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Daily Forex Analysis – May 22, 2009

EURUSD Analysis.
EURUSD’s short term uptrend from 1.3423 remains. Further rise towards the upper border of the price channel on 4-hour chart is expected. Pullback would more likely be seen after touching the upper border resistance. Near term support is at 1.3830, and key support is at 1.3800, below this level will signal deeper decline to test the support of the lower border of the price channel.

20090522_eurusd_1

AUDUSD Analysis.
After breaking above 0.7709 resistance, AUDUSD formed a sideways consolidation in a range between 0.7668 and 0.7808. Further rally towards 0.8000 is expected after consolidation. Near term support is now at 0.7668, only fall below this level will take price back to 0.7500 zone.

20090522_audusd_1

USDCHF Analysis.
USDCHF remains in short term downtrend from 1.1263. Near term resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, we’d expect downtrend to continue and deeper decline to 1.0800 is in favor.

20090522_usdchf_1

GBPUSD Analysis.
GBPUSD remains in short term uptrend from 1.5059. Further rally is still possible to 1.6100-1.6200 area later today. Initial support is now at the lower border of the price channel now at 1.5600, key support is located at 1.5515, only fall below this level will signal reversal of the short term uptrend.

20090522_gbpusd_1

USDCAD Analysis.
USDCAD stays below the falling trend line on 4-hour chart and remains in downtrend from 1.1814. Deeper decline is expected to 1.1200 later today. Initial resistance is at the falling trend line and key resistance is now located at 1.1482, only rise above this level will indicate that the fall from 1.1814 has completed.

20090522_usdcad_1

USDJPY Analysis.
USDJPY breaks below 94.56 previous low. Deeper decline is in favor and the next target is 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.

20090522_usdjpy_1

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