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Daily Forex Analysis – December 19, 2008

AUDUSD Analysis.
AUDUSD pulls back sharply from 0.7140 level. Further fall could be seen to test the support of the up trend line from 0.6292 to 0.6486. As long as the trend line support holds, we’d expect up trend to resume, and one more rise above 0.7140 is still possible after consolidation. However, below the trend line support will indicate that a short term cycle top has been formed at 0.7140 level on 4-hour chart, and then deeper decline could be seen to 0.6500 zone.

20081219_audusd_1

USDCAD Analysis.
USDCAD stays in the trading range between 1.1464 (Nov 5 low) and 1.3015 (Oct 28 low). As long as the trend line resistance holds, further pull back could be seen and short term target would be at 1.1700 zone.

20081219_usdcad_1

EURUSD Analysis.
EURUSD pulls back sharply from 1.4719 level, suggesting that a short term cycle top is being formed on 4-hour chart. Consolidation of up trend could be seen in next several days. Initial resistance is now located at 1.4719, only rise above this level will signal resumption of up trend.

20081219_eurusd_1

GBPUSD Analysis.
GBPUSD drops below 1.5204 support, signifying that a short term cycle top has been formed at 1.5722 on 4-hour chart. Further fall to 1.4750 zone to reach the next short term cycle bottom is expected, and consolidation in a range between 1.4750 and 1.5722 could be seen next week.

20081219_gbpusd_1

USDJPY Analysis.
USDJPY rebounds from 87.13 and reaches as high as 90.03 level. Further rise could be seen to 92.00 zone in next several days. Near term support is now at 87.13, only break below this level will signal deeper decline towards 86.00 zone.

20081219_usdjpy_1

USDCHF Analysis.
USDCHF rebound sharply from 1.0410, suggesting that a short term cycle bottom is being formed on 4-hour chart. Consolidation in a range between 1.0410 and 1.1000 is expected in next several days. Initial support is located at 1.0410 previous low, only fall below this level will signal resumption of down trend.

20081219_usdchf_1

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