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Daily Forex Analysis – April 24, 2009

USDCAD Analysis.
USDCAD has formed a short term cycle top at 1.2504 level on 4-hour chart. Deeper decline is still possible in a couple of days and the next target would be at 1.2100 zone. The price action from 1.2504 is more likely correction of the uptrend from 1.1981, rebound is expected before breaking below this level.

20090424_usdcad_1

AUDUSD Analysis.
AUDUSD breaks above 0.7129 resistance, suggesting that a short term cycle bottom has been formed at 0.6952 level on 4-hour chart. Range trading between 0.6952 and 0.7322 is expected in next several days. Further rally is now in favor and the next target is to test 0.7238 resistance, a break above this level will indicate that the price action from 0.7322 is consolidation of the medium term uptrend from 0.6284 (Mar 4 low), and further rally could be seen to 0.7500 or even higher after consolidation.

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USDJPY Analysis.
No changed in our view, USDJPY remains in downtrend. As long as the resistance of the upper border of the falling price channel holds, we will expect the downtrend from 101.43 to continue and deeper decline is possible to 96.50-97.00 area. However, above the channel resistance will signal further rally to test 98.90 key resistance, a break above this level will indicate that the fall from 101.43 has completed.

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GBPUSD Analysis.
GBPUSD rebounds sharply from 1.4397 and breaks above 1.4708 key resistance, suggesting that a short term cycle bottom has been formed at 1.4397 level on 4-hour chart. Further rally could be seen to 1.4850-1.4900 area in a couple of days. Near term support is at 1.4575, only fall below this level will take price back to retest 1.4397 support.

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EURUSD Analysis.
EURUSD formed a short term cycle bottom at 1.2884 level on 4-hour chart. Further rally is expected to 1.3250-1.3300 area. Near term support is at 1.3050, only fall below this level will indicate that the rebound from 1.3884 has completed.

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USDCHF Analysis.
USDCHF breaks below the support of the rising trend line on 4-hour chart and drops sharply to as low as 1.1500 level. Deeper decline is now in favor and the next target is at 1.1400 zone. Near term resistance is at 1.1600, only rise this level will indicate that the fall from 1.1740 has completed.

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