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Daily Forex Analysis – May 29, 2013

EURUSD Analysis.
EURUSD continues its sideways movement in a range between 1.2796 and 1.2998. Key resistance is at 1.2998, as long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 1.3242, another fall to test 1.2747 support is still possible. However, 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.

20130529_eurusd_1

GBPUSD Analysis.
GBPUSD is facing 1.5014 support, a breakdown below this level will indicate that the downtrend from 1.5605 has resumed, then further decline to 1.4900 area could be seen. Key resistance is now located at 1.5156, only break above this level will suggest that the downtrend had completed at 1.5014 already, then the following upward move could bring price to 1.5400 – 1.5500 area.

20130529_gbpusd_1

USDJPY Analysis.
No changed in our view, 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.

20130529_usdjpy_1

USDCAD Analysis.
USDCAD’s upward movement from 1.0013 extends to as high as 1.0415. Further rise is still possible, and next target would be at 1.0450 area. Support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

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USDCHF Analysis.
USDCHF’s bounce from 0.9590 extends to as high as 0.9780. Further rise to test 0.9838 resistance would likely be seen, a break above this level could signal resumption of the uptrend from 0.9206 (Apr 17 low), then next target would be at 0.9950 area. On the downside, as long as 0.9838 resistance holds, the bounce from 0.9590 would possibly be correction of the short term downtrend from 0.9838, one more fall to 0.9500 area is still possible.

20130529_usdchf_1

AUDUSD Analysis.
After consolidation, AUDUSD continues its downward movement from 1.0384, and the fall extends to as low as 0.9545. Further decline could be expected, and next target would be at 0.9500 area. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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