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Daily Forex Analysis – July 24, 2013

AUDUSD Analysis.
After touching 0.9305 resistance, AUDUSD pulls back from 0.9317, suggesting that the pair remains in consolidation of the downtrend from 1.0582 (Apr 11 high). Another fall to test 0.8998 previous low support is still possible, and a breakdown below this level could signal resumption of the downtrend. On the upside, a clear break and hold of 0.9305 resistance will indicate that the downtrend from 1.0582 had completed at 0.8998 already, then the following upward movement could bring price to 1.0000 zone.

20130724_audusd_1

USDJPY Analysis.
USDJPY continues its sideways movement in a 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.

20130724_usdjpy_1

USDCAD Analysis.
USDCAD remains in downtrend from 1.0442, and the fall extends to as low as 1.0277. Further decline could be expected after a minor consolidation, and next target would be at 1.0200 area. Resistance is at 1.0350, only break above this level will suggest that lengthier consolidation of the longer term downtrend from 1.0608 is underway, then another rise to 1.0400 – 1.0450 area to complete the consolidation could be seen.

20130724_usdcad_1

USDCHF Analysis.
USDCHF stays in a downward trend line on 4-hour chart, and remains in downtrend from 0.9535. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9200 area. Key resistance is located at 0.9480, only break above this level could indicate that the whole downward movement from 0.9751 is complete.

20130724_usdchf_1

EURUSD Analysis.
EURUSD’s upward movement from 1.2993 extends to as high as 1.3238. Support is now located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.3350 area. On the downside, a clear break below the channel support will indicate that the uptrend from 1.2993 is complete, then deeper decline to 1.3000 area could be seen.

20130724_eurusd_1

GBPUSD Analysis.
GBPUSD’s upward movement from 1.5028 extends to as high as 1.5391. Support is now located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.5500 area, only a clear break below the channel support could signal completion of the uptrend.

20130724_gbpusd_1

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