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Daily Forex Analysis – November 30, 2009

AUDUSD Analysis.
AUDUSD’s fall from 0.9404 extended to as low as 0.8946 level last week. Range trading between 89.16 and 0.9404 is expected in next several day. As long as 0.8916 support holds, the price action in the trading range is treated as consolidation of uptrend from 0.7703 (July 13 low), and one more rise towards 0.9500 is still possible after consolidation. However, below 0.8916 will indicate that the uptrend from 0.7703 has completed at 0.9404, then the following downtrend could take price to 0.8500 zone.

20091130_audusd_1

GBPUSD Analysis.
GBPUSD dropped sharply to as low as 1.6271. As long as resistance of falling trend line from 1.6875 to 1.6745 holds, the rebound from 1.6271 is treated as consolidation of downtrend from 1.6875. Consolidation in a range between 1.6271 and 1.6600 is expected in a couple of days and another fall towards 1.5708 (Oct 13 low) is still possible after consolidation. However, a clear break above the trend line resistance will indicate that the fall from 1.6875 has completed at 1.6271 already, then further rally could be seen to 1.6950-1.7000 area.

20091130_gbpusd_1

EURUSD Analysis.
EURUSD formed a short term cycle top at 1.5144 and dropped sharply to as low as 1.4828 last week. Range trading between 1.4801 and 1.5144 is possible in a couple of days. As long as 1.4801 support holds, the fall from 1.5144 is treated as consolidation of uptrend from 1.3748 (Jun 16 low), and another rise towards 1.5200-1.5300 area is still possible. However, below 1.4801 key support will indicate that the uptrend has completed at 1.5144 level already, then the falling downtrend could take price to 1.4000 zone.

20091130_eurusd_1

USDJPY Analysis.
USDJPY dropped sharply to as low as 84.82 and formed a short term cycle bottom on 4-hour chart. Range trading between 84.82 and 88.00 is expected in next several days. As long as the resistance of the falling trend line from 90.60 to 89.18 holds, the rise from 84.82 is treated as correction of downtrend from 92.32, and deeper decline is still possible after consolidation. However, a clear break above the trend line resistance will indicate that the fall from 92.32 has completed at 84.82 already, then next target would be at 90.00 zone.

20091130_usdjpy_1

USDCAD Analysis.
After touching 1.0731 resistance, USDCAD pulled back from 1.0748 level. Another fall to re-test 1.0416 support is still possible. Resistance is now at 1.0748, above this level will signal further rally towards 1.0852 previous high.

20091130_usdcad_1

USDCHF Analysis.
USDCHF formed a short term cycle bottom at 0.9917. Range trading between 0.9917 and 1.0222 is expected in next several days. However, the rise from 0.9917 is more likely consolidation of downtrend from 1.1021 (Jun 24 high). As long as 1.0222 resistance holds, another fall towards 0.9800 is still possible. Only rise above 1.0222 key resistance could indicate that the fall from 1.1021 has completed.

20091130_usdchf_1

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