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Daily Forex Analysis – May 27, 2013

GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5605, the rise from 1.5014 is treated as consolidation of the downtrend. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.4900 area is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the downward movement from 1.5605 had completed at 1.5014 already, then the following upward movement could bring price back to 1.5400 – 1.5500 area.

20130527_gbpusd_1

EURUSD Analysis.
EURUSD moves sideways in a range between 1.2796 and 1.2998. Resistance is at 1.2998, as long as this level holds, the price action in the range is treated as consolidation of the downtrend from 1.3242, one more fall to test 1.2747 support is still possible. On the upside, a break above 1.2998 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.

20130527_eurusd_1

USDJPY Analysis.
USDJPY’s fall from 103.73 extends to as low as 100.66. Deeper decline is still possible, and next target would be at 100.00 area. Resistance is at 102.60, followed by 103.73, only break above these levels could trigger another rise towards 105.00.

20130527_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. As long as the trend line support holds, the uptrend could be expected to resume, and one more rise to 1.0500 area is still possible. On the downside, a clear break below the trend line support will suggest that lengthier consolidation of the uptrend is underway, then deeper decline to 1.0250 area could be seen.

20130527_usdcad_1

USDCHF Analysis.
USDCHF’s downward movement from 0.9838 extends to as low as 0.9590. Further decline is still possible, and next target would be at 0.9540 area. Resistance is at 0.9720, as long as this level holds, the downtrend will continue.

20130527_usdchf_1

AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0384, the price action from 0.9594 is treated as consolidation of the downtrend. Range trading between 0.9594 and 0.9842 would likely be seen 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.

20130527_audusd_1

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