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Daily Forex Analysis – October 24, 2013

AUDUSD Analysis.
AUDUSD breaks below the upward trend line on 4-hour chart, suggesting that consolidation of the uptrend from 0.9280 is underway. Deeper decline is still possible and the target would be at 0.9550 area. As long as 0.9550 support holds, the uptrend could be expected to resume, and one more rise towards 1.0000 could be expected after consolidation. On the downside, a breakdown below 0.9550 support will suggest that lengthier consolidation of the longer term uptrend from 0.8847 (Aug 5 low) is needed, then the target would be at 0.9500 area.

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GBPUSD Analysis.
GBPUSD is testing 1.6259 resistance, a break above this level will indicate that the uptrend from 1.4813 (Jul 9 low) has resumed, then the following upward movement could bring price to 1.6500 zone. Support is at 1.6100, only break below this level will suggest that lengthier consolidation of the uptrend is underway, then the trading range would be between 1.5894 and 1.6259.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.3473. Further rise could be expected after a minor consolidation, and next target would be at 1.3900 area. Support is at 1.3715, as long as this level holds, the uptrend will continue.

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USDCHF Analysis.
USDCHF remains in downtrend from 0.9177, and the fall extends to as low as 0.8910. Further decline could be expected, and next target would be at 0.8850 area. Resistance is at 0.9010, as long as this level holds, the downtrend will continue.

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USDCAD Analysis.
USDCAD bounces strongly from 1.0271, suggesting that the downward movement from 1.0419 had completed. Further rise to test 1.0419 resistance is possible, a break above this level will signal resumption of the uptrend from 1.0182, then the target would be at 1.0500 area. On the downside, as long as 1.0419 resistance holds, the rise from 1.0271 could possibly be correction of the downtrend from 1.0419, one more fall towards 1.0000 is still possible after correction.

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USDJPY Analysis.
USDJPY’s fall from 99.00 extends to as low as 97.15. Deeper decline to test 96.57 support is possible, as long as this level holds, the fall could be treated as correction of the uptrend from 96.57, one more rise to 100.00 area could be expected after correction. On the downside, a breakdown below 96.57 support will indicate that the downtrend from 100.60 (Sep 11 high) has resumed, then the following downward movement could bring price to 94.50 – 95.00 area.

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