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Daily Forex Analysis – May 30, 2013

EURUSD Analysis.
EURUSD is facing 1.2998 key resistance, a break above this level will indicate that the downward movement from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 area. On the downside, as long as 1.2998 resistance holds, the price action in the trading range between 1.2796 and 1.2998 is treated as consolidation of the downtrend from 1.3242, one more fall to test 1.2747 support is possible after consolidation.

20130530_eurusd_1

GBPUSD Analysis.
After touching 1.5014 support, GBPUSD rebounds from 1.5008, and is now facing 1.5156 resistance, a break above this level will suggest that the downtrend from 1.5605 has completed, then the following upward movement could bring price to 1.5800 zone. On the downside, as long as 1.5156 resistance holds, the price action from 1.5014 is treated as consolidation of the downtrend from 1.5605, one more fall to 1.4900 area is still possible after consolidation.

20130530_gbpusd_1

USDJPY Analysis.
USDJPY’s fall from 103.73 extends to as low as 100.60. Further decline is still possible, and next target would be at 100.00 area. Resistance is at 102.60 only break above this level could trigger another rise towards 105.00.

20130530_usdjpy_1

USDCAD Analysis.
USDCAD remains in uptrend from 1.0013, the fall from 1.0420 is treated as consolidation of the uptrend. Key support is at 1.0286, as long as this level holds, the uptrend could be expected to resume, and one more rise to 1.0500 area to compete the upward movement is possible.

20130530_usdcad_1

USDCHF Analysis.
USDCHF is facing 0.9590 support, a breakdown below this level will indicate that the downward movement from 0.9838 has resumed, then next target would be at 0.9500 area. Resistance is at 0.9700, a break above this level will indicate that sideways consolidation is underway, and the trading range would be between 0.9590 and 0.9838.

20130530_usdchf_1

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0384, the bounce from 0.9528 is treated as consolidation of the downtrend. Key resistance is at 0.9777, as long as this level holds, the downtrend could be expected to resume, and one more fall to 0.9500 area is still possible.

20130530_audusd_1

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