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Daily Forex Analysis – August 30, 2013

GBPUSD Analysis.
GBPUSD stays within a upward price channel on 4-hour chart, and remains in uptrend from 1.4813 (Jul 9 low). As long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.6000 is still possible. Resistance is at 1.5560, a break above this level will indicate that the fall from 1.5717 has completed, then further rise to test 1.5717 resistance could be seen. On the downside, a clear break below the channel support will suggest that the uptrend from 1.4813 had completed at 1.5717 already, then the following downward movement could bring price to 1.5000 zone.

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EURUSD Analysis.
EURUSD breaks below 1.3298 support and reaches as low as 1.3219. The pair is now facing 1.3206 support, a breakdown below this level will indicate that the uptrend from 1.2756 (Jul 9 low) has completed, then deeper decline to 1.3000 area could be seen. On the upside, as long as 1.3206 support holds,  the uptrend from 1.2756 could be expected to resume, and one more rise towards 1.3500 is still possible.

20130830_eurusd_1

USDCHF Analysis.
USDCHF breaks above 0.9289 resistance, suggesting that lengthier consolidation of the downtrend from 0.9751 (Jul 9 high) is underway. Further rise to 0.9350 area would likely be seen. Key resistance is at 0.9396, as long as this level holds, the downtrend from 0.9751 could be expected to resume, and one more fall towards 0.9000 is still possible, only break above 0.9396 resistance could signal completion of the downtrend.

20130830_usdchf_1

USDJPY Analysis.
USDJPY breaks above 98.00 resistance, suggesting that the fall from 99.14 has completed at 96.82 already. Further rise would likely be seen, and next target would be at 100.00 area. Support is now at 96.82, only break below this level could trigger another fall towards 95.00.

20130830_usdjpy_1

AUDUSD Analysis.
AUDUSD is facing 0.8847 support, a breakdown below this level will indicate that the downtrend from 1.0582 (Apr 11 high) has resumed, then further decline to 0.8500 area could be seen. However, as long as 0.8847 support holds, the range trading between 0.8847 and 0.9317 could be expected to continue, and one more rise to 0.9200 area is possible.

20130830_audusd_1

USDCAD Analysis.
USDCAD failed to break below 1.0450 support, suggesting that the pair remains in uptrend from 1.0275, and the price action from 1.0568 could be treated as consolidation of the uptrend. Resistance is at 1.0568, a break above this level will indicate that the uptrend from 1.0275 has resumed, then further rise towards 1.0700 could be seen.

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