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Daily Forex Analysis – November 21, 2013

USDCAD Analysis.
USDCAD stays in a trading range between 1.0397 and 1.0525. The price action in the range is likely consolidation of the uptrend from 1.0182 (Sep 19 low). Key support is located at the lower line of the upward price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.0700 is still possible after consolidation. On the downside, a clear break below the channel support will signal completion of the uptrend, then the following downward move could bring price to 1.3000 zone.

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AUDUSD Analysis.
AUDUSD is facing 0.9269 support, a breakdown below this level will indicate that the downtrend from 0.9756 has resumed, and the target would be at 0.9000 area. On the upside, a break above 0.9446 resistance will confirm that the downtrend from 0.9756 had completed at 0.9269 already, then the following upward movement could bring price to 1.0000 zone.

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GBPUSD Analysis.
GBPUSD stays in a trading range between 1.5854 and 1.6259. The price action in the range is treated as consolidation of the uptrend from 1.4813 (Jul 9 low). Key support is at 1.5854, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.7000 is still possible. On the downside, a breakdown below 1.5854 support will signal completion of the uptrend, then the following downward movement could bring price to 1.4500 zone.

20131121_gbpusd_1

EURUSD Analysis.
EURUSD breaks below 1.3485 support, suggesting that the uptrend from 1.3296 had completed at 1.3578 already. Deeper decline to test 1.3296 support would likely be seen over the next several days. Key resistance is at 1.3578, only break above this level could trigger another rise towards 1.4000.

20131121_eurusd_1

USDJPY Analysis.
USDJPY’s upward movement from 96.94 extends to as high as 100.51. Key support is at 99.57, as long as this level holds, the uptrend could be expected to continue, and next target would be at 101.00 area, only break below 99.57 support could signal completion of the uptrend.

20131121_usdjpy_1

USDCHF Analysis.
USDCHF breaks above 0.9145 resistance, suggesting that the downtrend from 0.9249 had completed at 0.9079 already. Further rise to test 0.9249 resistance would likely be seen over the next several days. Key support is at 0.9079, only break below this level could trigger another fall towards 0.8500.

20131121_usdchf_1

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