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Daily Forex Analysis – December 6, 2013

AUDUSD Analysis.
AUDUSD remains in downtrend from 0.9446, the rise from 0.8998 could be treated as consolidation of the downtrend. Resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could b expected to resume, and next target would be at 0.8850 area. On the upside, a clear beak above the channel resistance will indicate that lengthier consolidation of the longer term downtrend from 0.9756 (Oct 23 high) is underway, then the pair will find resistance around 0.9200 zone.

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USDJPY Analysis.
USDJPY’s fall from 103.37 extends to as low as 101.63. Key support is at 101.00, as long as this level holds, the fall could be treated as consolidation of the uptrend from 96.94, another rise towards 105.00 is still possible after consolidation. On the downside, a breakdown below 101.00 support will signal completion of the uptrend from 96.94, then the following downward movement could bring price back to 95.00 zone.

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USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.0414, the fall from 1.0707 could be treated as consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to resume, and another rise towards 1.1000 is still possible. On the downside, a clear break below the trend line support will indicate that the upward movement from 1.0414 had completed at 1.0707 already, then the following downward movement could bring price back to 1.0500 zone.

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USDCHF Analysis.
USDCHF’s downward movement from 0.9249 extends to as low as 0.8956. Initial resistance is at 0.9050, as long as this level holds, the downtrend could be expected to continue, and next target would be at 0.8850 area. Key resistance is located at the falling trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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GBPUSD Analysis.
GBPUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that the upward movement from 1.5854 had completed at 1.6442 already. However, the fall from 1.6442 is likely consolidation of the uptrend from 1.5854, deeper decline to 1.6200 – 1.6250 area to complete the consolidation is possible. Support is at 1.6200, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.7000 would likely be seen after consolidation.

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EURUSD Analysis.
EURUSD continues its upward movement from 1.3296, and the rise extends to as high as 1.3677. Further rise could be expected, and next target would be at 1.3750 area. Key support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

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