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Daily Forex Analysis – October 30, 2013

GBPUSD Analysis.
GBPUSD stays in a trading range between 1.5894 and 1.6259. As long as 1.5894 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), and one more rise towards 1.6600 is still possible after consolidation. On the downside, a breakdown below 1.5894 support will indicate that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone.

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USDJPY Analysis.
USDJPY breaks above the resistance of the downward trend line on 4-hour chart, suggesting that the downward movement from 99.00 had completed at 96.94 already. The pair is now in uptrend from 96.94, further rise could be expected, and next target would be at 99.00 area.

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USDCHF Analysis.
USDCHF’s upward movement from 0.8890 extends to as high as 0.9006. Further rise could be expected and the target would be at 0.9100 area. Support is at 0.8890, only break below this level could trigger another fall towards 0.8500.

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AUDUSD Analysis.
AUDUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that the uptrend from 0.8847 (Aug 5 low) had completed at 0.9756 already. The pair is now in downtrend, further decline could be expected, and next target would be at 0.9400 area.

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EURUSD Analysis.
EURUSD breaks below 1.3740 support, suggesting that the uptrend from 1.3473 had completed at 1.3832 already. Deeper decline could be expected, and the target would be at 1.3650 area. Resistance is at 1.3832, only break above this level could trigger another rise towards 1.4000.

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USDCAD Analysis.
USDCAD’s upward movement from 1.0271 extends to as high as 1.0472. Support is now at 1.0425, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.0550 area. However, a breakdown below 1.0425 support will indicate that the uptrend from 1.0271 has completed, then another fall to 1.0300 area could be seen.

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