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Daily Forex Analysis – May 23, 2013

USDJPY Analysis.
USDJPY remains in uptrend from 97.01, and the rise extends to as high as 103.73. 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 continue, and next target would be at 105.00 area. On the downside, a clear break below the trend line support will indicate that the uptrend from 97.01 has completed, then the following downward movement could bring price back to 95.00 area.

20130523_usdjpy_1

EURUSD Analysis.
EURUSD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.3242, the price action from 1.2796 is treated as consolidation of the downtrend. Another fall to test 1.2747 support would likely be seen. Key resistance is now at 1.2998, only break above this level could signal completion of the downtrend.

20130523_eurusd_1

USDCAD Analysis.
USDCAD break above 1.0341 resistance, suggesting that the uptrend from 0.9632 (Sep 14, 2012 low) has resumed. Further rise could be expected, and next target would be at 1.0500 area. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.

20130523_usdcad_1

GBPUSD Analysis.
GBPUSD continues its downward movement from 1.5605, and the fall extends to as low as 1.5014. Further decline is still possible and next target would be at 1.4900 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

20130523_gbpusd_1

USDCHF Analysis.
USDCHF remains in uptrend from 0.9247, and the rise extends to as high as 0.9838. Support is now at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 0.9900 area, only a clear break below the trend line support could signal completion of the downtrend.

20130523_usdchf_1

AUDUSD Analysis.
After consolidation, AUDUSD continues its downward movement from 1.0384, and the fall extends to as low as 0.9625. Further decline would likely be seen, and next target would be at 0.9500 area. Resistance is now located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend will continue.

20130523_audusd_1

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