.
EURUSD’s rise from 1.2796 extends to as high as 1.2938. However, the rise is likely consolidation of the downtrend from 1.3242. Resistance is located at the upper line of the downward price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and one more fall to test 1.2747 support is still possible. On the upside, a clear break above the channel resistance will indicate that the downtrend from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 zone.

20130522_eurusd_1

USDCAD Analysis.
USDCAD remains in uptrend from 1.0013, and the rise extends to as high as 1.0321. Key support is at 1.0217, as long as this level holds, the uptrend could be expected to continue, and another rise to re-test 1.0341 resistance is possible. On the downside, a breakdown below 1.0217 will indicate that the uptrend had completed at 1.0321 already, then the following downward movement could bring price back to 0.9900 zone.

20130522_usdcad_1

USDJPY Analysis.
USDJPY is in consolidation of the uptrend from 97.01. Range trading between 101.26 and 103.30 would likely be seen in a couple of days. As long as 101.26 support holds, the uptrend could be expected to resume, and one more rise towards 105.00 is possible after consolidation. Resistance is at 103.03, a break above this level could signal resumption of the uptrend.

20130522_usdjpy_1

GBPUSD Analysis.
GBPUSD’s downward movement from 1.5605 extends to as low as 1.5112. Further decline is still possible, and next target would be at 1.5000 area. Key resistance is at 1.5322, only break above this level could signal completion of the downtrend.

20130522_gbpusd_1

USDCHF Analysis.
USDCHF stays in a trading range between 0.9578 and 0.9760. As long as 0.9578 support holds, the price action in the range is treated as consolidation of the uptrend from 0.9247, one more rise to 0.9800 area is still possible after consolidation, only break below 0.9578 support could signal completion of the uptrend.

20130522_usdchf_1

AUDUSD Analysis.
No changed in our view, 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.

20130522_audusd_1

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