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Daily Forex Analysis – July 23, 2013

AUDUSD Analysis.
AUDUSD is facing 0.9305 resistance again, 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 to 1.0000 zone. On the downside, as long as 0.9305 resistance holds, the price action from 0.8998 could be treated as consolidation of the downtrend, one more fall towards 0.8500 is still possible after consolidation.

20130723_audusd_1

USDJPY Analysis.
USDJPY stays in a trading range between 98.27 and 101.53. Key support is at 98.27, a breakdown below this level could trigger another fall towards 95.00 area. Key resistance is at 101.53, a break above this level will signal resumption of the uptrend from 75.57 (Oct 31, 2011 low), then the following upward movement could bring price to 110.00 zone.

20130723_usdjpy_1

USDCAD Analysis.
USDCAD breaks below 1.0326 support, suggesting that the downtrend from 1.0608 has resumed. Further decline could be expected, and next target would be at 1.0250 area. Resistance is at 1.0365, only break above this level could indicate that lengthier consolidation of the downtrend from 1.0608 is underway, then another rise to 1.0400 – 1.0450 area to complete the consolidation could be seen.

20130723_usdcad_1

USDCHF Analysis.
USDCHF continues its downward movement from 0.9751, and the fall extends to as low as 0.9322. Further decline could be expected, and next target would be at 0.9200 area. Initial resistance is at the downward trend line on 4-hour chart, and the key resistance is at 0.9480, only break above this level could signal completion of the downtrend.

20130723_usdchf_1

EURUSD Analysis.
EURUSD breaks above 1.3206 resistance, suggesting that the uptrend from 1.2756 has resumed. Further rise could be expected, and next target would be at 1.3350 area. Initial support is at the upward trend line on 4-hour chart, and the key support is at 1.3065, only break below this level could signal completion of the uptrend.

20130723_eurusd_1

GBPUSD Analysis.
GBPUSD continues its upward movement from 1.4813, and the rise extends to as high as 1.5384. Further rise is still possible, and next target would be at 1.5500 area. Support is now at 1.5265, only break below this level could signal completion of the uptrend.

20130723_gbpusd_1

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