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Daily Forex Analysis – September 27, 2013

AUDUSD Analysis.
AUDUSD’s fall from 0.9526 extends to as low as 0.9332. Deeper decline to test 0.9300 support is possible, as long as this level holds, the fall could be treated as consolidation of the uptrend from 0.8892, one more rise towards 1.0000 is still possible after consolidation. On the downside, a breakdown below 0.9300 support will indicate that the uptrend from 0.8892 had completed at 0.9526 already, then the following downward movement could bring price back to re-test 0.8847 (Aug 5 low) support.

20130927_audusd_1

GBPUSD Analysis.
GBPUSD remains in uptrend from 1.4813 (July 9 low), the fall from 1.6162 could be treated as consolidation of the uptrend. Deeper decline would likely be seen, and the target would be at 1.5700 area. Key support is located at 1.5700, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.6500 is still possible. On the downside, a breakdown below 1.5700 support will indicate that the uptrend has completed, then the following downward move could bring price back to 1.4500 zone.

20130927_gbpusd_1

USDCHF Analysis.
USDCHF stays below a downward trend line on 4-hour chart, and remains in downtrend from 0.9455. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9000 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend from 0.9455 is complete, then further rise to 0.9250 area could be seen.

20130927_usdchf_1

USDCAD Analysis.
USDCAD’s rise from 1.0182 extends to as high as 1.0340. However, the rise is likely consolidation of the downtrend from 1.0568, as long as 1.0350 resistance holds, the downtrend could be expected to resume, and one more fall towards 1.0000 is still possible. Initial support is at 1.0270, a breakdown below this level could signal resumption of the downtrend.

20130927_usdcad_1

USDJPY Analysis.
Now changed in our view, USDJPY remains in downtrend from 100.60, the rise from 97.76 is likely correction of the downtrend. As long as 100.60 key resistance holds, the downtrend could be expected to resume, and one more fall to 96.50 area is still possible. However, a break above 100.60 resistance will indicate that the uptrend from 95.81 has resumed, then the following upward movement could bring price to test 103.73 (May 22 high) resistance.

20130927_usdjpy_1

EURUSD Analysis.
EURUSD stays in a trading range between 1.3462 and 1.3568. As long as 1.3462 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.3105, one more rise towards 1.3700 is still possible after consolidation. On the downside, a breakdown below 1.3462 will indicate that the uptrend from 1.3105 had completed at 1.3568 already, then deeper decline to 1.3350 area could be seen.

20130927_eurusd_1

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