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Daily Forex Analysis – February 19, 2009

AUDUSD Analysis.
AUDUSD is in short term downtrend. The rebound from 0.6331 is treated as consolidation of the downtrend from 0.6641. Deeper decline is still possible to test 0.6248 previous low support, and a break below 0.6331 level will confirm the resumption of the short term downtrend. Near term resistance is located at 0.6430 and key resistance is at 0.6529, above the key resistance will indicate that the fall from 0.6849 has completed and further rise could be seen to retest 0.6849 previous high.

20090219_audusd_1

GBPUSD Analysis.
GBPUSD consolidates above 1.4051 key support, below this level will signal deeper decline to 1.3800 zone. Consolidation in a range between 1.4051 and 1.4606 would more likely be seen in a couple of days. Initial resistance is at 1.4318 and key resistance is located at 1.4606, above the key resistance will indicate that the fall from 1.4985 has completed, and further rally could be seen to 1.5500 area.

20090219_gbpusd_1

EURUSD Analysis.
EURUSD is in short term downtrend from 1.2942. Deeper decline is still possible later today and next target would be at 1.2400 zone. Near term resistance is now at 1.2640, only rise above this level will indicate that the short term downtrend from 1.2942 has completed.

20090219_eurusd_1

USDCAD Analysis.
USDCAD is in range trading between 1.2024 and 1.2765. Further rise is still in favor later today, and target is to test 1.2765 previous high resistance, a break above this level will signal further rally to 1.2900 zone. Initial support is now at 1.2529, below this level will signal deeper decline to 1.2450 zone.

20090219_usdcad_1

USDJPY Analysis.
USDJPY is in short term uptrend and the rise from 89.70 extend to 93.95 level. Further rise could be seen to test 94.61 previous high resistance, a break above this level will indicate that the long term downtrend from 110.66 (Aug 15, 2008 high) has completed.

20090219_usdjpy_1

USDCHF Analysis.
USDCHF breaks above 1.1779 previous high resistance. Further rally is expected to 1.2000 zone in next several days. Initial support is now at 1.1650, only fall below this level will signal deeper decline to test the support of the lower border of the price channel.

20090219_usdchf_1

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