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Daily Forex Analysis – May 31, 2013

USDCAD Analysis.
USDCAD is facing 1.0286 key support, a breakdown below this level will indicate that the uptrend from 1.0013 had completed at 1.0420 already, then the following downward movement could bring price back to 1.0100 zone. On the upside, as long as 1.0286 support holds, the price action from 1.0420 could be treated as consolidation of the uptrend from 1.0013, one more rise to 1.0500 area to compete the upward movement is still possible.

20130531_usdcad_1

EURUSD Analysis.
EURUSD breaks above 1.2998 key resistance, suggesting that the downward movement from 1.3242 had completed at 1.2796 already. The pair is now in uptrend from 1.2796, further rally could be expected, and next target would be at 1.3150 area. Support is at 1.2950, only break below this level could trigger another fall towards 1.2500.

20130531_eurusd_1

GBPUSD Analysis.
GBPUSD break above 1.5156 resistance, suggesting that the downward movement from 1.5605 had completed at 1.5008 already. Further rally could be expected, and next target would be at 1.5350 area. Support is at 1.5100, only break below this level could trigger another fall to test 1.4831 (Mar 12, low) support.

20130531_gbpusd_1

USDJPY Analysis.
USDJPY remains in short term downtrend from 103.73. Further decline would likely be seen in a couple of days, and the target would be at 99.00 area. Resistance is at 102.60 only break above this level could trigger another rise towards 105.00.

20130531_usdjpy_1

USDCHF Analysis.
USDCHF breaks below 0.9590 support, suggesting that the uptrend from 0.9206 had completed at 0.9838 already. Deeper decline would likely be seen, and next target would be at 0.9450 area. Resistance is at 0.9650, only break above this level could trigger another rise towards 1.0000.

20130531_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.

20130531_audusd_1

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