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Daily Forex Analysis – August 22, 2013

GBPUSD Analysis.
Being contained by 1.5751 (Jun 17 high) resistance, GBPUSD pulls back from 1.5717, suggesting that consolidation of the uptrend from 1.5102 is underway. Deeper decline would likely be seen in a couple of days, and the target would be 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 resume, and another rise towards 1.6000 is still possible. On the downside, a clear break below the channel support will suggest that the uptrend from 1.5102 had completed at 1.5717 already, then the following downward movement could bring price to 1.5400 zone.

20130822_gbpusd_1

USDJPY Analysis.
USDJPY is facing the trend line resistance again, a clear break above the trend line resistance will indicate that the downtrend from 101.53 had completed at 95.81 already, then the following upward move could bring price to 103.00 area. On the downside, as long as the trend line resistance holds, the rise from 95.81 could be treated as consolidation of the downtrend, one more fall to 95.00 to complete the downward movement is still possible.

20130822_usdjpy_1

AUDUSD Analysis.
AUDUSD continues its sideways movement in a range between 0.8847 and 0.9317. Key resistance is at 0.9317, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), one more fall towards 0.8500 is still possible after consolidation. On the upside, a break above 0.9317 resistance will indicate that the downtrend from 1.0582 had completed at 0.8847 already, then the following upward movement could bring price to 1.0000 zone.

20130822_audusd_1

USDCHF Analysis.
Being contained by 0.9130 (Jun 13 low) support, USDCHF rebounds from 0.9147. Another fall to re-test 0.9130 support could be expected, a breakdown below this level will target 0.8500 area. Resistance is at 0.9300, only break above this level will indicate that lengthier consolidation of the downtrend from 0.9751 is underway, then further rally to 0.9350 area could be seen.

20130822_usdchf_1

USDCAD Analysis.
USDCAD breaks above 1.0445 resistance and reaches as high as 1.0499, suggesting that the uptrend from 1.0245 has resumed. Further rise could be expected after a minor consolidation, and next target would be at 1.0550 area. Support is at 1.0425, only break below this level could bring price back to 1.0350 zone.

20130822_usdcad_1

EURUSD Analysis.
EURUSD remains in uptrend from 1.2756, the fall from 1.3451 could be treated as consolidation of the uptrend. Deeper decline to test 1.3206 key support would likely be seen, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.3500 is still possible.

20130822_eurusd_1

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