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Daily Forex Analysis – July 18, 2013

USDJPY Analysis.
USDJPY moves sideways in a range between 98.27 and 100.48. Resistance is now at 100.48, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 101.53, and another fall to 95.00 to complete the downward movement would likely be seen after consolidation. On the upside, a break above 100.48 will indicate that the uptrend from 93.79 has resumed, then the following upward movement could bring price to 110.00 area.

20130718_usdjpy_1

USDCAD Analysis.
USDCAD continues its sideways movement in a range between 1.0326 and 1.0442. As long as 1.0442 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0608, and another fall towards 1.0150 could be seen after consolidation. However, a break above 1.0442 will suggest that lengthier correction of the downtrend from 1.0608 is underway, then the pair will find resistance around 1.0500.

20130718_usdcad_1

AUDUSD Analysis.
AUDUSD is testing 0.9305 key resistance, a break above this level will indicate that the downtrend from 1.0582 (Apr 11 high) had completed at 0.8998 already, then the following upward movement could bring price back above 1.0000. On the downside, as long as 0.9305 resistance holds, the rise from 0.8998 could be treated as consolidation of the downtrend, one more fall towards 0.8500 is still possible after consolidation.

20130718_audusd_1

USDCHF Analysis.
USDCHF remains in downtrend from 0.9751. Further decline could be expected and next target would be at 0.9300 area. Key resistance is at 0.9535, only break above this level could signal completion of the downtrend.

20130718_usdchf_1

EURUSD Analysis.
EURUSD stays in a trading range between 1.2993 and 1.3206. Key support is at 1.2950, as long as this level holds, the price action from 1.3206 could be treated as consolidation of the uptrend from 1.2756, another rise towards 1.3500 could be expected after consolidation.

20130718_eurusd_1

GBPUSD Analysis.
GBPUSD breaks above 1.5222 resistance, suggesting that the uptrend from 1.4813 has resumed. Further rise could be seen, and the target would be at 1.5400 area. Key support is at 1.5028, only break below this level could signal completion of the uptrend.

20130718_gbpusd_1

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