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Daily Forex Analysis – December 10, 2013

AUDUSD Analysis.
AUDUSD remains in downtrend from 0.9756 (Oct 23 high), the rise from 0.8990 could be treated as consolidation of the downtrend. Further rally would likely be seen, and the target would be at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and one more fall to test 0.8847 (Aug 5 low) support is still possible.

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USDCAD Analysis.
USDCAD breaks below the upward trend line on 4-hour chart, suggesting that the uptrend from 1.0414 had completed at 1.0707 already. Deeper decline would likely be seen, and next target would be at 1.0550 area. Resistance is at 1.0707, only break above this level could trigger another rise towards 1.1000.

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USDJPY Analysis.
USDJPY breaks above 103.37 resistance, suggesting that the uptrend from 96.94 has resumed. Further rise could be expected, and next target would be at 105.00 area. Key support is at 101.63, only break below this level could signal completion of the uptrend.

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USDCHF Analysis.
USDCHF breaks below 0.8890 (Oct 24 low) support, suggesting that the downtrend from 0.9455 (Sep 6 high) has resumed. Further decline could be expected after a minor consolidation, and next target would be at 0.8800 area. Resistance is at downward 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 above 1.6442 resistance, suggesting that the uptrend from 1.5854 has resumed. Further rise could be expected, and next target would be at 1.6600 area. Key support is at 1.6293, only break below this level could signal completion of the uptrend.

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EURUSD Analysis.
EURUSD continues its upward movement from 1.3296, and the rise extends to as high as 1.3767. Support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, further rise to test 1.3832 (Oct 25 high) resistance is possible.

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