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Daily Forex Analysis – May 28, 2013

GBPUSD Analysis.
GBPUSD failed to break above the upper line of the price channel on 4-hour chart, suggesting that the pair remains in downtrend from 1.5605, the price action from 1.5014 could be treated as consolidation of the downtrend. Range trading between 1.5014 and 1.5156 would likely be seen in a couple of days. Key resistance is now at 1.5156, as long as this level holds, we’d expect the downtrend to resume, and one more fall to 1.4900 is still possible. On the upside, a break above 1.5156 will indicate that the downtrend from 1.5605 had completed at 1.5014 already, then the following upward move could bring price to 1.5400 – 1.5500 area.

20130528_gbpusd_1

EURUSD Analysis.
EURUSD stays in a trading range between 1.2796 and 1.2998. As long as 1.2998 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.3242, another 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.

20130528_eurusd_1

USDJPY Analysis.
USDJPY is in consolidation of the uptrend from 77.14 (Sep 13, 2012 low). Another fall to 98.00 – 99.00 area to complete the consolidation is possible. Resistance is at 102.60, followed by 103.73, only break above these levels could trigger another rise towards 105.00.

20130528_usdjpy_1

USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.0013, the price action from 1.0393 could be 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 pullback to 1.0250 area could be seen.

20130528_usdcad_1

USDCHF Analysis.
USDCHF remains in downtrend from 0.9838, the rise from 0.9590 is likely consolidation of the downtrend. Another fall could be expected after consolidation, and a breakdown below 0.9590 could trigger another fall to 0.9500 zone.

20130528_usdchf_1

AUDUSD Analysis.
AUDUSD 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.

20130528_audusd_1

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