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Daily Forex Analysis – May 21, 2009

AUDUSD Analysis.
AUDUSD broke above 0.7709 resistance and remains in short term uptrend from 0.7450. The price action in the trend range between 0.7685 and 0.7808 is treated as consolidation of the uptrend. Further rally is still possible to 0.7900 after consolidation. Initial support is at 0.7685, as long as this level holds, uptrend will continue. However, below 0.7685 level will indicate that the rise from 0.7450 has completed at 0.7808 already, then deeper decline could be seen to 0.7500-0.7550 area.

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USDCHF Analysis.
USDCHF drops below 1.0977 previous low, suggesting that the fall from 1.1740 has resumed. Deeper decline is still possible to 1.0800 zone in a couple of days. Initial resistance is now at 1.1030 followed by 1.1080, as long as these levels hold, we’d expect the short term downtrend from 1.1263 to continue.

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GBPUSD Analysis.
After breaking above 1.5352 resistance, GBPUSD moves sharply to as high as 1.5792 level. Further rally is still in favor and the next target is at 1.6000 and then 1.6200. Initial support is at 1.5700 followed by 1.5600, as long as 1.5600 support holds, we’d expect the short term uptrend from 1.5059 to continue.

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EURUSD Analysis.
After touching the lower border of the previous mentioned price channel on 4-hour chart, EURUSD rebounded sharply and broke above 1.2738 (Mar 19 high) resistance. Further rally is still possible to 1.4000 zone in a couple of days. Initial support is now at 1.3725 followed by 1.3670, as long as 1.3670 support holds, the uptrend from 1.3423 will continue.

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USDCAD Analysis.
As expected, USDCAD drops below 1.1474 previous low support. Further fall is in favor and next target is at 1.1200 zone. Initial resistance is at 1.1460 followed by 1.1520, as long as the price stays below 1.1520 level, the downtrend from 1.1814 will continue.

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USDJPY Analysis.
USDJPY breaks below 94.56 support, suggesting that the downtrend from 99.64 has resumed. Deeper decline could be seen to test 93.53 (Mar 19 low) long term key support. A break down below this level will indicate that the long term uptrend from 87.12 (Jan 21 low) has completed, and then further fall is expected to 90.00 zone.

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