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Daily Forex Analysis – November 26, 2008

AUDUSD Analysis.
AUDUSD is moving towards 1.6850 zone to reach the next short term cycle top on 4-hour chart. The resistance at 0.7014 would more likely be held and pullback could be seen before breaking above this level. Sideways consolidation between 0.6008 (Oct 27 low) and 0.7014 (Nov 4 high) is expected in a couple of weeks.

20081126_audusd_1

USDCAD Analysis.
USDCAD formed a short term cycle top at 1.2984 level on 4-hour chart. Deeper decline is expected to 1.1800 zone in a couple of days. Initial resistance is at 1.2478 and followed by 1.2600. as long as 1.2600 level holds, down trend will continue.

20081126_usdcad_1

GBPUSD Analysis.
GBPUSD breaks above 1.5249 resistance and reaches as high as 1.5534 level. Further rally could be seen to 1.6000 zone in a couple of days. Initial support is at the up trend line on 4-hour chart, as long as the trend line support holds, we’d expect up trend to continue.

20081126_gbpusd_1

USDCHF Analysis.
USDCHF’s fall from 1.2296 extends to 1.1828 level. Further fall is still possible to 1.1600 zone in a couple of days. Initial resistance is located at 1.2061, only rise above this level will signal resumption of up trend.

20081126_usdchf_1

USDJPY Analysis.
Being contained by the previous high resistance at 98.18, USDJPY pulls back from 97.43 level, suggesting that a short term cycle top has been formed on 4-hour chart. Further fall to test 93.55 is still possible in a couple of days, and a break below this level will signal deeper decline towards 90.92 (Oct 24 low) support. Key resistance is now located at 97.43, above this level will indicate that the fall from 100.54 (Nov 4 high) has completed, and the following up trend will bring price further to 100.00 zone.

20081126_usdjpy_1

EURUSD Analysis.
EURUSD is in range trading between 1.2329 (Oct 28 low) and 1.3290 (Oct 30 high). Further rise to test 1.3290 is still possible in a couple of days, and pullback would more likely be seen before breaking above this level. Initial support is at the up trend line on 4-hour chart, a break down below the trend line support will indicate that the rise from 1.2423 has completed.

20081126_eurusd_1

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