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Daily Forex Analysis – May 24, 2013

EURUSD Analysis.
EURUSD remains in downtrend from 1.3242, the price action from 1.2796 is treated as consolidation of the downtrend. Range trading between 1.2796 and 1.2998 would likely be seen in a couple of days. Key resistance is at 1.2998, as long as this level holds, the downtrend could be expected to resume, and one more fall to test 1.2747 support is still possible after consolidation. On the upside, a break above 1.2998 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.

20130524_eurusd_1

USDJPY Analysis.
USDJPY breaks below the upward trend line on 4-hour chart, suggesting that the uptrend from 97.01 has completed. Further decline would likely be seen, and the target would be at 100.00 area. However, the fall from 103.73 would possibly be consolidation of the uptrend from 77.14 (Sep 13, 2012 low), one more rise towards 105.00 is still possible after consolidation.

20130524_usdjpy_1

USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart and remains in uptrend from 1.0013, the fall from 1.0393 is treated as consolidation of the uptrend. Support is at the trend line, as long as the trend line support holds, the uptrend could be expected to resume, and another rise to 1.0500 is possible, only a clear break below the trend line support could signal completion of the uptrend.

20130524_usdcad_1

GBPUSD Analysis.
GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.5605. Resistance is at the trend line, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.4900 area, only a clear break above the trend line resistance could signal completion of the downtrend.

20130524_gbpusd_1

USDCHF Analysis.
USDCHF breaks below the upward trend line on 4-hour chart, suggesting that the uptrend from 0.9247 had completed at 0.9838 already. Further decline would likely be seen, and next target would be at 0.9600 area. Resistance is at 0.9838, only break above this level could trigger anther rise towards 1.0000.

20130524_usdchf_1

AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0384, the rise from 0.9594 is likely consolidation of the downtrend. Range trading between 0.9594 and 0.9842 could be expected in a couple of days. Key resistance is at 0.9842, as long as this level holds, the downtrend could be expected to resume, and one more fall to 0.9500 is still possible.

20130524_audusd_1

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