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Daily Forex Analysis – August 23, 2013

GBPUSD Analysis.
GBPUSD stays within a upward price channel on 4-hour chart, and remains in uptrend from 1.5102. Support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.6000 is still possible. On the downside, a clear break below the channel support will indicate that the upward movement from 1.5102 had completed at 1.5717 already, then the following downward move could bring price back to 1.5400 zone.

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USDJPY Analysis.
USDJPY breaks above the downward trend line on 4-hour chart, suggesting that the downtrend from 101.53 had completed at 95.81 already. Further rise could be expected, and next target would be at 100.00 area. Support is at 97.75, only break below this level could trigger another fall towards 95.00.

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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.

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USDCHF Analysis.
USDCHF failed to break below 0.9130 (Jun 13 low) support, and rebounded from 0.9147. Another fall to re-test 0.9130 support would likely be seen, 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.

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USDCAD Analysis.
USDCAD’s upward movement from 1.0245 extends to as high as 1.0537. Further rise could be expected after a minor consolidation, and next target would be at 1.6000 area. Support is at 1.0440, as long as this level holds, the uptrend will continue.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.2756, the fall from 1.3451 could be treated as consolidation of the uptrend. Range trading between 1.3206 and 1.3451 could be expected in a couple of days. Key support is at 1.3206, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.3500 is still possible after consolidation.

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